CBOE vs MCO vs MORN Stock Comparison

Cboe Global Markets, Moodys and Morningstar Prices as of Nov 2, 2026 Peers: Industry group
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MCO Moodys Corp /De/
$505.87 +14.6% 1M +5.3% 1Y
Market cap
$91.46B
P/E
31.7x
Revenue (TTM)
$8.18B
Div. yield
0.01%
Financial Data and Analytics Financial Services
4 wins
MORN Morningstar, Inc.
$238.73 +30.1% 1M +12.4% 1Y
Market cap
$9.10B
P/E
20.4x
Revenue (TTM)
$2.62B
Div. yield
–
Financial Data and Analytics Financial Services
2 wins

Head to Head

12 decided of 12

Cboe Global Markets leads on 6 of the 12 questions below (Cboe Global Markets 6, Moodys 4, Morningstar 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionCBOEMCOMORNLeader
Larger companyMarket capitalisation $35.55B $91.46B $9.10B MCO
Cheaper on earningsLower P/E, profitable companies only 26.4x 31.7x 20.4x MORN
Cheaper on forward earningsLower price / next fiscal year consensus EPS 25.8x 28.1x 18.7x MORN
Faster revenue growthRevenue growth, trailing twelve months +11.7% +9.0% +9.4% CBOE
More profitableNet margin, trailing twelve months 26.6% 35.3% 17.0% MCO
Better return on capitalReturn on invested capital 18.1% 27.9% 17.8% MCO
Less leveragedLower net debt / EBITDA -0.5x 1.3x 1.4x CBOE
Higher dividend yieldTrailing dividend yield 0.01% 0.01% 0.00% CBOE
Better 1-year returnPrice return, last 12 months +42.4% +5.3% +12.4% CBOE
Better 5-year returnAnnualised price return, 5 years +21.1%/yr +5.5%/yr -5.2%/yr CBOE
Less volatileAnnualised volatility, 1 year 36.8% 28.4% 41.9% MCO
Higher overall scoreMean of the five percentile scores vs peers 68/100 59/100 63/100 CBOE

Percentile Scorecard

CBOEMCOMORN

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

AxisCBOEMCOMORN
Valuation 53 #46 of 96 17 #779 of 939 37 #595 of 939
Growth 69 #22 of 68 72 #231 of 814 81 #153 of 814
Profitability 94 #5 of 70 97 #29 of 828 76 #198 of 828
Financial Health 80 #21 of 99 52 #431 of 898 46 #487 of 898
Shareholder Returns 43 #24 of 41 57 #313 of 725 77 #166 of 725
Overall 68 59 63
  • CBOE ranked among 110 companies in Capital Markets
  • MCO ranked among 1,003 companies in Financial Services
  • MORN 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

PeriodCBOEMCOMORNSPY
1 month +29.1%+14.6%+30.1% -2.3%
3 months +17.1%+4.7%+20.0% -0.7%
6 months +3.2%+12.5%+42.4% +4.8%
Year to date +39.4%-1.0%+9.9% +10.3%
1 year +42.4%+5.3%+12.4% +10.3%
3 years +106.4%+52.6%-9.0% +73.0%
3 years, per year +27.3%+15.1%-3.1% +20.1%
5 years +159.8%+30.9%-23.2% +61.9%
5 years, per year +21.1%+5.5%-5.2% +10.1%
10 years +456.3%+416.4%+248.7% +258.6%
10 years, per year +18.7%+17.8%+13.3% +13.6%

Risk

MeasureCBOEMCOMORNSPY
Volatility, 1Y 36.8%28.4%41.9% 12.8%
Downside volatility, 1Y 39.3%29.9%43.4% 12.8%
Beta vs S&P 500, 1Y -0.500.460.01 1.00
Return / volatility, 1Y 1.150.190.30 0.80
Max drawdown, 5Y -36.9%-41.4%-60.5% -25.4%
From 52-week high -4.6%-6.3%0.0% -3.5%
52-week high $366.70$539.61$238.73 $779.14
52-week low $231.51$412.23$141.84 $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.

