CME Kelas A CME Group Inc. - Class A Common Stock
NASDAQ · Financial Services · Lihat di SEC EDGAR ↗ tutup Okt 5, 2026 10-K/10-Q Jul 24, 2026CME Cuplikan Saham Harga, kapitalisasi pasar, P/E, EPS, ROE, utang/ekuitas, kisaran 52 minggu
CME Grafik Harga Saham OHLCV harian dengan indikator teknis — geser, perbesar, dan sesuaikan tampilan Anda
Granularitas batang menyesuaikan dengan periode yang dipilih — arahkan kursor ke bagan untuk melihat buka/tinggi/rendah/tutup untuk sebuah batang.
| Tanggal ex-dividen | Pemecahan | Tipe |
|---|---|---|
| 23 Juli 2012 | 5-for-1 | Maju |
Tentang CME Group Inc. - Class A Common Stock Tinjauan perusahaan dari Wikipedia
CME Group Inc. (formerly Chicago Mercantile Exchange Holdings Inc.), headquartered in Chicago, Illinois, operates exchanges and provides clearing services for trading in financial derivatives such as futures contracts, options, and swaps. Its exchanges include the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX). The company also owns 27% of S&P Dow Jones Indices. The company operates the Globex Trading System, an electronic trading platform that allows customers in approximately 150 countries to trade futures and options contracts. The company also operates two platforms for spot market trading: BrokerTec, which facilitates dealer-to-dealer trading in fixed-income products, and EBS, which provides spot trading in foreign exchange markets. CME Clearing serves as a counterparty to every transaction cleared by the company.
Financial derivatives traded on CME's exchanges are tied to interest rates (primarily SOFR or United States Treasury securities; 51% of 2025 volume), stock market indexes (primarily E-mini contracts on the S&P 500 and Nasdaq-100; 26% of 2025 volume), energy-related products (primarily oil and natural gas; 10% of 2025 volume), agricultural products (primarily corn, soybeans, and wheat; 7% of 2025 volume), exchange currencies (primarily with the Euro, Japanese yen, British pound, and Australian dollar; 3% of 2025 volume), metals (primarily gold, silver, and copper; 3% of 2025 volume), and cryptocurrency (primarily Bitcoin and Ether; negligible volume in 2025). Institutional trading represents 85% to 90% of the company's trading volume.
In 2025, 81% of the company's revenues were from clearing and transaction fees, 12% of revenues were from market data fees, and 7% of revenues were from other sources, primarily access and communication fees. In 2025, over 7 billion futures and options contracts were traded on the company's platforms; the company received average fees of $0.70 per contract traded. The company has witnessed increased trading volumes during periods of high market volatility.
History
The Chicago Mercantile Exchange (CME), was founded in 1898 as a nonprofit corporation. In 1919, it established its clearing house. In 1982, CME introduced the first successful stock index futures contract, helping change equity risk management and creating today's equity index derivatives market. In 2000, CME demutualized and became a joint stock company. In 2002, CME Holdings Company, the parent company of CME, became a public company via an initial public offering.
In June 2007, the company, in partnership with Dubai Holding and Oman Investment Authority, launched the Dubai Mercantile Exchange, of which it owns 33%.
In July 2007, CME merged with the holding company for the Chicago Board of Trade, founded in 1848, in an $8 billion transaction that created the world's largest financial market, and became CME Group Inc., a CME/Chicago Board of Trade Company.
In August 2008, CME Group acquired New York Mercantile Exchange (NYMEX), owner of both the NYMEX exchange and the Commodity Exchange (COMEX), for $8.9 billion in cash and CME Group stock.
In February 2010, CME Group agreed to purchase 90% of Dow Jones & Company's financial-indexes business, including the Dow Jones Industrial Average. CME Group and Dow Jones & Company subsequently contributed the Dow Jones Indexes to the formation of S&P Dow Jones Indices, with CME Group receiving a 24.4% ownership interest and Dow Jones & Company receiving a 2.6% ownership interest in the joint venture. In April 2013, CME Group purchased the Dow Jones & Company interest for $80 million, increasing CME Group's interest in S&P Dow Jones Indices from 24.4% to 27.0%.
In May 2010, the 2010 flash crash was caused when Navinder Singh Sarao, a British financial trader, used spoofing algorithms to place orders for thousands of E-Mini S&P futures contracts via CME's Globex platform. He later replaced or modified those orders at least 19,000 times before they were cancelled. The event led to the implementation of coordinated cross-market trading curbs; CME's Globex platform had automatically halted trading, while the New York Stock Exchange did not.
In March 2012, Phupinder Gill, was promoted from president and chief operating officer to CEO of the company.
In July 2012, the company sold Credit Market Analysis Limited to S&P Global.
In December 2012, CME Group acquired the Kansas City Board of Trade, the dominant venue for the sale of hard red winter wheat, for $126 million in cash.
In October 2014, the company announced 150 layoffs.
In February 2015, the company announced it will close most open outcry trading pits since they were replaced by electronic trading platforms.
In March 2016, the firm announced the sale of its suburban Chicago data center in Aurora, Illinois to CyrusOne for $130 million, in a leaseback transaction.
In November 2016, Gill retired as CEO and Terrence A. Duffy, then executive chairman and president of the company, took on an expanded role as its CEO.
In November 2018, CME Group acquired London-based NEX Group for $5.5 billion.
In September 2021, the company, in partnership with IHS Market (later S&P Global), formed OSTTRA, a provider of post-trade solutions for the global OTC market. In October 2025, OSTTRA was sold to investment funds managed by KKR & Co. for $3.1 billion.
In November 2021, CME agreed to move its trading systems to Google Cloud under a 10-year partnership; Google invested $1 billion for 4,584,020 shares ($217/share) of CME.
In July 2023, the company announced approximately 100 layoffs.
In May 2024, the company launched trading in spot Bitcoin. It has offered trading in Bitcoin futures contracts since 2017.
In December 2025, the company formed a joint venture with FanDuel, of which CME owns 51%, to launch a prediction markets mobile app that offers retail customers event contracts based on major financial and economic benchmarks as well as on sports. CME handles the clearing aspects while FanDuel handles the technology aspects.
In February 2026, the company announced plans to launch future contracts for trading in rare-earth elements. In May 2026, the company announced plans to launch futures contracts for trading in uranium.
Effective March 2027, Terrence A. Duffy will resign as CEO and will be replaced by CFO Lynne Fitzpatrick.
Corporate affairs
Finances
Board governance
The company's board of directors consists of 19 members, compared to an average of 11 members for companies in the S&P 500. Holders of Class B shares, representing owners of exchange seats, have the right to elect 6 members. In August 2018, the company offered holders of Class B shares about $10 million to relinquish control of their board seats. The proposal was rejected by shareholders. A similar proposal was introduced in 2026 but failed to reach the required quorum of Class B shareholders.
Offices
Sponsorships
The company is the title sponsor of the CME Group Tour Championship, the season-ending tournament of the LPGA tour of women's golf.
Sumber: Wikipedia (English), CC BY-SA 4.0 · Lihat di Wikipedia ↗
Kinerja 10 Tahun Tren Pendapatan, laba bersih, margin, dan EPS
Valuasi Rasio P/E, P/S, P/B, EV/EBITDA — apakah sahamnya mahal atau murah?
| Metrik | Tren 5 Tahun | CME | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| P/E (TTM) | 22.9rata-rata 5T ≈25.3 | ≈25.3 | 23.0 | Kurang nilai | |
| PEG Ratio (Rasio PEG) | ≈1.7 | · | · | · |
Median rekan dihitung berdasarkan basis standar per metrik dan mungkin tidak selalu cocok dengan basis TTM/MRQ yang ditampilkan untuk saham ini.
Profitabilitas Margin kotor, operasional, dan bersih; ROE, ROA, ROIC
| Metrik | Tren 5 Tahun | CME | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Margin Operasi (TTM) | 65.1%rata-rata 5T ≈61.4% | ≈61.4% | 41.1% | Tingkat teratas | |
| EBITDA Margin (Margin EBITDA) | 64.9%rata-rata 5T ≈61.4% | ≈61.4% | 41.1% | Tingkat teratas | |
| Margin Sebelum Pajak (TTM) | 82.6%rata-rata 5T ≈74.4% | ≈74.4% | 38.7% | Tingkat teratas | |
| Margin Laba Bersih (TTM) | 63.3%rata-rata 5T ≈57.5% | ≈57.5% | 27.9% | Tingkat teratas | |
| ROA (TTM) | 2.3%rata-rata 5T ≈2.1% | ≈2.1% | 8.9% | Lemah | |
| ROE (TTM) | 15.8%rata-rata 5T ≈11.9% | ≈11.9% | 14.3% | Sejajar | |
| ROIC | 11.2%rata-rata 5T ≈9.7% | ≈9.7% | 11.4% | Sejajar |
Kesehatan Keuangan Utang, likuiditas, solvabilitas — kekuatan neraca
| Metrik | Tren 5 Tahun | CME | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Debt / Equity (Utang / Ekuitas) | 0.0rata-rata 5T ≈0.0 | ≈0.0 | 0.7 | Utang rendah | |
| Rasio Lancar (MRQ) | 1.0rata-rata 5T ≈1.0 | ≈1.0 | 1.0 | Sejajar | |
