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Cboe Global Markets（CBOE）与摩丁制造（MOD）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是摩丁制造的1.5倍（$1.2B vs $805.0M），Cboe Global Markets净利率更高（26.0% vs -5.9%，领先31.9%），摩丁制造同比增速更快（30.5% vs 8.7%），Cboe Global Markets自由现金流更多（$332.1M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% vs 12.2%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
CBOE vs MOD — 直观对比
营收规模更大
CBOE
是对方的1.5倍
$805.0M
营收增速更快
MOD
高出21.8%
8.7%
净利率更高
CBOE
高出31.9%
-5.9%
自由现金流更多
CBOE
多$349.2M
$-17.1M
两年增速更快
MOD
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $805.0M |
| 净利润 | $313.5M | $-47.4M |
| 毛利率 | 55.7% | 23.1% |
| 营业利润率 | 33.5% | 11.1% |
| 净利率 | 26.0% | -5.9% |
| 营收同比 | 8.7% | 30.5% |
| 净利润同比 | 59.5% | -215.6% |
| 每股收益（稀释后） | $2.97 | $-0.90 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CBOEMOD
| 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 |
净利润CBOEMOD
| 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 |
毛利率CBOEMOD
| 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% |
营业利润率CBOEMOD
| 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% |
净利率CBOEMOD
| 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% |
每股收益（稀释后）CBOEMOD
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.3B | $98.7M |
| 总债务越低越好 | $1.4B | $570.7M |
| 股东权益账面价值 | $5.1B | $1.1B |
| 总资产 | $9.3B | $2.5B |
| 负债/权益比越低杠杆越低 | 0.28× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资CBOEMOD
| 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 |
总债务CBOEMOD
| 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 |
股东权益CBOEMOD
| 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 |
总资产CBOEMOD
| 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 |
负债/权益比CBOEMOD
| 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× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $352.1M | $24.7M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $-17.1M |
| 自由现金流率自由现金流/营收 | 27.6% | -2.1% |
| 资本支出强度资本支出/营收 | 1.7% | 5.2% |
| 现金转化率经营现金流/净利润 | 1.12× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $-20.3M |
8季度趋势，按日历期对齐
经营现金流CBOEMOD
| 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 |
自由现金流CBOEMOD
| 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 |
自由现金流率CBOEMOD
| 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% |
资本支出强度CBOEMOD
| 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% |
现金转化率CBOEMOD
| 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× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
