Recent News
On June 17, 2026 the company announced that Terry Duffy will transition to Executive Chairman on March 1, 2027, with President and CFO Lynne Fitzpatrick appointed CEO.
On June 30, 2026 CME Group said it will launch Single Stock futures across more than 50 top U.S. names pending regulatory review, with a planned start date of July 27, 2026.
On July 9, 2026 the company announced Treasury Link, a new functionality to connect U.S. Treasury cash and futures spread trading.
On June 8, 2026 Nasdaq CME Crypto Index futures went live, creating a regulated vehicle for a basket-based crypto derivatives product.
Technical Analysis
ADX and Directional Indicators — ADX at 26.68 signals a strong trend environment; DI+ rising (22.07) while DI- falls (29.29 and decreasing) indicates a shift toward bullish directional pressure, supporting potential near-term upside despite the stock’s stretched valuation.
MACD and Signal — MACD sits negative at -4.81 but has crossed above its signal line (-7.57), a bullish momentum trigger that implies recent selling pressure has eased and momentum may continue to recover.
MRO (Momentum/Regression Oscillator) — MRO at -34.25 with a dip-and-reversal pattern indicates the price sits below the model target and that mean-reversion upside potential exists, which aligns with other bullish momentum signals.
RSI and Short-Term Strength — RSI at 45.67 and increasing points to rebuilding buying pressure without overbought conditions, allowing room for further momentum-driven gains while volatility remains muted.
Price vs Moving Averages and Bands — Close at $246.27 sits above the 12-day EMA ($241.61) and slightly above the 26-day EMA ($245.57), yet below the 200-day average ($274.03). The close near the upper 1σ Bollinger band ($247.04) shows near-term strength but leaves the longer-term average as resistance; the SuperTrend lower support sits at $228.72.
Volume & Volatility — Recent volume (2,311,842) trails the 10-day average (2,882,564) and 50-day average (3,528,199), suggesting recovery in momentum without a confirmed breakout impulse; 42-day volatility remains low, favoring steady moves rather than violent swings.
Fundamental Analysis
Top-line and profitability — Total revenue reached $1,880,100,000. YoY revenue growth registered 82.96%, with QoQ revenue growth at 94.23%; both indicate unusually strong recent top-line acceleration. Net income totaled $1,154,300,000 and operating income amounted to $1,309,700,000.
Margins and peer context — EBIT margin equals 82.68%, above the industry peer mean of 35.07% and above the industry peer high of 76.81%, reflecting exceptionally high operating profitability relative to peers. Gross margin sits at 88.14% and operating margin at 69.66%, both holding well above typical peer medians.
Cash generation and capital returns — Operating cash flow reached $1,259,900,000 with free cash flow of $1,238,100,000 and a free cash flow yield of 1.16%. Cash conversion ratio of 62.60% and free cash flow to net income above 100% indicate strong cash conversion despite a low free cash flow yield versus market norms.
Balance sheet, leverage and distributions — Total equity stands at $26,618,200,000, total debt $3,423,200,000, and net debt ~$1,032,000,000. Debt-to-EBITDA near 2.09x and an interest coverage ratio of 35.65x reflect conservative leverage. Dividends yield 2.52% with a dividend payout ratio of 233.7%, and dividends paid totaled -$2,697,600,000; the payout ratio implies distributions materially exceed current period earnings on a simplistic basis and warrants monitoring.
Earnings and forward multiples — Reported EPS of $3.36 missed the $3.37 estimate by ~$0.01 (surprise ratio -0.30%). Trailing PE about 87.8x and forward PE near 90.9x place multiples well above the industry peer mean PE of ~61.0x and median of ~52.95x, consistent with WMDST’s classification of the stock as over-valued.