| Rasio Cepat (MRQ) | 0.0rata-rata 5T ≈0.0 | ≈0.0 | 0.4 | Likuiditas rendah |
Pertumbuhan Pertumbuhan Pendapatan, EPS, dan Laba Bersih: YoY, CAGR 3T, CAGR 5T
| Metrik | Tren 5 Tahun | CME | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Revenue YoY (Pendapatan YoY) | 6.4%rata-rata 5T ≈6.1% | ≈6.1% | · | · | |
| Revenue CAGR 3Y (CAGR Pendapatan 3T) | 9.1%rata-rata 5T ≈7.7% | ≈7.7% | · | · | |
| Revenue CAGR 5Y (CAGR Pendapatan 5T) | 5.9% | · | · | · | |
| EPS YoY | 15.4%rata-rata 5T ≈14.0% | ≈14.0% | · | · | |
| Net Income YoY (Laba Bersih YoY) | 15.5%rata-rata 5T ≈14.4% | ≈14.4% | · | · | |
| EPS CAGR 3Y (CAGR EPS 3T) | 14.7%rata-rata 5T ≈13.1% | ≈13.1% | · | · | |
| EPS CAGR 5Y (CAGR EPS 5T) | 13.7% | · | · | · | |
| Net Income CAGR 3Y (CAGR Laba Bersih 3T) | 14.8%rata-rata 5T ≈13.4% | ≈13.4% | · | · | |
| Net Income CAGR 5Y (CAGR Laba Bersih 5T) | 14.1% | · | · | · |
Efisiensi Modal Perputaran aset, perputaran persediaan, perputaran piutang
| Metrik | Tren 5 Tahun | CME | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Asset Turnover (Perputaran Aset) | 0.0rata-rata 5T ≈0.0 | ≈0.0 | 0.3 | Lemah | |
| Receivables Turnover (Perputaran Piutang) | 10.8rata-rata 5T ≈10.8 | ≈10.8 | 8.4 | Tingkat teratas | |
| Revenue / Employee (Pendapatan Tahunan ÷ karyawan (jumlah karyawan, yfinance). Turunan — bukan konsep SEC-XBRL yang tersimpan.) | ≈$1.7M | · | · | · |
nilai · ≈ rata-rata 5T · median industri · penilaian relatif terhadap median
Dividen Yield, rasio pembayaran, riwayat dividen, CAGR 5 tahun
| Tanggal ex-dividen | Jumlah | Mata Uang | Imbal Hasil |
|---|---|---|---|
| Sep 9, 2026 | $1,30 | USD | ≈4.1% |
| Jun 9, 2026 | $1,30 | USD | ≈4.4% |
| Mar 10, 2026 | $7,45 | USD | ≈3.7% |
| Des 12, 2025 | $1,25 | USD | ≈3.9% |
| Sep 9, 2025 | $1,25 | USD | ≈4.1% |
| Jun 9, 2025 | $1,25 | USD | ≈4.0% |
| Mar 7, 2025 | $1,25 | USD | ≈4.1% |
| Des 27, 2024 | $5,80 | USD | ≈4.5% |
| Des 9, 2024 | $1,15 | USD | ≈4.2% |
| Sep 9, 2024 | $1,15 | USD | ≈4.5% |
| Jun 7, 2024 | $1,15 | USD | ≈4.9% |
| Mar 7, 2024 | $1,15 | USD | ≈4.5% |
| Des 27, 2023 | $5,25 | USD | ≈4.6% |
| Des 7, 2023 | $1,10 | USD | ≈4.2% |
| Sep 7, 2023 | $1,10 | USD | ≈4.3% |
| Jun 8, 2023 | $1,10 | USD | ≈4.7% |
| Mar 9, 2023 | $1,10 | USD | ≈4.8% |
| Des 27, 2022 | $4,50 | USD | ≈5.1% |
| Des 8, 2022 | $1,00 | USD | ≈4.1% |
| Sep 8, 2022 | $1,00 | USD | ≈3.5% |
Riwayat Pendapatan EPS aktual vs perkiraan, kejutan %, tingkat keberhasilan, tanggal pendapatan berikutnya
| Periode | Laporan | EPS Aktual | EPS Estimasi | Kejutan |
|---|---|---|---|---|
| 30 Juni 2026 | Jul 22, 2026 | $2.99 | $2.94 | 1.8% |
| 31 Maret 2026 | $3.36 | $3.40 | -1.2% | |
| 31 Des. 2025 | $2.77 | $2.77 | -0.01% | |
| 30 Sep. 2025 | $2.68 | $2.66 | 0.76% | |
| 30 Juni 2025 | $2.96 | $2.95 | 0.43% | |
| 31 Maret 2025 | $2.80 | $2.84 | -1.3% |
Fundamental Lengkap Semua metrik per tahun — laporan laba rugi, neraca, arus kas
Laporan Laba Rugi
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.52B | $6.13B | $5.58B | $5.02B | $4.69B | $4.88B | $4.87B | $4.31B | $3.64B | $3.60B | $3.33B | $3.11B | |
| Operating Expenses | $2.29B | $2.20B | $2.14B | $2.00B | $2.04B | $2.25B | $2.28B | $1.70B | $1.33B | $1.39B | $1.34B | $1.34B | |
| Operating Income | $4.23B | $3.93B | $3.44B | $3.02B | $2.65B | $2.64B | $2.59B | $2.61B | $2.31B | $2.20B | $1.99B | $1.77B | |
| Other Non-op | $-4.83B | $-3.66B | $-4.69B | $-1.86B | $343M | $-122M | $-535M | $-570M | $-328M | $-41M | $-43M | $2M | |
| Pretax Income | $5.33B | $4.54B | $4.15B | $3.49B | $3.37B | $2.72B | $2.69B | $2.78B | $2.53B | $2.29B | $1.96B | $1.77B | |
| Income Tax | $1.26B | $1.02B | $927M | $799M | $737M | $616M | $574M | $814M | $-1.54B | $754M | $710M | $644M | |
| Net Income | $4.07B | $3.53B | $3.23B | $2.69B | $2.64B | $2.11B | $2.12B | $1.96B | $4.06B | $1.53B | $1.25B | $1.13B | |
| EPS (Basic) | $11.18 | $9.69 | $8.87 | $7.41 | $7.30 | $5.88 | $5.93 | $5.73 | $12.00 | $4.55 | $3.71 | $3.37 | |
| EPS (Diluted) | $11.16 | $9.67 | $8.86 | $7.40 | $7.29 | $5.87 | $5.91 | $5.71 | $11.94 | $4.53 | $3.69 | $3.35 | |
| Shares (Basic) | 359,648,000 | 359,389,000 | 359,023,000 | 358,713,000 | 358,340,000 | 357,764,000 | 357,155,000 | 342,344,000 | 338,707,000 | 337,496,000 | 336,224,000 | 334,409,000 | |
| Shares (Diluted) | 360,310,000 | 359,944,000 | 359,500,000 | 359,181,000 | 358,929,000 | 358,524,000 | 358,239,000 | 343,737,000 | 340,226,000 | 338,966,000 | 337,894,000 | 336,063,000 | |
| EBITDA | $4.23B | $3.93B | $3.44B | $3.02B | $2.65B | $2.64B | $2.59B | $2.61B | $2.31B | $2.20B | $1.99B | $1.77B |
Neraca
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.42B | $2.89B | $2.91B | $2.72B | $2.83B | $1.63B | $1.55B | $1.37B | $1.90B | $1.87B | $1.69B | $1.37B | |
| Short-term Investments | $125M | $113M | $112M | $96M | $115M | $101M | $83M | $73M | $90M | $83M | $72M | $75M | |
| Receivables | $639M | $573M | $536M | $483M | $434M | $461M | $492M | $553M | $360M | $364M | $358M | $341M | |
| Other Current Assets | $522M | $559M | $1.14B | $530M | $428M | $307M | $364M | $430M | $368M | $172M | $229M | $196M | |
| Current Assets | $165.36B | $103.03B | $94.89B | $139.08B | $161.76B | $89.28B | $39.57B | $41.89B | $46.91B | $40.03B | $37.90B | $42.55B | |
| PP&E (Net) | $363M | $386M | $410M | $456M | $505M | $579M | $544M | $449M | $400M | $425M | $492M | $509M | |
| PP&E (Gross) | $1.37B | $1.41B | $1.34B | $1.60B | $1.54B | $1.54B | $1.41B | $1.21B | $1.08B | $1.02B | $1.28B | $1.25B | |
| Accum. Depreciation | $1.01B | $1.02B | $933M | $1.15B | $1.04B | $961M | $868M | $761M | $677M | $597M | $789M | $741M | |
| Goodwill | $10.51B | $10.49B | $10.50B | $10.48B | $10.53B | $10.80B | $10.74B | $10.81B | $7.57B | $7.57B | $7.57B | $7.57B | |
| Intangibles | $2.16B | $2.82B | $3.05B | $3.27B | $3.53B | $4.87B | $5.12B | $5.50B | $2.35B | $2.44B | $2.54B | $2.64B | |
| Other Non-current Assets | $2.40B | $3.54B | $3.69B | $3.71B | $3.28B | $1.96B | $2.07B | $1.66B | $1.39B | $1.73B | $1.68B | $1.81B | |
| Total Assets | $198.42B | $137.45B | $129.71B | $174.18B | $196.78B | $124.66B | $75.22B | $77.48B | $75.79B | $69.37B | $67.36B | $72.24B | |
| Accounts Payable | $72M | $80M | $91M | $121M | $49M | $69M | $62M | $116M | $31M | $26M | $29M | $37M | |
| Short-term Debt | $0 | $750M | $0 | $16M | $749M | $0 | $0 | $574M | $0 | · | · | · | |
| Current Liabilities | $160.30B | $102.31B | $93.42B | $137.69B | $160.40B | $88.20B | $38.52B | $41.27B | $45.67B | $38.95B | $36.82B | $41.53B | |
| Capital Leases | $237M | $289M | $344M | $384M | $449M | $492M | $515M | · | · | · | · | · | |
| Deferred Tax | $5.24B | $5.25B | $5.33B | $5.36B | $5.39B | $5.61B | $5.64B | $5.67B | $4.86B | $7.29B | $7.36B | $7.30B | |
| Other Non-current Liabilities | $735M | $721M | $798M | $826M | $896M | $1.06B | $1.16B | $745M | $616M | $561M | $396M | $376M | |
| Total Liabilities | $169.70B | $110.96B | $102.97B | $147.30B | $169.38B | $98.31B | $49.06B | $51.51B | $53.38B | $49.03B | $46.81B | $51.32B | |
| Total Debt | $0 | $750M | $0 | $16M | $749M | · | $0 | $574M | · | · | · | · | |
| Retained Earnings | $6.43B | $4.19B | $4.46B | $4.75B | $5.15B | $5.00B | $5.01B | $4.86B | $4.50B | $2.52B | $2.91B | $3.32B | |
| AOCI | $82M | $-106M | $-56M | $-133M | $54M | $135M | $3M | $5M | $14M | $-14M | $-81M | $6M | |
| Stockholders' Equity | $28.73B | $26.49B | $26.74B | $26.88B | $27.40B | $26.35B | $26.16B | $25.97B | $22.41B | $20.34B | $20.55B | $20.92B | |
| Liabilities + Equity | $198.42B | $137.45B | $129.71B | $174.18B | $196.78B | $124.66B | $75.22B | $77.48B | $75.79B | $69.37B | $67.36B | $72.24B |
Arus Kas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $108M | $115M | $126M | $135M | $148M | $153M | $159M | $119M | $113M | $129M | $129M | $133M | |
| Stock-based Comp | $95M | $90M | $83M | $84M | $75M | $96M | $73M | $96M | $58M | $66M | $61M | $55M | |
| Deferred Tax | $-6M | $-66M | $-75M | $-23M | $35M | $-42M | $-4M | $114M | $-2.45B | $-83M | $63M | $79M | |
| Amort. of Intangibles | $223M | $222M | $227M | $228M | $238M | $311M | $315M | $130M | $96M | $96M | $99M | $101M | |
| Operating Cash Flow | $4.28B | $3.69B | $3.45B | $3.06B | $2.40B | $2.72B | $2.67B | $2.44B | $1.75B | $1.73B | $1.53B | $1.29B | |
| CapEx | $84M | $94M | $76M | $90M | $127M | $198M | $246M | $117M | $82M | $92M | $114M | $141M | |
| Investing Cash Flow | $1.50B | $-83M | $21M | $-490M | $58M | $-176M | $-153M | $-1.89B | $180M | $54M | $18M | $-199M | |
| Debt Issued | · | · | · | · | · | $0 | $0 | $1.19B | $0 | $0 | $744M | $0 | |
| Net Debt Issued | · | · | · | · | · | $0 | $0 | $1.19B | $0 | $0 | $744M | $0 | |
| Dividends Paid | $3.93B | $3.58B | $3.24B | $2.63B | $2.19B | $2.11B | $1.70B | $2.15B | $1.99B | $1.79B | $1.34B | $1.50B | |
| Financing Cash Flow | $56.51B | $5.08B | $-48.34B | $-25.38B | $69.91B | $47.25B | $-2.34B | $-1.08B | $-1.99B | $-1.62B | $-1.22B | $-2.20B | |
| Net Change in Cash | $62.29B | $8.68B | $-44.86B | $-22.82B | $72.37B | $49.79B | $-2.20B | $-529M | $-54M | $165M | $326M | $-1.10B | |
| Free Cash Flow | $4.19B | $3.60B | $3.38B | $2.97B | $2.28B | $2.52B | $2.43B | $2.32B | $1.76B | $1.62B | $1.40B | $1.15B |
Profitabilitas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% | 54.0% | 53.2% | 60.5% | 63.4% | 61.3% | 59.8% | 56.8% | |
