What is Cboe Global Markets, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Cboe Global Markets, Inc.'s reported free cash flow gives $327.43 per share. The share price was $253.26 on September 28, 2026, 23% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 1.5% | 10.0% | $207.64 | -18% |
| Base | 6.5% | 9.0% | $327.43 | +29% |
| Bull | 11.5% | 8.0% | $566.29 | +124% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $415.92 | $442.94 | $475.96 | $517.24 | $570.31 |
| 8.0% | $349.89 | $367.41 | $388.11 | $412.96 | $443.33 |
| 9.0% | $301.63 | $313.61 | $327.43 | $343.56 | $362.62 |
| 10.0% | $264.87 | $273.39 | $283.05 | $294.08 | $306.81 |
| 11.0% | $235.97 | $242.21 | $249.19 | $257.04 | $265.94 |
Where the presets come from
Base: years 1 to 5 grow at Cboe Global Markets, Inc.'s revenue growth rate over the last 5 fiscal years (6.6% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions