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Side-by-side financial comparison of Cboe Global Markets (CBOE) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $805.0M, roughly 1.5× MODINE MANUFACTURING CO). Cboe Global Markets runs the higher net margin — 26.0% vs -5.9%, a 31.9% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $-17.1M). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs 12.2%).
Cboe Global Markets, Inc. is an American financial exchange operator headquartered in Chicago. It owns and operates a portfolio of exchanges and trading venues across equities, options, futures, and digital assets.
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
CBOE vs MOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $805.0M |
| Net Profit | $313.5M | $-47.4M |
| Gross Margin | 55.7% | 23.1% |
| Operating Margin | 33.5% | 11.1% |
| Net Margin | 26.0% | -5.9% |
| Revenue YoY | 8.7% | 30.5% |
| Net Profit YoY | 59.5% | -215.6% |
| EPS (diluted) | $2.97 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $805.0M | ||
| Q3 25 | $1.1B | $738.9M | ||
| Q2 25 | $1.2B | $682.8M | ||
| Q1 25 | $1.2B | $647.2M | ||
| Q4 24 | $1.1B | $616.8M | ||
| Q3 24 | $1.1B | $658.0M | ||
| Q2 24 | $974.0M | $661.5M | ||
| Q1 24 | $957.2M | $603.5M |
| Q4 25 | $313.5M | $-47.4M | ||
| Q3 25 | $300.8M | $44.4M | ||
| Q2 25 | $235.1M | $51.2M | ||
| Q1 25 | $250.6M | $49.6M | ||
| Q4 24 | $196.5M | $41.0M | ||
| Q3 24 | $218.5M | $46.1M | ||
| Q2 24 | $140.4M | $47.3M | ||
| Q1 24 | $209.5M | $25.8M |
| Q4 25 | 55.7% | 23.1% | ||
| Q3 25 | 53.0% | 22.3% | ||
| Q2 25 | 50.0% | 24.2% | ||
| Q1 25 | 47.3% | 25.6% | ||
| Q4 24 | 47.4% | 24.3% | ||
| Q3 24 | 50.4% | 25.2% | ||
| Q2 24 | 52.8% | 24.6% | ||
| Q1 24 | 52.5% | 22.4% |
| Q4 25 | 33.5% | 11.1% | ||
| Q3 25 | 32.4% | 9.9% | ||
| Q2 25 | 28.9% | 11.1% | ||
| Q1 25 | 29.6% | 11.5% | ||
| Q4 24 | 27.0% | 9.6% | ||
| Q3 24 | 29.1% | 11.4% | ||
| Q2 24 | 21.6% | 11.2% | ||
| Q1 24 | 29.5% | 7.8% |
| Q4 25 | 26.0% | -5.9% | ||
| Q3 25 | 26.3% | 6.0% | ||
| Q2 25 | 20.0% | 7.5% | ||
| Q1 25 | 21.0% | 7.7% | ||
| Q4 24 | 17.7% | 6.6% | ||
| Q3 24 | 20.7% | 7.0% | ||
| Q2 24 | 14.4% | 7.2% | ||
| Q1 24 | 21.9% | 4.3% |
| Q4 25 | $2.97 | $-0.90 | ||
| Q3 25 | $2.85 | $0.83 | ||
| Q2 25 | $2.23 | $0.95 | ||
| Q1 25 | $2.37 | $0.92 | ||
| Q4 24 | $1.85 | $0.76 | ||
| Q3 24 | $2.07 | $0.86 | ||
| Q2 24 | $1.33 | $0.88 | ||
| Q1 24 | $1.96 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $98.7M |
| Total DebtLower is stronger | $1.4B | $570.7M |
| Stockholders' EquityBook value | $5.1B | $1.1B |
| Total Assets | $9.3B | $2.5B |
| Debt / EquityLower = less leverage | 0.28× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $98.7M | ||