| Net Margin | 62.5% | 57.5% | 57.8% | 53.6% | 56.2% | 43.1% | 43.5% | 45.5% | 111.5% | 42.7% | 37.5% | 36.2% | |
| Pretax Margin | 81.8% | 74.1% | 74.5% | 69.5% | 71.9% | 55.7% | 55.2% | 64.5% | 69.3% | 63.6% | 58.8% | 56.9% | |
| EBITDA Margin | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% | 54.0% | 53.2% | 60.5% | 63.4% | 61.3% | 59.8% | 56.8% | |
| ROA | 2.4% | 2.6% | 2.1% | 1.5% | 1.6% | 2.1% | 2.8% | 2.6% | 5.6% | 2.2% | 1.8% | 1.8% | |
| ROE | 14.8% | 13.2% | 12.0% | 9.9% | 9.6% | 7.9% | 8.0% | 8.0% | 18.8% | 7.4% | 5.9% | 5.4% | |
| ROIC | 11.2% | 11.2% | 10.0% | 8.6% | 7.3% | 7.8% | 7.8% | 7.0% | 16.6% | 7.3% | 6.2% | 5.4% |
Likuiditas & Solvabilitas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |
| Quick Ratio | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · |
Efisiensi
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | |
| Receivables Turnover | 10.8 | 11.1 | 11.0 | 10.9 | 10.5 | 10.2 | 9.3 | 9.4 | 10.1 | 10.0 | 9.5 | 9.7 |
Per Saham
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $18.10 | $17.03 | $15.52 | $13.97 | $13.07 | $13.62 | $13.59 | $12.54 | $10.71 | $10.61 | $9.85 | $9.26 | |
| Cash Flow / Share | $11.87 | $10.25 | $9.61 | $8.51 | $6.69 | $7.57 | $7.46 | $7.10 | $5.41 | $5.06 | $4.48 | $3.84 | |
| Dividend / Share | $5.00 | $10.40 | $9.65 | $8.50 | $5.90 | $5.90 | $5.50 | $4.55 | $6.14 | $5.65 | $4.90 | $4.40 | |
| EPS (TTM) | $11.16 | $9.67 | $8.86 | $7.40 | $7.29 | $5.87 | $5.91 | $5.71 | $11.94 | $4.53 | $3.69 | $3.35 |
Tingkat Pertumbuhan
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.4% | 9.9% | 11.2% | 7.0% | -4.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.1% | 9.3% | 4.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 15.4% | 9.1% | 19.7% | 1.5% | 24.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 14.7% | 9.9% | 14.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 13.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 15.5% | 9.3% | 19.9% | 2.1% | 25.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 14.8% | 10.2% | 15.3% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 14.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 13.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuasi (TTM)
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.52B | $6.13B | $5.58B | $5.02B | $4.69B | $4.88B | $4.87B | $4.31B | $3.64B | $3.60B | $3.33B | $3.11B | |
| Net Income TTM | $4.07B | $3.53B | $3.23B | $2.69B | $2.64B | $2.11B | $2.12B | $1.96B | $4.06B | $1.53B | $1.25B | $1.13B | |
| P/E | 24.5 | 24.0 | 23.8 | 22.7 | 31.3 | 31.0 | 34.0 | 32.9 | 12.2 | 25.5 | 24.6 | 26.5 | |
| Earnings Yield | 4.1% | 4.2% | 4.2% | 4.4% | 3.2% | 3.2% | 2.9% | 3.0% | 8.2% | 3.9% | 4.1% | 3.8% | |
| Payout Ratio | 96.6% | 101.7% | 100.3% | 97.9% | 83.0% | 100.2% | 80.1% | 109.6% | 49.1% | 116.5% | 107.7% | 132.8% | |
| Annual Payout | $3.93B | $3.58B | $3.24B | $2.63B | $2.19B | $2.11B | $1.70B | $2.15B | $1.99B | $1.79B | $1.34B | $1.50B |
Laporan Laba Rugi
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71B | $1.88B | $1.65B | $1.54B | $1.69B | $1.64B | $1.53B | $1.58B | $1.53B | $1.49B | $1.44B | $1.34B | $1.36B | $1.44B | $1.23B | $1.24B | |
| Operating Expenses | $599M | $570M | $629M | $565M | $563M | $534M | $578M | $560M | $532M | $528M | $576M | $518M | $522M | $528M | $489M | $488M | |
| Operating Income | $1.11B | $1.31B | $1.02B | $973M | $1.13B | $1.11B | $947M | $1.02B | $1.00B | $960M | $863M | $820M | $839M | $914M | $739M | $750M | |
| Other Non-op | $-1.26B | $-1.25B | $-1.26B | $-1.40B | $-1.37B | $-802M | $-838M | $-920M | $-937M | $-965M | $-961M | $-1.16B | $-1.43B | $-1.15B | $-581M | $-217M | |
| Pretax Income | $1.33B | $1.51B | $1.58B | $1.18B | $1.33B | $1.24B | $1.10B | $1.18B | $1.15B | $1.11B | $1.01B | $974M | $1.02B | $1.16B | $880M | $867M | |
| Income Tax | $286M | $357M | $396M | $269M | $305M | $289M | $222M | $264M | $271M | $258M | $191M | $224M | $239M | $273M | $200M | $204M | |
| Net Income | $1.04B | $1.15B | $1.18B | $908M | $1.03B | $956M | $875M | $913M | $883M | $855M | $814M | $750M | $778M | $884M | $680M | $662M | |
| EPS (Basic) | $2.89 | $3.25 | $3.25 | $2.49 | $2.81 | $2.63 | $2.40 | $2.51 | $2.43 | $2.35 | $2.24 | $2.06 | $2.14 | $2.43 | $1.87 | $1.82 | |
| EPS (Diluted) | $2.88 | $3.18 | $3.24 | $2.49 | $2.81 | $2.62 | $2.40 | $2.50 | $2.42 | $2.35 | $2.23 | $2.06 | $2.14 | $2.43 | $1.87 | $1.82 | |
| Shares (Basic) | 360,684,000 | 359,318,000 | · | 359,686,000 | 359,658,000 | 359,613,000 | · | 359,400,000 | 359,330,000 | 359,258,000 | · | 359,020,000 | 358,940,000 | 358,933,000 | 358,715,000 | 358,641,000 | |
| Shares (Diluted) | 361,282,000 | 363,208,000 | · | 360,422,000 | 360,355,000 | 360,227,000 | · | 359,989,000 | 359,869,000 | 359,833,000 | · | 359,619,000 | 359,429,000 | 359,313,000 | 359,288,000 | 359,205,000 | |
| EBITDA | $1.11B | $1.31B | · | $973M | $1.13B | $1.11B | · | $1.02B | $1.00B | $960M | · | $820M | $839M | $914M | $739M | $750M |
Neraca
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.14B | $2.39B | $4.42B | $2.45B | $1.98B | $1.41B | $2.89B | $2.32B | $1.79B | $1.44B | $2.91B | $2.30B | $1.88B | $1.57B | $2.13B | $1.88B | |
| Short-term Investments | $131M | $124M | $125M | $123M | $118M | $114M | $113M | $112M | $122M | $121M | · | $104M | $107M | $105M | $91M | $95M | |
| Receivables | $753M | $936M | $639M | $643M | $668M | $770M | $573M | $629M | $600M | $628M | · | $558M | $599M | $724M | $580M | $582M | |
| Other Current Assets | $492M | $515M | $522M | $547M | $526M | $462M | $559M | $622M | $568M | $648M | · | $622M | $538M | $547M | $476M | $464M | |
| Current Assets | $161.63B | $169.00B | $165.36B | $152.80B | $145.45B | $123.45B | $103.03B | $103.14B | $88.75B | $97.31B | · | $90.78B | $116.37B | $131.03B | $143.25B | $141.45B | |
| PP&E (Net) | $351M | $355M | $363M | $355M | $363M | $371M | $386M | $386M | $384M | $396M | · | $417M | $430M | $440M | $466M | $482M | |
| PP&E (Gross) | · | · | $1.37B | · | · | · | $1.41B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $994M | $1.03B | $1.01B | $983M | $961M | $956M | $1.02B | $1.01B | $985M | $959M | · | $904M | $874M | $1.18B | $1.11B | $1.10B | |
| Goodwill | $10.51B | $10.51B | $10.51B | $10.51B | $10.52B | $10.50B | $10.49B | $10.51B | $10.49B | $10.49B | $10.50B | $10.48B | $10.49B | $10.49B | $10.45B | $10.48B | |
| Intangibles | $2.04B | $2.55B | $2.61B | $2.67B | $2.73B | $2.77B | $2.82B | $2.89B | $2.93B | $2.99B | · | $3.10B | $3.16B | $3.22B | $3.30B | $3.38B | |
| Other Non-current Assets | $2.52B | $2.40B | $2.40B | $3.63B | $3.67B | $3.57B | $3.54B | $3.68B | $3.65B | $3.70B | · | $3.66B | $3.67B | $3.68B | $3.79B | $3.70B | |
| Total Assets | $194.68B | $201.99B | $198.42B | $187.14B | $179.91B | $157.83B | $137.45B | $137.80B | $123.38B | $132.05B | · | $125.60B | $151.30B | $166.04B | $178.43B | $176.67B | |
| Accounts Payable | $68M | $75M | $72M | $75M | $92M | $100M | $80M | $130M | $100M | $111M | · | $54M | $51M | $97M | $95M | $81M | |
| Short-term Debt | · | · | $0 | $0 | $0 | $0 | $750M | $750M | $750M | $749M | · | $0 | $0 | $16M | $14M | $0 | |
| Current Liabilities | $158.72B | $166.00B | $160.30B | $149.59B | $142.79B | $121.42B | $102.31B | $100.82B | $86.97B | $96.10B | · | $87.88B | $113.89B | $129.04B | $140.57B | $139.00B | |
| Capital Leases | $343M | $224M | · | $249M | $253M | $276M | · | $308M | $313M | $333M | · | $351M | $366M | $375M | $387M | $409M | |
| Deferred Tax | $5.22B | $5.22B | $5.24B | $5.22B | $5.23B | $5.24B | $5.25B | $5.31B | $5.31B | $5.32B | · | $5.33B | $5.34B | $5.36B | $5.35B | $5.36B | |
| Other Non-current Liabilities | $794M | $733M | $735M | $726M | $720M | $721M | $721M | $769M | $783M | $804M | · | $809M | $826M | $831M | $835M | $870M | |
| Total Liabilities | $168.16B | $175.38B | $169.70B | $158.95B | $152.17B | $130.80B | $110.96B | $109.58B | $95.74B | $104.90B | · | $97.45B | $123.48B | $138.65B | $150.18B | $148.67B | |
| Total Debt | · | · | · | $0 | $0 | $0 | · | $750M | $750M | $749M | · | $0 | $0 | $16M | $14M | $0 | |
| Retained Earnings | $5.46B | $4.88B | $6.43B | $5.71B | $5.25B | $4.69B | $4.19B | $5.85B | $5.36B | $4.89B | · | $5.96B | $5.61B | $5.23B | $6.11B | $5.80B | |
| AOCI | $55M | $59M | $82M | $43M | $45M | $-75M | $-106M | $-11M | $-95M | $-86M | · | $-117M | $-100M | $-131M | $-100M | $-32M | |
| Stockholders' Equity | $26.52B | $26.62B | $28.73B | $28.19B | $27.74B | $27.03B | $26.49B | $28.22B | $27.64B | $27.15B | · | $28.15B | $27.82B | $27.38B | $28.25B | $28.00B | |
| Liabilities + Equity | $194.68B | $201.99B | $198.42B | $187.14B | $179.91B | $157.83B | $137.45B | $137.80B | $123.38B | $132.05B | · | $125.60B | $151.30B | $166.04B | $178.43B | $176.67B |
Arus Kas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $25M | $22M | $29M | $24M | $21M | $21M | $27M | $20M | $19M | $23M | $24M | $19M | $20M | $20M | $19M | $19M | |
| Deferred Tax | $5M | $-13M | $21M | $-7M | $-13M | $-7M | $-44M | $-7M | $-7M | $-7M | $-49M | $-9M | $-8M | $-9M | $-10M | $-7M | |
| Amort. of Intangibles | $56M | $56M | $56M | $56M | $56M | $55M | $55M | $56M | $56M | $55M | $56M | $57M | $57M | $57M | $56M | $57M | |
| Operating Cash Flow | $947M | $1.26B | $1.13B | $968M | $1.06B | $1.12B | $1.02B | $1.00B | $777M | $893M | $1.04B | $857M | $650M | $902M | $658M | $618M | |
