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CBOE
Cboe Global MarketsBATSFinancialsFinancial Data & Stock ExchangesSnapshot 2026-06-12
Intact
$294.91-0.33%
Close 2026-06-12 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
CBOE screens as a strong quality-and-value setup, with recent financial performance strong, earnings quality robust, and management's recent track record stable. However, risk is elevated, and the sector backdrop is a headwind, indicating challenges ahead. Peer multiples imply a price about 71% below where it trades (it looks expensive on this basis); the read is rich, as it trades above peer multiples, and the longer horizon does not make that back through growth. Key factors to watch include guidance changes and sector trends, as these could significantly impact CBOE's performance. This read is provisional.
as of 2026-06-12
Quick facts
- Exchange
- BATS
- Sector
- Financials
- Industry
- Financial Data & Stock Exchanges
- Market cap
- $30.41B
- Employees
- —
- IPO date
- 2010-03-11
- Next earnings
- 2026-07-31
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 7 valuation methods, at three horizons. Current price $294.91. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryexpensive
$173.48consensus
Range $132.91 – $224.95
vs price: +70% above
Method agreement — · 7 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearexpensive
$192.55consensus
Range $107.53 – $376.31
vs price: +53% above
Method agreement — · 6 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearfull
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Durable premiumlow confidence
At $295 the market pays 25× p/e — above the 15× p/e peer median but in line with its own 24× history. That premium reflects a durable franchise our peer-anchored $173 fair value understates; treat the 'expensive vs peers' read with low confidence. Analysts: $273–$395. Not investment advice.
Multiple (P/E)
24.8x
peer 14.6x · own history 23.7x
Premium
1.7x peer
1.0x its own history
Growth the price needs
70%
our forecast —
Our fair value
$173.48
range $129.30 – $224.95
Analyst range(a guide on our number, not a target)Our number is below the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
expensiverich12-month view
What's priced in
The market is pricing in roughly 70% of near-term growth above a flat-multiple fair value; not enough history to forecast a comparison. This describes what's priced in, not a forecast of the move.
Elevated fragilityrisk posture, not a price call
Flags: expensive valuation, a turbulent sector regime (Heating).
Historical context
For similar setups historically (n=2,301): about 43% saw a 20%+ drawdown, and roughly 77% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Financials names rated strong grew net income 67% of the time over the next year (vs 54% for the rest of the cohort, n=3733).
86th pctl · Financials
Earnings quality
robustOver the trailing year it converted 2.27x of net income into operating cash flow. Historically, Financials names rated robust grew net income 62% of the time over the next year (vs 54% for the rest of the cohort, n=3541).
82nd pctl · Financials
Macro sensitivity
Not enough signal yet.
Not enough signal to read sensitivity to the US dollar, the broad stock market, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
Management & capital allocation
stableEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Bullish11 analysts, 17% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $3.33 → $3.34 (+0.2% / 30d). 2 raised, 0 cut, 11 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 17% of analysts rate Buy.
Price target activity
1 PT revisions / 30d. Avg target 5.0% above current price.
Sector context
Intermediate · WeeklySector phase: financials is in growth, with decelerating (~3.2 years in phase).
Sector regime (90d momentum): headwind.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- neutral
- Earnings discipline
- neutral
- Margin discipline
- neutral
- Balance sheet
- neutral
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
as of 2026-06-12
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$126.
How much price usually moves either way.
On a bad day, this stock has moved -$225.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $2,485.
Deepest peak-to-trough drop in the last year.
elevatedas of 2026-06-12
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-12
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceQuartersactive 18d
Watch for Q2 Data Vantage revenue growth to meet or exceed low double-digit
Why it matters: Meeting this target would show Cboe's progress in its growth strategy for Data Vantage.
What confirms / what disproves
Confirms:Q2 Data Vantage revenue growth reported at or above 10%.
Disproves:Data Vantage revenue growth was less than 10%.
Management priorities
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for CBOE yet.
This sector is also watching
- Watch for revenue growth dropping below 10% across major banks
- Watch for changes in FOMC interest rate policy on June 17
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like SPGI, CME, and ICE keep beating earnings and guiding higher, the Financials sector momentum should keep lifting CBOE and other Financials names. Worth watching these names for early signals.
Downside triggers
- If CBOE reverses and cuts guidance after recently raising (RAISED as of 2026-05-01), that's the worst kind of move: a credibility hit on top of the lower number. Stocks usually get punished disproportionately for this.
- If the Fed starts cutting rates from the current 3.62%, that would weigh on CBOE and other Financials names, since the sector usually outperforms when rates stay high.
- If sector bellwethers like SPGI, CME, and ICE start missing or guiding lower, the Financials tailwind helping CBOE and other Financials names could fade. Watch these names for early warning.
- If GDP growth slows materially from the current 2.6% (say, below 2%), it hits CBOE and other Financials names harder than the average stock, since the sector is growth-sensitive.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-011mo agoItem 2.02
The information set forth under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Earnings preannouncementpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+4.7 vs last weeklatest as of 2026-06-13
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.