Cboe Global Markets, Inc. — Earnings Quality Grade C
CBOE · Financial Services
Some red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 30 days, change -9 days YoY
AR growth -12.0% vs revenue growth 15.1%
Revenue 15.1%, CFFO 59.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 16.6% vs revenue 15.1%. Normal
SG&A/Gross Profit = 6.9%, excellent (<30%)
Gross margin 40.9%, change +1.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.59. Profits backed by cash
FCF $1.7B, FCF/NI = 1.53
Accruals ratio = -7.0%. Low accruals
Cash $2.3B covers debt $1.6B
Balance Sheet Health
Goodwill+Intangibles $4.5B = 87% of equity. Over 50%
Debt/EBITDA = 0.9x. Healthy
Other assets -10.3% vs revenue 15.1%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -3.01 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Cboe Global Markets, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09