What is Cboe Global Markets, Inc. (CBOE) DCF Fair Value and Intrinsic Value in 2026?

Cboe Global Markets, Inc. (CBOE) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Cboe Global Markets, Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

Cboe Global Markets, Inc. operates in the Financials sector (Financial Data & Stock Exchanges) with an economic moat rating of WIDE. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Cboe Global Markets, Inc.'s financial health rating and Piotroski F-Score?

Cboe Global Markets, Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Cboe Global Markets, Inc. (CBOE) for quarterly SEC filing thesis breaks?

LocalAlpha audits Cboe Global Markets, Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksCBOE

CBOE

Cboe Global Markets, Inc.Financial Services / Financial Data & Stock ExchangesINTACT

Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, stocks of individual corporations, and exchange-traded products (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs). This segment also offers trading in listed options through a single system. The North American Equities segment comprises U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services; ETPs, including exchange-traded funds, exchange-traded notes, and exchange-traded commodities; international depository receipts; and an ETP listings business on regulated markets and clearing activities, as well as equities services. The Futures segment offers transaction services, including trading in VIX futures and other futures products, the licensing of proprietary market data, and access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services. The company also provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

Share Price

$281.04

52W: $227.15 - $371.18

DCF Fair Value

$209.39

-34.2% Premium

Thesis Hub

P/E (TTM)

22.4x

ROIC

26%

Operating Margin

34.6%

FCF Yield

2.3%

Debt / Equity

0.28x

Piotroski Score

8/9

Altman Z-Score

3.27

Market Cap

$29.3B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($209.39)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$209.39

MOS Buy Target (-25%)

$157.04

Valuation Overlays: DCF Fair Value ($209.39) 25% MOS Buy Target ($157.04) Revised Graham ($396.26) Graham Number ($123.16)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$281.04

DCF Fair Value

$210.24

-33.7% Premium

Starting Free Cash Flow ($M)$678M

$100M$678M (Reported)$50,000M

Stage 1 Growth (Years 1-5)17.3%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)-$800M (Net Cash)

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$8.6B

PV of Terminal Value

$12.5B

Implied Enterprise Value

$21.1B

Implied Equity Value

$21.9B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$795	$933	$1,094	$1,284	$1,506	$1,573	$1,644	$1,718	$1,796	$1,876
Present Value (PV)	$730	$785	$845	$909	$979	$938	$899	$862	$827	$793

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-128.2% Premium

$123.17

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $12.53BVPS: $53.81

Revised Graham Formula+29.1% MoS

$396.26

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings2.2% Yield

$6.19 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.6BYield: 2.2%

Reverse DCF: Market Growth Expectation

HIGH BARRIER

15.8% CAGR (Next 10 Yrs)

At the current price of $281.04, the market is assuming the business will compound Free Cash Flow at 15.8% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

ℹ Fair expectations: Requires steady execution.

Autonomous Thesis Underwriting

Surveil CBOE with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Cboe Global Markets, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 34.6% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Cboe Global Markets, Inc. (CBOE) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Cboe Global Markets, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Cboe Global Markets, Inc. has an estimated DCF intrinsic fair value of $209.39 per share compared to its current market price of $281.04. This represents an estimated 34.2% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $123.16.