A Business at a Glance
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BGC Group, Inc.
BGC
$5.6B
Mkt Cap
$11.65
+0.52%
BGC Group, Inc. (BGC) has a current P/E ratio of 37.6, compared to its historical median P/E of 31.1. The stock is currently considered Fair based on its historical valuation range.
BGC Group, Inc. (BGC) has a 5-year average return on invested capital (ROIC) of 4.6%. This is below average and may indicate limited pricing power.
BGC Group, Inc. (BGC) has a market capitalization of $5.6B. It is classified as a mid-cap stock.
Yes, BGC Group, Inc. (BGC) pays a dividend with a trailing twelve-month yield of 0.70%. The company also returns capital through share buybacks, with a buyback yield of 5.04%.
Based on historical P/E analysis, BGC Group, Inc. (BGC) appears fair. The current P/E of 37.6 is 21% above its historical median of 31.1. The estimated fair value CAGR (P/E method) is 0.2%.
BGC Group, Inc. (BGC) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
BGC Group, Inc. (BGC) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Throughout this document, the terms the “Company,” “BGC,” “we,” “our,” and “us,” refer to: (i) following the closing of the Corporate Conversion, effective at 12:02 am Eastern Time on July 1, 2023, BGC Group, Inc. and its consolidated subsidiaries, including BGC Partners, Inc.; and (ii) prior to the closing of the Corporate Conversion, BGC Partners, Inc. and its consolidated subsidiaries. Our Business We are a leading global marketplace, data, and financial technology company across the ECS and financial markets. We specialize in the brokerage and trade execution of a broad 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. Additionally, we provide brokerage services across fixed income securities such as government bonds and corporate bonds, as well as interest rate derivatives and credit derivatives, foreign exchange, equities and futures and options.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.9B | 2.3B | 2.0B | 1.8B | 2.0B |
| Net Income | 149M | 149M | 121M | 34M | 49M | 124M |
| EPS | $0.31 | $0.31 | $0.25 | $0.07 | $0.13 | $0.32 |
| Free Cash Flow | 373M | 373M | 286M | 390M | 214M | 407M |
| ROIC | 7.7% | 6.0% | 5.6% | 1.8% | 2.9% | 6.6% |
| Gross Margin | - | - | - | - | 12.8% | 16.3% |
| Debt/Equity | 1.85 | 1.85 | 1.49 | 1.34 | 1.57 | 1.70 |
| Dividends/Share | $0.08 | $0.08 | $0.07 | $0.04 | $0.04 | $0.04 |
| Operating Income | 214M | 214M | 173M | 58M | 97M | 177M |
| Operating Margin | 7.3% | 7.3% | 7.7% | 2.8% | 5.4% | 8.8% |
| ROE | 15.3% | 15.9% | 13.6% | 4.4% | 7.6% | 18.1% |
| Shares Outstanding | 479M | 479M | 485M | 487M | 375M | 388M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 2.8B | 1.6B | 1.8B | 1.9B | 2.1B | 2.1B | 2.0B | 1.8B | 2.0B | 2.3B | 2.9B | 2.9B |
| Gross Margin | 37.2% | 36.8% | -11.5% | -15.1% | 14.8% | 12.3% | 11.4% | 16.3% | 12.8% | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.8B | 2.8B | 2.6B | 3.1B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -14M | 439M | 120M | 4.1M | 172M | 117M | 72M | 177M | 97M | 58M | 173M | 214M | 214M |
