Cboe Global Markets, Inc. (CBOE)

Security & Commodity Brokers, Dealers, Exchanges & Services

Latest Price

$310.23

TTM P/E

26.49

Normalized P/E

44.28

Div Yield

0.90%

Book Value

51.32

P/B Ratio

6.04

Valuation metrics

EPS: $10.42

Book value / share: $49.10

Formula: √(22.5 × EPS × BVPS)

Graham Number

$107.29

65% downside

Norm. op. income: $806M (median of 7yr)

Tax rate: 29%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$62.09

80% downside

Base FCF: $1.0B (median of recent 5yr)

Growth: 17%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$406.85

+31% upside

EPS: $10.42

Target P/E: 44×

Formula: EPS × P/E

P/E Fair Value

$458.48

+48% upside

85.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	10.51M	$2.95B	10.04%	+613.0K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	6.80M	$1.91B	6.49%	--	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	5.24M	$1.47B	5.01%	--	2026-03-31
ALLIANCEBERNSTEIN L.P.	5.06M	$1.27B	4.84%	-1.51M	2026-03-31
STATE STREET CORP	4.98M	$1.40B	4.75%	-1.7K	2026-03-31
FMR LLC	4.71M	$1.32B	4.50%	+361.7K	2026-03-31
MORGAN STANLEY	3.35M	$942.0M	3.20%	+661.5K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	3.09M	$870.0M	2.95%	+100.4K	2026-03-31
Invesco Ltd.	2.37M	$666.0M	2.27%	+440.0K	2026-03-31
T. Rowe Price Investment Management, Inc.	2.17M	$610.0M	2.07%	+947.5K	2026-03-31