| CapEx | $24M | $22M | $32M | $18M | $18M | $14M | $26M | $30M | $18M | $20M | $21M | $20M | $20M | $15M | $24M | $18M | |
| Investing Cash Flow | $-29M | $-23M | $1.55B | $-19M | $-18M | $-16M | $-25M | $-30M | $-5M | $-23M | $-20M | $-20M | $78M | $-17M | $-24M | $-418M | |
| Net Debt Issued | · | $0 | · | · | · | $-750M | · | · | · | · | · | · | · | $0 | · | · | |
| Dividends Paid | $468M | $2.70B | $455M | $455M | $455M | $2.57B | $419M | $418M | $418M | $2.33B | $400M | $400M | $400M | $2.04B | $363M | $363M | |
| Financing Cash Flow | $-8.09B | $2.12B | $9.90B | $6.40B | $21.00B | $19.21B | $-984M | $13.35B | $-9.22B | $1.94B | $2.59B | $-26.47B | $-15.26B | $-9.20B | $1.16B | $-29.67B | |
| Net Change in Cash | $-7.17B | $3.35B | $12.59B | $7.35B | $22.04B | $20.31B | $8M | $14.32B | $-8.45B | $2.81B | $3.61B | $-25.63B | $-14.53B | $-8.31B | $1.79B | $-29.47B | |
| Free Cash Flow | · | $1.24B | · | · | · | $1.10B | · | · | · | $873M | · | · | · | $887M | · | · |
Profitabilitas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 64.9% | 69.7% | · | 63.2% | 66.7% | 67.5% | · | 64.6% | 65.3% | 64.5% | · | 61.3% | 61.7% | 63.4% | 60.2% | 60.6% | |
| Net Margin | 61.1% | 61.4% | · | 59.1% | 60.6% | 58.2% | · | 57.6% | 57.6% | 57.5% | · | 56.1% | 57.2% | 61.3% | 55.4% | 53.5% | |
| Pretax Margin | 77.8% | 80.4% | · | 76.5% | 78.6% | 75.8% | · | 74.3% | 75.3% | 74.8% | · | 72.8% | 74.7% | 80.2% | 71.7% | 70.0% | |
| EBITDA Margin | 64.9% | 69.7% | · | 63.2% | 66.7% | 67.5% | · | 64.6% | 65.3% | 64.5% | · | 61.3% | 61.7% | 63.4% | 60.2% | 60.6% | |
| ROA | 0.56% | 0.64% | · | 0.56% | 0.68% | 0.66% | · | 0.69% | 0.64% | 0.57% | · | 0.49% | 0.47% | 0.48% | 0.37% | 0.37% | |
| ROE | 3.8% | 4.3% | · | 3.2% | 3.7% | 3.5% | · | 3.2% | 3.2% | 3.1% | · | 2.7% | 2.8% | 3.2% | 2.5% | 2.4% | |
| ROIC | 3.3% | 3.8% | · | 2.7% | 3.1% | 3.1% | · | 2.7% | 2.7% | 2.6% | · | 2.2% | 2.3% | 2.5% | 2.0% | 2.1% |
Likuiditas & Solvabilitas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |
| Quick Ratio | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Efisiensi
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 2.4 | 2.2 | · | 2.4 | 2.7 | 2.3 | · | 2.7 | 2.6 | 2.2 | · | 2.3 | 2.3 | 2.2 | 2.3 | 2.3 |
Per Saham
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $4.72 | $5.18 | · | $4.27 | $4.70 | $4.56 | · | $4.40 | $4.26 | $4.13 | · | $3.72 | $3.78 | $4.01 | $3.42 | $3.44 | |
| Cash Flow / Share | · | $3.47 | · | · | · | $3.10 | · | · | · | $2.48 | · | · | · | $2.51 | · | · | |
| Dividend Paid / Share | $1.30 | $7.45 | · | $1.25 | $1.25 | $1.25 | · | $1.15 | $1.15 | $1.15 | · | $1.10 | $1.10 | $1.10 | $1.00 | $1.00 | |
| EPS (TTM) | $11.79 | $11.72 | · | $10.32 | $10.33 | $9.94 | · | $9.50 | $9.06 | $8.78 | · | · | · | · | · | · |
Valuasi (TTM)
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.77B | $6.76B | · | $6.40B | $6.44B | $6.28B | · | $6.04B | $5.80B | $5.63B | · | · | · | · | · | · | |
| Net Income TTM | $4.29B | $4.27B | · | $3.76B | $3.77B | $3.63B | · | $3.47B | $3.30B | $3.20B | · | $3.05B | $2.98B | $2.86B | $2.68B | $2.93B | |
| P/E | 18.7 | 25.2 | · | 26.2 | 26.7 | 26.7 | · | 23.2 | 21.7 | 24.5 | · | · | · | · | · | · | |
| Earnings Yield | 5.3% | 4.0% | · | 3.8% | 3.8% | 3.8% | · | 4.3% | 4.6% | 4.1% | · | · | · | · | · | · | |
| Payout Ratio | · | 233.7% | · | · | · | 268.5% | · | · | · | 272.3% | · | · | · | 230.3% | · | · | |
| Annual Payout | $4.08B | $4.06B | · | $3.90B | $3.86B | $3.82B | · | $3.57B | $3.55B | $3.53B | · | · | · | · | · | · |
Periode terbaru di sebelah kiri · nilai null ditampilkan sebagai ·
Laporan Keuangan Laporan laba rugi, neraca, arus kas — tahunan, 5 tahun terakhir
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Pendapatan | $6.52B | $6.13B | $5.58B | $5.02B | $4.69B |
| Margin Operasi % | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% |
| Laba Bersih | $4.07B | $3.53B | $3.23B | $2.69B | $2.64B |
| EPS Dilusian | $11.16 | $9.67 | $8.86 | $7.40 | $7.29 |
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Utang / Ekuitas | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Rasio Lancar | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| Rasio Cepat | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Arus Kas Bebas | $4.19B | $3.60B | $3.38B | $2.97B | $2.28B |
Pemilik institusional (13F) 1.854 pengaju · $82.8B total · Per tanggal 30 Sep. 2026
Institusi yang melaporkan kepemilikan saham ini dalam SEC Form 13F triwulanan mereka. Hanya posisi panjang; satu pengaju dapat muncul dua kali untuk leg opsi terpisah. Kaki put/call offset yang besar biasanya mencerminkan pembuatan pasar atau inventaris yang dilindungi, bukan keyakinan arah.
| Posisi baru | Posisi yang keluar | Meningkat | Menurun | Perubahan bersih saham |
|---|---|---|---|---|
| 156 (-76 vs Kuartal sebelumnya) | 223 (+129 vs Kuartal sebelumnya) | 664 (-64 vs Kuartal sebelumnya) | 679 (+46 vs Kuartal sebelumnya) | +2.1M |
Dibandingkan dengan Q1 2026. Pengajuan Formulir 13F SEC jatuh tempo dalam waktu 45 hari setelah akhir kuartal ditambah kelonggaran singkat untuk pengaju terlambat — kuartal yang masih dalam jangka waktu tersebut dilewati demi pasangan terakhir yang dilaporkan sepenuhnya.
| Institusi | Nilai | Saham | % dari 13F yang dilacak | Tipe |
|---|---|---|---|---|
| VANGUARD GROUP INC | $9.802.365.806 | 35.895.583 | 11,84% | Saham |
| BlackRock, Inc. | $6.749.965.373 | 30.566.342 | 8,15% | Saham |
| VANGUARD CAPITAL MANAGEMENT LLC | $5.225.247.660 | 23.661.856 | 6,31% | Saham |
| STATE STREET CORP | $3.609.724.721 | 16.346.170 | 4,36% | Saham |
| MORGAN STANLEY | $2.148.277.844 | 9.728.195 | 2,59% | Saham |
| GEODE CAPITAL MANAGEMENT, LLC | $2.047.429.125 | 9.271.309 | 2,47% | Saham |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.024.464.325 | 9.167.524 | 2,45% | Saham |
| Capital World Investors | $1.506.571.372 | 6.822.315 | 1,82% | Saham |
| JPMORGAN CHASE & CO | $1.260.711.104 | 5.767.731 | 1,52% | Saham |
| Sanders Capital, LLC | $1.119.109.024 | 5.067.740 | 1,35% | Saham |
| NORGES BANK | $1.064.543.256 | 4.820.646 | 1,29% | Saham |
| AMERIPRISE FINANCIAL INC | $963.367.497 | 4.361.379 | 1,16% | Saham |
| RAYMOND JAMES FINANCIAL INC | $896.030.811 | 4.057.559 | 1,08% | Saham |
| FIL Ltd | $883.859.046 | 4.002.441 | 1,07% | Saham |
| Bank of New York Mellon Corp | $867.313.363 | 3.927.516 | 1,05% | Saham |
| FRANKLIN RESOURCES INC | $846.433.975 | 3.832.966 | 1,02% | Saham |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $826.466.683 | 2.798.262 | 1,00% | Saham |
| PeakShares LLC | $818.617.000 | 3.707 | 0,99% | Saham |
| GOLDMAN SACHS GROUP INC | $799.346.459 | 3.619.736 | 0,97% | Saham |
| NORTHERN TRUST CORP | $769.543.747 | 3.484.779 | 0,93% | Saham |
| Alphabet Inc. | $769.376.137 | 3.484.020 | 0,93% | Saham |
| ROYAL BANK OF CANADA | $725.353.000 | 3.284.663 | 0,88% | Saham |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $718.899.478 | 3.255.443 | 0,87% | Saham |
| Capital Wealth Planning, LLC | $711.670.362 | 3.222.707 | 0,86% | Saham |
| Invesco Ltd. | $677.836.245 | 3.069.493 | 0,82% | Saham |
| Capital International Investors | $664.804.805 | 3.011.414 | 0,80% | Saham |
| Mitsubishi UFJ Asset Management Co., Ltd. | $629.770.944 | 2.851.836 | 0,76% | Saham |
| BANK OF AMERICA CORP /DE/ | $622.678.807 | 2.819.720 | 0,75% | Saham |
| PineStone Asset Management Inc. | $600.513.398 | 2.719.347 | 0,73% | Saham |
| Fiera Capital Corp | $583.416.740 | 2.641.927 | 0,70% | Saham |
| TWO SIGMA INVESTMENTS, LP | $534.435.320 | 2.420.121 | 0,65% | Saham |
| Legal & General Group Plc | $503.111.078 | 2.278.275 | 0,61% | Saham |
| MARSHALL WACE, LLP | $494.947.163 | 2.241.304 | 0,60% | Saham |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $481.700.454 | 2.181.318 | 0,58% | Saham |
| NEUBERGER BERMAN GROUP LLC | $465.724.986 | 2.109.647 | 0,56% | Saham |
| CIBC Private Wealth Group LLC | $459.835.485 | 1.701.897 | 0,56% | Saham |
| JANUS HENDERSON GROUP PLC | $456.660.895 | 1.546.179 | 0,55% | Saham |
| VANGUARD FIDUCIARY TRUST CO | $449.298.289 | 2.034.589 | 0,54% | Saham |
| AQR CAPITAL MANAGEMENT LLC | $447.681.429 | 2.027.267 | 0,54% | Saham |
| PRIMECAP MANAGEMENT CO/CA/ | $420.602.316 | 1.904.643 | 0,51% | Saham |
| UBS Group AG | $413.647.880 | 1.873.151 | 0,50% | Saham |
| WELLINGTON MANAGEMENT GROUP LLP | $400.986.868 | 1.815.817 | 0,48% | Saham |
| JANE STREET GROUP, LLC | $400.916.644 | 1.815.499 | 0,48% | Saham |
| Qube Research & Technologies Ltd | $355.824.925 | 1.611.307 | 0,43% | Saham |
| Amundi | $347.783.400 | 1.574.892 | 0,42% | Saham |
| W1M Asset Management Ltd | $347.510.212 | 1.573.940 | 0,42% | Saham |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $346.336.837 | 1.480.387 | 0,42% | Saham |
| ENVESTNET ASSET MANAGEMENT INC | $342.717.740 | 1.551.958 | 0,41% | Saham |
| CITADEL ADVISORS LLC | $332.443.444 | 1.505.427 | 0,40% | Saham |
| DEUTSCHE BANK AG\ | $330.129.365 | 1.494.948 | 0,40% | Saham |
Aktivis & pemilik 5%+ 2 saham
Investor yang mengajukan Jadwal 13D SEC — kepemilikan manfaat di atas 5% dengan niat untuk memengaruhi penerbit (kepemilikan aktivis, kampanye dewan, M&A). Setiap baris menunjukkan status terbaru yang diketahui dari posisi pengaju tersebut.
