Hong Kong Exchanges and Clearing Limited HKXCY

FinancialsInvestment Banking & Investment ServicesHong Kong

Last close 47.80 USD on Nov 2, 2026, −5.1% year to date

Quant rating

Quant rating B Rank 48 of 304 in Financials

Growth B 60 of 304
Valuation B 100 of 304
Quality A 3 of 304
Revisions C 163 of 304
Momentum C 207 of 304

Wall Street consensus Buy (1.67)Average target 63.42 USD +32.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 60.3B
Enterprise value: 19.0B
52-week range: 45.74 – 57.01
3-year range: 27.43 – 59.02
Dividend yield: 3.81%
Beta (5 years): 0.47
Shares outstanding: 1,268M
Next earnings: Nov 6, 2026

About the company

Hong Kong Exchanges and Clearing Ltd is a company mainly engaged in the operation of securities exchange business. The Company operates its business through four segments. The Cash segment is engaged in trading, clearing, settlement, custody and related services for equity products. The Equity and Financial Derivatives segment is engaged in trading, clearing, settlement, custody and related services for equity securities and financial derivatives products. The Commodities segment is engaged in trading, clearing, settlement and related services for metals and other commodity futures and options contracts. The Data and Connectivity segment offers market data sales, platform and infrastructure services and related technology services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,708	2,867	2,613	2,342	2,665	–
Revenue growth	29.3%	9.7%	11.6%	−12.1%	8.4%	8.6%
EPS (basic, normalized)	1.79	1.32	1.20	1.01	1.27	–
EPS growth	35.4%	10.7%	18.0%	−20.0%	–	–
Gross margin	96.7%	96.0%	96.0%	96.0%	96.6%	96.3%
Net margin	61.5%	58.6%	58.1%	55.1%	60.3%	58.7%
ROE	31.7%	24.8%	23.5%	20.3%	25.4%	25.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	41,390
Current ratio	1.05x
Long-term debt (mil)	78.0
Net debt (mil)	−41,232
Total equity (mil)	7,734
Net debt / equity	−5.33x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,708	+29.3%	5.1x	5.86	+8.9%	8.2x	1.79	+35.4%	26.7x
2026	4,077	+9.9%	4.7x	5.91	+0.9%	8.1x	2.00	+11.6%	23.9x
2027	4,178	+2.5%	4.6x	6.09	+3.0%	7.8x	2.02	+1.3%	23.6x
2028	4,435	+6.1%	4.3x	6.58	+8.0%	7.3x	2.17	+7.2%	22.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,077	−0.3%	+1.6%	+3.4%	2.00	−0.3%	+2.3%	+4.7%
2027	4,178	−0.9%	+0.9%	+2.0%	2.02	−1.2%	+1.3%	+2.4%
2028	4,435	−0.7%	+0.8%	+2.4%	2.17	−1.0%	+1.2%	+3.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5,201	5,420	5,372	6,381	6,857	7,219	7,775	7,013	8,203	8,499
Sales mean (mil)	4,649	5,155	5,390	6,329	6,369	6,601	7,313	6,367	7,223	7,826
Surprise	+11.9%	+5.1%	−0.3%	+0.8%	+7.7%	+9.4%	+6.3%	+10.1%	+13.6%	+8.6%
EPS reported	2.34	2.49	2.48	2.98	3.22	3.50	3.87	3.42	4.09	4.25
EPS mean	2.17	2.50	2.41	2.94	3.04	3.21	3.75	2.99	3.57	3.84
Surprise	+7.7%	−0.5%	+2.9%	+1.2%	+6.0%	+8.9%	+3.2%	+14.6%	+14.7%	+10.7%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HKXCY Hong Kong Exchanges and Clearing Limited	60.3B	−14.15x	61.5%	7.79x	23.9x	23.6x	5.9x	5.8x
MQBKY Macquarie Group Ltd	67.8B	–	–	–	19.2x	18.2x	–	–
DBOEY Deutsche Boerse AG	64.5B	–	26.9%	5.07x	27.5x	25.3x	18.3x	17.3x
LSEGY London Stock Exchange Group PLC	61.2B	–	13.4%	2.49x	19.7x	17.3x	11.5x	10.7x
NDAQ Nasdaq Inc	60.3B	2.69x	21.6%	5.06x	26.3x	23.0x	19.4x	17.4x
CIIHY CITIC Securities Company Limited	56.0B	–	33.6%	1.09x	70.1x	65.4x	–	–
Mean		−5.73x	31.4%	4.30x	31.1x	28.8x	13.8x	12.8x
Median		−5.73x	26.9%	5.06x	25.1x	23.3x	14.9x	14.0x

