Cboe Global Markets vs MSCI
Cboe Global Markets reported revenue of $4.7 billion in fiscal 2025, 1.5 times MSCI's $3.1 billion in fiscal 2025. Cboe Global Markets' revenue grew 15.1% in its latest year, and MSCI's grew 9.8%. Cboe Global Markets had an operating margin of 31.1%, against 54.7% at MSCI. Free cash flow was $1.7 billion at Cboe Global Markets and $1.5 billion at MSCI.
Side by side
| Cboe Global Markets | MSCI | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.7B | $3.1B |
| Revenue growth | 15.1% | 9.8% |
| Revenue growth a year, last 5 years | 6.6% | 13.1% |
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 54.7% |
| Net margin | 23.3% | 38.4% |
| Free cash flow | $1.7B | $1.5B |
| Free cash flow margin | 35.7% | 49.4% |
| Return on capital | 22.8% | 44.5% |
| Net debt to EBITDA | −0.5x | 3.3x |
| Dividends and buybacks | $351M | $3.0B |
| Change in diluted share count | −0.4% | −2.9% |
| Last close | $335.25 | $617.67 |
| P/E at the last close | 26.1× | 32.7× |
| Insider trades, last 12 months | sold $2.3 million | bought $15.5 million, sold $8.8 million |
| Piotroski F-score | 9 of 9 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Cboe Global MarketsMSCI
Operating margin
Percent of revenue
Cboe Global MarketsMSCI
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Cboe Global MarketsMSCI
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Cboe Global Markets and MSCI pages.