COMP <GO>
CBOE vs IBKR // ALTMAN Z-SCORE & DEBT/EQUITY
Cboe Global Markets Inc. (CBOE) VS. Interactive Brokers Group Inc. (NASDAQ) • 15-METRIC TALLY: CBOE 9
— IBKR 3
■ METRIC PARITY
LAST: $335.53 (+6.77%) • MKT CAP: $35.14B
balance-sheet
—
LAST: $76.90 (-5.96%) • MKT CAP: $37.05B
balance-sheet
—
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CBOE VS. IBKR)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | CBOE | IBKR | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | — | — | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | 26.60% | 0.30% | +26.30 | CBOE | /roic <GO> |
| EV/EBITDA & P/E Valuation | 22.5x | 95.0x | -72.50 | CBOE | /valuation <GO> |
| Free Cash Flow Yield | 4.79% | 22.00% | -17.21 | IBKR | /fcf-yield <GO> |
| Operating Margin | 31.10% | 13.90% | +17.20 | CBOE | /operating-margins <GO> |
| Net Profit Margin | 23.30% | 10.90% | +12.40 | CBOE | /net-margins <GO> |
| Revenue Growth (YoY) | 15.40% | 23.40% | -8.00 | IBKR | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.81% | 0.36% | +0.45 | CBOE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity ACTIVE | — | — | — | TIE | /balance-sheet <GO> |
| Piotroski F-Score Quality | 9/9 | 7/9 | +2.00 | CBOE | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 52.9 | 45.2 | +7.70 | CBOE | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | 1.07 | 0.92 | +0.15 | CBOE | /macro-sensitivity <GO> |
| Forward P/E Multiple | 26.8x | 117.3x | -90.50 | CBOE | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $35.14B | $37.05B | -$1.91B | IBKR | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | CBOE REV | IBKR REV | CBOE GROSS % | IBKR GROSS % | CBOE FCF | IBKR FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $4.71B | $2.44B | 51.5% | — | $1.68B | $15.70B |
| FY 2024 | $4.09B | $1.98B | 50.6% | — | $1.04B | $8.64B |
| FY 2023 | $0 | $1.56B | — | — | $1.08B | $4.47B |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
CBOE // BETA 1.07
IBKR // BETA 0.92