Technical analysis

1M−0.2%
3M−6.3%
1Y−9.6%
3Y+48.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hong Kong Exchanges and Clearing Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,708	2,867	2,613	2,342	2,665	2,459
Cost of revenue	123	114	104	93.7	91.7	81.9
Gross profit	3,585	2,754	2,509	2,248	2,573	2,377
Selling, general & administrative expenses	574	560	528	493	428	428
Research & development	–	–	–	–	–	–
Depreciation/amortization	201	180	185	187	174	154
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	0
Other operating expenses	81.9	98.0	82.0	66.7	58.1	60.5
Operating income	2,728	1,915	1,714	1,502	1,913	1,734
Net interest income (expense)	−2.6	3.6	2.0	−0.1	−0.3	−3.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−6.4	−7.0	−8.8	−8.5	−9.2	−11.2
Net income before taxes	2,719	1,912	1,707	1,493	1,904	1,720
Provision for taxes	427	219	173	200	301	238
Minority interest	−10.7	−13.5	−15.2	−2.2	4.7	2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,281	1,680	1,519	1,290	1,608	1,484
Extraordinary items	–	–	–	–	–	–
Net income	2,281	1,680	1,519	1,290	1,608	1,484
EBIT, normalized	2,728	1,917	1,715	1,502	1,913	1,734
EBITDA, normalized	2,922	2,097	1,900	1,688	2,087	1,889
Basic EPS, normalized	1.79	1.32	1.20	1.01	1.27	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hong Kong Exchanges and Clearing Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	19,902	14,220	13,934	13,661	22,239	23,355
Receivables	8,784	7,070	4,274	3,249	4,199	6,074
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	41,631	24,229	22,286	32,067	21,674	19,034
Total current assets	70,317	45,519	40,494	48,976	48,112	48,462
Property, plant & equipment	637	345	389	415	449	497
Goodwill	1,706	1,712	1,712	1,712	1,714	1,714
Intangibles	856	812	757	717	720	703
Long-term investments	1,017	739	336	165	220	100
Note receivable	94.2	2.4	2.4	2.7	2.7	2.7
Other long-term assets	1.2	1.2	2.7	6.8	3.2	3.4
Total assets	74,629	49,130	43,693	51,994	51,220	51,482
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	6,534	4,838	3,566	2,440	3,635	5,543
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	71.6	82.6	83.5	93.1	82.0	83.1
Other current liabilities	60,069	36,858	33,042	42,662	40,662	39,049
Total current liabilities	66,675	41,779	36,692	45,195	44,378	44,675
Long-term debt	88.9	142	179	193	237	276
Minority interest	74.8	71.4	57.9	47.5	36.4	41.0
Other liabilities	319	205	189	191	203	180
Total liabilities	67,157	42,197	37,117	45,627	44,855	45,172
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4,106	4,114	4,091	4,087	4,091	4,114
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,563	3,058	2,704	2,507	2,450	2,331
Treasury stock	–	–	–	–	–	–
Other equity	−197	−239	−220	−227	−176	−135
Total equity	7,472	6,933	6,575	6,368	6,366	6,310
Total liabilities & shareholders' equity	74,629	49,130	43,693	51,994	51,220	51,482

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hong Kong Exchanges and Clearing Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,719	1,912	1,707	1,493	1,904	1,720
Depreciation, depletion & amortization	201	180	185	187	174	154
Deferred taxes	–	–	–	–	–	–
Non-cash items	−599	−591	−576	−125	−114	−238
Changes in working capital	972	142	157	361	−380	269
Cash from operations	3,293	1,645	1,473	1,915	1,583	1,905
Investing activities
Capital expenditures	−627	−206	−177	−164	−137	−174
Other investing cash flows	−87.9	618	−628	−53.3	429	−791
Cash from investing	−715	411	−806	−218	292	−965
Financing activities
Financing cash flow items	−19.3	−14.0	−16.4	−6.3	−19.4	−22.7
Cash dividends paid	−1,763	−1,341	−1,321	−1,238	−1,479	−901
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−98.0	−94.8	−103	−84.4	−127	−40.6
Cash from financing	−1,881	−1,450	−1,441	−1,328	−1,625	−964
Foreign exchange effects	2.1	−1.2	−0.8	−2.9	1.2	3.4
Net change in cash	699	605	−774	366	251	−20.8
Free cash flow	2,666	1,438	1,295	1,751	1,446	1,731

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.