CBOE vs ICE vs MCO Stock Comparison

Cboe Global Markets, Intercontinental Exchange and Moodys Prices as of Oct 27, 2026 Peers: Industry group
MCO Moodys Corp /De/
$473.76 +1.0% 1M -4.3% 1Y
Market cap
$82.25B
P/E
28.5x
Revenue (TTM)
$8.18B
Div. yield
0.01%
Financial Data and Analytics Financial Services
2 wins

Head to Head

12 decided of 12

Intercontinental Exchange leads on 5 of the 12 questions below (Intercontinental Exchange 5, Cboe Global Markets 5, Moodys 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionCBOEICEMCOLeader
Larger companyMarket capitalisation $33.60B $87.36B $82.25B ICE
Cheaper on earningsLower P/E, profitable companies only 24.9x 21.6x 28.5x ICE
Cheaper on forward earningsLower price / next fiscal year consensus EPS 24.5x 17.9x 26.4x ICE
Faster revenue growthRevenue growth, trailing twelve months +11.7% +6.9% +9.0% CBOE
More profitableNet margin, trailing twelve months 26.6% 30.1% 35.3% MCO
Better return on capitalReturn on invested capital 18.1% 8.5% 27.9% MCO
Less leveragedLower net debt / EBITDA -0.5x 2.6x 1.3x CBOE
Higher dividend yieldTrailing dividend yield 0.01% 0.01% 0.01% ICE
Better 1-year returnPrice return, last 12 months +36.4% -2.8% -4.3% CBOE
Better 5-year returnAnnualised price return, 5 years +19.9%/yr +2.8%/yr +3.1%/yr CBOE
Less volatileAnnualised volatility, 1 year 36.1% 25.8% 28.4% ICE
Higher overall scoreMean of the five percentile scores vs peers 68/100 54/100 60/100 CBOE

Percentile Scorecard

CBOEICEMCO

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisCBOEICEMCO
Valuation 53 #46 of 96 59 #40 of 96 19 #758 of 940
Growth 68 #22 of 66 45 #37 of 66 73 #179 of 655
Profitability 97 #3 of 64 83 #12 of 64 96 #25 of 633
Financial Health 80 #19 of 93 36 #60 of 93 53 #338 of 714
Shareholder Returns 43 #22 of 38 46 #21 of 38 61 #279 of 709
Overall 68 54 60
  • CBOE ranked among 110 companies in Capital Markets
  • ICE ranked among 110 companies in Capital Markets
  • MCO ranked among 1,003 companies in Financial Services

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodCBOEICEMCOSPY
1 month +26.1%+0.7%+1.0% -0.2%
3 months +9.2%+1.7%-2.2% +3.9%
6 months +7.0%-0.6%+3.4% +8.2%
Year to date +29.5%-4.0%-7.3% +12.9%
1 year +36.4%-2.8%-4.3% +12.3%
3 years +101.5%+48.4%+56.9% +87.4%
3 years, per year +26.3%+14.1%+16.2% +23.3%
5 years +147.8%+14.7%+16.5% +67.9%
5 years, per year +19.9%+2.8%+3.1% +10.9%
10 years +422.8%+192.0%+363.7% +261.1%
10 years, per year +18.0%+11.3%+16.6% +13.7%

Risk

MeasureCBOEICEMCOSPY
Volatility, 1Y 36.1%25.8%28.4% 12.7%
Downside volatility, 1Y 39.5%27.5%30.3% 12.7%
Beta vs S&P 500, 1Y -0.430.160.48 1.00
Return / volatility, 1Y 1.01-0.11-0.15 0.97
Max drawdown, 5Y -36.9%-35.1%-42.2% -25.4%
From 52-week high -11.4%-11.2%-12.2% -1.2%
52-week high $366.70$175.10$539.61 $779.14
52-week low $231.51$122.91$412.23 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleCBOEICEMCO
P/E now vs peer median 25.3xmedian 28.3x 21.7xmedian 28.3x 28.4xmedian 13.0x
P/S now vs peer median 6.7xmedian 2.9x 6.5xmedian 2.9x 10.0xmedian 3.2x
EV/EBITDA now vs peer median 17.6xmedian 13.5x 15.0xmedian 13.5x 21.0xmedian 7.4x
P/FCF now vs peer median 18.1xmedian 16.0x 17.2xmedian 16.0x 27.4xmedian 10.8x
P/B now vs peer median 6.0xmedian 2.4x 2.9xmedian 2.4x 23.9xmedian 1.2x
PEG now vs peer median 0.90median 0.54 0.65median 0.54 1.07median 0.87

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsCBOEICEMCO
Revenue $5.06B $13.43B $8.18B
Gross profit $2.74B – $6.10B
Operating income $1.76B $5.47B $3.64B
Net income $1.35B $4.10B $2.89B
Free cash flow $1.87B $5.08B $2.98B
EPS (diluted) $12.84 $7.13 $16.64
Cash & equivalents $2.28B $1.07B $1.51B
Total debt $1.44B $19.85B $6.91B
Shares (diluted) 104.90M 566.00M 173.30M
Enterprise value $25.26B $81.10B $75.18B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricCBOEICEMCO
P/E 25.3x 21.7x 28.4x
P/FCF 18.1x 17.2x 27.4x
P/Operating cash flow 17.3x 15.8x 24.5x
P/S 6.7x 6.5x 10.0x
P/B 6.0x 2.9x 23.9x
P/Tangible book 7.6x 5.9x 47.5x
EV/EBITDA 17.6x 15.0x 21.0x
EV/EBIT 18.8x 19.2x 23.9x
EV/Revenue 6.5x 7.8x 10.6x
EV/FCF 17.6x 20.7x 29.2x
EV/Operating cash flow 16.8x 19.1x 26.1x
PEG (3Y EPS CAGR) 0.90 0.65 1.07

Growth

14 metrics
MetricCBOEICEMCO
Revenue growth (1Y) 11.7% 6.9% 9.0%
Revenue CAGR (3Y) 9.1% 11.9% 12.6%
Gross profit growth (1Y) 23.9% – 10.3%
Gross profit CAGR (3Y) 14.2% – 14.6%
Operating income growth (1Y) 35.2% 16.4% 16.0%
Operating income CAGR (3Y) 21.5% 13.9% 23.3%
Net income growth (1Y) 50.2% 34.1% 28.5%
Net income CAGR (3Y) 27.6% 33.1% 24.0%
EPS growth (1Y) 50.5% 36.6% 33.1%
EPS CAGR (3Y) 28.1% 33.3% 26.5%
Operating cash flow growth (1Y) 4,740% 13.1% 22.5%
Operating cash flow CAGR (3Y) 52.5% 14.9% 17.5%
Free cash flow growth (1Y) 1,757% 13.9% 24.1%
Free cash flow CAGR (3Y) 55.8% 14.1% 18.8%

Profitability

14 metrics
MetricCBOEICEMCO
Gross margin 54.1% – 74.6%
EBITDA margin 37.1% 52.3% 50.6%
Operating margin 34.7% 40.7% 44.6%
Pretax margin 37.4% 39.7% 45.2%
Net margin 26.6% 30.1% 35.3%
FCF margin 37.0% 37.8% 36.4%
Operating cash flow margin 38.8% 41.1% 40.7%
Return on equity 24.6% 13.9% 87.8%
Return on assets 12.5% 2.3% 19.6%
Return on invested capital 18.1% 8.5% 27.9%
Return on capital employed 24.9% 9.7% 31.8%
Asset turnover 0.5x 0.1x 0.6x
Cash conversion (OCF / net income) 1.5x 1.3x 1.2x
Stock comp / revenue 1.1% 2.0% 2.8%

Financial Health

11 metrics
MetricCBOEICEMCO
Debt / assets 13.6% 11.4% 46.6%
Debt / equity 0.3x 0.7x 2.0x
Net debt / EBITDA -0.5x 2.6x 1.3x
Debt / FCF 0.8x 3.9x 2.3x
Liabilities / assets 47.0% 83.0% 77.0%
Equity / assets 53.0% 17.0% 23.0%
Interest coverage 33.1x 6.8x –
Current ratio 1.6x 1.0x 1.3x
Quick ratio 0.8x 0.0x 1.3x
Cash ratio 0.6x 0.0x 0.5x
Altman Z-score 5.90 0.73 7.58