| Q3 25 | $1.5B | $83.8M | ||
| Q2 25 | $1.5B | $124.5M | ||
| Q1 25 | $1.2B | $71.6M | ||
| Q4 24 | $1.0B | $83.8M | ||
| Q3 24 | $763.2M | $78.6M | ||
| Q2 24 | $698.3M | $72.9M | ||
| Q1 24 | $595.1M | $60.1M |
| Q4 25 | $1.4B | $570.7M | ||
| Q3 25 | $1.4B | $525.8M | ||
| Q2 25 | $1.4B | $482.1M | ||
| Q1 25 | $1.4B | $296.7M | ||
| Q4 24 | $1.4B | $330.0M | ||
| Q3 24 | $1.4B | $359.1M | ||
| Q2 24 | $1.4B | $405.7M | ||
| Q1 24 | $1.4B | $399.9M |
| Q4 25 | $5.1B | $1.1B | ||
| Q3 25 | $4.9B | $1.1B | ||
| Q2 25 | $4.7B | $1.0B | ||
| Q1 25 | $4.5B | $910.2M | ||
| Q4 24 | $4.3B | $855.1M | ||
| Q3 24 | $4.2B | $858.8M | ||
| Q2 24 | $4.0B | $788.4M | ||
| Q1 24 | $4.0B | $747.6M |
| Q4 25 | $9.3B | $2.5B | ||
| Q3 25 | $9.1B | $2.4B | ||
| Q2 25 | $9.0B | $2.2B | ||
| Q1 25 | $8.7B | $1.9B | ||
| Q4 24 | $7.8B | $1.8B | ||
| Q3 24 | $8.7B | $1.9B | ||
| Q2 24 | $9.3B | $1.9B | ||
| Q1 24 | $8.2B | $1.9B |
| Q4 25 | 0.28× | 0.51× | ||
| Q3 25 | 0.30× | 0.50× | ||
| Q2 25 | 0.31× | 0.48× | ||
| Q1 25 | 0.32× | 0.33× | ||
| Q4 24 | 0.34× | 0.39× | ||
| Q3 24 | 0.34× | 0.42× | ||
| Q2 24 | 0.36× | 0.51× | ||
| Q1 24 | 0.36× | 0.53× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $352.1M | $24.7M |
| Free Cash FlowOCF − Capex | $332.1M | $-17.1M |
| FCF MarginFCF / Revenue | 27.6% | -2.1% |
| Capex IntensityCapex / Revenue | 1.7% | 5.2% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $24.7M | ||
| Q3 25 | $153.9M | $1.4M | ||
| Q2 25 | $333.7M | $27.7M | ||
| Q1 25 | $912.9M | $54.8M | ||
| Q4 24 | $-710.4M | $60.7M | ||
| Q3 24 | $-578.5M | $57.3M | ||
| Q2 24 | $1.5B | $40.5M | ||
| Q1 24 | $895.6M | $39.6M |
| Q4 25 | $332.1M | $-17.1M | ||
| Q3 25 | $137.9M | $-30.5M | ||
| Q2 25 | $313.4M | $200.0K | ||
| Q1 25 | $898.2M | $27.1M | ||
| Q4 24 | $-734.2M | $44.7M | ||
| Q3 24 | $-590.5M | $43.8M | ||
| Q2 24 | $1.5B | $13.7M | ||
| Q1 24 | $888.3M | $-4.3M |
| Q4 25 | 27.6% | -2.1% | ||
| Q3 25 | 12.1% | -4.1% | ||
| Q2 25 | 26.7% | 0.0% | ||
| Q1 25 | 75.2% | 4.2% | ||
| Q4 24 | -66.3% | 7.2% | ||
| Q3 24 | -55.9% | 6.7% | ||
| Q2 24 | 151.6% | 2.1% | ||
| Q1 24 | 92.8% | -0.7% |
| Q4 25 | 1.7% | 5.2% | ||
| Q3 25 | 1.4% | 4.3% | ||
| Q2 25 | 1.7% | 4.0% | ||
| Q1 25 | 1.2% | 4.3% | ||
| Q4 24 | 2.1% | 2.6% | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 1.8% | 4.1% | ||
| Q1 24 | 0.8% | 7.3% |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | 0.03× | ||
| Q2 25 | 1.42× | 0.54× | ||
| Q1 25 | 3.64× | 1.10× | ||
| Q4 24 | -3.62× | 1.48× | ||
| Q3 24 | -2.65× | 1.24× | ||
| Q2 24 | 10.64× | 0.86× | ||
| Q1 24 | 4.27× | 1.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
