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BGC Group

BGC Nasdaq Investment Banking & Brokerage Financials FY2016–FY2025

BGC Group's revenue rose 30.0% to $2.9 billion in fiscal 2025. Its net margin was 5.3%, down from 5.5% a year earlier. Free cash flow was $373 million, up 30.5%. It paid out $321 million in dividends and buybacks, 86% of free cash flow. The diluted share count rose 0.4%.

Last close · Oct 23, 2026

$11.79

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
30.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$155M
25.8%
Free cash flow Cash from operations minus capital spending.
$373M
30.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.2%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.8x
On $0.41 EPS (TTM)

What BGC Group does

No business description yet.

Legal name
BGC Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-013162
0001094831

Revenue and margins

BGC Group had $2.9B of revenue in fiscal 2025, up 30.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −7.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $373M in fiscal 2025, 12.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BGC Group returned $321M to shareholders in fiscal 2025, 86% of free cash flow. The diluted share count rose 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BGC Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$709M and divides by 480.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.8x · peers 18.1x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably BGC Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $554M$485M$656M$712M$852M
Debt incl. finance leases $1.0B$1.1B$949M$1.1B$1.6B
Net debt / EBITDA 1.5x2.5x1.4x1.3x1.7x
Debt / equity 1.7x1.6x1.1x1.3x1.6x
Interest coverage 3.6x2.7x1.8x3.0x3.0x
Total assets $3.3B$3.1B$3.2B$3.6B$4.4B
Total liabilities $2.7B$2.3B$2.3B$2.5B$3.3B
Shareholders' equity $620M$670M$885M$899M$973M
Net debt (− = net cash) $496M$569M$293M$433M$709M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 5, 2026 Jean-Pierre AubinCo-Chief Executive Officer Sold 10,000 $9.55 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −11.7%−5.7%−6.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BGC Group BGC $5.6B 30.0% — 12.7% 13.2% 28.8x —
Houlihan Lokey HLI $8.9B 9.6% 20.1% 26.1% — 22.0x — Compare →
Virtu Financial VIRT $4.9B 26.3% — 13.6% 37.9% 9.3x — Compare →
Evercore EVR $10.4B 29.5% — 30.5% — 14.2x 5 Compare →
Robinhood HOOD $86.7B 51.6% — 36.3% — 41.9x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.8B $1.9B $2.1B $2.1B $2.0B $1.8B $2.0B $2.3B $2.9B
Interest expense $57.6M $77.0M $42.5M $60.2M $76.6M $69.3M $57.9M $77.2M $88.4M $109M
Pretax income $121M $4.1M $172M $117M $72.2M $177M $97.5M $57.7M $173M $214M
Income tax $56.3M $92.8M $63.8M $49.8M $21.3M $23.0M $38.6M $18.9M $49.9M $67.2M
Net income $185M $51.5M $202M $43.9M $50.9M $154M $58.9M $38.8M $123M $155M
Diluted EPS $0.65 $0.17 $0.24 $0.12 $0.12 $0.32 $0.13 $0.07 $0.25 $0.31
Diluted shares 0.43B 0.45B 0.32B 0.47B 0.55B 0.54B 0.50B 0.49B 0.48B 0.48B
Cash flow
Cash from operations −$107M $393M −$67.3M $241M $303M $417M $224M $405M $315M $394M
Capital expenditure $17.8M $25.0M $24.5M $46.7M $30.8M $10.1M $10.6M $14.9M $29.6M $21.5M
Free cash flow −$124M $368M −$91.9M $194M $272M $407M $214M $390M $286M $373M
Depreciation and amortization $62.5M $65.4M $71.5M $81.9M $85.4M $81.9M $75.1M $80.4M $81.4M $103M
Stock-based compensation — — $50.3M — — — — — — —
Acquisitions $152M $13.7M $50.6M $28.3M $7.9M $0.0M $0.0M $39.8M $64.2M $281M
Share buybacks $96.0M $16.8M $10.4M $1.2M $0.0M $365M $104M $115M $262M $282M
Dividends paid $171M $200M $231M $192M $60.4M $15.1M $14.9M $17.4M $34.2M $39.0M
Dividends and buybacks $267M $217M $242M $194M $60.5M $381M $119M $132M $296M $321M
Balance sheet
Cash and short-term investments $536M $513M $337M $415M $596M $554M $485M $656M $712M $852M
Total debt $950M $546M $748M $1.0B $1.3B $1.0B $1.0B $944M $1.1B $1.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $3.0M $6.0M $4.7M $3.2M $1.9M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $167M $125M $157M $205M $215M $190M $184M $178M $190M $182M
Total assets $5.0B $5.4B $3.4B $3.9B $4.0B $3.3B $3.1B $3.2B $3.6B $4.4B
Total liabilities $3.4B $4.2B $2.5B $3.2B $3.1B $2.7B $2.3B $2.3B $2.5B $3.3B
Shareholders' equity $1.2B $634M $768M $675M $754M $620M $670M $885M $899M $973M
Margins
EBITDA margin 15.5% 8.4% 14.8% 12.3% 11.4% 16.3% 12.8% 10.6% 15.2% 14.5%
Net margin 11.9% 2.9% 10.4% 2.1% 2.5% 7.6% 3.3% 1.9% 5.5% 5.3%
FCF margin −8.0% 21.0% −4.7% 9.2% 13.2% 20.2% 11.9% 19.3% 12.6% 12.7%
Returns
Return on capital 4.9% 2.5% 11.1% 7.7% 7.3% 16.0% 7.6% 7.3% 13.8% 13.2%
Return on equity 20.4% 5.7% 28.8% 6.1% 7.1% 22.3% 9.1% 5.0% 13.8% 16.6%
Return on assets 4.1% 1.0% 4.6% 1.2% 1.3% 4.2% 1.8% 1.2% 3.6% 3.9%
Growth
Revenue growth −44.2% 12.7% 10.7% 8.6% −2.3% −2.0% −10.9% 12.8% 11.7% 30.0%
Net income growth 15.7% −72.2% 292.8% −78.3% 16.0% 201.4% −61.7% −34.1% 217.8% 25.8%
EPS growth 4.8% −73.9% 41.2% −50.0% 0.0% 166.7% −59.4% −46.2% 257.1% 24.0%
FCF growth −119.2% — −125.0% — 39.8% 49.8% −47.5% 82.6% −26.8% 30.5%
Share count change 51.3% 4.9% −29.1% 46.6% 15.8% −1.3% −7.5% −1.9% −2.2% 0.4%
Financial health
Net debt / EBITDA 1.7x 0.2x 1.4x 2.4x 3.0x 1.5x 2.5x 1.4x 1.3x 1.7x
Debt / equity 0.8x 0.9x 1.0x 1.6x 1.7x 1.7x 1.6x 1.1x 1.3x 1.6x
Interest coverage 3.1x 1.1x 5.1x 2.9x 1.9x 3.6x 2.7x 1.8x 3.0x 3.0x
Capital allocation
Capex / revenue 1.2% 1.4% 1.3% 2.2% 1.5% 0.5% 0.6% 0.7% 1.3% 0.7%
Stock comp / revenue — — 2.6% — — — — — — —
Payouts / FCF — 59.0% — 99.6% 22.2% 93.5% 55.6% 33.8% 103.7% 86.0%
Quality scores
Accruals ratio 6.5% −6.5% 6.1% −5.4% −6.4% −7.2% −5.2% −11.7% −5.7% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0001094831). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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