CBOE
Cboe Global Markets, Inc.
CBOE's fundamentals are strong: its operating margin rose 7 points to 36% and revenue grew 14%. At 26x earnings, it's trading in line with its usual 28x. Analysts expect earnings growth.
COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
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.
COIN Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| N/A | |
| N/A |
COIN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like COIN.
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's PE is in its fair range at 26x. If earnings grow as analysts expect, today's price would be 24x next year's earnings, in its cheap range.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
CBOE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
CBOE has the edge over COIN on the outlook, with more favorable revenue expectations.
COIN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect COIN's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
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 COIN on earnings quality, reporting a profit while its opponent remains loss making.
COIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | — |
| Q3 2026 | -$2.77 | -124% |
| Q2 2026 | -$3.78 | -137% |
| Q1 2026 | $2.72 | -49% |
| Q4 2025 | $4.45 | -53% |
| Q3 2025 | $11.54 | +94% |
| Q2 2025 | $10.32 | +82% |
| Q1 2025 | $5.32 | +4.1% |
| Q4 2024 | $9.48 | +2462% |
COIN has swung to a loss: it lost $2.77 per share over the past year, after a profit the year before.
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 has the edge over COIN on sales, with more consistent year-over-year improvement.
| 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 COIN on profitability, with a higher operating margin.
COIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -35% |
| Q2 2026 | $1.2B | -19% |
| Q1 2026 | $1.4B | -31% |
| Q4 2025 | $1.8B | -22% |
| Q3 2025 | $1.9B | +55% |
| Q2 2025 | $1.5B | +3.3% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +138% |
COIN's revenue has slid since its 2021 peak: $1.2B last quarter, down 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.1% | -21 points |
| Q2 2026 | -9.3% | -7.7 points |
| Q1 2026 | -1.5% | -36 points |
| Q4 2025 | 15% | -30 points |
| Q3 2025 | 26% | +12 points |
| Q2 2025 | -1.6% | -25 points |
| Q1 2025 | 35% | -12 points |
| Q4 2024 | 46% | +33 points |
COIN's operating margin was 5.1% last quarter, down 21 points from the same quarter a year ago.
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 has the edge over COIN on cash flow, with more consistent year-over-year improvement.
COIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $405.5M | +$1.2B |
| Q2 2026 | $197.3M | -40% |
| Q1 2026 | $182.7M | +$365.5M |
| Q4 2025 | $3.1B | +218% |
| Q3 2025 | -$784.5M | -213% |
| Q2 2025 | $328.5M | -32% |
| Q1 2025 | -$182.7M | -144% |
| Q4 2024 | $964.6M | +$969.8M |
COIN's free cash flow was $3.9B over the past year, more than ten times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like COIN.
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.
COIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.3% | +24.6M shares |
| 1 year | -1.4% | -4M shares |
| 3 years | +21% | +50.7M shares |
| 5 years | +15% | +37.4M shares |
| Available history | +330% | +221M shares |
COIN has the edge over CBOE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5.3M |
| Q2 2026 | $181.3M |
| Q1 2026 | $1.1B |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | $10.5M |
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 more cash than debt. Net leverage isn't a meaningful measure for financial services companies like CBOE.
COIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.4x | Net Cash |
| Q2 2026 | -2.5x | Net Cash |
| Q1 2026 | -2.8x | Net Cash |
| Q4 2025 | -2.3x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.6x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
COIN has the edge over CBOE on leverage, with a lower net debt burden relative to earnings.
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).
COIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.3 | Neutral |
| Stochastic | 5.0 | Oversold |
COIN's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
CBOE PE vs Financial Services Sector
| Metric | CBOE | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 102% above |
| PE % | 38 | 63 | 25 pts below |
CBOE is trading at 26x earnings, a 102% premium to the Financial Services sector's median of 13x.
COIN PE vs Financial Services Sector
| Metric | COIN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
COIN has no meaningful PE right now: it lost money over the past year.
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 has the edge over COIN on trend strength, trading above more of its moving averages.
COIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $163.0 | 20% below |
| 20 week MA | $165.6 | 21% below |
| 50 week MA | $184.4 | 29% below |
| 100 week MA | $232.8 | 44% below |
| 200 week MA | $190.3 | 31% below |
COIN is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
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 COIN on returns for 2026, with the stronger performance.
COIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $342.0 | $268.2 | -22% |
| 2022 | $268.2 | $35.5 | -87% |
| 2023 | $35.5 | $173.9 | +390% |
| 2024 | $173.9 | $265.7 | +53% |
| 2025 | $265.7 | $236.9 | -11% |
| 2026 YTD | $236.9 | $130.7 | -45% |
COIN's yearly returns have swung widely, from +390% in 2023 to −87% in 2022. It's down 45% so far in 2026.