Cboe Global Markets Inc

CBOE: BATS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cboe: We Launch Coverage With $220 per Share Fair Value Estimate and a Narrow Moat Rating

Michael Miller

Aug 27, 2025

We are initiating coverage of Cboe, the largest option exchange in the US. Through an exclusive licensing agreement, Cboe is the sole provider of S&P 500 and VIX index options, which provide more than half its revenue. The firm also has equity exchanges in the US, Canada, Europe, and Australia.

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Cboe Global Markets Inc

Cboe: We Launch Coverage With $220 per Share Fair Value Estimate and a Narrow Moat Rating

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