Valuation statement — WMDST values the stock as over-valued, driven by elevated multiples versus peer means and a price implied higher than the mean analyst target; strong cash flow and margins provide fundamental support, but the premium multiples constrains valuation upside absent further growth evidence.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 164.1 B |
| Operating Cash Flow | $ 1.3 B | |
| Capital Expenditures | $ -21.80 M | |
| Change In Working Capital | $ 2.1 M | |
| Dividends Paid | $ -2.70 B | |
| Cash Flow Delta | $ 3.4 B | |
| End Period Cash Flow | $ 167.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 473.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 223.0 M | |
| Depreciation | $ 27.2 M | |
| Depreciation and Amortization | $ 83.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 570.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.7 B | |
| EBITDA | $ 1.6 B | |
| EBIT | $ 1.6 B | |
| Operating Income | $ 1.3 B | |
| Interest Income | — | |
| Interest Expense | $ 43.6 M | |
| Net Interest Income | $ -43.60 M | |
| Income Before Tax | $ 1.5 B | |
| Tax Provision | $ 356.6 M | |
| Tax Rate | 23.6 % | |
| Net Income | $ 1.2 B | |
| Net Income From Continuing Operations | $ 1.2 B | |
| EARNINGS | ||
| EPS Estimate | $ 3.37 | |
| EPS Actual | $ 3.36 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -0.297 % | |
| Forward EPS | $ 3.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 202.0 B | |
| Intangible Assets | $ 30.2 B | |
| Net Tangible Assets | $ -3.61 B | |
| Total Current Assets | $ 169.0 B | |
| Cash and Short-Term Investments | $ 2.5 B | |
| Cash | $ 2.4 B | |
| Net Receivables | $ 935.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 2.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 75.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 166.0 B | |
| Net Debt | $ 1.0 B | |
| Total Debt | $ 3.4 B | |
| Total Liabilities | $ 175.4 B | |
| EQUITY | ||
| Total Equity | $ 26.6 B | |
| Retained Earnings | $ 4.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 73.37 | |
| Shares Outstanding | 361.793 M | |
| Revenue Per-Share | $ 5.18 | |
| VALUATION | Market Capitalization | $ 107.1 B |
| Enterprise Value | $ 108.0 B | |
| Enterprise Multiple | 65.917 | |
| Enterprise Multiple QoQ | 14.595 % | |
| Enterprise Multiple YoY | -2.743 % | |
| Enterprise Multiple IPRWA | high: 289.321 CME: 65.917 median: 45.311 mean: 15.905 low: -409.91 |
|
| EV/R | 57.421 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.589 | |
| Asset To Liability | 1.152 | |
| Debt To Capital | 0.114 | |
| Debt To Assets | 0.017 | |
| Debt To Assets QoQ | -1.739 % | |
| Debt To Assets YoY | -21.745 % | |
| Debt To Assets IPRWA | high: 0.674 median: 0.211 mean: 0.209 CME: 0.017 low: 0.0 |
|
| Debt To Equity | 0.129 | |
| Debt To Equity QoQ | 7.949 % | |
| Debt To Equity YoY | 1.66 % | |
| Debt To Equity IPRWA | high: 3.986 mean: 1.854 median: 1.304 CME: 0.129 low: -1.068 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.022 | |
| Price To Book QoQ | 16.509 % | |
| Price To Book YoY | 19.612 % | |
| Price To Book IPRWA | high: 7.056 CME: 4.022 mean: 3.095 median: 2.56 low: -0.507 |
|
| Price To Earnings (P/E) | 87.816 | |
| Price To Earnings QoQ | 3.248 % | |
| Price To Earnings YoY | -2.699 % | |
| Price To Earnings IPRWA | high: 131.673 CME: 87.816 mean: 61.045 median: 52.952 low: -78.913 |
|
| PE/G Ratio | 4.123 | |
| Price To Sales (P/S) | 56.939 | |
| Price To Sales QoQ | -5.335 % | |
| Price To Sales YoY | 2.889 % | |
| Price To Sales IPRWA | high: 89.649 CME: 56.939 mean: 24.612 median: 19.326 low: -50.338 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 90.888 | |
| Forward PE/G | 4.267 | |
| Forward P/S | 225.24 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.297 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.009 | |
| Asset Turnover Ratio QoQ | 9.825 % | |
| Asset Turnover Ratio YoY | -15.558 % | |
