BGC Group (BGC)
NASDAQ:BGC
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BGC Group
(NASDAQ:BGC)
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Rating:61Neutral
Price Target:
$11.50
▲(5.31% Upside)
Action:ReiteratedDate:03/27/26
The score is most constrained by financial quality concerns—especially the sharp 2025 free-cash-flow reversal and elevated leverage—despite improving revenue/operating profitability. Offsetting this, management’s latest guidance and commentary were notably strong, while technicals are neutral-to-mildly positive and valuation (high P/E with modest yield) is a secondary headwind.
Positive Factors
Accelerating revenue growth
Sustained high single- to double-digit revenue growth into 2025 signals durable demand for BGC's brokerage and electronic venues. A larger revenue base improves operating leverage and funds reinvestment in tech and products, supporting medium-term earnings resilience if volumes hold.
Negative Factors
Elevated and rising leverage
A materially higher leverage profile reduces financial flexibility and raises solvency risk if trading volumes or commissions decline. For a capital-markets intermediary, elevated debt increases exposure to market stress and limits ability to opportunistically invest or weather cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
Sustained high single- to double-digit revenue growth into 2025 signals durable demand for BGC's brokerage and electronic venues. A larger revenue base improves operating leverage and funds reinvestment in tech and products, supporting medium-term earnings resilience if volumes hold.
Read all positive factors
BGC Group (BGC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.18B
Dividend Yield0.88%
Average Volume (3M)2.46M
Price to Earnings (P/E)27.5
Beta (1Y)1.16
Revenue Growth24.77%
EPS Growth35.85%
CountryUS
Employees3,971
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.31
Shares Outstanding364,809,080
10 Day Avg. Volume2,122,513
30 Day Avg. Volume2,458,428
Financial Highlights & Ratios
PEG Ratio1.02
Price to Book (P/B)4.37
Price to Sales (P/S)1.41
P/FCF Ratio15.88
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue2.15
Enterprise Value/Gross Profit3.88
Enterprise Value/Ebitda14.44
Forecast
1Y Price Target
$14.00Price Target Upside28.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.42
Revenue Forecast (FY)$3.37B
BGC Group Business Overview & Revenue Model
Company Description
BGC Group, Inc. operates as a financial brokerage and technology company in the United States and internationally. The company offers various brokerage products, such as fixed income, such as government bonds, corporate bonds, and other debt instr...
How the Company Makes Money
BGC primarily makes money by charging for facilitating trades and liquidity between market participants. Its core revenue model is transaction-driven: it earns brokerage commissions and/or fees when trades are executed through its voice/hybrid bro...
BGC Group Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial trajectory: record revenues and adjusted earnings, broad-based growth across asset classes and geographies, significant market share gains (notably FMX UST and Fenics), and ambitious 2026 guidance. Key risks and negatives include sizable one-time charges and elevated compensation/non-compensation expenses (partly due to acquisition activity and cost-savings execution), some reliance on acquisitions (OTC) for headline growth, currency headwinds, and timing/fee rolloffs for newer FMX futures products. On balance the highlights substantially outweigh the lowlights given the scale of record revenue, market-share gains, successful divestitures at attractive valuations, and robust forward guidance.Positive Updates
Record Revenue Growth (Q4 and Full Year 2025)
Fourth quarter revenues of $756.4M, up 32.2% year-over-year; full year 2025 revenues increased ~30% to nearly $3.0B (company said ‘approaching $3,000,000,000’).
Negative Updates
Large Compensation and Benefit Expense Increase
Compensation and employee benefits rose 71.8% under GAAP and 40.1% on an adjusted basis; GAAP increase driven by cost reduction charges, OTC acquisition, higher commissionable revenues, loan forgiveness, and a weaker U.S. dollar.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth (Q4 and Full Year 2025)
Fourth quarter revenues of $756.4M, up 32.2% year-over-year; full year 2025 revenues increased ~30% to nearly $3.0B (company said ‘approaching $3,000,000,000’).