| Op. Margin | -0.8% | 15.8% | 7.8% | 0.2% | 8.9% | 5.5% | 3.5% | 8.8% | 5.4% | 2.8% | 7.7% | 7.3% | 7.3% |
| Net Income | -3.1M | 160M | 185M | 51M | 199M | 44M | 45M | 124M | 49M | 34M | 121M | 149M | 149M |
| Net Margin | -0.2% | 5.7% | 11.9% | 2.9% | 10.3% | 2.1% | 2.2% | 6.2% | 2.7% | 1.7% | 5.4% | 5.1% | 5.1% |
| Non-Recurring | 0 | 402M | 0 | 0 | 0 | 0 | 0 | 313M | 6.1M | 3.1M | 746K | 2.8M | 2.8M |
| Returns on Capital | |||||||||||||
| ROIC | -0.3% | 12.5% | 10.3% | 3.1% | 14.5% | 2.6% | 2.3% | 6.6% | 2.9% | 1.8% | 5.6% | 6.0% | 7.7% |
| ROE | -0.7% | 30.9% | 20.4% | 5.7% | 28.4% | 6.1% | 6.3% | 18.1% | 7.6% | 4.4% | 13.6% | 15.9% | 15.3% |
| ROA | -0.1% | 4.8% | 4.1% | 1.0% | 4.5% | 1.2% | 1.1% | 3.4% | 1.5% | 1.1% | 3.6% | 3.7% | 3.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 167M | 686M | -107M | 393M | -67M | 241M | 303M | 417M | 224M | 405M | 315M | 394M | 394M |
| Free Cash Flow | 153M | 647M | -124M | 368M | -92M | 194M | 272M | 407M | 214M | 390M | 286M | 373M | 373M |
| Owner Earnings | 120M | 601M | -171M | 326M | -189M | 159M | 217M | 335M | 21M | 324M | -207M | -115M | -115M |
| CapEx | 14M | 39M | 18M | 25M | 25M | 47M | 31M | 10M | 11M | 15M | 30M | 21M | 21M |
| Maint. CapEx | 46M | 84M | 63M | 65M | 71M | 82M | 85M | 82M | 75M | 80M | 81M | 103M | 103M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 46M | 84M | 63M | 65M | 71M | 82M | 85M | 82M | 75M | 80M | 81M | 103M | 103M |
| CapEx/OCF | 8.4% | 5.7% | N/A | 6.4% | N/A | 19.4% | 10.2% | 2.4% | 4.7% | 3.7% | 9.4% | 5.4% | 5.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 105M | 131M | 171M | 200M | 231M | 192M | 60M | 15M | 15M | 17M | 34M | 39M | 39M |
| Dividend Yield | 11.4% | 13.1% | 14.4% | 10.5% | 11.6% | 10.9% | 4.9% | 0.8% | 1.0% | 0.7% | 0.8% | 0.9% | 0.7% |
| Share Buybacks | 100M | 12M | 96M | 17M | 10M | 1.2M | 6K | 365M | 104M | 115M | 262M | 282M | 282M |
| Buyback Yield | 8.3% | 1.1% | 7.0% | 0.7% | 0.3% | 0.1% | 0.0% | 20.9% | 7.7% | 3.5% | 6.0% | 6.5% | 5.0% |
| Stock-Based Comp | 1.2M | 615K | 1.5M | 865K | 50M | 458K | 0 | 0 | 128M | 1.0M | 441M | 406M | 406M |
| Debt Repayment | 0 | 170M | 296M | 11M | 450M | 332M | 358M | 566M | 6.4M | 623M | 815M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | -149M | -296M | 265M | -83M | 400M | 718M | 723M | 472M | 535M | 497M | 456M | 944M | 944M |
| Cash & Equiv. | 711M | 563M | 536M | 513M | 337M | 415M | 596M | 554M | 485M | 656M | 712M | 852M | 852M |
| Long-Term Debt | 707M | 818M | 966M | 575M | 764M | 1.1B | 1.3B | 1.1B | 1.0B | 1.2B | 1.3B | 1.8B | 1.8B |
| Debt/Equity | 1.76 | 1.45 | 0.82 | 0.92 | 1.00 | 1.70 | 1.75 | 1.70 | 1.57 | 1.34 | 1.49 | 1.85 | 1.85 |
| Interest Coverage | -0.4 | 5.6 | 2.1 | 0.1 | 4.0 | 1.9 | 0.9 | 2.5 | 1.7 | 0.7 | 0.7 | 0.6 | 0.6 |
| Equity | 402M | 634M | 1.2B | 634M | 768M | 675M | 754M | 620M | 670M | 885M | 899M | 972M | 972M |
| Total Assets | 2.8B | 4.0B | 5.0B | 5.4B | 3.4B | 3.9B | 4.0B | 3.3B | 3.1B | 3.2B | 3.6B | 4.4B | 4.4B |
| Total Liabilities | 2.1B | 2.7B | 3.4B | 4.2B | 2.5B | 3.2B | 3.1B | 2.7B | 2.3B | 2.3B | 2.5B | 3.3B | 3.3B |