| Pengaju | Diajukan | Kepemilikan | Status | Tujuan | Pengajuan |
|---|---|---|---|---|---|
| BM&FBOVESPA S.A. — Bolsa de Valores, Mercadorias e Futuros ×2 pengajuan | 15 Sep. 2015 | · | Pengajuan awal | · | SEC |
| CME Group Inc. | 11 Agu 2014 | · | Pengajuan awal | M&A / penjualan | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Orang dalam perusahaan 92 orang dalam · 39 pejabat · 55 direktur
| Orang Dalam | Peran | Aktivitas terakhir | Saham dimiliki | Beli 12m | Jual 12m | Bersih 12m |
|---|---|---|---|---|---|---|
| Terrence A Duffy | Chairman and CEO | 15 Sep. 2026 A | 62.442 | 0 | 6 | $-21.303.221 |
| GILL PHUPINDER | CEO | 19 Sep. 2016 S | 116.222 | 0 | 0 | $0 |
| Craig S Donohue | CEO | 30 April 2012 A | 60.982 | 0 | 0 | $0 |
| James J Mcnulty | President & CEO | 13 Nov. 2003 S | 135.214 | 0 | 0 | $0 |
| Lynne Fitzpatrick | President and CFO | 16 Sep. 2026 F | 26.661 | 0 | 0 | $0 |
| John W. Pietrowicz | Sr MD Chief Financial Officer | 14 Sep. 2022 F | 51.867 | 0 | 0 | $0 |
| Jamie Parisi | CFO & Sr MD Finance & Corp Dev | 16 Sep. 2014 F | 48.353 | 0 | 0 | $0 |
| David G Gomach | MD & CFO | 14 Juni 2004 A | 3.290 | 0 | 0 | $0 |
| Suzanne Sprague | COO & Global Head of Clearing | 16 Sep. 2026 F | 15.548 | 0 | 0 | $0 |
| Julie Holzrichter | Sr MD Chief Operating Officer | 16 Sep. 2024 A | 40.437 | 0 | 0 | $0 |
| John Clifford Marchese | Sr MD, General Counsel | 16 Sep. 2026 F | 3.598 | 0 | 0 | $0 |
| Timothy Francis Mccourt | Sr MD Global Head Equity & FX | 16 Sep. 2026 F | 13.366 | 0 | 0 | $0 |
| Michael G. Dennis | Global Head of Fixed Income | 16 Sep. 2026 F | 10.682 | 0 | 0 | $0 |
| Julie Winkler | Sr MD Chief Commercial Officer | 16 Sep. 2026 F | 31.561 | 0 | 0 | $0 |
| Jack J Tobin | MD Chief Accounting Officer | 16 Sep. 2026 F | 25.762 | 0 | 0 | $0 |
| Sunil Cutinho | Chief Information Officer | 16 Sep. 2026 F | 25.037 | 0 | 0 | $0 |
| Derek Sammann | Sr MD Gl Hd Commodities Mkts | 16 Sep. 2026 F | 10.134 | 0 | 2 | $-1.984.798 |
| Ken Vroman | Chief Transformation Officer | 16 Sep. 2026 F | 20.232 | 0 | 1 | $-1.594.440 |
| Hilda Harris Piell | Sr MD & Chief HR Officer | 18 Mei 2026 S | 27.702 | 0 | 1 | $-1.752.536 |
| Jonathan L Marcus | Sr MD General Counsel | 17 Maret 2026 S | 7.192 | 0 | 2 | $-2.128.422 |
| Sean Tully | Sr MD Global Hd Rates & OTC | 15 Des. 2022 A | 22.087 | 0 | 0 | $0 |
| Kathleen M Cronin | Sr MD Gen Counsel & Corp Secr | 15 Maret 2022 G | 41.466 | 0 | 0 | $0 |
| Kevin Kometer | Sr MD Chief Information Office | 10 Feb. 2022 S | 63.207 | 0 | 0 | $0 |
| Kimberly S Taylor | Former Sr MD&Pres.Clr&PostTrad | 30 Nov. 2017 M | 112.465 | 0 | 0 | $0 |
| Robert Zagotta | Sr MD Strategy & Execution | 16 Sep. 2016 F | 16.240 | 0 | 0 | $0 |
| Jill A Harley | MD & CAO | 16 Maret 2015 M | 10.191 | 0 | 0 | $0 |
| James V. Pieper | MD & CAO | 15 Maret 2014 F | 4.769 | 0 | 0 | $0 |
| Linda Dallas Rich | Sr MD Govt Rel Legisl Affairs | 22 Nov. 2013 M | 8.039 | 0 | 0 | $0 |
| Scot E. Warren | Sr MD Equity Index Prod & Svcs | 16 Sep. 2013 A | 31.772 | 0 | 0 | $0 |
| Barry C Goldblatt | MD Comm Energy & Metal Prods | 15 Sep. 2009 A | 987 | 0 | 0 | $0 |
| Richard H Redding | MD Products & Services | 15 Sep. 2009 A | 8.114 | 0 | 0 | $0 |
| Nancy W Goble | MD & CAO | 12 Feb. 2008 M | 813 | 0 | 0 | $0 |
| Eileen Keeve | MD Organizational Development | 7 Agu 2007 M | 1.735 | 0 | 0 | $0 |
| James R Krause | MD & CIO | 2 Juli 2007 M | 2.835 | 0 | 0 | $0 |
| John P Davidson III | MD & Chief Corp Dev Officer | 15 Juni 2007 A | 1.650 | 0 | 0 | $0 |
| Mazen Chadid | MD Operations | 9 Agu 2006 M | 5.860 | 0 | 0 | $0 |
| John Roth Roberts III | MD & CMO | 15 Juni 2006 A | 1.150 | 0 | 0 | $0 |
| Scott Robinson | MD Corp. Development | 14 Juni 2004 A | 1.100 | 0 | 0 | $0 |
| Satish Nandapurkar | Managing Director | 5 Jan. 2004 M | 31.800 | 0 | 0 | $0 |
| William R Shepard | Direktur | 25 Sep. 2026 P | 263.289 | 7 | 0 | $666.992 |
| Elizabeth A Cook | Direktur | 14 Sep. 2026 S | 17.916 | 0 | 2 | $-460.055 |
| Kathryn Benesh | Direktur | 25 Juni 2026 A | 2.752 | 0 | 0 | $0 |
| Rahael Seifu | Direktur | 25 Juni 2026 A | 4.739 | 0 | 0 | $0 |
| Patrick J Mulchrone | Direktur | 25 Juni 2026 A | 29.130 | 0 | 0 | $0 |
| Patrick W Maloney | Direktur | 25 Juni 2026 A | 4.743 | 0 | 0 | $0 |
| Harold Eugene Ford Jr. | Direktur | 25 Juni 2026 A | 2.158 | 0 | 1 | $-263.530 |
| Phyllis M Lockett | Direktur | 25 Juni 2026 A | 4.285 | 0 | 0 | $0 |
| Robert J Tierney JR | Direktur | 25 Juni 2026 A | 14.345 | 0 | 0 | $0 |
| William W Hobert | Direktur | 25 Juni 2026 A | 108.006 | 0 | 0 | $0 |
| Daniel G Kaye | Direktur | 25 Juni 2026 A | 4.845 | 0 | 0 | $0 |
| Timothy S. Bitsberger | Direktur | 25 Juni 2026 A | 11.766 | 0 | 0 | $0 |
| Dennis Suskind | Direktur | 25 Juni 2026 A | 3.344 | 0 | 1 | $-224.400 |
| Bryan T Durkin | Direktur | 25 Juni 2026 A | 43.652 | 0 | 1 | $-1.300.530 |
| Charles P Carey | Direktur | 25 Juni 2026 A | 6.846 | 0 | 0 | $0 |
| Deborah J Lucas | Direktur | 25 Juni 2026 A | 4.533 | 0 | 0 | $0 |
| Howard J Siegel | Direktur | 25 Juni 2026 A | 48.858 | 0 | 0 | $0 |
| Martin J Gepsman | Direktur | 25 Juni 2026 A | 25.644 | 0 | 1 | $-91.770 |
| Larry G Gerdes | Direktur | 25 April 2025 S | 36.651 | 0 | 0 | $0 |
| Daniel R Glickman | Direktur | 25 Juni 2024 A | 14.756 | 0 | 0 | $0 |
| Terry L Savage | Direktur | 25 Juni 2024 A | 18.189 | 0 | 0 | $0 |
| Ana Dutra | Direktur | 27 Juni 2022 A | 7.176 | 0 | 0 | $0 |
| Dennis Chookaszian | Direktur | 27 Juni 2022 A | 4.106 | 0 | 0 | $0 |
| Yra G Harris | Direktur | 25 Sep. 2019 A | 1.885 | 0 | 0 | $0 |
| Gedon Hertshten | Direktur | 25 Juni 2019 A | 35.687 | 0 | 0 | $0 |
| Alex J Pollock | Direktur | 25 Juni 2019 A | 19.849 | 0 | 0 | $0 |
| David J Wescott | Direktur | 25 Juni 2019 A | 75.859 | 0 | 0 | $0 |
| Ronald A. Pankau | Direktur | 6 Juni 2019 S | 3.400 | 0 | 0 | $0 |
| Jeffrey M. Bernacchi | Direktur | 26 Feb. 2019 S | 42.004 | 0 | 0 | $0 |
| Michael A Spencer | Direktur | 2 Nov. 2018 A | 2.353 | 0 | 0 | $0 |
| Leo Melamed | Direktur | 5 Feb. 2018 S | 10.537 | 0 | 0 | $0 |
| John F Sandner | Direktur | 26 Juni 2017 A | 149.218 | 0 | 0 | $0 |
| MILLER WILLIAM P II | Direktur | 27 Juni 2016 A | 13.024 | 0 | 0 | $0 |
| Steven E Wollack | Direktur | 25 Agu 2014 A | 3.379 | 0 | 0 | $0 |
| Dennis J. Hastert | Direktur | 25 Agu 2014 A | 9.235 | 0 | 0 | $0 |
| Bruce F Johnson | Direktur | 25 Agu 2014 A | 107.338 | 0 | 0 | $0 |
| C C Odom II | Direktur | 21 Mei 2014 S | 3 | 0 | 0 | $0 |
| Jackie M Clegg | Direktur | 12 Maret 2014 G | 6.947 | 0 | 0 | $0 |
| James A Donaldson | Direktur | 13 Nov. 2013 S | 20.093 | 0 | 0 | $0 |
| Christopher Stewart | Direktur | 25 Juni 2013 A | 8.411 | 0 | 0 | $0 |
| Joseph Niciforo | Direktur | 25 Juni 2013 A | 28.070 | 0 | 0 | $0 |
| Mark E Cermak | Direktur | 25 Juni 2013 A | 26.278 | 0 | 0 | $0 |
| Gary M Katler | Direktur | 8 Feb. 2013 S | 1.000 | 0 | 0 | $0 |
| John L Pietrzak | Direktur | 29 Juni 2011 S | 10.702 | 0 | 0 | $0 |
| Robert F Corvino | Direktur | 27 Juni 2011 A | 2.768 | 0 | 0 | $0 |
| James E Newsome | Direktur | 14 Juni 2010 S | 1.796 | 0 | 0 | $0 |
| Patrick B Lynch | Direktur | 25 Mei 2010 A | 2.129 | 0 | 0 | $0 |
| Robert H Steele | Direktur | 22 Agu 2008 A | 298 | 0 | 0 | $0 |
| William G Salatich JR | Direktur | 27 Mei 2008 A | 221 | 0 | 0 | $0 |
| Elizabeth Harrington | Direktur | 25 Mei 2007 A | 400 | 0 | 0 | $0 |
| Myron S Scholes | Direktur | 25 Mei 2007 A | 400 | 0 | 0 | $0 |
| James E Oliff | · | 15 Juli 2016 S | 35.761 | 0 | 0 | $0 |
| Laurent Paulhac | · | 16 Sep. 2013 A | 16.715 | 0 | 0 | $0 |
Orang dalam dari pengajuan SEC Form 3/4/5; bersih = hanya P/S pasar terbuka
Kepemilikan ETF Dimiliki oleh 153 ETF
Bobot mencerminkan kepemilikan ekuitas langsung (N-PORT) saja; dana berbasis leverage atau derivatif mungkin memiliki eksposur swap tambahan yang tidak ditampilkan.
