vs
Cboe Global Markets（CBOE）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是利氏兄弟拍卖行的1.0倍（$1.2B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs 9.1%，领先16.9%），Cboe Global Markets同比增速更快（8.7% vs 5.4%），Cboe Global Markets自由现金流更多（$332.1M vs $186.5M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CBOE vs RBA — 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3.3%
5.4%
净利率更高
CBOE
高出16.9%
9.1%
自由现金流更多
CBOE
多$145.6M
$186.5M
两年增速更快
CBOE
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $313.5M | $109.7M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 14.7% |
| 净利率 | 26.0% | 9.1% |
| 营收同比 | 8.7% | 5.4% |
| 净利润同比 | 59.5% | -7.4% |
| 每股收益（稀释后） | $2.97 | $0.53 |
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CBOERBA
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $981.8M | ||
| Q2 24 | $974.0M | $1.1B | ||
| Q1 24 | $957.2M | $1.1B |
净利润CBOERBA
| Q4 25 | $313.5M | $109.7M | ||
| Q3 25 | $300.8M | $95.5M | ||
| Q2 25 | $235.1M | $109.8M | ||
| Q1 25 | $250.6M | $113.4M | ||
| Q4 24 | $196.5M | $118.5M | ||
| Q3 24 | $218.5M | $76.1M | ||
| Q2 24 | $140.4M | $111.1M | ||
| Q1 24 | $209.5M | $107.4M |
毛利率CBOERBA
| 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CBOERBA
| Q4 25 | 33.5% | 14.7% | ||
| Q3 25 | 32.4% | 14.5% | ||
| Q2 25 | 28.9% | 15.9% | ||
| Q1 25 | 29.6% | 17.1% | ||
| Q4 24 | 27.0% | 18.1% | ||
| Q3 24 | 29.1% | 15.6% | ||
| Q2 24 | 21.6% | 18.4% | ||
| Q1 24 | 29.5% | 18.7% |
净利率CBOERBA
| Q4 25 | 26.0% | 9.1% | ||
| Q3 25 | 26.3% | 8.7% | ||
| Q2 25 | 20.0% | 9.3% | ||
| Q1 25 | 21.0% | 10.2% | ||
| Q4 24 | 17.7% | 10.4% | ||
| Q3 24 | 20.7% | 7.8% | ||
| Q2 24 | 14.4% | 10.1% | ||
| Q1 24 | 21.9% | 10.1% |
每股收益（稀释后）CBOERBA
| Q4 25 | $2.97 | $0.53 | ||
| Q3 25 | $2.85 | $0.43 | ||
| Q2 25 | $2.23 | $0.53 | ||
| Q1 25 | $2.37 | $0.55 | ||
| Q4 24 | $1.85 | $0.58 | ||
| Q3 24 | $2.07 | $0.36 | ||
| Q2 24 | $1.33 | $0.54 | ||
| Q1 24 | $1.96 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $1.4B | $2.3B |
| 股东权益账面价值 | $5.1B | $5.6B |
| 总资产 | $9.3B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.28× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CBOERBA
| Q4 25 | $2.3B | $531.5M | ||
| Q3 25 | $1.5B | $674.7M | ||
| Q2 25 | $1.5B | $710.2M | ||
| Q1 25 | $1.2B | $578.1M | ||
| Q4 24 | $1.0B | $533.9M | ||
| Q3 24 | $763.2M | $650.7M | ||
| Q2 24 | $698.3M | $599.5M | ||
| Q1 24 | $595.1M | $462.8M |
总债务CBOERBA