| Intangibles | 28M | 234M | 253M | 286M | 299M | 303M | 287M | 208M | 193M | 211M | 241M | 428M | 428M |
| Retained Earnings | -269M | -290M | -213M | -859M | -1.1B | -1.3B | -1.3B | -1.2B | -1.1B | -1.1B | -1.0B | -910M | -910M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.01 | 0.62 | 0.65 | 0.17 | 0.62 | 0.12 | 0.12 | 0.32 | 0.13 | 0.07 | 0.25 | 0.31 | 0.31 |
| Owner EPS | 0.39 | 2.33 | -0.60 | 1.08 | -0.59 | 0.43 | 0.58 | 0.87 | 0.06 | 0.67 | -0.43 | -0.24 | -0.24 |
| Book Value | 1.32 | 2.46 | 4.16 | 2.09 | 2.40 | 1.84 | 2.01 | 1.60 | 1.79 | 1.82 | 1.85 | 2.03 | 2.03 |
| Cash Flow/Share | 0.55 | 2.66 | -0.37 | 1.30 | -0.21 | 0.66 | 0.81 | 1.08 | 0.60 | 0.83 | 0.65 | 0.82 | 0.53 |
| Dividends/Share | 0.48 | 0.54 | 0.62 | 0.70 | 0.72 | 0.56 | 0.17 | 0.04 | 0.04 | 0.04 | 0.07 | 0.08 | 0.08 |
| Shares Out. | 305.0M | 258.0M | 284.6M | 302.8M | 320.7M | 365.8M | 375.5M | 387.5M | 374.7M | 486.7M | 484.9M | 479.4M | 479.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 7.0 | 7.4 | 45.0 | 18.0 | 45.4 | 32.9 | 14.1 | 27.9 | 95.0 | 36.1 | 29.3 | 37.6 |
| P/FCF | 7.9 | 1.7 | N/A | 6.3 | N/A | 10.3 | 5.5 | 4.3 | 6.3 | 8.3 | 15.3 | 11.7 | 15.0 |
| EV/EBIT | 25.4 | 1.6 | 17.7 | 71.9 | 68.6 | 51.1 | 315.2 | 6.6 | 98.2 | 148.5 | 94.5 | 308.8 | 30.5 |
| Price/Book | 3.0 | 1.8 | 1.2 | 3.7 | 4.7 | 3.0 | 2.0 | 2.8 | 2.0 | 3.7 | 4.9 | 4.5 | 5.7 |
| Price/Sales | 0.5 | 0.4 | 0.8 | 1.1 | 2.7 | 0.8 | 0.6 | 0.9 | 0.8 | 1.2 | 1.8 | 1.5 | 1.9 |
| FCF Yield | 12.7% | 57.8% | -9.1% | 15.9% | -2.6% | 9.8% | 18.3% | 23.2% | 15.8% | 12.1% | 6.5% | 8.6% | 6.7% |
| Market Cap | 1.2B | 1.1B | 1.4B | 2.3B | 3.6B | 2.0B | 1.5B | 1.8B | 1.4B | 3.2B | 4.4B | 4.4B | 5.6B |
| Avg. Price | 3.01 | 3.90 | 4.16 | 6.30 | 6.23 | 4.83 | 3.26 | 4.87 | 3.83 | 4.93 | 8.56 | 9.35 | 11.65 |
| Year-End Price | 3.94 | 4.34 | 4.81 | 7.65 | 4.32 | 5.45 | 3.95 | 4.52 | 3.62 | 6.65 | 9.02 | 9.09 | 11.65 |
BGC Group, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
BGC Group, Inc. trades at 37.6x trailing earnings, compared to its 15-year median P/E of 31.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.4x vs a median of 7.3x. The company's 5-year average ROIC is 4.6% with a gross margin of 14.5%. Total shareholder yield (dividends + buybacks) is 5.7%. At current prices, the estimated annualized return to fair value is +16.5%.
BGC Group, Inc. (BGC) has a net profit margin of 5.1%. This is a modest margin.
BGC Group, Inc. (BGC) generated $373 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BGC Group, Inc. (BGC) has a debt-to-equity ratio of 1.85. This indicates higher leverage, which may increase financial risk.
BGC Group, Inc. (BGC) reported earnings per share (EPS) of $0.31 in its most recent fiscal year.
BGC Group, Inc. (BGC) has a return on equity (ROE) of 15.9%. This indicates the company generates strong returns for shareholders.
BGC Group, Inc. (BGC) has a 5-year average gross margin of 14.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for BGC Group, Inc. (BGC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BGC Group, Inc. (BGC) has a book value per share of $2.03, based on its most recent annual SEC filing.