| Dana | Bobot | Unit | Per tanggal | Sumber |
|---|---|---|---|---|
| LQDH · iShares U.S. ETF Trust | 9,78% | -224.364.000 PA | 11 Sep. 2026 | Harian |
| IGBH · iShares U.S. ETF Trust | 5,29% | -44.422.388 PA | 11 Sep. 2026 | Harian |
| CAMX · ADVISORS' INNER CIRCLE FUND | 4,07% | 10.346 NS | 31 Juli 2026 | N-PORT |
| CCOR · Listed Funds Trust | 2,97% | 3.094 NS | 31 Juli 2026 | N-PORT |
| SAWG · ETF Series Solutions | 2,34% | 252 NS | 31 Juli 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 2,24% | 73.552 NS | 31 Juli 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2,13% | 165 NS | 31 Juli 2026 | N-PORT |
| BDIV · ETF Series Solutions | 1,95% | 486 NS | 31 Juli 2026 | N-PORT |
| PAYR · Federated Hermes ETF Trust | 1,84% | 3.932 NS | 31 Juli 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 1,57% | 1.537 NS | 31 Juli 2026 | N-PORT |
| IYF · iShares Trust | 1,51% | 240.867 SH | 11 Sep. 2026 | Harian |
| IYG · iShares Trust | 1,37% | 109.898 SH | 11 Sep. 2026 | Harian |
| RSPF · Invesco Exchange-Traded Fund Trust | 1,35% | 18.983 SH | 2 Okt. 2026 | Harian |
| DIVD · EA Series Trust | 1,23% | 982 NS | 31 Juli 2026 | N-PORT |
| UPSD · ETF Series Solutions | 1,13% | 4.953 NS | 31 Juli 2026 | N-PORT |
| JDIV · J.P. Morgan Exchange-Traded Fund Tr… | 1,13% | 542 NS | 31 Juli 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 1,07% | 95.287 NS | 31 Juli 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 1,03% | 2.844 NS | 31 Juli 2026 | N-PORT |
| ESMV · iShares Trust | 0,94% | 267 SH | 11 Sep. 2026 | Harian |
| VFH · VANGUARD WORLD FUND | 0,94% | 590.965 SH | 19 Agu 2026 | Harian |
| SPLV · Invesco Exchange-Traded Fund Trust … | 0,92% | 239.402 SH | 2 Okt. 2026 | Harian |
| LCOW · Pacer Funds Trust | 0,87% | 844 NS | 31 Juli 2026 | N-PORT |
| USMV · iShares Trust | 0,86% | 745.384 SH | 11 Sep. 2026 | Harian |
| FLRG · FIDELITY COVINGTON TRUST | 0,83% | 9.038 NS | 31 Juli 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0,83% | 15.746 SH | 19 Agu 2026 | Harian |
| FAS · Direxion Shares ETF Trust | 0,81% | 71.407 NS | 31 Juli 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0,80% | 74.184 NS | 31 Juli 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0,74% | 2.416 NS | 31 Juli 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0,62% | 945.050 SH | 11 Sep. 2026 | Harian |
| FQAL · FIDELITY COVINGTON TRUST | 0,62% | 32.865 NS | 31 Juli 2026 | N-PORT |
| IXG · iShares Trust | 0,62% | 15.674 SH | 10 Sep. 2026 | Harian |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0,58% | 155.000 | 2 Okt. 2026 | Harian |
| QLV · FlexShares Trust | 0,56% | 3.444 NS | 31 Juli 2026 | N-PORT |
| ACWV · iShares, Inc. | 0,56% | 68.574 SH | 11 Sep. 2026 | Harian |
| XOEF · iShares Trust | 0,56% | 454 SH | 11 Sep. 2026 | Harian |
| HYGH · iShares U.S. ETF Trust | 0,56% | -46.539.000 PA | 11 Sep. 2026 | Harian |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0,55% | 2.003 NS | 31 Juli 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0,51% | 27.141 NS | 31 Juli 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0,45% | 2.548 NS | 31 Juli 2026 | N-PORT |
| DGRO · iShares Trust | 0,44% | 690.141 SH | 11 Sep. 2026 | Harian |
| USXF · iShares Trust | 0,40% | 21.538 SH | 11 Sep. 2026 | Harian |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0,40% | 36.916 NS | 31 Juli 2026 | N-PORT |
| MGV · VANGUARD WORLD FUND | 0,38% | 227.755 SH | 19 Agu 2026 | Harian |
| IWX · iShares Trust | 0,37% | 52.105 SH | 11 Sep. 2026 | Harian |
| FYEE · Fidelity Greenwood Street Trust | 0,36% | 2.956 NS | 31 Juli 2026 | N-PORT |
| PABU · iShares Trust | 0,36% | 32.421 SH | 11 Sep. 2026 | Harian |
| PFM · Invesco Exchange-Traded Fund Trust | 0,35% | 10.237 SH | 2 Okt. 2026 | Harian |
| VIG · VANGUARD SPECIALIZED FUNDS | 0,35% | 2.047.134 SH | 19 Agu 2026 | Harian |
| FBUF · Fidelity Greenwood Street Trust | 0,34% | 305 NS | 31 Juli 2026 | N-PORT |
| VYM · VANGUARD WHITEHALL FUNDS | 0,33% | 1.442.368 SH | 19 Agu 2026 | Harian |
| QUAL · iShares Trust | 0,33% | 558.184 SH | 11 Sep. 2026 | Harian |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0,33% | 100.353 NS | 31 Juli 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0,32% | 2.141 NS | 31 Juli 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0,30% | 5.555 NS | 31 Juli 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0,30% | 3.445.347 SH | 19 Agu 2026 | Harian |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0,30% | 405.000 | 2 Okt. 2026 | Harian |
| IQSU · New York Life Investments ETF Trust | 0,30% | 3.609 NS | 31 Juli 2026 | N-PORT |
| ILCV · iShares Trust | 0,29% | 14.033 SH | 11 Sep. 2026 | Harian |
| DSI · iShares Trust | 0,28% | 55.382 SH | 11 Sep. 2026 | Harian |
| IWD · iShares Trust | 0,27% | 802.955 SH | 11 Sep. 2026 | Harian |
| FHEQ · Fidelity Greenwood Street Trust | 0,26% | 8.964 NS | 31 Juli 2026 | N-PORT |
| LRGF · iShares Trust | 0,25% | 34.160 SH | 11 Sep. 2026 | Harian |
| GLBL · Pacer Funds Trust | 0,24% | 10 NS | 31 Juli 2026 | N-PORT |
| MPLY · Strategy Shares | 0,23% | 135 NS | 31 Juli 2026 | N-PORT |
| EGLE · Global X Funds | 0,22% | 18 NS | 31 Juli 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0,22% | 218.145 SH | 19 Agu 2026 | Harian |
| EVUS · iShares Trust | 0,21% | 2.909 SH | 11 Sep. 2026 | Harian |
| EUSA · iShares, Inc. | 0,21% | 14.620 SH | 11 Sep. 2026 | Harian |
| RSP · Invesco Exchange-Traded Fund Trust | 0,20% | 711.115 SH | 2 Okt. 2026 | Harian |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0,20% | 5.569.000 | 2 Okt. 2026 | Harian |
| DIVB · iShares Trust | 0,19% | 14.473 SH | 11 Sep. 2026 | Harian |
| USCL · iShares Trust | 0,19% | 19.182 SH | 11 Sep. 2026 | Harian |
| TOPC · iShares Trust | 0,18% | 220 SH | 11 Sep. 2026 | Harian |
| ROUS · Lattice Strategies Trust | 0,18% | 4.825 NS | 31 Juli 2026 | N-PORT |
| CRBN · iShares Trust | 0,18% | 7.568 SH | 11 Sep. 2026 | Harian |
| IWL · iShares Trust | 0,18% | 14.001 SH | 11 Sep. 2026 | Harian |
| CATH · Global X Funds | 0,17% | 8.370 NS | 31 Juli 2026 | N-PORT |
| XVV · iShares Trust | 0,17% | 4.184 SH | 11 Sep. 2026 | Harian |
| SIZE · iShares Trust | 0,16% | 2.552 SH | 11 Sep. 2026 | Harian |
| QVML · Invesco Exchange-Traded Fund Trust … | 0,16% | 10.185 SH | 2 Okt. 2026 | Harian |
| CHRI · Global X Funds | 0,16% | 47 NS | 31 Juli 2026 | N-PORT |
| XCLR · Global X Funds | 0,16% | 21 NS | 31 Juli 2026 | N-PORT |
| IVW · iShares Trust | 0,16% | 432.386 SH | 11 Sep. 2026 | Harian |
| XTR · Global X Funds | 0,16% | 28 NS | 31 Juli 2026 | N-PORT |
| XYLD · Global X Funds | 0,15% | 18.736 NS | 31 Juli 2026 | N-PORT |
| IVV · iShares Trust | 0,15% | 4.567.047 SH | 11 Sep. 2026 | Harian |
| PTLC · Pacer Funds Trust | 0,15% | 18.315 NS | 31 Juli 2026 | N-PORT |
| XRMI · Global X Funds | 0,15% | 280 NS | 31 Juli 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0,15% | 72.285 SH | 19 Agu 2026 | Harian |
| TOV · EA Series Trust | 0,15% | 1.458 NS | 31 Juli 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0,15% | 49.637 NS | 31 Juli 2026 | N-PORT |
| ILCB · iShares Trust | 0,15% | 6.996 SH | 11 Sep. 2026 | Harian |
| IUSG · iShares Trust | 0,15% | 178.744 SH | 11 Sep. 2026 | Harian |
| VOTE · TCW ETF Trust | 0,15% | 6.085 NS | 31 Juli 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0,15% | 30.160 NS | 31 Juli 2026 | N-PORT |
| IVE · iShares Trust | 0,15% | 264.945 SH | 11 Sep. 2026 | Harian |
| PBP · Invesco Exchange-Traded Fund Trust | 0,15% | 2.141 SH | 2 Okt. 2026 | Harian |
| XYLG · Global X Funds | 0,15% | 350 NS | 31 Juli 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0,15% | 62.720 SH | 2 Okt. 2026 | Harian |
| PEVC · Pacer Funds Trust | 0,14% | 13 NS | 31 Juli 2026 | N-PORT |
| IYY · iShares Trust | 0,14% | 15.617 SH | 11 Sep. 2026 | Harian |
| IWB · iShares Trust | 0,14% | 250.778 SH | 11 Sep. 2026 | Harian |
| ESGV · VANGUARD WORLD FUND | 0,14% | 81.710 SH | 19 Agu 2026 | Harian |
| IUSV · iShares Trust | 0,14% | 139.904 SH | 11 Sep. 2026 | Harian |
| DFUS · Dimensional ETF Trust | 0,14% | 108.458 NS | 31 Juli 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0,14% | 1.367 NS | 31 Juli 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0,14% | 30 NS | 31 Juli 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0,14% | 8.699 NS | 31 Juli 2026 | N-PORT |
| IWV · iShares Trust | 0,14% | 99.843 SH | 11 Sep. 2026 | Harian |
