CBOE vs SPGI: Cboe Global Markets and S&P Global compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- S&P Global is the larger company, worth $124.8B, about 4.0 times Cboe Global Markets.
- Cboe Global Markets grew revenue faster over the last year (+22.9% vs +10.4%).
- S&P Global keeps more of each dollar of revenue as operating profit (43.9% vs 34.7%).
- On earnings, Cboe Global Markets is the cheaper stock (25.7x vs 26.7x).
- S&P Global'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 | SPGI |
|---|---|---|
| Market cap | $31.5B | $124.8B |
| Share price | $304.16 | $407.82 |
| Revenue (last fiscal year) | $4.7B | $15.3B |
| Free cash flow (last fiscal year) | $1.7B | $5.5B |
| Revenue growth, last year | +22.9% | +10.4% |
| Revenue growth per year, last 5 fiscal years | +7.8% | +16.6% |
| Operating margin | 34.7% | 43.9% |
| Net margin | 26.7% | 30.4% |
| Return on equity | 24.1% | 15.3% |
| P/E (trailing) | 25.7x | 26.7x |
| Price / free cash flow | 27.3x | 22.9x |
| EV / EBITDA | 14.2x | 17.3x |
| FCF growth the price implies | 4.1% | 6.7% |
| Dividend yield | 0.94% | 0.93% |
| Debt / equity | 0.89x | 0.79x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 14 |
| 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% |
S&P Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $3.6B | 50.9% |
| 2022 | $11.2B | $2.5B | 44.2% |
| 2023 | $12.5B | $3.6B | 32.2% |
| 2024 | $14.2B | $5.6B | 39.3% |
| 2025 | $15.3B | $5.5B | 42.2% |
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%
S&P Global · by segments, 2025
Market Intelligence$4.9B32%
Ratings$4.5B30%
Energy$2.3B15%
Indices$1.8B12%
Mobility$1.7B11%
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 S&P Global?
S&P Global (SPGI), at $124.8B against $31.5B.
Is CBOE or SPGI cheaper?
By trailing P/E, Cboe Global Markets (25.7x) is cheaper than S&P Global (26.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CBOE or SPGI?
Cboe Global Markets: revenue grew +22.9% over the last year, against +10.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.