Bgc Group Inc BGC

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 11.23 USD on Nov 1, 2026, +26.5% year to date

Quant rating

Quant rating B Rank 262 of 799 in Financials

Growth A 61 of 799
Valuation B 139 of 799
Quality B 189 of 799
Revisions C 499 of 799
Momentum C 518 of 799

Wall Street consensus Strong Buy (1.50)Average target 16.00 USD +42.5%

Historical valuation

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

Key data

Market cap: 5.2B
Enterprise value: 6.4B
52-week range: 8.27 – 12.88
3-year range: 6.09 – 12.88
Dividend yield: 0.71%
Beta (5 years): 1.01
Shares outstanding: 467M
Next earnings: Nov 5, 2026

About the company

BGC Group, Inc. is a global marketplace, data, and financial technology company across the Energy, Commodities, and Shipping (ECS) and financial markets. It specializes in the brokerage and trade execution of a range of ECS products, including listed derivatives and physical commodities in the oil and refined, and environmental and energy transition, markets, as well as ship chartering. It also provides brokerage services across fixed income securities, such as government bonds and corporate bonds, as well as related interest rate derivatives and credit derivatives, foreign exchange, equities and futures and options. It also provides network and connectivity solutions, market data and related information services and post-trade services. Through its electronic brands, it offers multiple trade execution, market infrastructure and connectivity services, as well as post-trade services. It utilizes electronic trading platforms to provide execution and market data services to its customers.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,941	2,263	2,025	1,795	2,015	–
Revenue growth	30.0%	11.7%	12.8%	−10.9%	−2.0%	7.4%
EPS (basic, normalized)	1.18	0.99	0.82	0.69	0.65	–
EPS growth	19.2%	20.7%	18.8%	6.2%	–	–
Gross margin	98.7%	98.6%	98.4%	98.6%	98.8%	98.6%
Net margin	5.1%	5.4%	1.7%	2.7%	6.2%	4.2%
ROE	–	–	–	53.3%	–	53.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	767
Current ratio	–
Long-term debt (mil)	1,775
Net debt (mil)	1,177
Total equity (mil)	1,106
Net debt / equity	1.06x

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	2,941	+30.0%	2.2x	–	–	–	1.18	+19.2%	9.5x
2026	3,457	+17.5%	1.9x	–	–	–	1.43	+20.8%	7.9x
2027	3,669	+6.1%	1.8x	–	–	–	1.60	+12.3%	7.0x

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	3,457	−0.1%	+1.6%	+1.4%	1.43	+1.4%	+1.1%	0.0%
2027	3,669	−0.3%	+1.3%	+0.6%	1.60	+1.6%	+0.9%	0.0%
2028	–	–	–	–	–	–	–	–

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)	579	551	561	572	664	784	737	756	955	846
Sales mean (mil)	585	545	543	570	633	769	736	751	923	813
Surprise	−1.1%	+1.1%	+3.3%	+0.4%	+4.9%	+2.0%	+0.1%	+0.7%	+3.5%	+4.0%
EPS reported	0.25	0.23	0.26	0.25	0.29	0.31	0.29	0.31	0.41	0.35
EPS mean	0.25	0.23	0.23	0.25	0.28	0.31	0.28	0.29	0.41	0.34
Surprise	0.0%	0.0%	+13.0%	0.0%	+1.8%	0.0%	+3.6%	+6.9%	+0.2%	+4.5%

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
BGC Bgc Group Inc	5.2B	1.53x	5.1%	4.80x	7.9x	7.0x	6.8x	6.5x
CME CME Group Inc.	108.5B	0.25x	33.6%	4.08x	24.4x	22.9x	21.7x	20.6x
NDAQ Nasdaq Inc	59.0B	2.69x	21.6%	4.94x	25.7x	22.5x	19.0x	17.1x
LSEG London Stock Exchange Group PLC	61.1B	–	13.4%	2.48x	19.7x	17.3x	11.5x	10.6x
CBOE Cboe Global Markets, Inc.	35.0B	−0.58x	23.2%	6.24x	23.5x	21.9x	16.1x	15.5x
TW Tradeweb Markets Inc	25.6B	−1.32x	39.6%	4.30x	29.9x	26.0x	18.8x	16.5x
Mean		0.51x	22.7%	4.47x	21.9x	19.6x	15.6x	14.5x
Median		0.25x	22.4%	4.55x	24.0x	22.2x	17.4x	16.0x

