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BGC Group

BGC on Nasdaq. Security & commodity brokers, dealers, exchanges & services. Market value $3.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Financial services stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
13.8%five-year median

Yearly profit per dollar of owners' money: 14 cents. Above 10 is good.

Price to book
quarterly report to June 2026
5.2×

What you pay for each dollar of net assets: $5.16.

Earnings yield
past 12 months to June 2026
3.5%

Profit per $100 you pay: $3.49.

Quality score: 88 of 100. Price score: 21 of 100. Our list needs 70 on quality and 60 on price.

$11.85 a share, 43% above its 1-year low

Over the past year the price has ranged from $8.27 to $12.89.

Dividend: 0.7% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$2.0bn$1.8bn$2.0bn$2.3bn$2.9bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.54bn0.50bn0.49bn0.48bn0.48bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 7.4% a year
  • Buying back its own sharesYes, 11% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $846 million last quarter, up 8% on a year ago.
  • Profit: $72 million, up 26% on a year ago.
  • Spare cash over the past 12 months: $440 million, up from $344 million.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$561m
December 2024$572m
March 2025$664m
June 2025$784m
September 2025$737m
December 2025$756m
March 2026$955m
June 2026$846m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$15m
December 2024$24m
March 2025$55m
June 2025$58m
September 2025$28m
December 2025$14m
March 2026$84m
June 2026$72m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 367 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Howard W. Lutnick
    Insider or founder
    23.5%−2.8 pts
    Since 16 May 2025
    What they said

    Item 4 is hereby amended and supplemented with the following: Sale of Class A Common Stock to the Company On May 16, 2025, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and the Company's former Chief Executive Officer and former Chairman of the Board of Directors (the…

    Read the filing
  • Brandon G. Lutnick
    Insider or founder
    at least 23.4%+2.4 pts
    (filed with 2 related holders)
    Since 6 October 2025
    What they said

    Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions detailed below, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and the Company's former Chief Executive Officer and former…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    14.2%+2.9 pts
    Since 30 September 2025
  • 6.8%
    Since 31 March 2026
  • at least 5.8%
    (filed with 1 related holder)
    Since 31 December 2025
  • 5.2%
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Howard W. Lutnick
    Insider or founder
    Sold down below 5%
    Since 6 October 2025
    What they said

    Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions described in Amendment No. 19, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and the Company's former Chief Executive Officer and…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $95,500.

  • AUBIN JEAN-PIERRE
    Co-Chief Executive Officer
    Sold
    Date
    5 March 2026
    Shares
    10,000
    Price
    $9.55
    Value
    $95,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.