Cboe Global Markets Inc. (CBOE) exhibits 51.5% gross margins and 26.6% return on invested capital within Financials (Investment Bankers/Brokers/Service), balanced against a 22.5x enterprise multiple and 7.1% implied options volatility.
Sustained 51.5% gross profitability converts into 31.1% operating margin and 26.6% ROIC, outpacing sector cost of capital.
ROIC: 26.6% // GM: 51.5%YoY revenue trajectory of +15.4% paired with 4.79% free cash flow yield supports self-funded R&D and capital return.
REV YOY: +15.4% // FCF YLD: 4.79%Altman Z-Score of 6.89 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.
ALTMAN Z: 6.89 // F-SCORE: 9/9Trading at 31.9x trailing P/E (26.8x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.
P/E: 31.9x // EV/EBITDA: 22.5xOptions market prices a ±7.1% implied move with a 0.86 put/call ratio around $308.00 max pain.
IMPL MOVE: ±7.1% // P/C: 0.86Elevated industry capital intensity and customer concentration in Investment Bankers/Brokers/Service require continuous execution to defend 23.3% net margins.
NET MARGIN: 23.3% // D/E: 0.28x| FILER | SIDE | $ VALUE |
|---|---|---|
| INSPECT FULL OWNERSHIP LEDGER IN OWN <GO> | ||
| STRIKE / EXP | TYPE | PREMIUM |
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| INSPECT GEX & CHAIN IN OPT <GO> | ||
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