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Held by 1,632 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SCHW | $167.5B | 20.8× | — | 7.0× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,237 |
| BLK | $165.0B | 30.2× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,215 |
| CME | $99.4B | 24.8× | — | 15.2× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,632 |
| HOOD | $96.2B | 52.2× | 42.2× | 21.5× | 51.6% | — | 42.1% | 20.6% | 20.6% | -1.9× | 1,363 |
| ICE | $87.2B | 26.9× | 20.7× | 6.9× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.7× | 1,600 |
| BX | $84.6B | 29.1× | — | 5.8× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,080 |
| APO | $68.1B | 20.8× | — | 2.1× | 22.7% | — | 10.9% | 15.0% | 9.5% | — | — |
| NDAQ | $51.6B | 29.9× | 24.3× | 6.3× | 11.6% | 63.5% | 21.6% | 14.6% | 8.4% | 3.4× | 1,045 |
| AMP | $44.1B | 13.8× | — | 2.3× | 5.5% | — | 18.8% | 54.4% | 54.4% | — | 1,335 |
| CBOE | $30.7B | 28.2× | 18.8× | 6.5× | 15.1% | 51.5% | 23.3% | 21.4% | 16.7% | -0.5× | 952 |
| RJF | $30.5B | 15.4× | — | 1.9× | 6.6% | — | 13.4% | 17.1% | 16.2% | — | 872 |
| NMR | $27.9B | 106.0× | — | 1.7× | 15.2% | — | 2.1% | 1.4% | 0.2% | — | 294 |
| LPLA | $25.8B | 30.0× | — | 1.5× | 37.2% | — | 5.1% | 16.1% | 6.8% | — | 736 |
| TW | $23.1B | 29.0× | — | 11.3× | 18.9% | — | 39.6% | 12.5% | 12.5% | — | 549 |
| TROW | $22.2B | 11.3× | — | 3.0× | 3.1% | — | 28.5% | 19.2% | 19.2% | — | 1,123 |
Peers = companies sharing CME's sector (Security & Commodity Brokers, Dealers, Exchanges & Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $276.44 today, the market must believe free cash flow compounds 6.0%/yr for a decade (off $3.72B on the 3-yr avg basis).
On the basis ($3.63B) the requirement is 6.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 6.0% is more conservative than its 9-yr track record.
Default is 7.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.36B shares (market data) · net debt -$4.42B
mean 11.9% · volatility σ 15% · implied rate exceeded in 5/9 yrs
Central path = implied 6.0%/yr growth; shaded band = ±1σ (15%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 94% of free cash flow — sustainable but with limited headroom. Last year: $3.93B dividends + $0 buybacks = $3.93B returned on $4.19B FCF.
6 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.52B 100.0% | $6.13B 100.0% | $5.58B 100.0% | $5.02B 100.0% | $4.69B 100.0% | $4.88B 100.0% | $4.87B 100.0% | $4.31B 100.0% | $3.64B 100.0% | $3.60B 100.0% |
| Total Operating Expenses | $2.29B 35.1% | $2.20B 35.9% | $2.14B 38.4% | $2.00B 39.9% | $2.04B 43.6% | $2.25B 46.0% | $2.28B 46.8% | $1.70B 39.5% | $1.33B 36.6% | $1.39B 38.8% |
| Operating Income | $4.23B 64.9% | $3.93B 64.1% | $3.44B 61.6% | $3.02B 60.1% | $2.65B 56.4% | $2.64B 54.0% | $2.59B 53.2% | $2.61B 60.5% | $2.31B 63.4% | $2.20B 61.2% |
| Interest Expense | $173.4M 2.7% | $160.9M 2.6% | $159.4M 2.9% | $162.7M 3.2% | $166.9M 3.6% | $166.2M 3.4% | $178.0M 3.7% | $157.7M 3.7% | $117.0M 3.2% | $123.5M 3.4% |
| Interest & Investment Income | $5.25B 80.6% | $3.94B 64.3% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | $1.10B 16.9% | $609.9M 9.9% | $717.9M 12.9% | $474.4M 9.5% | $728.4M 15.5% | $84.7M 1.7% | $101.8M 2.1% | $170.2M 3.9% | $215.7M 5.9% | $87.1M 2.4% |
| Pretax Income | $5.33B 81.7% | $4.54B 74.1% | $4.15B 74.5% | $3.49B 69.5% | $3.37B 71.9% | $2.72B 55.7% | $2.69B 55.3% | $2.78B 64.5% | $2.53B 69.3% | $2.29B 63.6% |
| Income Tax Expense | $1.26B 19.3% | $1.02B 16.6% | $927.4M 16.6% | $799.3M 15.9% | $736.7M 15.7% | $615.7M 12.6% | $573.8M 11.8% | $814.1M 18.9% | -$1.54B -42.2% | $753.5M 21.0% |
| Net Income | $4.07B 62.5% | $3.53B 57.5% | $3.23B 57.8% | $2.69B 53.6% | $2.64B 56.2% | $2.11B 43.1% | $2.12B 43.5% | $1.96B 45.5% | $4.06B 111.5% | $1.53B 42.7% |
| Per Share | ||||||||||
| EPS (Basic) | $11.18 | $9.69 | $8.87 | $7.41 | $7.30 | $5.88 | $5.93 | $5.73 | $12.00 | $4.55 |
| EPS (Diluted) | $11.16 | $9.67 | $8.86 | $7.40 | $7.29 | $5.87 | $5.91 | $5.71 | $11.94 | $4.53 |
| Weighted Avg Shares (Basic) | 359.6M | 359.4M | 359.0M | 358.7M | 358.3M | 357.8M | 357.2M | 342.3M | 338.7M | 337.5M |
| Weighted Avg Shares (Diluted) | 360.3M | 359.9M | 359.5M | 359.2M | 358.9M | 358.5M | 358.2M | 343.7M | 340.2M | 339.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $4.42B (at 2025-12-31) covers all $3.45B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash of $4.42B fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 90th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 14% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 60.5 | 53.2 | 54.0 | 56.4 | 60.1 | 61.6 | 64.1 | 64.9 |
| Income Tax | 18.9 | 11.8 | 12.6 | 15.7 | 15.9 | 16.6 | 16.6 | 19.3 |
| Net Income | 45.5 | 43.5 | 43.1 | 56.2 | 53.6 | 57.8 | 57.5 | 62.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CME: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 5.09pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.9% | 7.8% (today's — no rate published for this year) | 0.1pts |
| FY2020 | 8.0% | 7.8% (today's — no rate published for this year) | 0.2pts |
| FY2021 | 7.9% | 5.8% | 2.0pts |
| FY2022 | 9.4% | 7.5% | 1.9pts |
| FY2023 | 10.9% | 7.5% | 3.4pts |
| FY2024 | 12.2% | 7.1% | 5.1pts |
| FY2025 | 13.2% | 6.8% | 6.4pts |
| Now | 14.2% | 7.8% | 6.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 61.2% | 42.7% |
| FY2017 | not reported | 63.4% | 111.5% |
| FY2018 | not reported | 60.5% | 45.5% |
| FY2019 | not reported | 53.2% | 43.5% |
| FY2020 | not reported | 54.0% | 43.1% |
| FY2021 | not reported | 56.4% | 56.2% |
| FY2022 | not reported | 60.1% | 53.6% |
| FY2023 | not reported | 61.6% | 57.8% |
| FY2024 | not reported | 64.1% | 57.5% |
| FY2025 | not reported | 64.9% | 62.5% |
Return on equity (14%) and return on invested capital (14%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$10.5B of goodwill — 41% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 21.97% against 12.87% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.01x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $276.44, free cash flow must compound 6.04%/yr for 10 years. It has done 9.54%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 3.7% | 6.0% |
| FY2021 | −9.6% | 6.0% |
| FY2022 | 30.4% | 6.0% |
| FY2023 | 13.9% | 6.0% |
| FY2024 | 6.5% | 6.0% |
| FY2025 | 16.6% | 6.0% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.07B | $4.07B |
| Share-based comp | $95M | $4.17B |
| Other non-cash & working capital | $110M | $4.28B |
| Operating cash flow | $4.28B | $4.28B |
| Capex | −$84M | $4.19B |
| Free cash flow | $4.19B | $4.19B |
| FCF after SBC | $4.10B | $4.10B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.3% | -6.2% | -6.5 points |
| FY2021 | -4.0% | -5.8% | -1.8 points |
| FY2022 | 7.0% | 11.2% | 4.2 points |
| FY2023 | 11.2% | 10.8% | -0.3 points |
| FY2024 | 9.9% | 7.0% | -2.9 points |
| FY2025 | 6.4% | 11.5% | 5.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 36.9 days | not reported | not reported | not reported |
| FY2020 | 34.5 days | not reported | not reported | not reported |
| FY2021 | 33.8 days | not reported | not reported | not reported |
| FY2022 | 35.1 days | not reported | not reported | not reported |
| FY2023 | 35 days | not reported | not reported | not reported |
| FY2024 | 34.1 days | not reported | not reported | not reported |
| FY2025 | 35.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.7 percent |
| FY2020 | -0.5 percent |
| FY2021 | 0.1 percent |
| FY2022 | -0.2 percent |
| FY2023 | -0.2 percent |
| FY2024 | -0.1 percent |
| FY2025 | -0.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.