Cboe Global Markets vs MSCI
Cboe Global Markets is the larger business, with $4.71bn of revenue in fiscal 2025 against $3.13bn for MSCI (1.5 times as much). Cboe Global Markets grew faster (15.1% against 9.7%). MSCI kept more of each dollar of sales as profit: a net margin of 38.4% against 23.3%.
| Latest fiscal year | Cboe Global MarketsCBOE, 2025 | MSCIMSCI, 2025 |
|---|---|---|
| Revenue | $4.71bn | $3.13bn |
| Revenue growth | 15.1% | 9.7% |
| Net income | $1.10bn | $1.20bn |
| Operating margin | 31.1% | 54.7% |
| Net margin | 23.3% | 38.4% |
| Return on equity | 23.4% | — |
| Free cash flow | $1.68bn | $1.55bn |
| Cash | $2.22bn | $515m |
| Total debt | $1.45bn | $6.25bn |
| Debt to equity | 28.2% | — |
| Dividend per share | $2.70 | $7.20 |
| Dividend yield | 0.9% | 1.3% |
| Share buybacks | $66.7m | $2.48bn |
| Employees | — | 6,268 |
| Market value | $35.55bn | $45.99bn |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | 73 (Strong) | 92 (Strong) |
| Insider trades, 12 months | 0 buys, 5 sales | 32 buys, 8 sales |