CBOE vs CME: Cboe Global Markets and CME compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CME is the larger company, worth $98.5B, about 3.1 times Cboe Global Markets.
- Cboe Global Markets grew revenue faster over the last year (+22.9% vs +0.8%).
- CME keeps more of each dollar of revenue as operating profit (65.1% vs 34.7%).
- On earnings, CME is the cheaper stock (23.2x vs 25.7x).
- CME's price assumes faster free cash flow growth: about 7% a year, against 4% for Cboe Global Markets (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CBOE | CME |
|---|---|---|
| Market cap | $31.5B | $98.5B |
| Share price | $304.16 | $270.27 |
| Revenue (last fiscal year) | $4.7B | $6.5B |
| Free cash flow (last fiscal year) | $1.7B | $4.2B |
| Revenue growth, last year | +22.9% | +0.8% |
| Revenue growth per year, last 5 fiscal years | +7.8% | +8.6% |
| Operating margin | 34.7% | 65.1% |
| Net margin | 26.7% | 63.1% |
| Return on equity | 24.1% | 16.1% |
| P/E (trailing) | 25.7x | 23.2x |
| Price / free cash flow | 27.3x | 23.5x |
| EV / EBITDA | 14.2x | 16.8x |
| FCF growth the price implies | 4.1% | 7.1% |
| Dividend yield | 0.94% | 1.9% |
| Debt / equity | 0.89x | 6.34x |
| Fundamental grade | B | C |
| Superinvestors holding it | 5 | 10 |
| Insider purchases, last 12 months | 2 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cboe Global Markets
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.5B | $546M | 23.1% |
| 2022 | $4.0B | $591M | 12.4% |
| 2023 | $3.8B | $1.0B | 28.0% |
| 2024 | $4.1B | $1.0B | 26.8% |
| 2025 | $4.7B | $1.7B | 31.1% |
CME
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | $2.3B | 56.4% |
| 2022 | $5.0B | $3.0B | 60.1% |
| 2023 | $5.6B | $3.4B | 61.6% |
| 2024 | $6.1B | $3.6B | 64.1% |
| 2025 | $6.5B | $4.2B | 64.9% |
Where the revenue comes from
Cboe Global Markets · by segments, 2025
Options$2.4B52%
North American Equities$1.7B35%
Europe and Asia Pacific$379M8%
Futures$136M3%
Global FX$94M2%
CME · by products, 2025
Clearing and Transaction Fees$5.3B81%
MarketData$803M12%
OtherRevenue$436M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CBOE in InvestinglyQuestions
Which is bigger, Cboe Global Markets or CME?
CME (CME), at $98.5B against $31.5B.
Is CBOE or CME cheaper?
By trailing P/E, CME (23.2x) is cheaper than Cboe Global Markets (25.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CBOE or CME?
Cboe Global Markets: revenue grew +22.9% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.