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BGC Group, Inc.

BGC

Financial Services · 12.23 +0.3% today

Isolated · not yet confirmedMarket checked 11 Sept, 12:50 GMT-4

Market read

BGC Group, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.

Company+0.3% todayVolume comparison unavailable
Market group0 of 1 activeCapital Markets · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Accrued commissions receivable increased by $109.6 million, alongside higher employee and partner receivables, changing the working-capital profile.
  • Six-month interest expense increased after the April 2025 issuance of 6.150% senior notes, partly offset by repayment of older notes.

Invalidation: The isolated read changes if BGC's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Financial Services · Capital Markets

No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Accrued commissions receivable increased by $109.6 million, alongside higher employee and partner receivables, changing the working-capital profile.
  • Six-month interest expense increased after the April 2025 issuance of 6.150% senior notes, partly offset by repayment of older notes.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Brokerage and capital-markets earnings model

For brokers and capital-markets platforms, the key question is how client activity, interest rates, customer balances, margin lending and market conditions translate into earnings and capital needs.

Key research questions
  • Can client and activity growth offset pressure from lower rates or weaker trading volumes?
  • Are customer balances, margin lending and credit conditions changing the risk profile?
  • Does the valuation reflect a durable earnings model or unusually favorable market conditions?
Annual periods9
Price observations327
Usable filing statements331
Verified relationships8
Evidence supporting the case
  • Latest annual revenue changed +34.7% year over year.
  • Operating cash flow covered net income at 2.54x in the latest annual period.
  • Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 98% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 71% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

12.22
6m+34.0%12m+21.8%24m—
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.7B-1.6%$0.32-1.2%
2022-12-31$1.4B-15.4%$0.13-7.5%
2023-12-31$1.6B+14.3%$0.07-1.9%
2024-12-31$1.8B+12.8%$0.25-2.2%
2025-12-31$2.4B+34.7%$0.31+0.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
“967.3 million as of June 30, 2025 was primarily related to the issuance of an aggregate of $700.0 million principal amount of BGC Group 6.150% Senior Notes, partially offset by a $115.0 million net decrease in borrowings under the Revolving Credit Agreement a…”
10-Q · Aug 10, 2026 ↗
Demand and volumepositive · 4 filings
“Our Rates revenues increased by $76.6 million, or 19.1%, to $478.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, reflecting higher volumes across all major interest rate products.”
10-Q · Aug 10, 2026 ↗
Foreign exchangepositive · 2 filings
“Fenics brokerage revenues increased by 17.4% to $149.5 million in the second quarter of 2026 over the prior year period driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange.”
10-Q · Aug 10, 2026 ↗
Macroeconomic conditionspositive · 1 filings
“The Company believes that changes in expected credit losses for its counterparties are impacted by changes in broad economic activity and, therefore, determined that the Real GDP growth rate was a reasonable metric to evaluate for macroeconomic adjustments.”
10-K · Mar 2, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales 2.4× · EV/sales 2.8×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.

Price action

How the market is pricing the story

12.23+0.3% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 12:50 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for BGC. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for BGC. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind BGC

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

MKTXMarketAxess Holdings Inc.competitorMay 11, 2026 ▾

“We compete with TP ICAP and Tradition across various Voice/Hybrid brokerage marketplaces as well as across multiple electronic marketplaces via Fenics, which additionally competes with Tradeweb and MarketAxess.”

MRXMarex Group LimitedcompetitorMay 11, 2026 ▾

“Additionally, we have become the largest participant in the energy, commodities and shipping markets, and are competing with ECS brokers such as Marex Group PLC, StoneX Group and Clarksons PLC.”

SNEXStoneX Group Inc.competitorMay 11, 2026 ▾

“Additionally, we have become the largest participant in the energy, commodities and shipping markets, and are competing with ECS brokers such as Marex Group PLC, StoneX Group and Clarksons PLC.”

Filing peers

CMECBOEBR

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

BGC is currently a Leader in the organic co-movement group Capital Markets. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for BGC; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.