CBOE
Cboe Global Markets, Inc.
CBOE has a slight edge over GS overall, supported by stronger fundamentals and stronger valuation.
GS
The Goldman Sachs Group, Inc.
GS's outlook is improving, though it still trails on the overall score.
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.
GS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
GS's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like GS.
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 GS in the historical PE scenario, which offers more potential upside but is not a forecast.
GS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.6x | $528 | -42% |
| Current | 13x | $914 | — |
| Forward | 13x | $914 | — |
| Fair | 14x | $940 | +2.9% |
| Expensive | 17x | $1,214 | +33% |
Historical ranges are pointers, not guarantees.
GS's PE is 13x, but its earnings don't support one, so it isn't a reliable read right now.
CBOE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
CBOE has the edge over GS on the outlook, with more favorable valuation expectations.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GS, with profitability improving. 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's earnings per share have climbed steadily: $14.06 over the past year, up 51% from the year before, and higher year over year for 14 quarters in a row.
GS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $72.35 | +4% |
| Q3 2026 | $69.58 | +41% |
| Q2 2026 | $64.82 | +43% |
| Q1 2026 | $54.75 | +27% |
| Q4 2025 | $51.32 | +27% |
| Q3 2025 | $49.22 | +44% |
| Q2 2025 | $45.37 | +45% |
| Q1 2025 | $43.08 | +68% |
| Q4 2024 | $40.54 | +77% |
GS has the edge over CBOE on earnings, with stronger typical year-over-year growth.
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 GS on profitability, with a higher operating margin.
GS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +39% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
| Q2 2025 | $14.6B | +15% |
| Q1 2025 | $15.1B | +6% |
| Q4 2024 | $13.9B | +23% |
GS's revenue is growing: $18.7B last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +2 points |
| Q2 2026 | 42% | +8.1 points |
| Q1 2026 | 38% | +0.2 points |
| Q4 2025 | 44% | +5.6 points |
| Q3 2025 | 36% | +4.1 points |
| Q2 2025 | 34% | +3.2 points |
| Q1 2025 | 37% | +0.6 points |
| Q4 2024 | 38% | +18 points |
GS's operating margin was 37% last quarter, up 2 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 GS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +72% |
| Q2 2026 | $5.6B | +7.8% |
| Q1 2026 | -$32.4B | +$5.3B |
| Q4 2025 | -$16.8B | -136% |
| Q3 2025 | $2.1B | +$40.6B |
| Q2 2025 | $5.2B | -6.8% |
| Q1 2025 | -$37.7B | -$9.2B |
| Q4 2024 | $46.2B | +$75.1B |
GS's free cash flow was −$40B over the past year, against $15.8B the year before. Free cash flow isn't a meaningful measure for financial services companies like GS.
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.
GS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -3.8M shares |
| 1 year | -4.4% | -13.9M shares |
| 3 years | -12% | -42.8M shares |
| 5 years | -15% | -52.8M shares |
| Available history | -20% | -74.4M shares |
GS has the edge over CBOE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $4B |
| Q1 2026 | $5B |
| Q4 2025 | $3B |
| Q3 2025 | $2B |
| Q2 2025 | $3B |
| Q1 2025 | $4.4B |
| Q4 2024 | $2B |
GS spent $15B buying back its own shares over the past year, up 32% from the year before.
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.
GS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.1x | Net Cash |
| Q1 2026 | -6.7x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -3.5x | Net Cash |
| Q2 2025 | -3.1x | Net Cash |
| Q1 2025 | -3.9x | Net Cash |
| Q4 2024 | -4.7x | Net Cash |
GS 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).
GS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 16.3 | Oversold |
GS's weekly RSI is 45 (neutral) and its Stochastic is 16 (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.
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS has the edge over CBOE on valuation relative to its sector.
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 GS on trend strength, trading above more of its moving averages.
GS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $895.5 | 2% above |
| 20 week MA | $977.4 | 6.5% below |
| 50 week MA | $945.4 | 3.4% below |
| 100 week MA | $804.5 | 14% above |
| 200 week MA | $602.7 | 52% above |
GS's trend is mixed: it's above three of its five weekly moving averages, and 52% above 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 GS on returns for 2026, with the stronger performance.
GS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $230.7 | $256.2 | +11% |
| 2021 | $256.2 | $385.0 | +50% |
| 2022 | $385.0 | $345.5 | -10% |
| 2023 | $345.5 | $385.8 | +12% |
| 2024 | $385.8 | $576.2 | +49% |
| 2025 | $576.2 | $907.0 | +57% |
| 2026 YTD | $907.0 | $913.6 | +0.7% |
GS has finished higher in five of the last six years, two of them by more than 50%. It's up 0.7% so far in 2026.