CBOE
Cboe Global Markets, Inc.
CBOE has the edge over HOOD overall, supported by stronger fundamentals and lower modeled downside.
HOOD
Robinhood Markets, Inc.
HOOD offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
HOOD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
HOOD's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like HOOD.
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 HOOD in the historical PE scenario, which offers more potential upside but is not a forecast.
HOOD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $81.35 | — |
| Cheap | 37x | $78.84 | -3.1% |
| Current | 38x | $81.35 | — |
| Fair | 51x | $110 | +35% |
| Expensive | 74x | $160 | +96% |
Historical ranges are pointers, not guarantees.
HOOD's PE is in its cheap range at 38x. If earnings grow as analysts expect, today's price would be 30x next year's earnings.
CBOE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for CBOE, with profitability improving.
HOOD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for HOOD, 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 has the edge over HOOD on earnings, with more consistent year-over-year improvement.
HOOD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.72 | +26% |
| Q3 2026 | $2.16 | -10% |
| Q2 2026 | $2.26 | +15% |
| Q1 2026 | $2.06 | +18% |
| Q4 2025 | $2.05 | +31% |
| Q3 2025 | $2.40 | +314% |
| Q2 2025 | $1.96 | +513% |
| Q1 2025 | $1.75 | +1150% |
| Q4 2024 | $1.56 | +$2.17 |
HOOD earned $2.16 per share over the past year, down 10% from 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'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's operating margin was 39% last quarter, up 6.9 points from the same quarter a year ago, near the top of its range since 2019.
HOOD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +12% |
| Q2 2026 | $1.3B | +32% |
| Q1 2026 | $1.1B | +15% |
| Q4 2025 | $1.3B | +27% |
| Q3 2025 | $1.3B | +100% |
| Q2 2025 | $989M | +45% |
| Q1 2025 | $927M | +50% |
| Q4 2024 | $1B | +115% |
HOOD has the edge over CBOE on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | -5.9 points |
| Q2 2026 | 54% | +9.5 points |
| Q1 2026 | 39% | -1.5 points |
| Q4 2025 | 52% | -3.5 points |
| Q3 2025 | 50% | +26 points |
| Q2 2025 | 45% | +17 points |
| Q1 2025 | 40% | +14 points |
| Q4 2024 | 55% | +49 points |
HOOD has the edge over CBOE on profitability, with a higher operating margin.
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.
HOOD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +$2.8B |
| Q2 2026 | $720M | -79% |
| Q1 2026 | $2B | +217% |
| Q4 2025 | -$937M | +$463M |
| Q3 2025 | -$1.6B | -187% |
| Q2 2025 | $3.5B | +6398% |
| Q1 2025 | $642M | +$1.3B |
| Q4 2024 | -$1.4B | -246% |
HOOD's free cash flow was $3B over the past year, up 159% from the year before. Free cash flow isn't a meaningful measure for financial services companies like HOOD.
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.
HOOD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -1M shares |
| 1 year | -0.8% | -6.9M shares |
| 3 years | +1.8% | +15.9M shares |
| 5 years | +292% | +679M shares |
| Available history | +7.2% | +60.8M shares |
HOOD has the edge over CBOE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $25M |
| Q2 2026 | $414M |
| Q1 2026 | $250M |
| Q4 2025 | $100M |
| Q3 2025 | $107M |
| Q2 2025 | $124M |
| Q1 2025 | $322M |
| Q4 2024 | $160M |
HOOD spent $789M buying back its own shares over the past year, up 11% 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.
HOOD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -2.1x | Net Cash |
| Q2 2025 | -2.6x | Net Cash |
| Q1 2025 | -3.3x | Net Cash |
| Q4 2024 | -3.8x | Net Cash |
HOOD 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).
HOOD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 9.5 | Oversold |
HOOD's weekly RSI is 41 (neutral) and its Stochastic is 10 (oversold).
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 HOOD on valuation relative to its sector.
HOOD PE vs Financial Services Sector
| Metric | HOOD | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 13x | 189% above |
| PE % | 22 | 66 | 44 pts below |
HOOD is trading at 38x earnings, a 189% premium to the Financial Services sector's median of 13x.
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 HOOD on trend strength, trading above more of its moving averages.
HOOD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $97.8 | 17% below |
| 20 week MA | $102.2 | 20% below |
| 50 week MA | $95.4 | 15% below |
| 100 week MA | $88.5 | 8.1% below |
| 200 week MA | $52.1 | 56% above |
HOOD has fallen below most of its moving averages, though it's still 56% 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 HOOD on returns for 2026, with the stronger performance.
HOOD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $35.2 | $18.9 | -46% |
| 2022 | $18.9 | $7.95 | -58% |
| 2023 | $7.95 | $12.7 | +60% |
| 2024 | $12.7 | $39.0 | +206% |
| 2025 | $39.0 | $118.1 | +203% |
| 2026 YTD | $118.1 | $81.4 | -31% |
HOOD's yearly returns have swung widely, from +206% in 2024 to −58% in 2022. It's down 31% so far in 2026.