MultipleCBOEMCOMORN
P/E now vs peer median 27.2xmedian 29.1x 30.3xmedian 13.6x 20.0xmedian 13.6x
P/S now vs peer median 7.2xmedian 2.5x 10.7xmedian 3.3x 3.4xmedian 3.3x
EV/EBITDA now vs peer median 19.0xmedian 13.6x 22.3xmedian 6.0x 11.8xmedian 6.0x
P/FCF now vs peer median 19.5xmedian 16.8x 29.3xmedian 11.0x 18.0xmedian 11.0x
P/B now vs peer median 6.5xmedian 2.2x 25.6xmedian 1.2x 8.6xmedian 1.2x
PEG now vs peer median 0.97median 0.52 1.15median 0.92 0.22median 0.92

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 monthsCBOEMCOMORN
Revenue $5.06B $8.18B $2.62B
Gross profit $2.74B $6.10B $1.65B
Operating income $1.76B $3.64B $643.50M
Net income $1.35B $2.89B $445.50M
Free cash flow $1.87B $2.98B $492.80M
EPS (diluted) $12.84 $16.64 $11.79
Cash & equivalents $2.28B $1.51B $496.70M
Total debt $1.44B $6.91B $1.68B
Shares (diluted) 104.90M 173.30M 37.80M
Enterprise value $27.21B $84.38B $6.99B

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
MetricCBOEMCOMORN
P/E 27.2x 30.3x 20.0x
P/FCF 19.5x 29.3x 18.0x
P/Operating cash flow 18.6x 26.2x 13.8x
P/S 7.2x 10.7x 3.4x
P/B 6.5x 25.6x 8.6x
P/Tangible book 8.2x 50.8x 18.6x
EV/EBITDA 19.0x 22.3x 11.8x
EV/EBIT 20.3x 25.4x 15.6x
EV/Revenue 7.0x 11.3x 3.8x
EV/FCF 19.0x 31.1x 20.3x
EV/Operating cash flow 18.2x 27.8x 15.6x
PEG (3Y EPS CAGR) 0.97 1.15 0.22

Growth

14 metrics
MetricCBOEMCOMORN
Revenue growth (1Y) 11.7% 9.0% 9.4%
Revenue CAGR (3Y) 9.1% 12.6% 9.9%
Gross profit growth (1Y) 23.9% 10.3% 13.3%
Gross profit CAGR (3Y) 14.2% 14.6% 13.1%
Operating income growth (1Y) 35.2% 16.0% 20.2%
Operating income CAGR (3Y) 21.5% 23.3% 55.3%
Net income growth (1Y) 50.2% 28.5% 18.5%
Net income CAGR (3Y) 27.6% 24.0% 84.5%
EPS growth (1Y) 50.5% 33.1% 32.6%
EPS CAGR (3Y) 28.1% 26.5% 92.5%
Operating cash flow growth (1Y) 4,740% 22.5% 19.1%
Operating cash flow CAGR (3Y) 52.5% 17.5% 31.5%
Free cash flow growth (1Y) 1,757% 24.1% 25.0%
Free cash flow CAGR (3Y) 55.8% 18.8% 46.4%

Profitability

14 metrics
MetricCBOEMCOMORN
Gross margin 54.1% 74.6% 63.1%
EBITDA margin 37.1% 50.6% 32.4%
Operating margin 34.7% 44.6% 24.5%
Pretax margin 37.4% 45.2% 22.6%
Net margin 26.6% 35.3% 17.0%
FCF margin 37.0% 36.4% 18.8%
Operating cash flow margin 38.8% 40.7% 24.5%
Return on equity 24.6% 87.8% 43.5%
Return on assets 12.5% 19.6% 11.3%
Return on invested capital 18.1% 27.9% 17.8%
Return on capital employed 24.9% 31.8% 21.9%
Asset turnover 0.5x 0.6x 0.7x
Cash conversion (OCF / net income) 1.5x 1.2x 1.4x
Stock comp / revenue 1.1% 2.8% 2.5%

Financial Health

11 metrics
MetricCBOEMCOMORN
Debt / assets 13.6% 46.6% 42.5%
Debt / equity 0.3x 2.0x 1.6x
Net debt / EBITDA -0.5x 1.3x 1.4x
Debt / FCF 0.8x 2.3x 3.4x
Liabilities / assets 47.0% 77.0% 74.0%
Equity / assets 53.0% 23.0% 26.0%
Interest coverage 33.1x – –
Current ratio 1.6x 1.3x 1.0x
Quick ratio 0.8x 1.3x 0.9x
Cash ratio 0.6x 0.5x 0.5x
Altman Z-score 6.21 7.87 3.91

Shareholder Returns

7 metrics
MetricCBOEMCOMORN
Dividend yield 0.9% 0.8% 0.8%
Net buyback yield 0.2% 3.4% 10.1%
Shareholder yield 1.1% 4.2% 10.9%
Payout ratio (earnings) 22.4% 24.6% –
Payout ratio (FCF) 16.2% 23.8% –
Dividend growth (1Y) 14.1% 3.0% –
Dividend CAGR (3Y) – 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.

ConsensusCBOEMCOMORN
Forward P/E 25.8xFY2026 28.1xFY2026 18.7xFY2026
EPS, next fiscal year $13.28FY2026 $17.93FY2026 $12.66FY2026
EPS growth, next FY +24.5%FY2026 +20.0%FY2026 +28.4%FY2026
EPS growth, the year after +6.9% -1.5% +7.8%
Revenue, next fiscal year $2.99BFY2026 $8.69BFY2026 $2.50BFY2026
Revenue growth, next FY +23.2%FY2026 +12.6%FY2026 +1.9%FY2026
Revenue growth, the year after +4.9% -2.0% +19.2%
CBOE estimates →MCO estimates →MORN estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersCBOEMCOMORN
Held by institutions 88.4% 90.8% 64.1%
Institutions holding 987 1,406 421
Change in shares held, QoQ +1.2% -1.6% +2.1%
Institutions buying 524 645 199
Institutions selling 342 523 169
Buyers to sellers 1.53 1.23 1.18
CBOE holders →MCO holders →MORN 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.

CBOEMCOMORN
CBOE 1.00 0.08 0.19
MCO 0.08 1.00 0.60
MORN 0.19 0.60 1.00

Add a Peer

Largest companies in the same industry
CBOE · Exchanges
+CMECme +ICEIntercontinental Exchange +NDAQNasdaq +TWTradeweb Markets +MKTXMarketaxess Holdings +BGCBgc +VIRTVirtu Financial +MIAXMiami International Holdings
Plot all 9 Exchanges stocks → Plot all 30 Financial Data and Analytics stocks →

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Frequently Asked Questions

Which is bigger, CBOE, MCO and MORN?

Moodys (MCO) is the largest by market capitalisation: Cboe Global Markets (CBOE) $35.55B, Moodys (MCO) $91.46B, Morningstar (MORN) $9.10B.

Which stock is cheaper, CBOE, MCO and MORN?

Morningstar (MORN) trades on the lowest price-to-earnings ratio (Cboe Global Markets (CBOE) 26.4x, Moodys (MCO) 31.7x, Morningstar (MORN) 20.4x). On next year's consensus earnings, Morningstar (MORN) is cheapest (Cboe Global Markets (CBOE) 25.8x, Moodys (MCO) 28.1x, Morningstar (MORN) 18.7x). 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%, Moodys (MCO) +9.0%, Morningstar (MORN) +9.4%.

Which company is more profitable?

Moodys (MCO) has the highest net margin (Cboe Global Markets (CBOE) 26.6%, Moodys (MCO) 35.3%, Morningstar (MORN) 17.0%). On return on invested capital, Moodys (MCO) leads (Cboe Global Markets (CBOE) 18.1%, Moodys (MCO) 27.9%, Morningstar (MORN) 17.8%).

Which stock has performed better?

Over the past year Cboe Global Markets (CBOE) returned the most: Cboe Global Markets (CBOE) +42.4%, Moodys (MCO) +5.3%, Morningstar (MORN) +12.4%. Over five years, Cboe Global Markets (CBOE) compounded fastest (Cboe Global Markets (CBOE) +21.1%/yr, Moodys (MCO) +5.5%/yr, Morningstar (MORN) -5.2%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Cboe Global Markets (CBOE) has the highest dividend yield: Cboe Global Markets (CBOE) 0.01%, Moodys (MCO) 0.01%, Morningstar (MORN) 0.00%. Morningstar (MORN) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Moodys (MCO) has been the steadiest (Cboe Global Markets (CBOE) 36.8%, Moodys (MCO) 28.4%, Morningstar (MORN) 41.9%). Volatility measures how widely the price swings, not the risk of the business.

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

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Cboe Global Markets (CBOE) leads on 6. 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.