Read all positive updates
Company Guidance
BGC guided first-quarter 2026 revenues of $860 million to $920 million (versus $664.2 million in Q1 2025), with a midpoint of $890 million implying roughly 34% year‑over‑year revenue growth; excluding OTC, midpoint organic revenue growth is expected to be about 15%. Pretax adjusted earnings are guided to $202 million–$222 million (versus $160.2 million last year), with a midpoint of $212 million implying over 32% pretax earnings growth, and the company expects a 2026 adjusted‑earnings tax rate of 11%–14%. The outlook assumes no material acquisitions or dispositions and is subject to change based on macroeconomic, social, political, and other risks.BGC Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.01B | 2.21B | 1.98B | 1.77B | 1.99B |
| Gross Profit | 2.69B | 979.52M | 893.20M | 837.19M | 633.31M |
| EBITDA | 442.08M | 345.65M | 215.36M | 230.44M | 327.70M |
| Net Income | 154.96M | 126.99M | 36.27M | 48.71M | 124.01M |
Balance Sheet | |||||
| Total Assets | 4.41B | 3.59B | 3.18B | 3.07B | 3.34B |
| Cash, Cash Equivalents and Short-Term Investments | 873.67M | 711.58M | 655.64M | 502.01M | 553.60M |
| Total Debt | 1.80B | 1.48B | 1.34B | 1.21B | 1.23B |
| Total Liabilities | 3.26B | 2.51B | 2.28B | 2.34B | 2.68B |
| Stockholders Equity | 972.48M | 898.51M | 885.08M | 669.64M | 619.75M |
Cash Flow | |||||
| Free Cash Flow | 267.84M | 243.29M | 345.31M | 165.60M | 363.89M |
| Operating Cash Flow | 333.87M | 315.35M | 405.20M | 224.36M | 417.19M |
| Investing Cash Flow | -222.16M | -96.99M | -90.71M | -53.33M | 121.13M |
| Financing Cash Flow | 21.23M | -149.02M | -146.88M | -233.21M | -819.54M |
BGC Group Technical Analysis
Positive
10.92
Price Trends
9.55
Positive
9.19
Positive
9.45
Positive
Market Momentum
0.37
Negative
72.76
Negative
91.26
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BGC, the sentiment is Positive. The current price of 10.92 is above the 20-day moving average (MA) of 9.89, above the 50-day MA of 9.55, and above the 200-day MA of 9.45, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 72.76 is Negative, neither overbought nor oversold. The STOCH value of 91.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BGC.
BGC Group Risk Analysis
BGC Group disclosed 58 risk factors in its most recent earnings report. BGC Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BGC Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $7.31B | 5.77 | 16.43% | ― | 32.53% | 13.38% | |
74 Outperform | $5.95B | 20.12 | 22.08% | 1.63% | 12.77% | 36.43% | |
73 Outperform | $7.52B | 6.06 | 32.56% | 2.88% | 27.66% | 131.25% | |
71 Outperform | $5.03B | 22.13 | 44.30% | 3.69% | 51.19% | 456.59% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $5.18B | 27.45 | 16.18% | 0.88% | 24.77% | 35.85% | |
60 Neutral | $4.38B | 19.99 | 30.96% | 4.06% | 1.58% | 1.93% |
* Financial Sector Average
BGC
BGC Group
10.92
2.44
28.83%
SNEX
StoneX Group
92.90
40.17
76.17%
LAZ
Lazard
46.68
12.54
36.73%
PIPR
Piper Sandler
83.47
28.61
52.15%
MC
Moelis
63.04
13.04
26.09%
VIRT
Virtu Financial
48.60
11.28
30.23%
BGC Group Corporate Events
Business Operations and StrategyFinancial Disclosures
BGC Group Raises First-Quarter 2026 Financial Outlook
Positive
Mar 26, 2026
On March 26, 2026, BGC Group updated its outlook for the quarter ending March 31, 2026, saying it now expects revenue and pre-tax Adjusted Earnings to come in slightly above the high end of its previously stated ranges. The revised guidance, which...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.