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Earnings transcript
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BGC
BGC Group, Inc
$11.86
-0.04
(-0.37%)
| Exchange: | NASDAQ |
| Market Cap: | 5.62B |
| Shares Outstanding: | 36.296M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | Sean A. Windeatt | |||||
| Full Time Employees: | 4547 | |||||
| Address: |
| |||||
| Website: | https://www.bgcg.com |
BGC Group, Inc. is a global financial services enterprise that specializes in both brokerage and advanced technology solutions, operating across the United States and internationally. The company facilitates transactions for an extensive array of financial products, including various fixed-income instruments like government and corporate bonds, other debt instruments, and their corresponding interest rate and credit derivatives. Their offerings also span equities, energy commodities, shipping, insurance products, and a range of futures and options. Beyond traditional brokerage, BGC provides a comprehensive suite of services, encompassing trade execution, robust connectivity, clearing operations, trade compression, and other crucial post-trade functions. They also deliver vital market information and essential back-office support to a diverse clientele. Technologically, BGC develops and deploys advanced electronic and hybrid brokerage systems, alongside other bespoke financial technology solutions. This includes offering valuable market data, related information services, and sophisticated analytics pertaining to financial instruments and market trends. Their integrated platform is engineered to offer clients significant flexibility in price discovery, trade execution, and transaction processing. Customers can choose from voice-assisted, hybrid, or fully electronic brokerage services for transactions conducted either over-the-counter (OTC) or via established exchanges. The firm primarily caters to a broad spectrum of institutional clients, including leading banks, broker-dealers, investment banks, trading entities, hedge funds, and other investment firms, in addition to governmental bodies and major corporations. BGC Group, Inc. was established in 1945 and maintains its corporate headquarters in New York, New York.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,979,979 | 2,206,595 | 3,008,178 |
| Gross Profit | 893,204 | 979,521 | 2,693,601 |
| EBITDA | 215,357 | 345,652 | 442,076 |
| Operating Income | 138,658 | 185,101 | 316,325 |
| Net Income | 36,265 | 126,988 | 154,962 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 3,175,937 | 3,591,967 | 4,408,273 |
| Total Liabilities | 2,277,781 | 2,512,728 | 3,262,931 |
| Total Stockholders Equity | 885,083 | 898,507 | 972,483 |
| Total Debt | 1,337,867 | 1,476,614 | 1,775,705 |
| Cash and Cash Equivalents | 655,641 | 711,584 | 851,502 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 405,203 | 315,350 | 0 |
| Capital Expenditure | -59,898 | -72,055 | 0 |
| Free Cash Flow | 345,305 | 243,295 | 0 |
| Net Income | 36,265 | 123,228 | 154,962 |
| Net Change in Cash | 170,886 | 60,377 | -733,273 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2027 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 3,653,286.760 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 3,710,659.066 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 3,681,972.917 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 516,312.559 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 524,420.886 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 520,366.723 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 752,701.180 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 765,167.404 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 758,934.292 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 871,296.383 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 884,979.481 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 878,137.933 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 1.580 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 1.590 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 1.570 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Performance: BGC has demonstrated consistent revenue growth as reported in recent income statements, reflecting strong operational efficiency and market demand for its offerings within the industry.
- Solid Free Cash Flow: The cash flow statements indicate a healthy free cash flow yield (freeCashFlowYieldTTM), suggesting BGC's ability to generate cash after funding capital expenditures, which supports financial flexibility and potential dividend payouts or reinvestment.
- Favorable Valuation Metrics: BGC's current price-to-earnings ratio (priceToEarningsRatioTTM) and forward P/E ratios indicate a reasonable valuation compared to industry averages (industry_avg_priceToEarningsRatioTTM), positioning the stock as potentially undervalued and attractive to investors.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates BGC intrinsic value between $7.47 – $13.36 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about BGC valuation
Is BGC Group, Inc (BGC) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for BGC Group, Inc (BGC) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BGC a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BGC trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BGC’s P/E ratio?
You can see BGC’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BGC?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BGC a good long-term investment?
Whether BGC fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BGC
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Daily snapshot
-0.37
Trading Metrics:
| Open: | 11.84 | Previous Close: | 11.9 | |
| Day Low: | 11.77 | Day High: | 11.92 | |
| Year Low: | 8.27 | Year High: | 12.89 | |
| Price Avg 50: | 11.31 | Price Avg 200: | 10.17 | |
| Volume: | 512284 | Average Volume: | 3.202M |
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Login — it's freeBGC full analysis
Welcome to MARKETSNAP’s SWOT analysis for BGC Partners! If you’re a long-term investor looking to dig into the potential of this financial services player, you’ve come to the right place. Today, we’re breaking down BGC Partners—known simply as BGC in the market (ticker: BGC)—with a deep dive into their strengths, weaknesses, opportunities, and threats. I’ll keep this conversational and packed with insights, so let’s get started and see if this stock deserves a spot in your portfolio. Overview of BGC…