Technical analysis

1M−4.6%
3M−6.0%
1Y+22.1%
3Y+99.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bgc Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,941	2,263	2,025	1,795	2,015	2,057
Cost of revenue	38.3	32.5	32.6	25.7	24.0	23.6
Gross profit	2,903	2,230	1,993	1,770	1,991	2,033
Selling, general & administrative expenses	2,471	1,920	1,740	1,480	1,934	1,736
Research & development	–	–	–	–	–	–
Depreciation/amortization	105	82.9	81.6	75.9	82.0	85.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−57.0	−34.1	12.1	18.5	−302	12.5
Other operating expenses	64.9	46.1	49.3	60.3	57.6	60.7
Operating income	320	215	110	135	219	138
Net interest income (expense)	−109	−45.4	−66.2	−48.8	−51.5	−61.1
Gain (loss) on sale of assets	−6.0	−4.6	–	–	–	–
Other non-operating income (expense)	9.1	8.2	14.1	11.2	8.5	−5.0
Net income before taxes	214	173	57.7	97.5	177	72.2
Provision for taxes	67.2	49.9	18.9	38.6	23.0	21.3
Minority interest	8.4	3.8	−2.5	−10.2	−29.5	−5.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	155	127	36.3	48.7	124	45.1
Extraordinary items	–	–	–	–	–	–
Net income	155	127	36.3	48.7	124	45.1
EBIT, normalized	263	181	122	154	−82.4	151
EBITDA, normalized	366	263	202	229	−0.5	236
Basic EPS, normalized	1.18	0.99	0.82	0.69	0.65	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bgc Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	852	712	656	485	554	596
Receivables	955	697	659	850	1,081	1,055
Total inventory	–	–	–	–	–	–
Prepaid expenses	40.7	20.2	17.0	20.1	16.7	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	342	304	302	313	326	382
Goodwill	649	540	506	487	487	556
Intangibles	428	241	211	193	208	287
Long-term investments	202	175	124	122	116	38.4
Note receivable	500	418	406	380	337	665
Other long-term assets	2,291	1,913	1,626	1,581	1,868	2,024
Total assets	4,412	3,592	3,176	3,075	3,342	3,953
Liabilities
Accounts payable	335	254	220	415	707	217
Payable/accrued	–	–	–	–	–	1,126
Accrued expenses	759	541	538	533	585	411
Short-term debt	20.0	0	0	1.9	3.6	3.8
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,778	1,341	1,188	1,055	1,056	1,364
Minority interest	173	181	13.1	79.1	62.3	77.7
Other liabilities	1,489	1,172	1,090	1,271	1,604	1,757
Total liabilities	3,440	2,693	2,291	2,405	2,722	3,199
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.5	5.3	5.1	5.2	4.8	4.2
Additional paid-in capital	2,532	2,311	2,105	2,559	2,451	2,375
Retained earnings (accumulated deficit)	−910	−1,026	−1,119	−1,138	−1,172	−1,281
Treasury stock	−615	−332	−67.4	−711	−624	−315
Other equity	−40.6	−59.8	−38.6	−45.4	−40.5	−28.9
Total equity	972	899	885	670	620	754
Total liabilities & shareholders' equity	4,412	3,592	3,176	3,075	3,342	3,953

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bgc Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	147	123	38.8	58.9	153	50.9
Depreciation, depletion & amortization	103	81.4	80.4	75.1	81.9	85.4
Deferred taxes	−15.0	−69.8	−60.6	−14.6	−11.9	−16.5
Non-cash items	402	355	400	299	168	273
Changes in working capital	−243	−175	−53.7	−194	25.6	−90.3
Cash from operations	394	315	405	224	417	303
Investing activities
Capital expenditures	−67.0	−72.7	−60.4	−59.4	−53.3	−87.2
Other investing cash flows	−216	−24.3	−30.3	6.0	174	9.2
Cash from investing	−283	−97.0	−90.7	−53.3	121	−77.9
Financing activities
Financing cash flow items	−111	−2.7	−144	−108	−171	−119
Cash dividends paid	−39.0	−34.2	−17.4	−14.9	−15.1	−60.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	171	−112	14.6	−110	−633	167
Cash from financing	21.2	−149	−147	−233	−820	−13.1
Foreign exchange effects	7.5	−9.0	3.3	−2.6	−5.4	1.0
Net change in cash	140	60.4	171	−64.8	−287	213
Free cash flow	327	243	345	165	364	215

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 1, 2026 after market close.