Cboe Global Markets vs CME
CME is the larger business, with $6.52bn of revenue in fiscal 2025 against $4.71bn for Cboe Global Markets (1.4 times as much). Cboe Global Markets grew faster (15.1% against 6.4%). CME kept more of each dollar of sales as profit: a net margin of 62.5% against 23.3%. CME carries less debt relative to equity (14.5% against 28.2%).
| Latest fiscal year | Cboe Global MarketsCBOE, 2025 | CMECME, 2025 |
|---|---|---|
| Revenue | $4.71bn | $6.52bn |
| Revenue growth | 15.1% | 6.4% |
| Net income | $1.10bn | $4.07bn |
| Operating margin | 31.1% | 64.9% |
| Net margin | 23.3% | 62.5% |
| Return on equity | 23.4% | 14.8% |
| Free cash flow | $1.68bn | $4.19bn |
| Cash | $2.22bn | $4.42bn |
| Total debt | $1.45bn | $4.17bn |
| Debt to equity | 28.2% | 14.5% |
| Dividend per share | $2.70 | — |
| Dividend yield | 0.9% | 3.7% |
| Share buybacks | $66.7m | — |
| Employees | — | 3,875 |
| Market value | $36.45bn | $109.83bn |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | 73 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 5 sales | 7 buys, 21 sales |