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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Royalty Pharma plc (RPRX). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $622.0M, roughly 1.9× Royalty Pharma plc). Royalty Pharma plc runs the higher net margin — 34.4% vs 26.0%, a 8.4% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 4.8%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 4.6%).
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.
Acceleron Pharma, Inc. is an American clinical stage biopharmaceutical company based in Cambridge, Massachusetts with a broad focus on developing medicines that regulate the transforming growth factor beta (TGF-β) superfamily of proteins, which play fundamental roles in the growth and repair of cells and tissues such as red blood cells, muscle, bone, and blood vessels.
CBOE vs RPRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $622.0M |
| Net Profit | $313.5M | $214.2M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 62.4% |
| Net Margin | 26.0% | 34.4% |
| Revenue YoY | 8.7% | 4.8% |
| Net Profit YoY | 59.5% | 2.9% |
| EPS (diluted) | $2.97 | $0.49 |
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 | $622.0M | ||
| Q3 25 | $1.1B | $609.3M | ||
| Q2 25 | $1.2B | $578.7M | ||
| Q1 25 | $1.2B | $568.2M | ||
| Q4 24 | $1.1B | $593.6M | ||
| Q3 24 | $1.1B | $564.7M | ||
| Q2 24 | $974.0M | $537.3M | ||
| Q1 24 | $957.2M | $568.0M |
| Q4 25 | $313.5M | $214.2M | ||
| Q3 25 | $300.8M | $288.2M | ||
| Q2 25 | $235.1M | $30.2M | ||
| Q1 25 | $250.6M | $238.3M | ||
| Q4 24 | $196.5M | $208.2M | ||
| Q3 24 | $218.5M | $544.0M | ||
| Q2 24 | $140.4M | $102.0M | ||
| Q1 24 | $209.5M | $4.8M |
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
| Q4 25 | 33.5% | 62.4% | ||
| Q3 25 | 32.4% | 70.1% | ||
| Q2 25 | 28.9% | 36.3% | ||
| Q1 25 | 29.6% | 94.0% | ||
| Q4 24 | 27.0% | 60.9% | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | 21.6% | 50.2% | ||
| Q1 24 | 29.5% | -13.0% |
| Q4 25 | 26.0% | 34.4% | ||
| Q3 25 | 26.3% | 47.3% | ||
| Q2 25 | 20.0% | 5.2% | ||
| Q1 25 | 21.0% | 41.9% | ||
| Q4 24 | 17.7% | 35.1% | ||
| Q3 24 | 20.7% | 96.3% | ||
| Q2 24 | 14.4% | 19.0% | ||
| Q1 24 | 21.9% | 0.8% |
| Q4 25 | $2.97 | $0.49 | ||
| Q3 25 | $2.85 | $0.67 | ||
| Q2 25 | $2.23 | $0.07 | ||
| Q1 25 | $2.37 | $0.55 | ||
| Q4 24 | $1.85 | $0.46 | ||
| Q3 24 | $2.07 | $1.21 | ||
| Q2 24 | $1.33 | $0.23 | ||
| Q1 24 | $1.96 | $0.01 |
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 | $618.7M |
| Total DebtLower is stronger | $1.4B | $9.0B |
| Stockholders' EquityBook value | $5.1B | $9.7B |
| Total Assets | $9.3B | $19.6B |
| Debt / EquityLower = less leverage | 0.28× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $618.7M | ||
| Q3 25 | $1.5B | $938.9M | ||
| Q2 25 | $1.5B | $631.9M | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.0B | $929.0M | ||
| Q3 24 | $763.2M | $950.1M | ||
| Q2 24 | $698.3M | $1.8B | ||
| Q1 24 | $595.1M | $843.0M |
| Q4 25 | $1.4B | $9.0B | ||
| Q3 25 | $1.4B | $8.9B | ||
| Q2 25 | $1.4B | $8.0B | ||
| Q1 25 | $1.4B | $7.6B | ||
| Q4 24 | $1.4B | $7.6B | ||
| Q3 24 | $1.4B | $7.6B | ||
| Q2 24 | $1.4B | $7.6B | ||
| Q1 24 | $1.4B | $6.1B |
| Q4 25 | $5.1B | $9.7B | ||
| Q3 25 | $4.9B | $9.6B | ||
| Q2 25 | $4.7B | $9.5B | ||
| Q1 25 | $4.5B | $9.8B | ||
| Q4 24 | $4.3B | $10.3B | ||
| Q3 24 | $4.2B | $10.3B | ||
| Q2 24 | $4.0B | $9.8B | ||
| Q1 24 | $4.0B | $9.9B |
| Q4 25 | $9.3B | $19.6B | ||
| Q3 25 | $9.1B | $19.3B | ||
| Q2 25 | $9.0B | $18.3B | ||
| Q1 25 | $8.7B | $17.6B | ||
| Q4 24 | $7.8B | $18.2B | ||
| Q3 24 | $8.7B | $18.0B | ||
| Q2 24 | $9.3B | $17.7B | ||
| Q1 24 | $8.2B | $16.1B |
| Q4 25 | 0.28× | 0.92× | ||
| Q3 25 | 0.30× | 0.93× | ||
| Q2 25 | 0.31× | 0.84× | ||
| Q1 25 | 0.32× | 0.78× | ||
| Q4 24 | 0.34× | 0.74× | ||
| Q3 24 | 0.34× | 0.74× | ||
| Q2 24 | 0.36× | 0.78× | ||
| Q1 24 | 0.36× | 0.62× |
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 | $827.1M |
| Free Cash FlowOCF − Capex | $332.1M | — |
| FCF MarginFCF / Revenue | 27.6% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.12× | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $827.1M | ||
| Q3 25 | $153.9M | $702.6M | ||
| Q2 25 | $333.7M | $364.0M | ||
| Q1 25 | $912.9M | $596.1M | ||
| Q4 24 | $-710.4M | $742.5M | ||
| Q3 24 | $-578.5M | $703.6M | ||
| Q2 24 | $1.5B | $658.2M | ||
| Q1 24 | $895.6M | $664.6M |
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $888.3M | — |
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | — | ||
| Q2 24 | 151.6% | — | ||
| Q1 24 | 92.8% | — |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 1.12× | 3.86× | ||
| Q3 25 | 0.51× | 2.44× | ||
| Q2 25 | 1.42× | 12.06× | ||
| Q1 25 | 3.64× | 2.50× | ||
| Q4 24 | -3.62× | 3.57× | ||
| Q3 24 | -2.65× | 1.29× | ||
| Q2 24 | 10.64× | 6.45× | ||
| Q1 24 | 4.27× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
