BLK
BlackRock, Inc.
BLK trails on the overall score without a compensating advantage in the available component scores.
CBOE
Cboe Global Markets, Inc.
CBOE has the edge over BLK overall, supported by stronger valuation and stronger fundamentals.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
CBOE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
CBOE's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like CBOE.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
CBOE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 23x | $330 | -10% |
| Forward | 24x | $369 | — |
| Current | 26x | $369 | — |
| Fair | 27x | $386 | +4.6% |
| Expensive | 32x | $448 | +22% |
Historical ranges are pointers, not guarantees.
CBOE has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
CBOE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for CBOE, with profitability improving.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
CBOE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.10 | +7.4% |
| Q3 2026 | $14.06 | +51% |
| Q2 2026 | $12.83 | +51% |
| Q1 2026 | $11.71 | +54% |
| Q4 2025 | $10.42 | +45% |
| Q3 2025 | $9.30 | +27% |
| Q2 2025 | $8.52 | +18% |
| Q1 2025 | $7.62 | +2.1% |
| Q4 2024 | $7.21 | +1.1% |
CBOE has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over CBOE on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
CBOE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +19% |
| Q2 2026 | $1.4B | +23% |
| Q1 2026 | $1.3B | +6.5% |
| Q4 2025 | $1.2B | +8.7% |
| Q3 2025 | $1.1B | +8.1% |
| Q2 2025 | $1.2B | +20% |
| Q1 2025 | $1.2B | +25% |
| Q4 2024 | $1.1B | +14% |
CBOE's revenue has grown year over year for 10 quarters in a row: $1.4B last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | +6.9 points |
| Q2 2026 | 33% | +4.1 points |
| Q1 2026 | 40% | +10 points |
| Q4 2025 | 34% | +6.6 points |
| Q3 2025 | 32% | +3.3 points |
| Q2 2025 | 29% | +7.3 points |
| Q1 2025 | 30% | +0.1 points |
| Q4 2024 | 27% | -3.4 points |
CBOE has the edge over BLK on profitability, with a higher operating margin.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
CBOE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $793M | +475% |
| Q2 2026 | -$536.3M | -271% |
| Q1 2026 | $1.9B | +116% |
| Q4 2025 | $332.1M | +$1.1B |
| Q3 2025 | $137.9M | +$728.4M |
| Q2 2025 | $313.4M | -79% |
| Q1 2025 | $898.2M | +1.1% |
| Q4 2024 | -$734.2M | -$528.1M |
CBOE's free cash flow was $2.5B over the past year, about four times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like CBOE.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over CBOE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
CBOE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -200K shares |
| 1 year | -0.2% | -200K shares |
| 3 years | -1.3% | -1.4M shares |
| 5 years | -2.1% | -2.3M shares |
| Available history | -6.4% | -7.1M shares |
CBOE has 105M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $56.7M |
| Q2 2026 | $34.4M |
| Q1 2026 | $40.9M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $36.7M |
| Q1 2025 | $30M |
| Q4 2024 | $500,000 |
CBOE spent $132M buying back its own shares over the past year, up 96% from the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
CBOE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.4x | Very low |
CBOE has the edge over BLK on leverage, with a lower net debt burden relative to earnings.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
CBOE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.6 | Neutral |
| Stochastic | 93.4 | Overbought |
CBOE's weekly RSI is 67 (neutral) and its Stochastic is 93 (overbought).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
CBOE PE vs Financial Services Sector
| Metric | CBOE | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 102% above |
| PE % | 38 | 63 | 25 pts below |
CBOE has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK is in an uptrend: it's above all five of its weekly moving averages, and 33% above its 200-week average.
CBOE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $318.3 | 16% above |
| 20 week MA | $298.9 | 23% above |
| 50 week MA | $291.7 | 26% above |
| 100 week MA | $259.2 | 42% above |
| 200 week MA | $214.0 | 72% above |
CBOE is in an uptrend: it's above all five of its weekly moving averages, and 72% above its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has finished higher in five of the last six years. It's up 12% so far in 2026.
CBOE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $118.8 | $92.1 | -23% |
| 2021 | $92.1 | $129.0 | +40% |
| 2022 | $129.0 | $126.2 | -2.2% |
| 2023 | $126.2 | $178.6 | +42% |
| 2024 | $178.6 | $197.2 | +10% |
| 2025 | $197.2 | $256.2 | +30% |
| 2026 YTD | $256.2 | $368.9 | +44% |
CBOE has the edge over BLK on returns for 2026, with the stronger performance.