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GuruFocus Financial Strength Rank measures how strong a companyย’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength

vs
industry
vs
history
Cash to Debt No Debt
CBOE's Cash to Debt is ranked higher than
74% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 2100.97 vs. CBOE: No Debt )
CBOE' s 10-Year Cash to Debt Range
Min: No Debt   Max: No Debt
Current: No Debt

Equity to Asset 0.603
CBOE's Equity to Asset is ranked higher than
81% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 0.24 vs. CBOE: 0.603 )
CBOE' s 10-Year Equity to Asset Range
Min: 0.06   Max: 0.69
Current: 0.6

0.06
0.69
Interest Coverage No Debt
CBOE's Interest Coverage is ranked higher than
78% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 10000.00 vs. CBOE: No Debt )
CBOE' s 10-Year Interest Coverage Range
Min: 187   Max: No Debt
Current: No Debt

F-Score: 5
Z-Score: 20.58
M-Score: -3.33
GuruFocus Profitability Rank ranks how profitable a company is and how likely the companyย’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
ย•ย•3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rankย•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth

vs
industry
vs
history
Operating margin (%) 47.60
CBOE's Operating margin (%) is ranked higher than
89% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 16.70 vs. CBOE: 47.60 )
CBOE' s 10-Year Operating margin (%) Range
Min: 38.3   Max: 47.6
Current: 47.6

38.3
47.6
Net-margin (%) 30.7
CBOE's Net-margin (%) is ranked higher than
90% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 9.55 vs. CBOE: 30.7 )
CBOE' s 10-Year Net-margin (%) Range
Min: 22.7   Max: 30.7
Current: 30.7

22.7
30.7
ROE (%) 65.8
CBOE's ROE (%) is ranked higher than
98% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 4.60 vs. CBOE: 65.8 )
CBOE' s 10-Year ROE (%) Range
Min: 30.2   Max: 142.5
Current: 65.8

30.2
142.5
ROA (%) 46.4
CBOE's ROA (%) is ranked higher than
99% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 1.20 vs. CBOE: 46.4 )
CBOE' s 10-Year ROA (%) Range
Min: 18.6   Max: 46.4
Current: 46.4

18.6
46.4
ROC (Joel Greenblatt) (%) 259.30
CBOE's ROC (Joel Greenblatt) (%) is ranked higher than
87% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 63.60 vs. CBOE: 259.30 )
CBOE' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 177.4   Max: 287.1
Current: 259.3

177.4
287.1
ยป CBOE's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2012

CBOE Guru Trades in Q2 2012

Jim Simons 1,039,800 sh (+43.56%)
Joel Greenblatt 81,727 sh (+5.24%)
John Keeley 1,296,348 sh (+3.07%)
Murray Stahl 4,600,245 sh (-19.53%)
Steven Cohen 11,382 sh (-37.14%)
Paul Tudor Jones 8,300 sh (-66.93%)
» More
Q3 2012

CBOE Guru Trades in Q3 2012

RS Investment Management 1,878 sh (New)
Jim Simons 1,350,600 sh (+29.89%)
Murray Stahl 4,841,684 sh (+5.25%)
Paul Tudor Jones Sold Out
John Keeley 1,279,014 sh (-1.34%)
Joel Greenblatt 76,662 sh (-6.2%)
Steven Cohen 7,517 sh (-33.96%)
» More
Q4 2012

CBOE Guru Trades in Q4 2012

Paul Tudor Jones 31,700 sh (New)
RS Investment Management 273,228 sh (+14448.9%)
Steven Cohen 18,423 sh (+145.08%)
Jim Simons 1,656,300 sh (+22.63%)
John Keeley 1,258,628 sh (-1.59%)
Murray Stahl 4,418,603 sh (-8.74%)
Joel Greenblatt 64,347 sh (-16.06%)
» More
Q1 2013

CBOE Guru Trades in Q1 2013

RS Investment Management 493,108 sh (+80.47%)
Jim Simons 2,196,819 sh (+32.63%)
John Keeley 1,185,389 sh (-5.82%)
Murray Stahl 3,709,314 sh (-16.05%)
Paul Tudor Jones 17,100 sh (-46.06%)
Joel Greenblatt 27,759 sh (-56.86%)
Steven Cohen 6,739 sh (-63.42%)
» More
» Details

Insider Trades

Latest Guru Trades with CBOE

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2013-03-31 Reduce -56.86%0.06%$29.46 - $36.94 $ 40.7518%27759
Joel Greenblatt 2012-03-31 New Buy0.19%$25.02 - $29.56 $ 40.75126%77661
John Keeley 2011-09-30 Add 32.01%0.16%$21.67 - $27.28 $ 40.7566%1185516
George Soros 2011-09-30 Sold Out 0.01%$21.67 - $27.28 $ 40.7566%0
John Keeley 2011-06-30 New Buy0.36%$23.4 - $28.17 $ 40.7556%898032
George Soros 2010-12-31 New Buy0.01%$20.39 - $25.02 $ 40.7574%29001
Premium More recent guru trades are included for Premium Members only!!

