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Cboe Global Markets（CBOE）与NCR Atleos Corp（NATL）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NCR Atleos Corp的1.0倍（$1.2B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs 7.2%，领先18.8%），Cboe Global Markets同比增速更快（8.7% vs 4.0%），Cboe Global Markets自由现金流更多（$332.1M vs $194.0M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs 4.9%）
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。
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
CBOE vs NATL — 直观对比
营收规模更大
CBOE
是对方的1.0倍
$1.2B
营收增速更快
CBOE
高出4.7%
4.0%
净利率更高
CBOE
高出18.8%
7.2%
自由现金流更多
CBOE
多$138.1M
$194.0M
两年增速更快
CBOE
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $313.5M | $83.0M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 13.5% |
| 净利率 | 26.0% | 7.2% |
| 营收同比 | 8.7% | 4.0% |
| 净利润同比 | 59.5% | 102.4% |
| 每股收益（稀释后） | $2.97 | $1.09 |
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CBOENATL
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $979.0M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $974.0M | $1.1B | ||
| Q1 24 | $957.2M | $1.0B |
净利润CBOENATL
| Q4 25 | $313.5M | $83.0M | ||
| Q3 25 | $300.8M | $26.0M | ||
| Q2 25 | $235.1M | $39.0M | ||
| Q1 25 | $250.6M | $14.0M | ||
| Q4 24 | $196.5M | $41.0M | ||
| Q3 24 | $218.5M | $21.0M | ||
| Q2 24 | $140.4M | $27.0M | ||
| Q1 24 | $209.5M | $-9.0M |
毛利率CBOENATL
| 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% | — |
营业利润率CBOENATL
| Q4 25 | 33.5% | 13.5% | ||
| Q3 25 | 32.4% | 9.8% | ||
| Q2 25 | 28.9% | 10.8% | ||
| Q1 25 | 29.6% | 9.5% | ||
| Q4 24 | 27.0% | 13.4% | ||
| Q3 24 | 29.1% | 10.6% | ||
| Q2 24 | 21.6% | 9.8% | ||
| Q1 24 | 29.5% | 6.5% |
净利率CBOENATL
| Q4 25 | 26.0% | 7.2% | ||
| Q3 25 | 26.3% | 2.3% | ||
| Q2 25 | 20.0% | 3.5% | ||
| Q1 25 | 21.0% | 1.4% | ||
| Q4 24 | 17.7% | 3.7% | ||
| Q3 24 | 20.7% | 2.0% | ||
| Q2 24 | 14.4% | 2.5% | ||
| Q1 24 | 21.9% | -0.9% |
每股收益（稀释后）CBOENATL
| Q4 25 | $2.97 | $1.09 | ||
| Q3 25 | $2.85 | $0.34 | ||
| Q2 25 | $2.23 | $0.52 | ||
| Q1 25 | $2.37 | $0.19 | ||
| Q4 24 | $1.85 | $0.56 | ||
| Q3 24 | $2.07 | $0.28 | ||
| Q2 24 | $1.33 | $0.37 | ||
| Q1 24 | $1.96 | $-0.13 |
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 | $456.0M |
| 总债务越低越好 | $1.4B | $2.7B |
| 股东权益账面价值 | $5.1B | $403.0M |
| 总资产 | $9.3B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.28× | 6.63× |
8季度趋势，按日历期对齐
现金及短期投资CBOENATL
| Q4 25 | $2.3B | $456.0M | ||
| Q3 25 | $1.5B | $412.0M | ||
| Q2 25 | $1.5B | $357.0M | ||
| Q1 25 | $1.2B | $352.0M | ||
| Q4 24 | $1.0B | $419.0M | ||
| Q3 24 | $763.2M | $395.0M | ||
| Q2 24 | $698.3M | $374.0M | ||
| Q1 24 | $595.1M | $343.0M |
总债务CBOENATL
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $2.9B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益CBOENATL
| Q4 25 | $5.1B | $403.0M | ||
| Q3 25 | $4.9B | $330.0M | ||
| Q2 25 | $4.7B | $350.0M | ||
| Q1 25 | $4.5B | $275.0M | ||
| Q4 24 | $4.3B | $219.0M | ||
| Q3 24 | $4.2B | $264.0M | ||
| Q2 24 | $4.0B | $250.0M | ||
| Q1 24 | $4.0B | $283.0M |
总资产CBOENATL
| Q4 25 | $9.3B | $5.7B | ||
| Q3 25 | $9.1B | $5.7B | ||
| Q2 25 | $9.0B | $5.8B | ||
| Q1 25 | $8.7B | $5.7B | ||
| Q4 24 | $7.8B | $5.5B | ||
| Q3 24 | $8.7B | $5.7B | ||
| Q2 24 | $9.3B | $5.8B | ||
| Q1 24 | $8.2B | $5.8B |
负债/权益比CBOENATL
| Q4 25 | 0.28× | 6.63× | ||
| Q3 25 | 0.30× | 8.45× | ||
| Q2 25 | 0.31× | 8.05× | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 13.05× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
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 | $231.0M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $194.0M |
| 自由现金流率自由现金流/营收 | 27.6% | 16.8% |
| 资本支出强度资本支出/营收 | 1.7% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.12× | 2.78× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $239.0M |
8季度趋势，按日历期对齐
经营现金流CBOENATL
| Q4 25 | $352.1M | $231.0M | ||
| Q3 25 | $153.9M | $25.0M | ||
| Q2 25 | $333.7M | $-23.0M | ||
| Q1 25 | $912.9M | $123.0M | ||
| Q4 24 | $-710.4M | $80.0M | ||
| Q3 24 | $-578.5M | $107.0M | ||
| Q2 24 | $1.5B | $9.0M | ||
| Q1 24 | $895.6M | $148.0M |
自由现金流CBOENATL
| Q4 25 | $332.1M | $194.0M | ||
| Q3 25 | $137.9M | $-5.0M | ||
| Q2 25 | $313.4M | $-44.0M | ||
| Q1 25 | $898.2M | $94.0M | ||
| Q4 24 | $-734.2M | $62.0M | ||
| Q3 24 | $-590.5M | $85.0M | ||
| Q2 24 | $1.5B | $-14.0M | ||
| Q1 24 | $888.3M | $124.0M |
自由现金流率CBOENATL
| Q4 25 | 27.6% | 16.8% | ||
| Q3 25 | 12.1% | -0.4% | ||
| Q2 25 | 26.7% | -4.0% | ||
| Q1 25 | 75.2% | 9.6% | ||
| Q4 24 | -66.3% | 5.6% | ||
| Q3 24 | -55.9% | 7.9% | ||
| Q2 24 | 151.6% | -1.3% | ||
| Q1 24 | 92.8% | 11.9% |
资本支出强度CBOENATL
| Q4 25 | 1.7% | 3.2% | ||
| Q3 25 | 1.4% | 2.7% | ||
| Q2 25 | 1.7% | 1.9% | ||
| Q1 25 | 1.2% | 3.0% | ||
| Q4 24 | 2.1% | 1.6% | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 1.8% | 2.1% | ||
| Q1 24 | 0.8% | 2.3% |
现金转化率CBOENATL
| Q4 25 | 1.12× | 2.78× | ||
| Q3 25 | 0.51× | 0.96× | ||
| Q2 25 | 1.42× | -0.59× | ||
| Q1 25 | 3.64× | 8.79× | ||
| Q4 24 | -3.62× | 1.95× | ||
| Q3 24 | -2.65× | 5.10× | ||
| Q2 24 | 10.64× | 0.33× | ||
| Q1 24 | 4.27× | — |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
