Cboe Global Markets, Inc.

CBOE · Other · $29.0B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power53

Median gross margin 45.1% over 10y, variable.

Returns on capital57

Median ROIC 11.6%, above the 9% hurdle in 80% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +22.4%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

92% above value

Owner earnings (normalized): $837.0M
Est. intrinsic value / share: $143.97
Recent price: $276.87
Discount to value: 92% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

Embed this score on your site

One iframe, no script. The badge shows CBOE’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/CBOE"
  width="340" height="150" style="border:0"
  title="CBOE Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CBOE. See the disclaimer.