CBOECboe Global Markets, Inc.

Security & Commodity Brokers, Dealers, Exchanges & Services

Revenue: $4.7B; 15% YoY
Operating margin: 31.1%; 16% YoY
EBITDA: $1.6B; 29% YoY
Market cap: $35.0B
Employees: 865; $5M revenue each
Net debt / EBITDA: -0.8×; −$1.2B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
159% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$5M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$35.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$4.0B	$3.8B	$4.1B	$4.7B	15%
Operating income	$806M	$490M	$1.1B	$1.1B	$1.5B	34%
Net income	$529M	—	$761M	$765M	$1.1B	44%
Operating cash flow	$597M	$651M	$1.1B	$1.1B	$1.8B	59%
Capex	$51M	$60M	$45M	$61M	$71M	17%
Stock-based comp	$27M	$31M	$41M	$42M	$50M	21%
Buybacks	$81M	$101M	$84M	$205M	$67M	67%
Dividends	$193M	$209M	$224M	$249M	$284M	14%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.