WinstonWınston
Back
Stock

Cboe Global Markets

CBOE
64
Financial - Data & Stock Exchanges · Financial Services
Also trades as: 0HQN.L GBP 3.34 (+1.54%)
Price
$327.72
+8.90 (+2.79%)
pre-market:$334.60+2.10%
Market Cap
$34.22B
Exchange
Chicago Board Options Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
25/30
Growth
Exceptional
17/20
Cash Flow
Weak
1/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

64 of 100 counted points = Winston Score 64.

Track this stock — start free trial

Share count falling — buybacks

−2.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 107.2M (2021) → 105.1M (2025)

§Winston Score History

The full picture

Cboe Global Markets runs stock and options exchanges — basically marketplaces where investors buy and sell financial contracts. Its most well-known product is the VIX, often called the "fear index," which measures how nervous the stock market is. Cboe serves banks, hedge funds, brokers, and everyday investors who trade stocks, options, and futures.

Cboe makes money by charging fees every time someone trades on its platforms, and by selling market data and technology services to financial firms. It operates exchanges across the United States, Europe, and Asia-Pacific, making it one of the largest exchange operators in the world. Its moat comes from the fact that traders are deeply familiar with its platforms and switching costs are high — nobody wants to move to a new exchange. The key risk is that trading volumes drop during calm markets, which directly cuts into fee revenue.

Politician Trades

5 trades / 12mo

3 Congressional buys and 2 sells on CBOE in the last 12 months.

Unlock the full Smart Money Map — every trade plotted on the price chart with politicians, amounts and returns since each trade. Founder's Deal is $57/mo locked for life.

Unlock politician trades

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+50.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

$2.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Cboe Global Markets is growing revenue at 23% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
50.7%
Healthy — 50.7% gross margin
Profit after running costs
Operating Margin
33.0%
Excellent — 33.0% operating margin
Return on the money invested
ROCE
24.8%
Exceptional — 24.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+11.7%
Steady sales growth (+11.7% YoY)
Profit growth
EPS YoY
+50.4%
Earnings growing fast (+50.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
8%
Weak — only 8% of profit becomes cash
Spare cash per sale
FCF Margin
0.4%
Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.28
Conservative — low debt load (0.28)
Covers its interest
Interest Cover
33.53x
Comfortably covers interest (33.5x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
25.5x
Growth-priced — P/E 25.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (25.5 → 17.6)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
1.18%
Small dividend — 1.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+15.7%
Dividend growing fast (15.7% YoY)
Payout Ratio
22%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial