CBOE vs TW vs ICE Stock Comparison

Cboe Global Markets, Tradeweb Markets and Intercontinental Exchange Prices as of Oct 26, 2026 Peers: Industry group
TW Tradeweb Markets Inc.
$123.45 +22.0% 1M +11.3% 1Y
Market cap
$25.42B
P/E
28.3x
Revenue (TTM)
$2.21B
Div. yield
0.00%
Exchanges Financial Services
3 wins

Head to Head

12 decided of 12

Intercontinental Exchange leads on 5 of the 12 questions below (Intercontinental Exchange 5, Cboe Global Markets 4, Tradeweb Markets 3). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionCBOETWICELeader
Larger companyMarket capitalisation $33.96B $25.42B $87.70B ICE
Cheaper on earningsLower P/E, profitable companies only 25.2x 28.3x 21.7x ICE
Cheaper on forward earningsLower price / next fiscal year consensus EPS 25.2x 29.4x 18.4x ICE
Faster revenue growthRevenue growth, trailing twelve months +11.7% +14.0% +6.9% TW
More profitableNet margin, trailing twelve months 26.6% 40.7% 30.1% TW
Better return on capitalReturn on invested capital 18.1% — 8.5% CBOE
Less leveragedLower net debt / EBITDA -0.5x — 2.6x CBOE
Higher dividend yieldTrailing dividend yield 0.01% 0.00% 0.01% ICE
Better 1-year returnPrice return, last 12 months +40.3% +11.3% +1.5% CBOE
Better 5-year returnAnnualised price return, 5 years +20.8%/yr +7.2%/yr +3.8%/yr CBOE
Less volatileAnnualised volatility, 1 year 36.0% 30.9% 25.7% ICE
Higher overall scoreMean of the five percentile scores vs peers 68/100 74/100 56/100 TW

Percentile Scorecard

CBOETWICE

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

AxisCBOETWICE
Valuation 53 #46 of 97 48 #51 of 97 59 #40 of 97
Growth 69 #22 of 68 67 #23 of 68 52 #33 of 68
Profitability 97 #3 of 67 96 #4 of 67 83 #12 of 67
Financial Health 82 #18 of 97 98 #3 of 97 35 #63 of 97
Shareholder Returns 41 #24 of 40 62 #16 of 40 49 #21 of 40
Overall 68 74 56
  • CBOE ranked among 112 companies in Capital Markets
  • TW ranked among 112 companies in Capital Markets
  • ICE ranked among 112 companies in Capital Markets

Price Performance

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

Returns

PeriodCBOETWICESPY
1 month +30.0%+22.0%+3.7% -0.8%
3 months +16.0%+21.0%+7.7% +3.5%
6 months +12.3%+10.8%+2.0% +7.0%
Year to date +33.5%+14.8%-1.2% +12.2%
1 year +40.3%+11.3%+1.5% +13.0%
3 years +107.8%+40.7%+52.8% +86.3%
3 years, per year +27.6%+12.1%+15.2% +23.1%
5 years +157.4%+41.8%+20.4% +68.6%
5 years, per year +20.8%+7.2%+3.8% +11.0%
10 years +427.5%—+200.5% +258.0%
10 years, per year +18.1%—+11.6% +13.6%

Risk

MeasureCBOETWICESPY
Volatility, 1Y 36.0%30.9%25.7% 12.7%
Downside volatility, 1Y 39.4%31.0%27.3% 12.7%
Beta vs S&P 500, 1Y -0.42-0.230.17 1.00
Return / volatility, 1Y 1.120.360.06 1.02
Max drawdown, 5Y -36.9%-48.8%-35.1% -25.4%
From 52-week high -8.6%-2.5%-8.6% -1.8%
52-week high $366.70$126.57$175.10 $779.14
52-week low $231.51$91.50$122.91 $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.

MultipleCBOETWICE
P/E now vs peer median 26.0xmedian 29.4x 29.2xmedian 29.4x 22.4xmedian 29.4x
P/S now vs peer median 6.9xmedian 2.9x 13.1xmedian 2.9x 6.7xmedian 2.9x
EV/EBITDA now vs peer median 18.2xmedian 13.7x 22.2xmedian 13.7x 15.3xmedian 13.7x
P/FCF now vs peer median 18.7xmedian 16.0x 25.2xmedian 16.0x 17.7xmedian 16.0x
P/B now vs peer median 6.2xmedian 2.3x 3.9xmedian 2.3x 3.0xmedian 2.3x
PEG now vs peer median 0.93median 0.52 0.75median 0.52 0.67median 0.52

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 monthsCBOETWICE
Revenue $5.06B $2.21B $13.43B
Gross profit $2.74B – –
Operating income $1.76B $963.90M $5.47B
Net income $1.35B $1.02B $4.10B
Free cash flow $1.87B $1.14B $5.08B
EPS (diluted) $12.84 $4.22 $7.13
Cash & equivalents $2.28B $2.06B $1.07B
Total debt $1.44B – $19.85B
Shares (diluted) 104.90M 212.80M 566.00M
Enterprise value $25.61B $17.43B $81.43B

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
MetricCBOETWICE
P/E 26.0x 29.2x 22.4x
P/FCF 18.7x 25.2x 17.7x
P/Operating cash flow 17.8x 24.2x 16.3x
P/S 6.9x 13.1x 6.7x
P/B 6.2x 3.9x 3.0x
P/Tangible book 7.9x 4.6x 6.1x
EV/EBITDA 18.2x 22.2x 15.3x
EV/EBIT 19.4x 27.9x 19.7x
EV/Revenue 6.7x 12.2x 8.0x
EV/FCF 18.2x 23.4x 21.2x
EV/Operating cash flow 17.4x 22.4x 19.5x
PEG (3Y EPS CAGR) 0.93 0.75 0.67

Growth

14 metrics
MetricCBOETWICE
Revenue growth (1Y) 11.7% 14.0% 6.9%
Revenue CAGR (3Y) 9.1% 21.8% 11.9%
Gross profit growth (1Y) 23.9% – –
Gross profit CAGR (3Y) 14.2% – –
Operating income growth (1Y) 35.2% 28.2% 16.4%
Operating income CAGR (3Y) 21.5% 30.5% 13.9%
Net income growth (1Y) 50.2% 60.5% 34.1%
Net income CAGR (3Y) 27.6% 38.3% 33.1%
EPS growth (1Y) 50.5% 62.4% 36.6%
EPS CAGR (3Y) 28.1% 39.0% 33.3%
Operating cash flow growth (1Y) 4,740% 14.6% 13.1%
Operating cash flow CAGR (3Y) 52.5% 19.9% 14.9%
Free cash flow growth (1Y) 1,757% 13.7% 13.9%
Free cash flow CAGR (3Y) 55.8% 19.3% 14.1%

Profitability

14 metrics
MetricCBOETWICE
Gross margin 54.1% – –
EBITDA margin 37.1% 54.9% 52.3%
Operating margin 34.7% 43.7% 40.7%
Pretax margin 37.4% 58.9% 39.7%
Net margin 26.6% 40.7% 30.1%
FCF margin 37.0% 51.9% 37.8%
Operating cash flow margin 38.8% 54.2% 41.1%
Return on equity 24.6% 13.9% 13.9%
Return on assets 12.5% 12.3% 2.3%
Return on invested capital 18.1% – 8.5%
Return on capital employed 24.9% – 9.7%
Asset turnover 0.5x 0.3x 0.1x
Cash conversion (OCF / net income) 1.5x 1.2x 1.3x
Stock comp / revenue 1.1% 5.0% 2.0%

Financial Health

11 metrics
MetricCBOETWICE
Debt / assets 13.6% – 11.4%
Debt / equity 0.3x – 0.7x
Net debt / EBITDA -0.5x – 2.6x
Debt / FCF 0.8x – 3.9x
Liabilities / assets 47.0% 11.1% 83.0%
Equity / assets 53.0% 88.9% 17.0%
Interest coverage 33.1x 469.3x 6.8x
Current ratio 1.6x – 1.0x
Quick ratio 0.8x – 0.0x
Cash ratio 0.6x – 0.0x
Altman Z-score 6.03 – 0.74

Shareholder Returns

7 metrics
MetricCBOETWICE
Dividend yield 0.9% 0.4% 1.3%
Net buyback yield 0.2% 1.2% 2.2%
Shareholder yield 1.1% 1.6% 3.5%
Payout ratio (earnings) 22.4% 10.9% 27.8%
Payout ratio (FCF) 16.2% 9.7% 22.5%
Dividend growth (1Y) 14.1% 18.0% 6.1%
Dividend CAGR (3Y) – 15.9% 8.3%

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.

ConsensusCBOETWICE
Forward P/E 25.2xFY2026 29.4xFY2026 18.4xFY2026
EPS, next fiscal year $13.28FY2026 $4.20FY2026 $8.69FY2026
EPS growth, next FY +24.5%FY2026 +21.0%FY2026 +25.0%FY2026
EPS growth, the year after +6.9% +17.1% -3.2%
Revenue, next fiscal year $2.99BFY2026 $2.30BFY2026 $10.54BFY2026
Revenue growth, next FY +23.2%FY2026 +12.1%FY2026 +6.1%FY2026
Revenue growth, the year after +4.9% +21.0% +16.0%
CBOE estimates →TW estimates →ICE estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersCBOETWICE
Held by institutions 88.4% 49.9% 92.5%
Institutions holding 985 561 1,651
Change in shares held, QoQ +1.2% +0.3% +1.4%
Institutions buying 523 300 734
Institutions selling 342 211 694
Buyers to sellers 1.53 1.42 1.06
CBOE holders →TW holders →ICE 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.

CBOETWICE
CBOE 1.00 0.38 0.32
TW 0.38 1.00 0.44
ICE 0.32 0.44 1.00

Add a Peer

Largest companies in the same industry
CBOE · Exchanges
+CMECme +NDAQNasdaq +MKTXMarketaxess Holdings +BGCBgc +VIRTVirtu Financial +MIAXMiami International Holdings

Related Comparisons

CBOE vs CMECme CBOE vs NDAQNasdaq CBOE vs MKTXMarketaxess Holdings CBOE vs BGCBgc

Frequently Asked Questions

Which is bigger, CBOE, TW and ICE?

Intercontinental Exchange (ICE) is the largest by market capitalisation: Cboe Global Markets (CBOE) $33.96B, Tradeweb Markets (TW) $25.42B, Intercontinental Exchange (ICE) $87.70B.

Which stock is cheaper, CBOE, TW and ICE?

Intercontinental Exchange (ICE) trades on the lowest price-to-earnings ratio (Cboe Global Markets (CBOE) 25.2x, Tradeweb Markets (TW) 28.3x, Intercontinental Exchange (ICE) 21.7x). On next year's consensus earnings, Intercontinental Exchange (ICE) is cheapest (Cboe Global Markets (CBOE) 25.2x, Tradeweb Markets (TW) 29.4x, Intercontinental Exchange (ICE) 18.4x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Tradeweb Markets (TW) grew revenue fastest over the trailing twelve months: Cboe Global Markets (CBOE) +11.7%, Tradeweb Markets (TW) +14.0%, Intercontinental Exchange (ICE) +6.9%.

Which company is more profitable?

Tradeweb Markets (TW) has the highest net margin (Cboe Global Markets (CBOE) 26.6%, Tradeweb Markets (TW) 40.7%, Intercontinental Exchange (ICE) 30.1%). On return on invested capital, Cboe Global Markets (CBOE) leads (Cboe Global Markets (CBOE) 18.1%, Intercontinental Exchange (ICE) 8.5%).

Which stock has performed better?

Over the past year Cboe Global Markets (CBOE) returned the most: Cboe Global Markets (CBOE) +40.3%, Tradeweb Markets (TW) +11.3%, Intercontinental Exchange (ICE) +1.5%. Over five years, Cboe Global Markets (CBOE) compounded fastest (Cboe Global Markets (CBOE) +20.8%/yr, Tradeweb Markets (TW) +7.2%/yr, Intercontinental Exchange (ICE) +3.8%/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%, Tradeweb Markets (TW) 0.00%, Intercontinental Exchange (ICE) 0.01%.

Which stock is riskier?

By one-year price volatility, Intercontinental Exchange (ICE) has been the steadiest (Cboe Global Markets (CBOE) 36.0%, Tradeweb Markets (TW) 30.9%, Intercontinental Exchange (ICE) 25.7%). Volatility measures how widely the price swings, not the risk of the business.

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

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.