An entry written while the outcome is still unknown. It will be scored by what the market does next, and it will never be edited to look cleverer than it was.
In plain words · 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.
VERDICT
The label
Distribution
read at $288.87
Cboe Global Markets holds its Distribution at $288.87.
PHPhase · the trend structure carries the Distribution label
INInsiders · no filings inside 60 days, left as found
POPositioning · no disclosures inside 60 days, left as found
OPOptions · no verdict drawn today, left as found
SCScreen · does not pass the values gate
edge confirmed
edge broken
edge forming
Each arm is one independent read. Conviction is not a single call, it is how many edges converge.
INVESTOR
The investor read · the season, not the day
As held on the ledger · 2026-07-27
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 15 days
Price
$288.87
Valuation
24.65 trailing · 19.23 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.44
OPPORTUNITY
The opportunity · what the numbers say it is worth
Our framework reads AVOID — it trades above our $266.16 fair value estimate, strong competitive moat, 6.50% revenue growth.
Read at
$288.87
24.65 P/E · 19.23 fwd
Our fair value
$266.16
8% premium
Analyst target (avg)
$307.00
+6% to current
Target low $258.00Analyst target rangeTarget high $375.00
▲ current $288.87 · | average target
Price history & projections · where it has been, where the models see it going
The valuation journey · where the price sits against fair value and the Street
Current
$288.87
you are here
Conservative
$232.20
-20%
Analyst avg
$307.00
+6%
Our fair value
$266.16
-8%
Analyst high
$375.00
+30%
Green marks levels above today's price, red below; the shaded band is the gap between the price and our fair value.
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.
Revenue growth
6.50%
Profit margin
25.77%
Debt to equity
29.49
Analyst consensus
Hold · 14 covering
Fair value and rating are our own model estimates; target range reflects third-party analyst estimates. Analysis, not advice.
SCREEN
The values screen, explained · five checks, plain English
This company is excluded by both standards. There are two widely recognised ways to check whether a company is suitable for a Muslim investor. It fails on both:
The common standard· AAOIFI Used by most halal investing apps✗ DOES NOT PASS
Our stricter standard· asset-based The one Titan applies✗ DOES NOT PASS
Why it fails. The problem is its business activity screen. Because both standards agree on this, it is a clear exclusion, not a borderline case.
Business activityBusiness activity: Financials sectorFail
Every security is read against two recognised standards: our stricter asset-based screen (ratios measured against total assets) and the more widely used market-value standard (measured against market capitalisation). Where they agree we say so plainly; where they part ways — almost always on the debt check — we show both readings and mark it, because that disagreement is the finding, not a fault. We report the score; you and your scholar make the call.
PLAIN
The business, in plain words · what the numbers mean
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.
Screened names in the same industry · explore each on its own page.
TRADE
Where & how to trade · wherever in the world you are
CBOE trades on a US exchange. As a US-listed security it is accessible through almost any international broker offering US markets. New to this, or investing from outside the US? Our guide to accessing global markets covers brokers, currencies and the practical steps.
TRADER
The trader read · the latest dated commentary
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. Entered 2026-07-24 · Markup
JOURNAL
The dated journal · newest first, never edited
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.