Ratios

vs
industry
vs
history
P/E(ttm) 21.60
CBOE's P/E(ttm) is ranked higher than
62% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 18.27 vs. CBOE: 21.60 )
CBOE' s 10-Year P/E(ttm) Range
Min: 15.59   Max: 38.18
Current: 21.6

15.59
38.18
P/B 14.89
CBOE's P/B is ranked lower than
86% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 1.30 vs. CBOE: 14.89 )
CBOE' s 10-Year P/B Range
Min: 4.56   Max: 16.35
Current: 14.89

4.56
16.35
P/S 6.66
CBOE's P/S is ranked lower than
73% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 2.10 vs. CBOE: 6.66 )
CBOE' s 10-Year P/S Range
Min: 4.31   Max: 9.14
Current: 6.66

4.31
9.14
PFCF 17.34
CBOE's PFCF is ranked lower than
69% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 8.17 vs. CBOE: 17.34 )
CBOE' s 10-Year PFCF Range
Min: 12.08   Max: 139.43
Current: 17.34

12.08
139.43
EV-to-EBIT 12.9
CBOE's EV-to-EBIT is ranked higher than
86% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 14.81 vs. CBOE: 12.9 )
CBOE' s 10-Year EV-to-EBIT Range
Min: 8.2   Max: 16.9
Current: 12.9

8.2
16.9

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.40
CBOE's Dividend Yield is ranked higher than
60% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 2.06 vs. CBOE: 1.40 )
CBOE' s 10-Year Dividend Yield Range
Min: 0.4   Max: 1.91
Current: 1.4

0.4
1.91
Dividend Payout 0.4
CBOE's Dividend Payout is ranked higher than
90% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 0.68 vs. CBOE: 0.4 )
CBOE' s 10-Year Dividend Payout Range
Min: 0.19   Max: 0.3
Current: 0.4

0.19
0.3
Yield on cost (5-Year) 1.40
CBOE's Yield on cost (5-Year) is ranked higher than
59% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 2.34 vs. CBOE: 1.40 )
CBOE' s 10-Year Yield on cost (5-Year) Range
Min: 0.4   Max: 1.91
Current: 1.4

0.4
1.91

Valuation & Return

vs
industry
vs
history
Price/Net Cash 99.2
CBOE's Price/Net Cash is ranked higher than
99% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 3.50 vs. CBOE: 99.2 )
CBOE' s 10-Year Price/Net Cash Range
Min: 53.9   Max: 71.9
Current: 99.2

53.9
71.9
Price/Net Current Asset Value 75.4
CBOE's Price/Net Current Asset Value is ranked higher than
93% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 6.50 vs. CBOE: 75.4 )
CBOE' s 10-Year Price/Net Current Asset Value Range
Min: 54.6   Max: 61.6
Current: 75.4

54.6
61.6
Price/Tangible Book 17.4
CBOE's Price/Tangible Book is ranked higher than
97% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 1.10 vs. CBOE: 17.4 )
CBOE' s 10-Year Price/Tangible Book Range
Min: 12   Max: 16.7
Current: 17.4

12
16.7
Price/Median PS Value 1.4
CBOE's Price/Median PS Value is ranked higher than
73% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 1.00 vs. CBOE: 1.4 )
CBOE' s 10-Year Price/Median PS Value Range
Min: 0.9   Max: 1.3
Current: 1.4

0.9
1.3
Price/Graham Number 4.1
CBOE's Price/Graham Number is ranked higher than
92% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 0.90 vs. CBOE: 4.1 )
CBOE' s 10-Year Price/Graham Number Range
Min: 3   Max: 4
Current: 4.1

3
4
Earnings Yield (Greenblatt) 7.80
CBOE's Earnings Yield (Greenblatt) is ranked higher than
82% of the 176 Companies
in the Global Financial Exchanges industry.

( Industry Median: 9.05 vs. CBOE: 7.80 )
CBOE' s 10-Year Earnings Yield (Greenblatt) Range
Min: 5.9   Max: 12.2
Current: 7.8

5.9
12.2

Business Description

CBOE Holdings, Inc was founded in 1973 as a non-stock corporation owned by its Members. The primary business of the Company is the operation of markets for the trading of listed options contracts for three broad product categories: the stocks of individual corporations (equity options), various market indexes (index options) and securitized baskets of equity (exchange-traded funds). In addition to traditional open outcry markets, it offers electronic trading through its hybrid trading model that operates on a proprietary technology platform known as CBOEdirect. The Company's direct competitors are NYSE Amex, BOX, ISE, NYSE Arca, NASDAQ OMX PHLX, NOM and BATS. Federal securities laws have established a two-tiered system for the regulation of securities markets and market participants. The first tier consists of the SEC, which has primary responsibility for enforcing federal securities laws. The second tier consists of SROs, which are non-governmental entities that must register with and are regulated by the SEC.
Company Website
SEC Reports
Industry: Financial Exchanges
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