# BGC Group (BGC.US)

Canonical: https://gigainvestors.com/s/BGC

Analysis as of: 2026-10-16T07:26:54.614Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $11.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.06×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: -0.02×

- FY2022: 0.11×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.5%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 42.4%

- Recent gross margin (lower of latest and 3-year median): 44.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.9%

- FY2017: 19.9%

- FY2018: 21.2%

- FY2019: 14.6%

- FY2020: 14.6%

- FY2021: -3.7%

- FY2022: 14.4%

- FY2023: 8.8%

- FY2024: 11.7%

- FY2025: 17.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $603M

- Net income, five-year total: $491M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -14.8 pp

- Working capital / revenue, change between three-year averages: -120.5 pp

- Working capital / revenue, final three-year average: -13.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.23×

- FY2022: 1.33×

- FY2023: 1.57×

- FY2024: 1.07×

- FY2025: 1.24×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.9% vs 11.7%

- Per-share earnings: 0.27 to 0.27 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: -$2.6B

- Cumulative retained earnings: -$698M

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.4%

- Per-share value change: -$0.01

- Per-share value, starting three-year median: $0.27

- Per-share value, ending three-year median: $0.27

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 6.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $550M

- Cumulative net income, 10 years: $1.0B

- ROIC, first three-year median: 19.9%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.27

- FY2017: $0.07

- FY2018: $0.61

- FY2019: $0.09

- FY2020: $0.08

- FY2021: $0.23

- FY2022: $0.10

- FY2023: $0.07

- FY2024: $0.27

- FY2025: $0.32

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 98.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.15×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 17.0%

- FY2017: -22.8%

- FY2018: 29.6%

- FY2019: -5.0%

- FY2020: -6.6%

- FY2021: -8.8%

- FY2022: -5.7%

- FY2023: -11.6%

- FY2024: -5.2%

- FY2025: -4.1%

## Holders

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 98% since Oct 2023 · "BGC Q4 Deep Dive: Market Share Gains and Expansion in Electronic Trading Drive Growth" (finance.yahoo.com, Feb 2026) · sales +30%

Story as of 2026-10-16T09:58:23.623Z; price observation 2026-10-15.

- 2025-09-25: BGC Group Updates its Outlook for the Third Quarter of 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/bgc-group-updates-outlook-third-200500917.html))

- 2026-02-12: BGC Group beats top-line and bottom-line estimates; initiates Q1 outlook ([seekingalpha.com](https://seekingalpha.com/news/4551089-bgc-group-beats-top-line-and-bottom-line-estimates-initiates-q1-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-26: BGC Group Updates its Outlook for the First Quarter of 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bgc-group-updates-outlook-first-200500873.html))

- 2026-06-25: BGC Group Updates its Outlook for the Second Quarter of 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bgc-group-updates-outlook-second-120000760.html))

- 2026-07-30: BGC (NASDAQ:BGC) Posts Better-Than-Expected Sales In Q2 CY2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bgc-nasdaq-bgc-posts-better-134528605.html))

- 2026-08-03: BGC Q2 Earnings Beat on Record Revenues, Stock Falls as Costs Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bgc-q2-earnings-beat-record-150600581.html))

### Sales · FY2024–2025

sales +30%; source https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm; observed 2026-03-02.

- FY2016: $1.6B 

- FY2017: $1.8B 

- FY2018: $1.9B 

- FY2019: $2.1B 

- FY2020: $2.1B 

- FY2021: $2.0B 

- FY2022: $1.8B 

- FY2023: $2.0B 

- FY2024: $2.3B 

- FY2025: $2.9B 

### Gross margin · FY2025

gross margin 91.6%; source https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm; observed 2026-03-02.

- FY2016: 40.9% 

- FY2017: 41.5% 

- FY2018: 43.2% 

- FY2019: 41.6% 

- FY2020: 40.3% 

- FY2021: 31.4% 

- FY2022: 46.6% 

- FY2023: 44.1% 

- FY2024: 43.3% 

- FY2025: 91.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm#000162828026013162 (filed 2026-03-02); FY2025: revenue 2941460000; grossProfit 2693601000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 43.3% to 91.6% during 2023–25; it earns 14.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 44.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 43.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 91.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.039370382274100356],[2017,0.19883165661795793],[2018,0.2123482675074778],[2019,0.14616193237955477],[2020,0.14630368253131146],[2021,-0.03739588002603099],[2022,0.14445942224109534],[2023,0.08781164886222183],[2024,0.11728378129908962],[2025,0.1740619621941003]]; median 0.14531067731032504. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 281.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2016: growth capex 0; upkeep 36789000; owner earnings 210783000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 0; upkeep 57936000; owner earnings 58983000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 2846000; upkeep 71495000; owner earnings 202196000. Growth capex / owner earnings = 0.014075451542068093.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 13643000; upkeep 81868000; owner earnings 43901000. Growth capex / owner earnings = 0.3107674084872782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2020: growth capex 0; upkeep 84826000; owner earnings 45658000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 0; upkeep 53290000; owner earnings 152591000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 0; upkeep 58760000; owner earnings 65006000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 59898000; owner earnings 56784000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 72055000; owner earnings 136367000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 66034000; owner earnings 192237000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,240225000],[2017,200116000],[2018,231446000],[2019,306115000],[2020,123549000],[2021,67267000],[2022,43736000],[2023,17381000],[2024,34165000],[2025,38994000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 281514000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BGC.US SharesStats.PercentInsiders = 0.7849999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 11.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 6.115937207609939; price multiple 1.896683959666288. FY2025 cash earnings/share 0.3997026717954049. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.59 per share