| Asset Turnover Ratio IPRWA | high: 0.275 mean: 0.039 median: 0.013 CME: 0.009 low: -0.147 |
|
| Receivables Turnover | 2.388 | |
| Receivables Turnover Ratio QoQ | -7.154 % | |
| Receivables Turnover Ratio YoY | -2.343 % | |
| Receivables Turnover Ratio IPRWA | high: 9.786 CME: 2.388 mean: 1.55 median: 0.21 low: 0.039 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 38.214 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.626 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -0.801 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 30.0 B | |
| Net Invested Capital | $ 30.0 B | |
| Invested Capital | $ 30.0 B | |
| Net Tangible Assets | $ -3.61 B | |
| Net Working Capital | $ 3.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.015 | |
| Current Ratio | 1.018 | |
| Current Ratio QoQ | -1.308 % | |
| Current Ratio YoY | 0.139 % | |
| Current Ratio IPRWA | high: 8.141 mean: 2.065 median: 1.178 CME: 1.018 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.09 | |
| Cost Of Debt | 0.957 % | |
| Interest Coverage Ratio | 35.654 | |
| Interest Coverage Ratio QoQ | -3.948 % | |
| Interest Coverage Ratio YoY | 15.566 % | |
| Interest Coverage Ratio IPRWA | high: 98.464 CME: 35.654 mean: 7.435 median: 5.832 low: -19.59 |
|
| Operating Cash Flow Ratio | 0.006 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 27.856 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.428 | |
| Dividend Payout Ratio | 2.337 | |
| Dividend Rate | $ 7.44 | |
| Dividend Yield | 0.025 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.799 % | |
| Revenue Growth | 14.035 % | |
| Revenue Growth QoQ | 94.229 % | |
| Revenue Growth YoY | 82.962 % | |
| Revenue Growth IPRWA | high: 130.559 % CME: 14.035 % median: -1.879 % mean: -4.417 % low: -156.276 % |
|
| Earnings Growth | 21.3 % | |
| Earnings Growth QoQ | 1.933 % | |
| Earnings Growth YoY | 91.702 % | |
| Earnings Growth IPRWA | high: 45.0 % CME: 21.3 % median: 2.878 % mean: -1.857 % low: -132.432 % |
|
| MARGINS | ||
| Gross Margin | 88.139 % | |
| Gross Margin QoQ | 3.236 % | |
| Gross Margin YoY | 0.829 % | |
| Gross Margin IPRWA | high: 107.251 % CME: 88.139 % median: 69.779 % mean: 64.75 % low: 14.434 % |
|
| EBIT Margin | 82.682 % | |
| EBIT Margin QoQ | -15.962 % | |
| EBIT Margin YoY | 5.549 % | |
| EBIT Margin IPRWA | CME: 82.682 % high: 76.812 % median: 35.611 % mean: 35.067 % low: -62.871 % |
|
| Return On Sales (ROS) | 69.661 % | |
| Return On Sales QoQ | 12.642 % | |
| Return On Sales YoY | -11.073 % | |
| Return On Sales IPRWA | CME: 69.661 % high: 69.485 % mean: 35.433 % median: 31.446 % low: -58.213 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.2 B | |
| Free Cash Flow Yield | 1.157 % | |
| Free Cash Flow Yield QoQ | 4.14 % | |
| Free Cash Flow Yield YoY | -4.617 % | |
| Free Cash Flow Yield IPRWA | high: 29.426 % CME: 1.157 % median: 0.482 % mean: -1.775 % low: -27.411 % |
|
| Free Cash Growth | 12.411 % | |
| Free Cash Growth QoQ | -22.3 % | |
| Free Cash Growth YoY | 11.18 % | |
| Free Cash Growth IPRWA | high: 314.536 % CME: 12.411 % mean: -2.012 % median: -8.399 % low: -569.703 % |
|
| Free Cash To Net Income | 1.073 | |
| Cash Flow Margin | 50.258 % | |
| Cash Flow To Earnings | 0.819 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.577 % | |
| Return On Assets QoQ | -6.026 % | |
| Return On Assets YoY | -10.957 % | |
| Return On Assets IPRWA | high: 6.815 % mean: 0.827 % CME: 0.577 % median: 0.371 % low: -7.04 % |
|
| Return On Capital Employed (ROCE) | 4.319 % | |
| Return On Equity (ROE) | 0.043 | |
| Return On Equity QoQ | 5.318 % | |
| Return On Equity YoY | 22.618 % | |
| Return On Equity IPRWA | high: 0.222 median: 0.052 mean: 0.048 CME: 0.043 low: -0.194 |
|
| DuPont ROE | 4.171 % | |
| Return On Invested Capital (ROIC) | 3.953 % | |
| Return On Invested Capital QoQ | 4.549 % | |
| Return On Invested Capital YoY | 21.818 % | |
| Return On Invested Capital IPRWA | high: 18.847 % CME: 3.953 % mean: 3.471 % median: 3.357 % low: -11.601 % |
|