The business behind the dividend
| Measure | CME | Median | Formula |
|---|---|---|---|
| Return on equity | 14.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.10bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.19bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 64.9% | 15.0% | Operating income ÷ revenue |
| Net margin | 62.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.12x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.03x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.68x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Interest cover — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.2% | 13.3% | 12.1% | 10.0% | 9.6% | 8.0% | 8.1% | 7.6% | 18.1% | 7.5% | 9.6% |
| Return on capital employed | 13.2% | 13.5% | 11.4% | 10.0% | 8.8% | 8.9% | 8.7% | 8.8% | 9.4% | 9.7% | 9.4% |
| Operating margin | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% | 54.0% | 53.2% | 60.5% | 63.4% | 61.2% | 60.5% |
| Net margin | 62.5% | 57.5% | 57.8% | 53.6% | 56.2% | 43.1% | 43.5% | 45.5% | — | 42.7% | 53.6% |
| Debt to equity | 0.12x | 0.10x | 0.13x | 0.13x | 0.10x | 0.13x | 0.14x | 0.15x | 0.10x | 0.11x | 0.12x |
| Current ratio | 1.03x | 1.01x | 1.02x | 1.01x | 1.01x | 1.01x | 1.03x | 1.01x | 1.03x | 1.03x | 1.01x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, CME Group pays out less than 4 of them. The median for that group is 19.5%, against this company’s 93.8%.
Closest on free cash flow
- Western Union (WU) 61.2%
- TPG (TPG) 73.8%
- Blackstone (BX) 132.2%
- Brookfield Asset Management (BAM) 134.7%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →