CMC Markets PLC (GB:CMCX)
LSE:CMCX
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CMC Markets
(LSE:CMCX)
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Rating:73Outperform
Price Target:
479.00 p
▲(44.28% Upside)
Action:Reiterated
Date:06/05/26
The score is driven primarily by solid financial performance led by a strong, low-leverage balance sheet and healthy profitability, balanced against meaningful cash-flow volatility. Technicals are supportive due to a clear uptrend, though overbought RSI adds near-term risk. Valuation is reasonable but not compelling given cyclicality.
Positive Factors
Conservative balance sheet
A very low leverage profile and steadily growing equity provide structural resilience versus cyclical revenue swings. This balance-sheet strength supports absorbing trading losses, funds platform investment, preserves optionality for opportunistic M&A or buybacks, and underpins long-term capital allocation flexibility.
Negative Factors
Volatile free cash flow
A large swing in free cash flow weakens predictability of capital allocation and dividend sustainability. For a broker reliant on operating cash from client flows, such volatility can force prudent cash reserves, restrict investment cadence, and elevate funding or operational risk during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A very low leverage profile and steadily growing equity provide structural resilience versus cyclical revenue swings. This balance-sheet strength supports absorbing trading losses, funds platform investment, preserves optionality for opportunistic M&A or buybacks, and underpins long-term capital allocation flexibility.
Read all positive factors
CMC Markets (CMCX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.03B
Dividend Yield4.65%
Average Volume (3M)236.93K
Price to Earnings (P/E)18.5
Beta (1Y)0.61
Revenue Growth16.10%
EPS Growth19.10%
CountryUK
Employees1,071
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.27
Shares Outstanding279,815,460
10 Day Avg. Volume239,883
30 Day Avg. Volume236,929
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)2.74
Price to Sales (P/S)3.24
P/FCF Ratio9.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£480.00Price Target Upside44.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.41
Revenue Forecast (FY)£462.20M
CMC Markets Business Overview & Revenue Model
Company Description
CMC Markets plc, together with its subsidiaries, provides online retail financial services to retail, professional, stockbroking, and institutional clients in the United Kingdom, Ireland, Europe, Australia, New Zealand, Singapore, Canada, and inte...
How the Company Makes Money
CMC Markets primarily generates revenue from client trading activity across its platforms. A key revenue stream is dealing/trading income earned on leveraged derivative products (most notably CFDs), where CMC typically earns money through the bid/...
CMC Markets Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
84
Very Positive
Cash Flow
62
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 410.95M | 360.10M | 359.75M | 322.17M | 323.85M |
| Gross Profit | 357.44M | 226.42M | 214.31M | 269.81M | 266.77M |
| EBITDA | 125.37M | 100.37M | 92.71M | 77.48M | 113.69M |
| Net Income | 74.36M | 62.19M | 46.89M | 41.44M | 71.48M |
Balance Sheet | |||||
| Total Assets | 1.01B | 731.98M | 716.86M | 586.42M | 646.81M |
| Cash, Cash Equivalents and Short-Term Investments | 392.23M | 328.22M | 211.19M | 176.79M | 191.07M |
| Total Debt | 68.41M | 14.34M | 16.91M | 11.82M | 14.45M |
| Total Liabilities | 550.69M | 314.01M | 313.37M | 212.41M | 277.93M |
| Stockholders Equity | 457.08M | 417.97M | 403.49M | 374.01M | 368.88M |
Cash Flow | |||||
| Free Cash Flow | 45.74M | 166.25M | 60.21M | 42.94M | 140.27M |
| Operating Cash Flow | 49.03M | 175.35M | 80.08M | 71.16M | 156.08M |
| Investing Cash Flow | -13.05M | -41.35M | -41.57M | -31.16M | -17.64M |
| Financing Cash Flow | -13.05M | -41.31M | -21.01M | -69.06M | -82.16M |
CMC Markets Technical Analysis
Positive
332.00
Price Trends
373.24
Positive
348.86
Positive
295.55
Positive
Market Momentum
4.57
Negative
71.93
Negative
42.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CMCX, the sentiment is Positive. The current price of 332 is below the 20-day moving average (MA) of 383.10, below the 50-day MA of 373.24, and above the 200-day MA of 295.55, indicating a bullish trend. The MACD of 4.57 indicates Negative momentum. The RSI at 71.93 is Negative, neither overbought nor oversold. The STOCH value of 42.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CMCX.
CMC Markets Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | £3.15B | 15.42 | 47.78% | 4.70% | 0.05% | 6.54% | |
76 Outperform | £6.00B | 12.71 | 26.63% | 3.62% | ― | ― | |
73 Outperform | £1.03B | 18.52 | 14.91% | 4.65% | 16.10% | 19.10% | |
73 Outperform | £2.18B | 12.59 | 9.39% | 6.35% | 4.73% | 15.14% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
51 Neutral | £670.22M | -22.43 | -9.28% | ― | -18.61% | 48.41% |
* Financial Sector Average
GB:CMCX
CMC Markets
430.00
207.19
92.99%
GB:CBG
Close Brothers Group
457.20
138.60
43.50%
GB:IGG
IG Group Holdings
1,843.00
814.30
79.16%
GB:PLUS
Plus500
4,600.00
1,300.78
39.43%
GB:TCAP
TP ICap
314.40
68.08
27.64%
CMC Markets Corporate Events
Executive/Board Changes
CMC Markets to Replace Risk Committee Chair as Clare Francis Steps Down
Neutral
Jun 4, 2026
CMC Markets plc, a leading online financial trading and B2B institutional solutions provider, has announced that Non-Executive Director Clare Francis will not seek re-election and will step down as Chair of the Risk Committee at the conclusion of ...
Business Operations and StrategyDividendsFinancial Disclosures
CMC Markets lifts profit 20% as B2B partnerships and Aussie stockbroking power record year
Positive
Jun 4, 2026
CMC Markets reported record net operating income of £392.6 million for the year to 31 March 2026, up 15% year-on-year, with profit before tax rising 20% to £101.3 million and a 21% increase in the full-year dividend. Growth was driven by...
Regulatory Filings and Compliance
CMC Markets Executives Acquire Shares Under UK Incentive Plan
Positive
May 6, 2026
CMC Markets plc has reported that two senior executives acquired small tranches of company stock under its UK Share Incentive Plan. Head of Global Strategic Partnerships David John Fineberg and Chief Operating Officer Jonathan Bendall each purchas...
Other
CMC Markets Executives Acquire Shares Under UK Incentive Plan
Positive
Apr 8, 2026
CMC Markets has disclosed transactions by senior executives involving the acquisition of ordinary shares under the company’s UK Share Incentive Plan. Head of Global Strategic Partnerships David John Fineberg and Chief Operating Officer Jonat...
Business Operations and StrategyExecutive/Board Changes
CMC Markets Adds Senior Finance Lawyer Emma Earp to Board
Positive
Mar 24, 2026
CMC Markets has appointed senior banking and finance lawyer Emma Earp as a Non-Executive Director, effective 1 April 2026, bringing her onto the Audit, Nomination, Remuneration and Risk Committees. With more than 15 years’ experience in comp...
Other
CMC Markets Executives Acquire Shares Under Incentive Plan
Neutral
Mar 6, 2026
CMC Markets has disclosed share transactions by senior executives under its UK Share Incentive Plan, reinforcing equity-based participation among key management. Head of Global Strategic Partnerships David John Fineberg and Chief Operating Officer...
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.