| Q4 25 | $1.4B | $2.3B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | $1.4B | $2.6B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.4B | $2.8B | ||
| Q1 24 | $1.4B | $2.9B |
股东权益CBOERBA
| Q4 25 | $5.1B | $5.6B | ||
| Q3 25 | $4.9B | $5.5B | ||
| Q2 25 | $4.7B | $5.5B | ||
| Q1 25 | $4.5B | $5.3B | ||
| Q4 24 | $4.3B | $5.2B | ||
| Q3 24 | $4.2B | $5.2B | ||
| Q2 24 | $4.0B | $5.2B | ||
| Q1 24 | $4.0B | $5.1B |
总资产CBOERBA
| Q4 25 | $9.3B | $12.1B | ||
| Q3 25 | $9.1B | $12.2B | ||
| Q2 25 | $9.0B | $12.2B | ||
| Q1 25 | $8.7B | $11.9B | ||
| Q4 24 | $7.8B | $11.8B | ||
| Q3 24 | $8.7B | $11.9B | ||
| Q2 24 | $9.3B | $12.1B | ||
| Q1 24 | $8.2B | $12.0B |
负债/权益比CBOERBA
| Q4 25 | 0.28× | 0.42× | ||
| Q3 25 | 0.30× | 0.47× | ||
| Q2 25 | 0.31× | 0.47× | ||
| Q1 25 | 0.32× | 0.50× | ||
| Q4 24 | 0.34× | 0.50× | ||
| Q3 24 | 0.34× | 0.52× | ||
| Q2 24 | 0.36× | 0.55× | ||
| Q1 24 | 0.36× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $186.5M |
| 自由现金流率自由现金流/营收 | 27.6% | 15.5% |
| 资本支出强度资本支出/营收 | 1.7% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.12× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $719.2M |
8季度趋势，按日历期对齐
经营现金流CBOERBA
| Q4 25 | $352.1M | $255.2M | ||
| Q3 25 | $153.9M | $239.7M | ||
| Q2 25 | $333.7M | $326.5M | ||
| Q1 25 | $912.9M | $156.8M | ||
| Q4 24 | $-710.4M | $184.5M | ||
| Q3 24 | $-578.5M | $285.4M | ||
| Q2 24 | $1.5B | $337.3M | ||
| Q1 24 | $895.6M | $124.8M |
自由现金流CBOERBA
| Q4 25 | $332.1M | $186.5M | ||
| Q3 25 | $137.9M | $188.5M | ||
| Q2 25 | $313.4M | $241.7M | ||
| Q1 25 | $898.2M | $102.5M | ||
| Q4 24 | $-734.2M | $127.9M | ||
| Q3 24 | $-590.5M | $248.5M | ||
| Q2 24 | $1.5B | $308.6M | ||
| Q1 24 | $888.3M | $79.6M |
自由现金流率CBOERBA
| Q4 25 | 27.6% | 15.5% | ||
| Q3 25 | 12.1% | 17.3% | ||
| Q2 25 | 26.7% | 20.4% | ||
| Q1 25 | 75.2% | 9.2% | ||
| Q4 24 | -66.3% | 11.2% | ||
| Q3 24 | -55.9% | 25.3% | ||
| Q2 24 | 151.6% | 28.2% | ||
| Q1 24 | 92.8% | 7.5% |
资本支出强度CBOERBA
| Q4 25 | 1.7% | 5.7% | ||
| Q3 25 | 1.4% | 4.7% | ||
| Q2 25 | 1.7% | 7.2% | ||
| Q1 25 | 1.2% | 4.9% | ||
| Q4 24 | 2.1% | 5.0% | ||
| Q3 24 | 1.1% | 3.8% | ||
| Q2 24 | 1.8% | 2.6% | ||
| Q1 24 | 0.8% | 4.2% |
现金转化率CBOERBA
| Q4 25 | 1.12× | 2.33× | ||
| Q3 25 | 0.51× | 2.51× | ||
| Q2 25 | 1.42× | 2.97× | ||
| Q1 25 | 3.64× | 1.38× | ||
| Q4 24 | -3.62× | 1.56× | ||
| Q3 24 | -2.65× | 3.75× | ||
| Q2 24 | 10.64× | 3.04× | ||
| Q1 24 | 4.27× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
