Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: ~$308 per share Market Capitalization: ~$32.2 billion (104.4 million shares outstanding as of July 24, 2026) We have spent our lives looking for toll bridges, and Cboe owns one of the last great ones in American finance: the exclusive right, contractually locked up through 2032, to trade listed options on the S&P 500 Index — the single most important benchmark in the world — plus outright ownership of the VIX, the world's standard measure of fear itself. In the second quarter of 2026 this franchise produced record net revenue of $731.6 million, up 25% year over year, a 65% operating margin, and diluted EPS growth of 50%. Some 98% of all U.S. index option volume trades on Cboe's exchanges. That is not a market share; that is a monopoly with a regulator's blessing and a license agreement to prove it.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-31), 8-K (2026-07-28), 8-K (2026-06-26).
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