Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Constructive evidenceCoverage 3/5 core metrics1 filing-based checks were evaluable.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- No current rule-based risk flags
1 filing-based checks were evaluable.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +34.7% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Free cash flow was positive
Latest reported free cash flow was $373M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Reportable Segment$2.94Bshare n/a+30.0% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Commissions$2.26B92.4%+36.9% yoy
- Data Software And Post Trade$139M5.7%+9.5% yoy
- Product And Service Other$26.7M1.1%+66.1% yoy
- Fees From Related Parties$18.7M0.8%-9.7% yoy
Members sum to the consolidated $2.44B for this period.
- EMEA$1.54Bshare n/a+34.3% yoy
- Americas$1.06Bshare n/a+29.2% yoy
- United Kingdom$1.06Bshare n/a+35.5% yoy
- United States$987Mshare n/a+31.1% yoy
- Asia Pacific$341Mshare n/a+15.4% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Reportable Segment$955M100.0%+43.8% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 3,990 US-listed filers · 819 in Financials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $2.4B | 69thof 3,301 top third | 79thof 540 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 34.7% | 87thof 3,137 top third | 85thof 517 top third |
Net margin net income ÷ revenue | 6.3% | 62ndof 3,263 middle third | 35thof 533 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 15.3% | 77thof 2,679 top third | 43rdof 306 middle third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 15.9% | 81stof 3,576 top third | 84thof 772 top third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 1.7× | 54thof 1,546 middle third | 50thof 295 middle third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 2.5× | 81stof 1,118 top third | 84thof 263 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -6.0% | 65thof 1,333 middle third | 83rdof 288 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 19.3% | 25thof 1,073 bottom third | 26thof 277 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 17 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Net income NetIncomeLoss | quarter 2020-09-30 | $19.4M 10-Q 2020-11-06 | $8.85M 10-Q 2021-11-08 | -54.3% | first · latest · 3 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2020-09-30 | 549,244,000 shares 10-Q 2020-11-06 | 364,602,000 shares 10-Q 2021-11-08 | -33.6% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | fiscal year 2021-12-31 | $124M 10-K 2022-02-28 | $153M 10-K/A 2026-04-28 | +23.8% | first · latest · 6 filings carry it |
| Net income NetIncomeLoss | fiscal year 2022-12-31 | $48.7M 10-K 2023-03-01 | $58.9M 10-K/A 2026-04-28 | +20.9% | first · latest · 6 filings carry it |
| Net income NetIncomeLoss | quarter 2021-06-30 | $18.2M 10-Q 2021-08-06 | $16.2M 10-Q 2022-08-08 | -10.6% | first · latest |
| Net income NetIncomeLoss | fiscal year 2023-12-31 | $36.3M 10-K 2024-02-29 | $38.8M 10-K/A 2026-04-28 | +6.9% | first · latest · 6 filings carry it |
| Net income NetIncomeLoss | quarter 2020-03-31 | $14.3M 10-Q 2020-05-08 | $13.7M 10-Q 2021-05-07 | -4.5% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | fiscal year 2020-12-31 | $48.9M 10-K 2021-03-01 | $50.9M 10-K/A 2025-04-30 | +4.1% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | fiscal year 2024-12-31 | $127M 10-K 2025-03-03 | $123M 10-K/A 2026-04-28 | -3.0% | first · latest · 4 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | fiscal year 2020-12-31 | $84.1M 10-K 2021-03-01 | $85.4M 10-K 2023-03-01 | +1.6% | first · latest · 3 filings carry it |
| Depreciation and amortization DepreciationDepletionAndAmortization | quarter 2021-03-31 | $21.7M 10-Q 2021-05-07 | $21.9M 10-Q 2022-05-09 | +1.0% | first · latest |
| Interest expense InterestExpense | quarter 2020-03-31 | $17.3M 10-Q 2020-05-08 | $17.5M 10-Q 2021-05-07 | +1.0% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | quarter 2020-06-30 | $17.5M 10-Q 2020-08-07 | $17.6M 10-Q 2021-08-06 | +1.0% | first · latest · 3 filings carry it |
| Interest expense InterestExpense | quarter 2020-09-30 | $19.5M 10-Q 2020-11-06 | $19.7M 10-Q 2021-11-08 | +0.9% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2021-03-31 | $43.1M 10-Q 2021-05-07 | $42.7M 10-Q 2022-05-09 | -0.9% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2020-12-31 | $749M 10-K 2021-03-01 | $754M 10-K 2022-02-28 | +0.7% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2020-06-30 | $28.1M 10-Q 2020-08-07 | $27.9M 10-Q 2021-08-06 | -0.6% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for BGC yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.