Cboe Global Markets Inc (CBOE) is fairly valued and CME Group Inc (CME) is slightly overvalued.
Against our estimates of intrinsic value, CBOE trades at the wider discount: a margin of safety of +2%, against -15% for CME.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $272.79; the price of $266.83 is 2% below that value, and 81% of that value comes from beyond year five.
Leak Score 67/100 on 10 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $232.06; the price of $267.21 is 15% above that value, and 82% of that value comes from beyond year five.
Leak Score 61/100 on 8 of 12 signals
| Metric | CBOE | CME |
|---|---|---|
| Verdict | Fairly valued | Slightly overvalued |
| Price | $266.83 | $267.21 |
| Intrinsic value | $272.79 | $232.06 |
| Margin of safety | +2% | -15% |
| Leak Score | 67/100 (10/12) | 61/100 (8/12) |
| Market cap | $27.9B | $96.1B |
| Revenue growth, 5 years | 6.6% | 6.0% |
| Operating margin | 35.3% | 65.1% |
| Net margin | 26.6% | 63.1% |
| Return on equity | 26.2% | 15.8% |
| Debt to equity | 0.28 | 0.15 |
| P/E | 20.8x | 22.7x |
| Forward P/E | 17.9x | 20.7x |
| P/B | 5.0x | 3.6x |
| Dividend yield | 1.2% | 4.3% |