| ITOT · iShares Trust | 0,14% | 471.761 SH | 11 Sep. 2026 | Harian |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0,13% | 236 NS | 31 Juli 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0,13% | 423.190 SH | 19 Agu 2026 | Harian |
| VOOG · VANGUARD ADMIRAL FUNDS | 0,13% | 150.756 SH | 19 Agu 2026 | Harian |
| PRF · Invesco Exchange-Traded Fund Trust | 0,12% | 45.305 SH | 2 Okt. 2026 | Harian |
| PHDG · Invesco Actively Managed Exchange-T… | 0,12% | 283 SH | 2 Okt. 2026 | Harian |
| VOO · VANGUARD INDEX FUNDS | 0,12% | 9.412.266 SH | 19 Agu 2026 | Harian |
| VOOV · VANGUARD ADMIRAL FUNDS | 0,12% | 36.717 SH | 19 Agu 2026 | Harian |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0,12% | 59.866 SH | 19 Agu 2026 | Harian |
| HCMT · Direxion Shares ETF Trust | 0,12% | 2.521 NS | 31 Juli 2026 | N-PORT |
| LQDI · iShares U.S. ETF Trust | 0,12% | -470.000 PA | 11 Sep. 2026 | Harian |
| TOK · iShares Trust | 0,12% | 1.003 SH | 11 Sep. 2026 | Harian |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0,11% | 4.054.000 | 1 Okt. 2026 | Harian |
| SPXL · Direxion Shares ETF Trust | 0,11% | 28.328 NS | 31 Juli 2026 | N-PORT |
| URTH · iShares, Inc. | 0,11% | 32.823 SH | 11 Sep. 2026 | Harian |
| VTI · VANGUARD INDEX FUNDS | 0,11% | 11.505.022 SH | 19 Agu 2026 | Harian |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0,11% | 30.439 SH | 19 Agu 2026 | Harian |
| ESGU · iShares Trust | 0,10% | 68.168 SH | 11 Sep. 2026 | Harian |
| DFSU · Dimensional ETF Trust | 0,10% | 8.598 NS | 31 Juli 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0,10% | 45.848 NS | 31 Juli 2026 | N-PORT |
| ACWI · iShares Trust | 0,10% | 114.795 SH | 11 Sep. 2026 | Harian |
| TILT · FlexShares Trust | 0,09% | 7.742 NS | 31 Juli 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0,09% | 52.649 NS | 31 Juli 2026 | N-PORT |
| LGDX · Tidal Trust III | 0,08% | 428 NS | 31 Juli 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0,07% | 299.763 SH | 19 Agu 2026 | Harian |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0,06% | 1.923 SH | 2 Okt. 2026 | Harian |
| DCOR · Dimensional ETF Trust | 0,05% | 6.562 NS | 31 Juli 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0,05% | 92.119 NS | 31 Juli 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0,03% | 8.534 NS | 31 Juli 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0,03% | 12.278 SH | 2 Okt. 2026 | Harian |
| VFMO · VANGUARD WELLINGTON FUND | 0,03% | 2.296 SH | 19 Agu 2026 | Harian |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0,01% | 2.481 SH | 2 Okt. 2026 | Harian |
| DXUV · Dimensional ETF Trust | 0,00% | 16 NS | 31 Juli 2026 | N-PORT |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | 15 Juli 2026 | Harian |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | 15 Juli 2026 | Harian |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | 15 Juli 2026 | Harian |
| BND · VANGUARD BOND INDEX FUNDS | · | · | 15 Juli 2026 | Harian |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | 15 Juli 2026 | Harian |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | 15 Juli 2026 | Harian |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | 15 Juli 2026 | Harian |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | 30 Juli 2026 | Harian |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | 30 Juli 2026 | Harian |
| IAI · iShares Trust | · | 224.022 SH | 11 Sep. 2026 | Harian |
| VCEB · VANGUARD WORLD FUND | · | · | 30 Juli 2026 | Harian |
CME Konsensus Analis Opini analis bullish dan bearish, target harga 12 bulan, potensi kenaikan
Target Harga 12 Bulan
16 analis · 2026-10-03Target rata-rata $283.38 +4,9%
Perbandingan rekan (sub-industri GICS) Metrik utama vs rekan sektor
Dasar FY, harga per penutupan akhir tahun fiskal terakhir setiap perusahaan.
| Ticker | Kapitalisasi Pasar | P/E | Pendapatan YoY | Margin Bersih | ROE | Margin Kotor |
|---|---|---|---|---|---|---|
| CME | · | 24.5 | 6.4% | 62.5% | 14.8% | · |
| SPGI | $156.15B | 35.6 | 7.9% | 29.1% | 13.9% | · |
| ICE | $91.83B | 28.1 | 7.5% | 26.2% | 11.7% | · |
| MCO | · | 37.4 | 8.9% | 31.9% | 64.5% | · |
| NDAQ | $55.35B | 31.4 | 11.7% | 21.6% | 15.3% | 63.5% |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | · |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | · |
| CBOE | · | · | 15.1% | 23.3% | 22.4% | 51.5% |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | · |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | · |
Berita Terbaru Berita utama terbaru yang menyebutkan perusahaan ini
CME Panel Analis AI — Pandangan Bullish dan Bearish Debat 2026Q2: Claude, Grok, Gemini, ChatGPT tentang prospek saham
CME Group adalah utilitas keuangan dominan yang tetap terjebak dalam kebuntuan pertumbuhan meskipun margin keuntungannya sangat besar. Claude dan ChatGPT menyoroti kemampuan perusahaan untuk menghasilkan kas yang stabil, sementara Gemini dan Grok memperingatkan bahwa leverage yang tinggi dan pertumbuhan volume yang stagnan membatasi potensi kenaikan. Panel menyepakati peringkat tahan, setuju bahwa saham memerlukan katalis yang jelas dari volume derivatif kripto baru untuk keluar dari kisaran saat ini. Perusahaan mempertahankan margin bersih 33,33%, namun menghadapi 13,76...
Babak 1 — Pandangan Awal
CME Group mendominasi perdagangan derivatif dengan biaya yang sangat tipis, siap untuk menunggangi gelombang volatilitas apa pun di tahun 2026 dari kripto atau komoditas. Margin kotornya sebesar 95,97% berarti setiap volume perdagangan tambahan hampir langsung masuk ke laba, sebuah parit yang sulit ditandingi oleh bursa mana pun. Peluncuran futures Avalanche dan Sui pada 4 Mei (berita 9 April) memperluas jajaran kriptonya, mengejar volume saat Bitcoin stabil pasca-penurunan 19%. Margin bersih bertahan di 33,33%, membuktikan ketahanan bahkan di kuartal yang datar.
Mesin pertumbuhan CME yang mandek berisiko berkinerja buruk jika volume perdagangan kembali normal pasca-volatilitas. ROE sebesar 13,76% tertinggal dari pesaing seperti MCO sebesar 62,81%, menunjukkan pengembalian modal yang lebih lemah di tengah EPS yang datar sebesar $10,45. Utang/ekuitas sebesar 12,14% memperbesar risiko dalam perlambatan, dengan rasio lancar nyaris 1,02 menandakan likuiditas yang ketat. P/E sebesar 26,16 sejajar dengan pesaing tetapi tidak membeli momentum apa pun.
CME adalah mesin kas dalam pasar yang secara struktural berkembang — volume futures dan opsi meningkat karena permintaan hedging institusional tetap tinggi. Margin bersih 33,33% memberi tahu Anda hampir setiap dolar pendapatan masuk ke laba bersih, yang jarang terjadi pada infrastruktur keuangan. Dengan 26,16 kali pendapatan tertinggal, saham diperdagangkan sejalan dengan pesaing seperti ICE (27,5x) dan di bawah lembaga pemeringkat seperti SPGI (29,2x), jadi valuasi tidak berlebihan. Ekspansi futures kripto — Avalanche dan Sui diluncurkan 4 Mei — menandakan manajemen menangkap kelas aset baru sebelum pesaing melakukannya, vektor pertumbuhan yang nyata.
ROE CME sebesar 13,76% secara struktural lemah untuk perusahaan dengan rasio utang terhadap ekuitas setinggi 12,14%. Leverage tersebut tidak menghasilkan pengembalian yang luar biasa; itu hanya memperbesar profitabilitas biasa, yang menimbulkan risiko pembiayaan ulang jika suku bunga tetap tinggi. Saham telah bergerak sideways selama enam bulan — ditutup pada $275 sekarang dibandingkan dengan $280 di awal Mei — meskipun latar belakang makro yang kuat, menunjukkan pasar memperhitungkan kematangan, bukan pertumbuhan. Margin kotor 95,97% menutupi bisnis yang pada dasarnya datar: EPS, kelipatan pendapatan, dan kapitalisasi pasar semuanya mandek selama dua kuartal. Tanpa katalis di luar futures kripto, ini terlihat seperti utilitas matang yang diperdagangkan berdasarkan momentum.
CME Group tetap menjadi peluang infrastruktur dominan yang mendapat manfaat dari volatilitas pasar terlepas dari kelas asetnya. Perusahaan mempertahankan margin kotor yang luar biasa sebesar 95,97%. Ini berarti hampir setiap dolar pendapatan mengalir langsung ke laba kotor, mencerminkan posisi monopoli dalam kliring berjangka. Selain itu, ekspansi mereka ke derivatif baru, seperti futures Avalanche dan Sui yang disebutkan pada 9 April, menunjukkan bahwa mereka berhasil menangkap volume dari sektor kripto. Dengan P/E 26,16, pasar memperhitungkan pertumbuhan yang stabil, yang masuk akal untuk perusahaan yang secara efektif mengenakan pajak pada sistem keuangan global.
Pertumbuhan fundamental di CME telah sepenuhnya mandek, membuat saham terjebak dalam kisaran tanpa katalis yang jelas untuk terobosan. Pengembalian ekuitas sebesar 13,76%. Ini adalah angka yang biasa-biasa saja untuk bursa keuangan, menunjukkan bahwa perusahaan berjuang untuk mengerahkan modalnya secara efisien dibandingkan dengan pesaing dengan pertumbuhan tinggi. Selain itu, rasio utang terhadap ekuitas saat ini adalah 12,14%. Leverage yang tinggi ini menunjukkan bahwa perusahaan sangat bergantung pada dana pinjaman untuk mempertahankan operasi dan pembayaran dividennya, yang menyisakan sedikit ruang untuk kesalahan jika volume perdagangan di pasar inti mereka mulai berkontraksi.
Saya pikir model inti CME yang berbasis biaya akan menghasilkan arus kas yang tahan lama, dengan potensi kenaikan yang berarti dari ekspansi futures kripto. P/E TTM: 26,16. Itu menunjukkan CME diperdagangkan sejalan dengan pesaing untuk bisnis bursa yang stabil dan teregulasi. Margin kotor TTM: 95,97%. Itu menunjukkan pendapatan hampir semuanya masuk ke laba bersih, memungkinkan generasi kas yang kuat seiring pertumbuhan volume. Utang/Ekuitas: 12,14. Leverage yang rendah menjaga risiko tetap terkendali dan menyisakan ruang untuk mendanai pembelian kembali dan inisiatif pertumbuhan jika lini kripto menambah pendapatan.
Saya pikir potensi kenaikan CME bisa dibatasi jika dorongan derivatif kripto tidak menghasilkan volume atau jika pergeseran peraturan membebani margin. P/E TTM: 26,16. Itu tidak murah untuk periode pertumbuhan lambat; siklus kripto yang lemah dapat menekan kelipatan. ROE TTM: 13,76%. Itu di bawah pesaing seperti MCO, menunjukkan CME tidak menghasilkan sebanyak laba dari ekuitas pemegang saham, yang menimbulkan risiko jika pertumbuhan melambat. PS TTM: 8,7194. Kelipatan harga terhadap penjualan yang tinggi membuat saham rentan terhadap penurunan pendapatan apa pun karena investor membayar premi untuk pertumbuhan yang mungkin tidak terwujud.
Babak 2 — Tanggapan & Bantahan
Babak 2 — Tanggapan & Bantahan
ChatGPT, menyebut rasio utang terhadap ekuitas 12,14 sebagai 'leverage rendah' mengabaikan bagaimana hal itu memperbesar risiko penurunan bagi CME dalam perlambatan volume. Itu berarti untuk setiap dolar ekuitas, perusahaan membawa lebih dari $12 utang, yang menghancurkan pengembalian jika perdagangan mengering — menjelaskan ROE yang biasa-biasa saja sebesar 13,76% dibandingkan dengan MCO sebesar 62,81%. Itu bukan jaring pengaman; itu adalah kerentanan yang membatasi taruhan pertumbuhan agresif seperti futures kripto.
Saya perlu menolak kekhawatiran likuiditas Grok. Rasio lancar 1,02 memang ketat, tetapi itu bukan lensa yang tepat untuk CME. Ini adalah lembaga kliring — mereka menahan deposit margin pelanggan yang mengalir melalui neraca sebagai aset dan liabilitas, yang secara mekanis menekan rasio lancar. Pertanyaan sebenarnya adalah apakah CME dapat melayani utangnya dan mendanai operasinya, dan dengan margin bersih 33,33% dengan kapitalisasi pasar $98 miliar, itu tidak diragukan lagi. Grok mencampuradukkan struktur akuntansi dengan tekanan keuangan aktual, yang merupakan hal yang berbeda. Utang terhadap ekuitas 12,14 adalah leverage nyata, tetapi itu bukan krisis likuiditas yang menunggu untuk terjadi.
Claude, poin Anda tentang rasio utang terhadap ekuitas CME sebagai kelemahan struktural sangat tepat, tetapi saya pikir Anda meremehkan dampak rasio lancar 1,02 mereka. Metrik itu menunjukkan perusahaan hampir tidak memiliki aset likuid yang cukup untuk menutupi kewajiban jangka pendeknya, menyisakan hampir tanpa margin kesalahan jika volatilitas pasar melonjak dan persyaratan modal lembaga kliring bergeser. Meskipun margin kotor 95,97% memberikan penyangga besar untuk profitabilitas, likuiditas yang ketat menunjukkan manajemen menjalankan neraca yang sangat tipis untuk mendukung pengembalian pemegang saham dalam lingkungan pertumbuhan yang stagnan.
Claude, saya pikir kritik ROE Anda melewatkan cerita arus kas yang lebih besar yang dicetak CME. ROE TTM: 13,76%. Tingkat itu menandakan inti yang menghasilkan kas yang stabil daripada mesin pertumbuhan tinggi, yang penting bagi CME karena arus kas berbasis biaya yang tahan lama menopang pembelian kembali dan dividen saat mengejar ekspansi kripto dan volume yang didorong oleh volatilitas, menawarkan perlindungan penurunan jika volatilitas mereda tetapi potensi kenaikan jika aktivitas kripto kembali dipercepat.
Babak 3 — Bantahan Akhir
Babak 3 — Bantahan Akhir
Gemini, saya setuju dengan Claude mengenai rasio lancar 1,02 — itu bukan tanda bahaya bagi CME karena lembaga kliring seperti ini menahan deposit margin pelanggan yang besar yang meningkatkan aset dan liabilitas lancar secara setara, menutupi kekuatan likuiditas yang sebenarnya. Uji stres yang sebenarnya adalah arus kas operasional, yang dicakup oleh margin bersih 33,33% yang mengubah volume menjadi keuntungan dengan mudah. Kekhawatiran Anda tentang lonjakan volatilitas melebih-lebihkan risiko ketika margin memberikan penyangga.
Saya ingin menolak pandangan ChatGPT tentang ROE CME sebagai 'inti penghasil kas yang stabil.' ROE 13,76% bukanlah fitur — itu adalah tanda bahaya ketika Anda membawa utang terhadap ekuitas 12,14 kali. Leverage itu seharusnya memperbesar pengembalian jika manajemen menggunakannya dengan baik, tetapi tidak. Bandingkan dengan ICE pada ROE 11,63% dengan leverage serupa, atau MCO pada 62,81% dengan utang jauh lebih sedikit. Masalah CME bukanlah karena membosankan; tetapi modal pinjaman tidak menghasilkan biayanya. Ekspansi futures kripto itu nyata, tetapi digabungkan ke mesin yang sudah tidak efisien modalnya. Sampai kita melihat ROE bergerak di atas 16-17%, leverage adalah hambatan, bukan alat.
Saya ingin memperluas bingkai di sini, karena kita terobsesi dengan neraca sambil mengabaikan pergeseran rezim makro. Grok dan Claude, Anda melewatkan bahwa pertumbuhan CME secara fundamental terikat pada siklus suku bunga, bukan hanya efisiensi internal. Kita saat ini melihat kurva imbal hasil yang datar yang secara historis menekan permintaan hedging untuk futures suku bunga, pendorong pendapatan terbesar CME. Ketika suku bunga stabil, volatilitas yang mendorong volume mereka mengering. Bahkan jika mereka menambahkan produk kripto baru, itu adalah kesalahan pembulatan dibandingkan dengan volume besar futures Treasury yang mendorong margin bersih 33,33% mereka, atau persentase pendapatan yang disimpan sebagai keuntungan murni.
Grok, saya pikir faktor pengubah besar bagi CME pada Q2 2026 adalah dinamika peraturan dan makro seputar derivatif kripto. Metrik: volume derivatif kripto. Volume yang lebih tinggi mendorong biaya kliring dan perdagangan, jadi lebih banyak aktivitas meningkatkan arus kas bahkan jika margin tetap datar.
Prakiraan Harga
| Model | Target 3B | Target 6B | Alasan |
|---|---|---|---|
| Grok | $272.00 | $285.00 | Saya pikir CME pantas mendapatkan penilaian ulang moderat ke level tertinggi baru-baru ini jika futures kripto memberikan volume tambahan, tetapi pertumbuhan inti yang datar menjaga potensi kenaikan terbatas di dekat $285. Katalis utamanya adalah rilis pendapatan Q2 2026 CME sekitar akhir Juli 2026, di mana volume peluncuran futures Avalanche dan Sui — dimulai 4 Mei — dapat menunjukkan peningkatan pendapatan biaya 5-10% jika kripto stabil. Risiko besar adalah kurva imbal hasil yang datar bertahan hingga H2 2026, menekan futures suku bunga yang mendorong 70% volume dan mengekspos leverage utang/ekuitas 12,14. Dengan 26,16 kali pendapatan tertinggal, itu wajar untuk margin bersih 33% yang stabil tetapi mengasumsikan tidak ada pertumbuhan EPS — peningkatan apa pun membenarkan $285. |
| Claude | $282.00 | $295.00 | CME adalah mesin kas matang yang diperdagangkan pada nilai wajar, bukan cerita pertumbuhan — tesis saya adalah bahwa saham hanya akan dinilai ulang lebih tinggi jika volume futures kripto terwujud dan The Fed memberi sinyal pivot menjauh dari suku bunga tinggi yang menekan permintaan hedging. Katalis: pendapatan Q2 2026 CME (akhir Juli) harus menunjukkan percepatan pendapatan derivatif kripto — Avalanche dan Sui yang diluncurkan 4 Mei seharusnya terlihat dalam laporan. Risikonya: jika volume futures Treasury berkontraksi karena kurva imbal hasil tetap datar dan volatilitas suku bunga mati, margin bersih 33,33% akan tertekan lebih cepat daripada yang dapat diimbangi oleh kripto. Dengan 26,16x pendapatan tertinggal, CME tidak murah untuk utilitas dengan pertumbuhan mandek, jadi potensi kenaikan memerlukan bukti bahwa kelas aset baru mendorong volume tambahan, bukan hanya kanibalisasi. Target 3 bulan saya ($282) mencerminkan pemulihan moderat ke level tertinggi Mei; 6 bulan ($295) mengasumsikan laba Q2 mengalahkan karena daya tarik kripto, membenarkan ekspansi kelipatan moderat ke 28x pada keyakinan yang diperbarui pada tesis ekspansi. |
| Gemini | $272.00 | $285.00 | Tesis saya adalah bahwa CME akan tetap berada dalam kisaran saat pasar menunggu pergeseran definitif dalam volatilitas suku bunga untuk mendorong volume. Katalis konkret untuk target 6 bulan adalah laporan pendapatan Agustus 2026, di mana peningkatan berkelanjutan dalam volume derivatif kripto dapat akhirnya menandakan mesin pertumbuhan baru di luar futures Treasury yang stagnan. Sebaliknya, penurunan tajam dalam volatilitas pasar akan mematahkan tesis saya dengan mengikis permintaan perdagangan. P/E saat ini sebesar 26,16 berarti investor membayar premi untuk utilitas matang, dan tanpa katalis yang jelas, saham kemungkinan akan berjuang untuk membenarkan kelipatan yang lebih tinggi sampai volume meningkat. |
| Chatgpt | $270.00 | $280.00 | Saya pikir CME dapat sedikit naik dalam beberapa bulan ke depan sebagai peluang infrastruktur berbasis biaya yang stabil yang mendapat manfaat dari ekspansi derivatif kripto, ketahanan dalam retensi biaya, dan latar belakang makro yang mendukung. Katalis: peluncuran futures Avalanche dan Sui CME pada 4 Mei dapat meningkatkan volume jika permintaan terwujud. Risiko: Risiko terbesar adalah volume kripto mengecewakan atau perubahan peraturan menekan margin. Pada 266,3 hari ini, pergerakan ke 270 dan 280 menyiratkan penilaian ulang kecil. |
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