Assessing Cboe Global Markets (CBOE) Valuation After Earnings Beat And Expanded Russell 2000 Options Trading

Cboe Global Markets (CBOE) is back in focus after reporting fourth quarter and full year 2025 results that topped analyst expectations and after rolling out nearly 24 hour trading for Russell 2000 index options.

See our latest analysis for Cboe Global Markets.

The recent 1-day share price return of 3.30% takes Cboe Global Markets to US$284.20. It now sits on an 11.76% 90-day share price return alongside a 5-year total shareholder return of 212.64%. This points to momentum that investors appear to be rewarding after strong earnings, a completed multi year buyback and the launch of nearly 24 hour Russell 2000 options trading.

If you like how Cboe is leaning into market infrastructure growth, you might also want to see how other exchanges and platforms are positioned through our 23 top founder-led companies.

With Cboe trading around US$284, close to its analyst price target and following a strong multi year run, the key question now is simple: is there still upside on the table, or is the market already pricing in future growth?

Most Popular Narrative: 4.1% Overvalued

The most followed narrative puts Cboe Global Markets’ fair value at $273, slightly below the recent $284.20 close. This suggests a modest premium price for this narrative.

Cboe is experiencing broad based growth across derivatives, data, and global spot markets, positioning it to benefit from ongoing increases in electronic trading volume and automation. These trends are expected to support higher transaction-based revenue and an improved top-line profile.

Read the complete narrative.

Curious what is included in that fair value? The narrative focuses on a changing revenue mix, potentially richer margins, and an earnings profile that assumes investors remain willing to pay a premium for this exchange story.

Result: Fair Value of $273 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, this depends on key assumptions about renewing index partnerships and managing rising technology and global expansion costs, either of which could challenge the current narrative.

Find out about the key risks to this Cboe Global Markets narrative.

Next Steps

With sentiment this mixed, it helps to look under the hood yourself, review the full picture, and move quickly to shape your own view by checking the 2 key rewards.

Looking for more investment ideas?

If Cboe has sharpened your interest in market infrastructure, do not stop here; broaden your watchlist with other focused ideas sourced directly from the Simply Wall St screener.

• Target consistency first by checking companies that show up in our 80 resilient stocks with low risk scores and see which businesses keep risk scores in tighter ranges.
• Hunt for value by reviewing our 56 high quality undervalued stocks, where you can spot stocks that our filters flag as potentially trading below their fair value estimates.
• Strengthen your income stream by scanning the 13 dividend fortresses to find companies offering 5%+ yields that may appeal to dividend focused investors.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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