CBOE vs FDS: Cboe Global Markets and FactSet Research Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Cboe Global Markets is the larger company, worth $31.5B, about 2.9 times FactSet Research Systems.
- Cboe Global Markets grew revenue faster over the last year (+22.9% vs +6.4%).
- Cboe Global Markets keeps more of each dollar of revenue as operating profit (34.7% vs 29.6%).
- On earnings, FactSet Research Systems is the cheaper stock (19.5x vs 25.7x).
- Cboe Global Markets's price assumes faster free cash flow growth: about 4% a year, against 4% for FactSet Research Systems (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 | FDS |
|---|---|---|
| Market cap | $31.5B | $11.0B |
| Share price | $304.16 | $287.18 |
| Revenue (last fiscal year) | $4.7B | $2.3B |
| Free cash flow (last fiscal year) | $1.7B | $617M |
| Revenue growth, last year | +22.9% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +7.8% | +9.9% |
| Operating margin | 34.7% | 29.6% |
| Net margin | 26.7% | 23.2% |
| Return on equity | 24.1% | 27.9% |
| P/E (trailing) | 25.7x | 19.5x |
| Price / free cash flow | 27.3x | 17.8x |
| EV / EBITDA | 14.2x | 13.7x |
| FCF growth the price implies | 4.1% | 3.5% |
| Dividend yield | 0.94% | 1.5% |
| Debt / equity | 0.89x | 1.06x |
| Fundamental grade | B | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 2 | 10 |
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% |
FactSet Research Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $494M | 29.8% |
| 2022 | $1.8B | $487M | 25.8% |
| 2023 | $2.1B | $585M | 30.2% |
| 2024 | $2.2B | $615M | 31.8% |
| 2025 | $2.3B | $617M | 32.2% |
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%
FactSet Research Systems · by segments, 2025
Americas$1.5B65%
EMEA$580M25%
Asia Pacific$235M10%
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 FactSet Research Systems?
Cboe Global Markets (CBOE), at $31.5B against $11.0B.
Is CBOE or FDS cheaper?
By trailing P/E, FactSet Research Systems (19.5x) is cheaper than Cboe Global Markets (25.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CBOE or FDS?
Cboe Global Markets: revenue grew +22.9% over the last year, against +6.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.