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The Screen · Financials · Financial Data & Stock Exchanges
Cboe Global Markets
CBOE · a US exchange · USD · Market cap $30.5B · 1,661 employees
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers cutting-edge trading, clearing, and investment solutions in the United States and internationally.
FAIL · Does not pass the screen
291.87 USD
At the last full screen 2026-09-09
Screened 2026-09-09 · the tape above runs as of 09:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its distribution label.
Cboe Global Markets holds its Distribution at $291.87. The statistical read favours the sellers, held for 21 days.
As held on the ledger · 2026-09-09
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 21 days
Price at the screen
$291.87
Valuation
22.77 trailing · 19.16 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.41
The Workings
Five Screens, Shown in Full
Does not pass. Business activity screen
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Business activity: Financials sector
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads AVOID: it trades above our $271.77 fair value estimate, strong competitive moat, 22.90% revenue growth.
Fair value range in USD, drawn from the 2026-09-09 screen. The gold marker is the market price at the same screen. The price runs 6.9% above the base estimate.
Third-party analyst targets: 14 covering, consensus Hold. The average target sits +8% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-09 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Exchanges hum but ethics shut the gate
Cboe runs the backbone for options and derivatives trading that keeps markets moving every day. It posts a strong moat, 25% ROE and 26% margins while revenue edges up 6%. The price at $273 sits above our $267 fair value though, and that alone would give pause.
We pass because the business activity screen fails outright. Forward earnings sit at 18 times and analysts lean hold with a $310 median target, yet none of those numbers fix the ethical block. The moat looks real on paper but does not override the screen.
Risk sits in the fact that steady exchange cash flows can mask deeper issues the screen already flags. A modest premium to fair value adds no cushion when the ethical verdict is clear. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CBOE trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-24Markup$300.74+10.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 31% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 35%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (14 analysts) rates it hold, with a mean price target of $330.
2026-07-24Markup$273.41-3.0%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 31% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 35%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (14 analysts) rates it hold, with a mean price target of $330.
2026-07-18Markup$281.91+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 31% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 35%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (14 analysts) rates it hold, with a mean price target of $330.
2026-07-03Markup$281.91+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$281.91Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
