OTC Markets Group Inc OTCM

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 52.00 USD on Nov 2, 2026, +3.1% year to date

Quant rating

Quant rating C Rank 492 of 799 in Financials

Growth C 334 of 799
Valuation D 590 of 799
Quality B 131 of 799
Revisions C 541 of 799
Momentum D 627 of 799

Wall Street consensus Average target 65.00 USD +25.0%

Historical valuation

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

Key data

Market cap: 623M
Enterprise value: 577M
52-week range: 48.63 – 58.00
3-year range: 42.30 – 58.51
Dividend yield: 2.27%
Beta (5 years): 0.39
Shares outstanding: 12.0M
Next earnings: Nov 10, 2026

About the company

OTC Markets Group Inc. operates regulated markets for trading 12,000 United States and international securities. It has three public markets: OTCQX Best Market, OTCQB Venture Market and Pink Open Market. It operates three business lines: OTC Link, Market Data Licensing, and Corporate Services. Its wholly owned subsidiary, OTC Link LLC, a FINRA member broker-dealer, operates OTC Link ATS, OTC Link ECN, and OTC Link NQB, each an SEC-regulated Alternative Trading Systems (ATSs). OTC Link ATSs provide critical market infrastructure that broker-dealers rely on to facilitate trading. Its model offers companies more efficient access to the United States financial markets. Its Market Data Licensing business provides its subscribers with access to extensive market data and financial information, including real-time, delayed, and end-of-day quotation and trading data, as well as a security master with issuer-level data. It also offers a number of data products and tools for compliance teams.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	125	111	110	105	103	–
Revenue growth	12.8%	1.1%	4.5%	2.2%	44.5%	12.0%
EPS (basic, normalized)	2.58	2.26	2.28	2.53	2.52	–
EPS growth	14.2%	−0.9%	−9.9%	0.4%	–	–
Gross margin	89.5%	91.1%	92.0%	91.5%	88.1%	90.4%
Net margin	24.9%	24.6%	25.2%	29.3%	29.6%	26.7%
ROE	–	80.5%	46.0%	87.7%	–	71.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	46.3
Current ratio	1.48x
Long-term debt (mil)	–
Net debt (mil)	−46.3
Total equity (mil)	42.3
Net debt / equity	−1.09x

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	125	+12.8%	4.6x	–	–	–	2.58	+14.2%	20.2x
2026	138	+10.4%	4.2x	–	–	–	2.88	+11.6%	18.1x
2027	142	+3.0%	4.0x	–	–	–	3.04	+5.4%	17.1x

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	138	0.0%	+0.4%	+5.2%	2.88	0.0%	+0.3%	+0.7%
2027	142	0.0%	+0.4%	+4.9%	3.04	0.0%	+0.5%	+0.5%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 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)	27.7	27.6	27.4	28.5	30.4	30.5	31.6	32.7	34.8	34.8
Sales mean (mil)	28.4	28.1	27.1	27.8	28.2	30.2	30.1	31.9	32.9	32.5
Surprise	−2.5%	−1.8%	+1.2%	+2.3%	+8.0%	+0.9%	+5.2%	+2.6%	+5.9%	+7.0%
EPS reported	0.49	0.56	0.61	0.60	0.50	0.60	0.71	0.76	0.59	0.71
EPS mean	0.57	0.66	0.60	0.70	0.53	0.62	0.62	0.72	0.61	0.70
Surprise	−14.0%	−15.2%	+1.7%	−14.3%	−5.7%	−3.2%	+14.5%	+5.6%	−3.3%	+1.4%

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
OTCM OTC Markets Group Inc	623M	–	24.9%	14.79x	18.1x	17.1x	11.6x	11.2x
CME CME Group Inc.	109.6B	0.25x	33.6%	4.12x	24.7x	23.1x	21.9x	20.8x
ICE Intercontinental Exchange, Inc.	96.3B	3.42x	26.2%	3.22x	21.1x	19.3x	15.8x	14.8x
DBOEY Deutsche Boerse AG	64.5B	–	26.9%	5.07x	27.5x	25.3x	18.3x	17.3x
NDAQ Nasdaq Inc	60.3B	2.69x	21.6%	5.06x	26.3x	23.0x	19.4x	17.4x
LSEG London Stock Exchange Group PLC	61.2B	–	13.4%	2.49x	19.8x	17.3x	11.5x	10.7x
Mean		2.12x	24.4%	5.79x	22.9x	20.9x	16.4x	15.4x
Median		2.69x	25.5%	4.59x	22.9x	21.1x	17.0x	16.1x

Technical analysis

1M−3.7%
3M−2.7%
1Y+4.2%
3Y+22.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, OTC Markets Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	125	111	110	105	103	71.2
Cost of revenue	13.2	9.8	8.8	8.9	12.3	5.8
Gross profit	112	101	101	96.2	90.6	65.4
Selling, general & administrative expenses	71.3	66.3	66.1	57.3	50.8	42.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	2.6	2.7	2.4	2.1	1.8	1.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	38.2	32.2	32.6	36.8	38.0	21.4
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.0	0.9	0.9	0.1	−0.1	0
Net income before taxes	39.2	33.1	33.5	37.0	38.0	21.4
Provision for taxes	8.1	5.8	5.8	6.2	7.5	3.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	31.1	27.4	27.7	30.8	30.5	18.3
Extraordinary items	–	–	–	–	–	–
Net income	31.1	27.4	27.7	30.8	30.5	18.3
EBIT, normalized	38.2	32.2	32.6	36.8	38.0	21.4
EBITDA, normalized	40.8	34.9	35.0	38.9	39.8	23.2
Basic EPS, normalized	2.58	2.26	2.28	2.53	2.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, OTC Markets Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	54.3	39.0	37.7	37.4	50.4	33.7
Receivables	9.1	8.1	7.7	9.5	7.4	6.6
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.6	2.5	3.2	1.5	2.2	1.7
Other current assets	0	0	0	0	0	0
Total current assets	65.9	49.6	48.6	48.4	60.0	42.1
Property, plant & equipment	15.1	18.0	20.8	22.3	19.9	20.2
Goodwill	4.0	4.0	4.0	4.0	0.3	0.3
Intangibles	6.2	6.8	7.4	8.0	0	0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	8.9	12.3	9.8	7.0	2.1	2.2
Total assets	100	90.7	90.5	89.6	82.3	64.8
Liabilities
Accounts payable	1.2	1.2	2.2	1.7	1.0	1.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	14.9	13.4	14.1	13.1	12.4	10.0
Short-term debt	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	33.8	29.1	29.4	31.0	28.4	18.8
Total current liabilities	49.8	43.7	45.6	45.8	41.8	30.0
Long-term debt	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Other liabilities	9.8	11.3	12.7	14.0	15.5	15.3
Total liabilities	59.6	55.0	58.3	59.8	57.3	45.3
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	41.4	35.1	29.5	24.8	21.7	19.8
Retained earnings (accumulated deficit)	24.6	23.2	22.4	21.2	16.8	11.8
Treasury stock	−25.7	−22.7	−19.8	−16.4	−13.6	−12.1
Other equity	0	0	0	0	0	0
Total equity	40.5	35.7	32.2	29.8	25.0	19.5
Total liabilities & shareholders' equity	100	90.7	90.5	89.6	82.3	64.8

Cash flow statement in millions of USD, fiscal years

Cash flow statement, OTC Markets Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	–	–	–	–	–	–
Cash from operations	–	–	–	–	–	–
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	–	–	–	–	–	–
Cash from financing	–	–	–	–	–	–
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	–	–	–	–	–	–
Free cash flow	–	–	–	–	–	–

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.