Explain this page
Arphra AIPlain-English read on Cboe Global Markets, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +42.24% | +44.00% | +50.83% | +50.61% | +48.93% | +49.25% | +50.04% | +49.48% | +48.98% |
| Operating margin | +23.06% | +12.37% | +28.03% | +26.83% | +32.12% | +28.76% | +28.86% | +29.85% | +29.29% |
| EBITDA margin | +27.80% | +16.67% | +33.60% | +30.98% | +34.71% | +32.59% | +34.02% | +32.50% | +33.00% |
| EBIT margin | +23.01% | +12.45% | +29.42% | +27.73% | +32.12% | +29.61% | +29.99% | +29.84% | +29.28% |
| Pre-tax margin | +21.64% | +10.94% | +27.76% | +26.47% | +33.23% | +28.58% | +29.23% | +29.35% | +29.50% |
| Net margin | +15.14% | +5.94% | +20.18% | +18.68% | +23.33% | +21.18% | +20.58% | +20.44% | +21.11% |
| Cost structure | |||||||||
| Cost of revenue / sales | +57.76% | +56.00% | +49.17% | +49.39% | +51.07% | +49.01% | +50.52% | +49.45% | +48.89% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +10.93% | +12.02% | +14.72% | +14.73% | +1.94% | +10.23% | +10.75% | +10.32% | +10.66% |
| Effective tax rate | +30.04% | +45.71% | +27.32% | +29.42% | +29.78% | +28.87% | +28.35% | +28.85% | +28.30% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +14.67% | +6.78% | +19.11% | +17.87% | +21.41% | +19.77% | +19.84% | +19.72% | +19.95% |
| Return on assets (ROA) | +7.76% | +3.36% | +10.17% | +9.82% | +11.82% | +11.04% | +10.74% | +10.64% | +10.88% |
| Return on capital (ROC) | +16.01% | +9.17% | +18.91% | +18.68% | +22.19% | +19.54% | +20.10% | +20.90% | +20.24% |
| Return on invested capital (ROIC) | +10.51% | +4.40% | +13.61% | +13.01% | +16.12% | +14.40% | +14.33% | +14.31% | +14.59% |
| Asset turnover | +51.28% | +56.56% | +50.40% | +52.57% | +50.66% | +52.11% | +52.19% | +52.06% | +51.52% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +15.14% | +5.94% | +20.18% | +18.68% | +23.33% | +21.18% | +20.58% | +20.44% | +21.11% |
| Asset turnover (× revenue / assets) | +51.28% | +56.56% | +50.40% | +52.57% | +50.66% | +52.11% | +52.19% | +52.06% | +51.52% |
| Equity multiplier (× assets / equity) | +189.04% | +201.97% | +187.89% | +182.01% | +181.10% | +179.14% | +184.69% | +185.38% | +183.40% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.51 | 0.57 | 0.50 | 0.53 | 0.51 | 0.52 | 0.52 | 0.52 | 0.52 |
| Fixed-asset turnover | 16.06 | 17.82 | 15.35 | 16.88 | 19.31 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 9.46 | 9.47 | 9.16 | 7.90 | 12.04 | — | — | — | — |
| Payables turnover | 103.52 | 80.61 | 75.12 | 112.97 | 3.50 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 38.60 | 38.55 | 39.83 | 46.21 | 30.30 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 3.53 | 4.53 | 4.86 | 3.23 | 104.14 | — | — | — | — |
| Cash conversion cycle | 35.08 | 34.02 | 34.97 | 42.98 | -73.84 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.13 | 3.70 | 1.04 | 1.34 | 1.11 | 1.13 | 1.18 | 1.15 | 1.15 |
| FCF / Net income | 1.03 | 3.44 | 0.98 | 1.26 | 1.05 | 1.05 | 1.07 | 1.13 | 1.06 |
| FCF margin | +15.62% | +20.43% | +19.82% | +23.54% | +24.46% | +22.14% | +21.94% | +23.14% | +22.41% |
| OCF margin | +17.08% | +21.94% | +21.01% | +25.02% | +25.97% | +24.02% | +24.22% | +23.51% | +24.19% |
| CapEx / Revenue | +1.46% | +1.51% | +1.19% | +1.49% | +1.51% | +1.42% | +1.43% | +1.43% | +1.38% |
| CapEx / D&A | 0.30 | 0.36 | 0.28 | 0.46 | 0.58 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.92 | 2.20 | 7.13 | 7.21 | 10.42 | 13.31 | 14.10 | 15.22 | 17.13 |
| EPS · basic | 4.93 | 2.21 | 7.16 | 7.24 | 10.46 | 13.39 | 14.28 | 15.37 | 17.10 |
| Book value / share | 33.63 | 32.48 | 37.52 | 40.56 | 48.89 | 28.76 | 28.51 | 30.35 | 33.17 |
| Tangible BV / share | -10.16 | -12.37 | -7.16 | -2.54 | 6.57 | 28.76 | 28.51 | 30.35 | 33.17 |
| Sales / share | 32.60 | 37.10 | 35.53 | 38.81 | 44.85 | 26.85 | 27.49 | 29.29 | 31.34 |
| Operating CF / share | 5.57 | 8.14 | 7.47 | 9.71 | 11.65 | 6.45 | 6.66 | 6.89 | 7.58 |
| Free cash flow / share | 5.09 | 7.58 | 7.04 | 9.13 | 10.97 | 5.95 | 6.03 | 6.78 | 7.02 |
| Dividends / share | 1.80 | 1.96 | 2.10 | 2.36 | 2.71 | 1.66 | 1.69 | 1.80 | 1.91 |
| Payout ratio | +36.54% | +89.11% | +29.35% | +32.61% | +25.85% | +29.18% | +29.83% | +30.09% | +28.91% |
| Retention ratio | +63.46% | +10.89% | +70.65% | +67.39% | +74.15% | +70.82% | +70.17% | +69.91% | +71.09% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +13.27% | -4.67% | +8.51% | +15.13% | -40.65% | +4.17% | +5.58% | +6.07% | -0.85% |
| Gross profit · YoY | — | +17.99% | +10.12% | +8.05% | +11.31% | -40.26% | +5.84% | +4.41% | +5.00% | +1.00% |
| Profit | ||||||||||
| Operating income · YoY | — | -39.25% | +116.07% | +3.83% | +37.85% | -46.86% | +4.55% | +9.19% | +4.08% | +2.16% |
| EBITDA · YoY | — | -32.09% | +92.21% | +0.02% | +29.03% | -44.28% | +8.75% | +0.83% | +7.73% | +1.30% |
| Net income · YoY | — | -55.58% | +224.00% | +0.46% | +43.81% | -46.13% | +1.21% | +4.86% | +9.57% | +3.36% |
| Operating | ||||||||||
| EBIT · YoY | — | -38.70% | +125.20% | +2.28% | +33.37% | -45.28% | +5.49% | +5.05% | +4.12% | +2.18% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -55.28% | +224.09% | +1.12% | +44.52% | +27.76% | +5.90% | +7.96% | +12.58% | +16.88% |
| EPS · basic · YoY | — | -55.17% | +223.98% | +1.12% | +44.48% | +27.98% | +6.68% | +7.60% | +11.28% | +16.82% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.43B | $1.87B | $1.61B | $1.6B | $1.68B | $1.12B | $1.16B | $1.21B | $1.27B |
| Net debt | $1.09B | $1.44B | $1.07B | $679M | -$531.8M | $333.47M | $335.03M | $338.51M | $361.52M |
| Net debt / EBITDA | 1.12 | 2.18 | 0.84 | 0.54 | -0.32 | 0.37 | 0.34 | 0.34 | 0.34 |
| Debt / equity | 0.40 | 0.54 | 0.40 | 0.37 | 0.33 | 0.37 | 0.38 | 0.38 | 0.37 |
| Debt / assets | +20.96% | +26.74% | +21.51% | +20.53% | +18.10% | +20.85% | +20.82% | +20.39% | +20.00% |
| Equity / assets | +52.90% | +49.51% | +53.22% | +54.94% | +55.22% | +55.82% | +54.15% | +53.94% | +54.53% |
| Coverage | |||||||||
| EBITDA / interest expense | 20.24 | 10.99 | 20.32 | 24.63 | — | 33.58 | 34.31 | 32.53 | 34.81 |
| Operating income / interest | 16.79 | 8.16 | 16.95 | 21.33 | — | 29.63 | 29.10 | 29.88 | 30.89 |
| Interest expense | $48M | $60M | $62.4M | $51.5M | $0 | $27.15M | $28.9M | $30.74M | $30.95M |
| Liquidity | |||||||||
| Current ratio | 1.31 | 1.05 | 1.43 | 1.78 | 1.87 | — | — | — | — |
| Quick ratio | 0.64 | 0.64 | 0.73 | 1.11 | 1.12 | — | — | — | — |
| Cash ratio | 0.29 | 0.29 | 0.39 | 0.66 | 0.94 | — | — | — | — |
| Working capital | $362M | $78.8M | $595.9M | $1.08B | $2.06B | — | — | — | — |
| Working capital / revenue | +10.36% | +1.99% | +15.79% | +26.47% | +43.68% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).