- 2016-11: $9.77 per share

- 2016-12: $10.23 per share

- 2017-01: $11.07 per share

- 2017-02: $11.28 per share

- 2017-03: $11.36 per share

- 2017-04: $11.38 per share

- 2017-05: $11.79 per share

- 2017-06: $12.64 per share

- 2017-07: $12.61 per share

- 2017-08: $12.99 per share

- 2017-09: $14.47 per share

- 2017-10: $15.17 per share

- 2017-11: $16.33 per share

- 2017-12: $15.11 per share

- 2018-01: $14.31 per share

- 2018-02: $13.22 per share

- 2018-03: $13.45 per share

- 2018-04: $13.36 per share

- 2018-05: $11.46 per share

- 2018-06: $11.32 per share

- 2018-07: $10.74 per share

- 2018-08: $12.42 per share

- 2018-09: $11.82 per share

- 2018-10: $10.59 per share

- 2018-11: $10.54 per share

- 2018-12: $5.17 per share

- 2019-01: $6.19 per share

- 2019-02: $6.13 per share

- 2019-03: $5.31 per share

- 2019-04: $5.40 per share

- 2019-05: $4.70 per share

- 2019-06: $5.23 per share

- 2019-07: $5.51 per share

- 2019-08: $5.10 per share

- 2019-09: $5.50 per share

- 2019-10: $5.20 per share

- 2019-11: $5.80 per share

- 2019-12: $5.94 per share

- 2020-01: $5.77 per share

- 2020-02: $4.66 per share

- 2020-03: $2.52 per share

- 2020-04: $3.10 per share

- 2020-05: $2.58 per share

- 2020-06: $2.74 per share

- 2020-07: $2.77 per share

- 2020-08: $2.52 per share

- 2020-09: $2.40 per share

- 2020-10: $2.95 per share

- 2020-11: $4.14 per share

- 2020-12: $4.00 per share

- 2021-01: $3.55 per share

- 2021-02: $4.48 per share

- 2021-03: $4.83 per share

- 2021-04: $5.30 per share

- 2021-05: $5.90 per share

- 2021-06: $5.67 per share

- 2021-07: $5.35 per share

- 2021-08: $5.15 per share

- 2021-09: $5.21 per share

- 2021-10: $5.37 per share

- 2021-11: $4.47 per share

- 2021-12: $4.65 per share

- 2022-01: $4.22 per share

- 2022-02: $4.58 per share

- 2022-03: $4.40 per share

- 2022-04: $3.63 per share

- 2022-05: $3.26 per share

- 2022-06: $3.37 per share

- 2022-07: $3.65 per share

- 2022-08: $4.02 per share

- 2022-09: $3.14 per share

- 2022-10: $3.96 per share

- 2022-11: $4.31 per share

- 2022-12: $3.77 per share

- 2023-01: $4.35 per share

- 2023-02: $4.86 per share

- 2023-03: $5.23 per share

- 2023-04: $4.53 per share

- 2023-05: $4.07 per share

- 2023-06: $4.43 per share

- 2023-07: $4.76 per share

- 2023-08: $4.94 per share

- 2023-09: $5.28 per share

- 2023-10: $5.87 per share

- 2023-11: $6.50 per share

- 2023-12: $7.22 per share

- 2024-01: $7.06 per share

- 2024-02: $6.95 per share

- 2024-03: $7.77 per share

- 2024-04: $7.83 per share

- 2024-05: $8.67 per share

- 2024-06: $8.30 per share

- 2024-07: $9.21 per share

- 2024-08: $9.88 per share

- 2024-09: $9.18 per share

- 2024-10: $9.37 per share

- 2024-11: $9.74 per share

- 2024-12: $9.06 per share

- 2025-01: $9.54 per share

- 2025-02: $9.90 per share

- 2025-03: $9.17 per share

- 2025-04: $9.06 per share

- 2025-05: $9.28 per share

- 2025-06: $10.23 per share

- 2025-07: $9.27 per share

- 2025-08: $9.81 per share

- 2025-09: $9.46 per share

- 2025-10: $9.14 per share

- 2025-11: $8.70 per share

- 2025-12: $8.93 per share

- 2026-01: $9.11 per share

- 2026-02: $9.52 per share

- 2026-03: $9.78 per share

- 2026-04: $11.23 per share

- 2026-05: $10.45 per share

- 2026-06: $10.69 per share

- 2026-07: $11.52 per share

- 2026-08: $12.01 per share

- 2026-09: $11.53 per share

- 2026-10: $11.60 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1094831/000162828026013162/bgcg-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 1,447,070 BGC shares; USD 15,469,000 reported position value; 4.48% of portfolio; add; quarter 2026 Q2.

# BGC — BGC Group Inc.

Held by 1 investor · USD 15,469,000 total · 2026 Q2 · reported price USD 10.69 (split-adjusted).
Page: https://gigainvestors.com/s/BGC

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 15,469,000 | 4.5% | add +0.22% |

## Total held by quarter

- 2023 Q4: USD 12,360,113 · 1 holder · USD 7.22
- 2024 Q1: USD 13,484,680 · 1 holder · USD 7.77
- 2024 Q2: USD 14,387,784 · 1 holder · USD 8.30
- 2024 Q3: USD 15,899,016 · 1 holder · USD 9.18
- 2024 Q4: USD 15,716,907 · 1 holder · USD 9.06
- 2025 Q1: USD 15,903,522 · 1 holder · USD 9.17
- 2025 Q2: USD 17,900,843 · 1 holder · USD 10.23
- 2025 Q3: USD 16,571,451 · 1 holder · USD 9.46
- 2025 Q4: USD 15,710,370 · 1 holder · USD 8.93
- 2026 Q1: USD 14,121,743 · 1 holder · USD 9.78
- 2026 Q2: USD 15,469,000 · 1 holder · USD 10.69