Shareholder Returns

7 metrics
MetricCBOEICEMCO
Dividend yield 0.9% 1.3% 0.9%
Net buyback yield 0.2% 2.3% 3.6%
Shareholder yield 1.2% 3.6% 4.5%
Payout ratio (earnings) 22.4% 27.8% 24.6%
Payout ratio (FCF) 16.2% 22.5% 23.8%
Dividend growth (1Y) 14.1% 6.1% 3.0%
Dividend CAGR (3Y) – 8.3% 8.8%

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusCBOEICEMCO
Forward P/E 24.5xFY2026 17.9xFY2026 26.4xFY2026
EPS, next fiscal year $13.28FY2026 $8.69FY2026 $17.93FY2026
EPS growth, next FY +24.5%FY2026 +25.0%FY2026 +20.0%FY2026
EPS growth, the year after +6.9% -3.2% -1.5%
Revenue, next fiscal year $2.99BFY2026 $10.54BFY2026 $8.69BFY2026
Revenue growth, next FY +23.2%FY2026 +6.1%FY2026 +12.6%FY2026
Revenue growth, the year after +4.9% +16.0% -2.0%
CBOE estimates →ICE estimates →MCO estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersCBOEICEMCO
Held by institutions 88.4% 92.5% 90.8%
Institutions holding 985 1,653 1,404
Change in shares held, QoQ +1.2% +1.4% -1.6%
Institutions buying 523 735 644
Institutions selling 342 694 522
Buyers to sellers 1.53 1.06 1.23
CBOE holders →ICE holders →MCO holders →

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

CBOEICEMCO
CBOE 1.00 0.32 0.08
ICE 0.32 1.00 0.55
MCO 0.08 0.55 1.00

Add a Peer

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Frequently Asked Questions

Which is bigger, CBOE, ICE and MCO?

Intercontinental Exchange (ICE) is the largest by market capitalisation: Cboe Global Markets (CBOE) $33.60B, Intercontinental Exchange (ICE) $87.36B, Moodys (MCO) $82.25B.

Which stock is cheaper, CBOE, ICE and MCO?

Intercontinental Exchange (ICE) trades on the lowest price-to-earnings ratio (Cboe Global Markets (CBOE) 24.9x, Intercontinental Exchange (ICE) 21.6x, Moodys (MCO) 28.5x). On next year's consensus earnings, Intercontinental Exchange (ICE) is cheapest (Cboe Global Markets (CBOE) 24.5x, Intercontinental Exchange (ICE) 17.9x, Moodys (MCO) 26.4x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Cboe Global Markets (CBOE) grew revenue fastest over the trailing twelve months: Cboe Global Markets (CBOE) +11.7%, Intercontinental Exchange (ICE) +6.9%, Moodys (MCO) +9.0%.

Which company is more profitable?

Moodys (MCO) has the highest net margin (Cboe Global Markets (CBOE) 26.6%, Intercontinental Exchange (ICE) 30.1%, Moodys (MCO) 35.3%). On return on invested capital, Moodys (MCO) leads (Cboe Global Markets (CBOE) 18.1%, Intercontinental Exchange (ICE) 8.5%, Moodys (MCO) 27.9%).

Which stock has performed better?

Over the past year Cboe Global Markets (CBOE) returned the most: Cboe Global Markets (CBOE) +36.4%, Intercontinental Exchange (ICE) -2.8%, Moodys (MCO) -4.3%. Over five years, Cboe Global Markets (CBOE) compounded fastest (Cboe Global Markets (CBOE) +19.9%/yr, Intercontinental Exchange (ICE) +2.8%/yr, Moodys (MCO) +3.1%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Intercontinental Exchange (ICE) has the highest dividend yield: Cboe Global Markets (CBOE) 0.01%, Intercontinental Exchange (ICE) 0.01%, Moodys (MCO) 0.01%.

Which stock is riskier?

By one-year price volatility, Intercontinental Exchange (ICE) has been the steadiest (Cboe Global Markets (CBOE) 36.1%, Intercontinental Exchange (ICE) 25.8%, Moodys (MCO) 28.4%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, CBOE, ICE and MCO?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Intercontinental Exchange (ICE) leads on 5. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.