Latest Ratios: P/E Ratio 35.8x · EV/EBITDA 14.8x · ROE 13.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.3B | $4.3B | $4.3B | $3.5B | $1.9B | $2.5B | $2.2B | $3.1B | $1.7B | $4.4B | $2.9B |
| Enterprise Value | $6.2B | $5.2B | $5.1B | $4.2B | $2.6B | $3.2B | $3.1B | $4.0B | $2.1B | $4.6B | $4.2B |
| P/E Ratio → | 35.81 | 28.81 | 36.24 | 103.14 | 29.00 | 14.53 | 48.54 | 37.13 | 9.23 | 88.36 | 18.28 |
| P/S Ratio | 1.75 | 1.43 | 1.97 | 1.79 | 1.06 | 1.26 | 1.07 | 1.49 | 0.87 | 2.54 | 1.83 |
| P/B Ratio | 4.66 | 3.75 | 4.02 | 3.94 | 2.57 | 3.79 | 2.70 | 4.30 | 1.94 | 3.87 | 1.75 |
| P/FCF | 19.69 | 16.04 | 17.84 | 10.25 | 11.37 | 6.90 | 10.06 | 21.70 | — | 3.59 | — |
| P/OCF | 15.80 | 12.86 | 13.77 | 8.73 | 8.39 | 6.02 | 7.23 | 12.92 | — | 3.43 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.73 | 2.31 | 2.13 | 1.47 | 1.60 | 1.52 | 1.94 | 1.10 | 2.67 | 2.72 |
| EV / EBITDA | 14.78 | 12.44 | 19.16 | 19.26 | 9.41 | 67.35 | 10.20 | 13.23 | 7.44 | 27.05 | 22.46 |
| EV / EBIT | 19.59 | 15.39 | 19.33 | 31.27 | 16.80 | 12.95 | 20.84 | 22.89 | 9.90 | 57.07 | 23.75 |
| EV / FCF | — | 19.48 | 20.99 | 12.22 | 15.77 | 8.75 | 14.26 | 28.20 | — | 3.76 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.5% | 89.5% | 44.4% | 45.1% | 47.2% | 31.8% | 40.5% | 42.0% | 43.5% | 41.9% | 40.9% |
| Operating Margin | 10.5% | 10.5% | 8.4% | 7.0% | 11.4% | -1.7% | 10.7% | 10.7% | 11.1% | 6.1% | 8.1% |
| Net Profit Margin | 5.2% | 5.2% | 5.8% | 1.8% | 2.7% | 6.2% | 2.2% | 2.1% | 10.5% | 3.0% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 12.8% | 4.4% | 7.0% | 16.8% | 5.9% | 5.5% | 20.2% | 3.7% | 12.9% |
| ROA | 3.9% | 3.9% | 3.8% | 1.2% | 1.5% | 3.4% | 1.1% | 1.2% | 4.6% | 1.0% | 4.1% |
| ROIC | 8.6% | 8.6% | 5.8% | 5.0% | 7.9% | -1.2% | 7.5% | 9.0% | 9.1% | 2.9% | 3.3% |
| ROCE | 9.0% | 9.0% | 7.6% | 6.3% | 9.4% | -1.3% | 7.3% | 7.6% | 5.4% | 2.3% | 3.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.57 | 1.57 | 1.37 | 1.49 | 1.65 | 1.85 | 1.86 | 1.86 | 0.91 | 0.64 | 1.17 |
| Debt / EBITDA | 4.28 | 4.28 | 5.54 | 6.11 | 4.37 | 25.93 | 4.97 | 4.41 | 2.75 | 4.24 | 10.17 |
| Net Debt / Equity | — | 0.81 | 0.71 | 0.76 | 0.99 | 1.01 | 1.13 | 1.29 | 0.52 | 0.19 | 0.84 |
| Net Debt / EBITDA | 2.20 | 2.20 | 2.87 | 3.11 | 2.62 | 14.22 | 3.01 | 3.05 | 1.57 | 1.24 | 7.32 |
| Debt / FCF | — | 3.44 | 3.14 | 1.98 | 4.40 | 1.85 | 4.20 | 6.50 | — | 0.17 | — |
| Interest Coverage | 2.71 | 2.71 | 2.90 | 1.75 | 2.68 | 3.55 | 1.94 | 2.94 | 5.05 | 1.05 | 3.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 89.14 | 89.14 | 1.90 | 0.71 | 1.94 | 1.68 | 2.42 | 2.25 | 4.42 | 4.01 | 2.64 |
| Quick Ratio | 89.14 | 89.14 | 1.90 | 0.71 | 1.94 | 1.68 | 2.42 | 2.25 | 4.42 | 4.01 | 2.64 |
| Cash Ratio | 43.68 | 43.68 | 0.73 | 0.71 | 0.54 | 0.46 | 0.66 | 0.43 | 0.69 | 1.11 | 0.79 |
| Asset Turnover | — | 0.68 | 0.61 | 0.62 | 0.58 | 0.60 | 0.52 | 0.53 | 0.56 | 0.32 | 0.31 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 25.2% | 25.2% | 26.9% | 47.9% | 30.5% | 12.2% | 134.1% | 438.4% | 114.5% | 388.8% | 129.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.5% | 2.8% | 1.0% | 3.4% | 6.9% | 2.1% | 2.7% | 10.8% | 1.1% | 5.5% |
| FCF Yield | 5.1% | 6.2% | 5.6% | 9.8% | 8.8% | 14.5% | 9.9% | 4.6% | — | 27.9% | — |
| Buyback Yield | 5.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $481M | $479M | $490M | $499M | $540M | $547M | $525M | $324M | $454M | $433M |
High broker compensation sensitivity
Based on current market data, BGC trades at a forward P/E of 8.06, which appears to discount its electronic growth potential compared to peers like MarketAxess, suggesting investors remain skeptical of the firm's ability to fully transition from a high-touch brokerage model to a scalable electronic venue.
The divergence between the trailing P/E of 36.94 and the forward multiple indicates that the market is pricing in significant earnings recovery, likely tied to the FMX platform's success. However, the P/S ratio of 1.81 remains modest, reflecting the structural drag of high compensation costs that typically limit the valuation multiples afforded to pure-play electronic exchanges.
As reported in financial statements, BGC's ROIC has struggled to exceed 3.5% in recent quarters, a figure that remains structurally inferior to the double-digit returns generated by electronic peers, indicating that the firm's heavy reliance on human capital prevents efficient compounding of invested capital.
The low ROIC trend suggests that the capital deployed into the Fenics infrastructure has yet to achieve the necessary scale to offset the dilution from equity-based compensation. Investors should monitor whether the FMX initiative can drive a shift in the return profile, as current levels appear insufficient to justify the firm's cost of capital over the long term.
According to recent SEC filings, BGC's asset turnover remains persistently low at 0.19, highlighting the capital-intensive nature of its brokerage operations and the difficulty in achieving the high-velocity asset utilization seen in more automated financial services firms within the broader capital markets sector.
The erratic nature of the cash conversion cycle, evidenced by significant swings in DSO, suggests that the firm's liquidity is highly sensitive to the timing of large-block settlements. This lack of operational consistency may force the company to maintain higher cash buffers than would be required by a more streamlined electronic trading platform.
Based on reported figures, BGC's debt-to-EBITDA ratio of 10.66 in 2026Q1 underscores a precarious leverage position, which warrants further investigation into the firm's ability to manage interest obligations during periods of market volatility when trading volumes and brokerage commissions may face sudden, sharp contractions.
The interest coverage ratio has fluctuated significantly, dropping as low as 1.76 in 2025Q4, which suggests that the firm's debt service capacity is highly dependent on the cyclicality of the brokerage business. This leverage profile limits management's flexibility to pursue aggressive acquisitions without further diluting existing shareholders.
The P/E ratio is frequently misapplied to BGC, as it obscures the impact of massive stock-based compensation and partnership unit distributions that artificially depress earnings available to common shareholders, making the metric a poor proxy for the firm's true underlying cash-generating capability and operational health.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow, which better account for the firm's capital structure and the non-cash nature of its compensation expenses. Relying on P/E risks misinterpreting the firm's valuation by failing to account for the persistent dilution inherent in the current partnership-to-corporate transition.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BGC stock.
BGC Group, Inc's current P/E ratio is 35.8x. The historical average is 42.1x. This places it at the 55th percentile of its historical range.
BGC Group, Inc's current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
BGC Group, Inc's return on equity (ROE) is 13.9%. The historical average is 7.9%.
Based on historical data, BGC Group, Inc is trading at a P/E of 35.8x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BGC Group, Inc's current dividend yield is 0.73% with a payout ratio of 25.2%.
BGC Group, Inc has 89.5% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
BGC Group, Inc's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.