CBOE
Cboe Global Markets Inc
BATS: CBOE · FINANCIAL SERVICES · FINANCIAL DATA & STOCK EXCHANGES
$350.48
-1.44% today
Updated 2026-06-05
Market cap
$30.86B
P/E ratio
25.16
P/S ratio
6.44x
EPS (TTM)
$11.72
Dividend yield
0.94%
52W range
$221 – $370
Volume
1.1M
Cboe Global Markets Inc (CBOE) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed CBOE price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$350.48
Today
Analyst consensus
$322.60
-7.95% · 12M
2030 Base
$327.16
-6.65% future
NPV today
$244.73
@ 7% WACC
13 analysts:
5 Buy7 Hold3 Sell
Management guidance
Management has not provided explicit multi-year revenue targets through 2030. However, Q1 2026 earnings demonstrated record revenue of $728.9M (Q1 quarterly run rate ~$2.92B annualized), with strong growth in derivatives trading and global data/access segments. CEO commentary emphasizes strategic focus on core derivatives and data businesses following the sale of Australia/Canada exchanges, positioning the company for sustainable margin expansion and shareholder returns.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
CBOE · Cboe Global Markets Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$186.26
NPV today: $139.33
Base case (2030)
$327.16
NPV today: $244.73
Bull case (2030)
$608.97
NPV today: $455.53
WallStSmart.com
CBOE financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $4.7B | $5.0B | $5.4B | $6.1B | $6.8B | $7.4B |
| Revenue growth | 15.1% | 5.1% | 8.7% | 13.2% | 11.5% | 9.2% |
| Net margin | — | 28.6% | 29.4% | 29.7% | 29.3% | 29.1% |
| EPS | $10.64 | $13.50 | $15.10 | $17.25 | $18.95 | $20.50 |
| Diluted shares | — | 105M | 105M | 105M | 105M | 105M |
| Net debt | — | $-1.25B | $-1.99B | $-2.82B | $-3.75B | $-4.77B |
| P/S multiple | — | 4.0x | 4.0x | 4.0x | 4.0x | 4.0x |
| Implied price (base) | — | $200.91 | $224.15 | $258.95 | $294.21 | $327.16 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $7.4B | $7.4B | $7.4B |
| P/S multiple | 2.0x | 4.0x | 8.0x |
| Diluted shares | 105M | 105M | 105M |
| Net debt | $-4.77B | $-4.77B | $-4.77B |
| Implied P/E † | 9x | 16x | 30x |
| 2030 Price | $186.26 | $327.16 | $608.97 |
| NPV @ 7% | $139.33 | $244.73 | $455.53 |
† Implied P/E: Multiples remain elevated across all three scenarios because CBOE is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $327.16 base case
CBOE catalysts and risks
Growth catalysts
+ Expansion of daily-expiration options on major indices (DJX daily expirations launched May 2026) driving higher options volume and transaction fees
+ New product launches including BITVX volatility index on Bitcoin options and Magnificent 10 index expansion supporting crypto/AI derivative demand
+ Strategic divestiture of Australia/Canada operations improving operational efficiency and margin profile; redeployment of capital toward higher-return core business
+ Growing demand for short-dated hedging instruments and prediction markets as institutional/retail volatility trading accelerates
+ Data and access segment recurring revenue growth from index licensing and connectivity services benefiting from ETF proliferation
Key risks
- 20% workforce reduction announced in Q1 2026 may impact operational capacity and execution velocity during critical product expansion phases
- Regulatory uncertainty around prediction markets and options trading rules could constrain new product rollouts and market participation
- Market volatility decline or equity trading slowdown would directly compress transaction fee revenue (CBOE's largest segment)
- Competition from CME Group and Intercontinental Exchange (ICE) in derivatives and index products could pressure market share and pricing power
- Macroeconomic recession scenario would reduce retail/institutional options trading volumes and volatility-driven revenue acceleration
Methodology · Cboe Global Markets Inc 2030 stock forecast model
Cboe Global Markets Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 13 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for CBOE by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-4.77B by 2030) |
| 3. Time value | NPV calculated using 7% WACC (CAPM: beta 0.372) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 4.0x / bull 8.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
CBOE price target FAQ
What is the CBOE price target for 2030?
WallStSmart's Cboe Global Markets Inc 2030 base case is $327.16 per share, with a bull case of $608.97 and bear case of $186.26. The NPV of the base case discounted to today at 7% WACC is $244.73.
How is the Cboe Global Markets Inc 2030 stock forecast calculated?
The CBOE 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the CBOE price target account for dilution?
Cboe Global Markets Inc is projected to grow diluted share count from 105M to 105M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on CBOE stock?
13 analysts cover CBOE with an average 12-month price target of $322.60. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.