Cboe Global Markets Inc (CBOE) is fairly valued and Nasdaq Inc (NDAQ) is overvalued.
Against our estimates of intrinsic value, CBOE trades at the wider discount: a margin of safety of +2%, against -57% for NDAQ.
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 9.3% (average of 3 methods) values the shares at $60.32; the price of $94.50 is 57% above that value, and 75% of that value comes from beyond year five.
Leak Score 58/100 on 10 of 12 signals
| Metric | CBOE | NDAQ |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $266.83 | $94.50 |
| Intrinsic value | $272.79 | $60.32 |
| Margin of safety | +2% | -57% |
| Leak Score | 67/100 (10/12) | 58/100 (10/12) |
| Market cap | $27.9B | $52.8B |
| Revenue growth, 5 years | 6.6% | 8.0% |
| Operating margin | 35.3% | 30.8% |
| Net margin | 26.6% | 22.6% |
| Return on equity | 26.2% | 16.5% |
| Debt to equity | 0.28 | 0.78 |
| P/E | 20.8x | 27.5x |
| Forward P/E | 17.9x | 20.2x |
| P/B | 5.0x | 4.4x |
| Dividend yield | 1.2% | 1.3% |