# Interactive Brokers Group (IBKR.US)

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

Analysis as of: 2026-10-16T07:29:13.829Z. Financial observations: FY2015–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: $86.03 per share; close as of 2026-10-15.

Estimated value: low $19.89 per share, central $24.86 per share, high $33.15 per share. Buy at or below the central value $24.86 per share. Valuation as of 2026-10-16T07:29:13.829Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.28×

Chart: Net income; fiscal year observations.

- FY2016: $84M

- FY2017: $76M

- FY2018: $169M

- FY2019: $161M

- FY2020: $195M

- FY2021: $308M

- FY2022: $380M

- FY2023: $600M

- FY2024: $755M

- FY2025: $984M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 14.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.2%

- Cost / income, median: 34.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.2%

- FY2017: 7.4%

- FY2018: 15.2%

- FY2019: 12.5%

- FY2020: 11.3%

- FY2021: 14.4%

- FY2022: 14.6%

- FY2023: 17.9%

- FY2024: 17.8%

- FY2025: 18.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.2%

- Book return interval: 10 years

- Starting book value per share: $3.31

- Ending book value per share: $11.97

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 6.0%

- FY2017: 9.6%

- FY2018: 5.3%

- FY2019: 14.8%

- FY2020: 30.1%

- FY2021: 7.2%

- FY2022: 16.0%

- FY2023: 24.3%

- FY2024: 25.6%

- FY2025: 26.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 5.9%

- Diluted shares, 5-year annual growth: 6.6%

- Share growth excluding flagged crisis recapitalisations: 5.9%

- Five-year share growth excluding flagged crisis recapitalisations: 6.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.22×

- Book value created per share: $8.66

- Earnings retained per share after dividends and buybacks: $7.11

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 108

- FY2017: 113

- FY2018: 119

- FY2019: 123

- FY2020: 129

- FY2021: 152

- FY2022: 162

- FY2023: 169

- FY2024: 174

- FY2025: 178

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

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

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

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

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

## Price story

The price is 6.2 times annual sales · "Interactive Brokers delivers Q3 beat as net interest income, trading volumes jump" (finance.yahoo.com, Oct 2025) · net income +30.3%

Story as of 2026-10-16T09:58:55.628Z; price observation 2026-10-15.

The price is 6.2 times annual sales

- 2025-04-15: Interactive Brokers’ Earnings Climb on Spike in Trading Volume ([finance.yahoo.com](https://finance.yahoo.com/m/20ca262b-d8e0-3aaa-9a77-a5be5e979707/interactive-brokers%E2%80%99-earnings.html))

- 2025-07-18: Interactive Brokers trumps Q2 estimates on trading surge, shares jump ([investing.com](https://www.investing.com/news/earnings/interactive-brokers-beats-q2-estimates-on-trading-surge-shares-rise-4140659))

- 2025-10-16: Interactive Brokers delivers Q3 beat as net interest income, trading volumes jump ([finance.yahoo.com](https://finance.yahoo.com/news/interactive-brokers-delivers-q3-beat-211012234.html))

- 2026-04-22: Interactive Brokers Stock Slips After First-Quarter Revenue Misses Estimates ([finance.yahoo.com](https://finance.yahoo.com/m/6bb55865-ade2-3dde-9a69-a28e160561a2/interactive-brokers-stock.html))

- 2026-07-22: IBKR Q2 Earnings Beat Estimates as Revenues, DARTs Increase Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ibkr-q2-earnings-beat-estimates-151100754.html))

### Net income · FY2025

net income +30.3%; source https://www.sec.gov/Archives/edgar/data/1381197/000138119726000062/ibkr-20251231.htm; observed 2026-02-27.

- FY2016: $84M 

- FY2017: $76M 

- FY2018: $169M 

- FY2019: $161M 

- FY2020: $195M 

- FY2021: $308M 

- FY2022: $380M 

- FY2023: $600M 

- FY2024: $755M 

- FY2025: $984M 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are USD 6.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1381197/000138119726000062/ibkr-20251231.htm#000138119726000062 (filed 2026-02-27); FY2025: revenue 6205000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBKR.US: Interactive Brokers Group, Inc. operates as an automated electronic broker in the United States and internationally. The company engages in the execution, clearance, and settlement of trades in stocks, options, futures, foreign exchange instruments, bonds, precious metals, and cryptocurrencies; and the company provides custody, prime brokerage, securities, and margin lending services. It also offers custody and service accounts for hedge and mutual funds, ETFs, registered investment advisors, proprietary trading groups, introducing brokers, and individual investors. In addition, the company provides trading platforms, including IBKR Trader Workstation, IBKR Desktop, IBKR Mobile, and IBKR Client Portal platform, as well as IBKR GlobalTrader mobile application, and IBKR APIs, builds custom trading applications and automates any part of the trading process. Further, it offers IBKR Pro, IBKR Lite, IBKR Universal Account, insured bank deposit sweep program, investors' marketplace, mutual fund marketplace, bond marketplace, forecast and event contracts, fractional trading, no transaction fee program for exchange-traded funds, overnight trading hours, and karta visa infinite charge card. It serves institutional and individual customers through electronic exchanges and market centers. Interactive Brokers Group, Inc. was founded in 1977 and is headquartered in Greenwich, Connecticut.

### Why customers stay

It earns 14.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.0915032679738562],[2017,0.07364341085271318],[2018,0.15238954012623984],[2019,0.12519440124416797],[2020,0.11310904872389792],[2021,0.14392523364485982],[2022,0.1457614115841964],[2023,0.17942583732057416],[2024,0.17840264650283555],[2025,0.18527584259084917]]; median 0.1448433226145281. 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 84 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,26000000],[2017,28000000],[2018,29000000],[2019,31000000],[2020,32000000],[2021,38000000],[2022,40000000],[2023,42000000],[2024,92000000],[2025,134000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1381197/000138119726000062/ibkr-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 84000000 USD.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBKR.US SharesStats.PercentInsiders = 2.666 percentage points; cache date 2026-10-16.

### What could break it

"There are emerging legal and regulatory risks related to prediction markets" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1381197/000138119726000062/ibkr-20251231.htm (filed 2026-02-27); There are emerging legal and regulatory risks related to prediction markets

### What the price says

The price is 6.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 86.03 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.979647516694392; price multiple 6.153946292083803. FY2025 cash earnings/share 2.2301467641009585. Closing-price date 2026-10-15.

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

- 2016-10: $8.30 per share

- 2016-11: $9.18 per share

- 2016-12: $9.13 per share

- 2017-01: $9.34 per share

- 2017-02: $9.18 per share

- 2017-03: $8.68 per share

- 2017-04: $8.71 per share

- 2017-05: $8.72 per share

- 2017-06: $9.36 per share

- 2017-07: $10.01 per share

- 2017-08: $10.48 per share

- 2017-09: $11.26 per share

- 2017-10: $13.51 per share

- 2017-11: $14.27 per share

- 2017-12: $14.80 per share

- 2018-01: $16.00 per share

- 2018-02: $17.35 per share

- 2018-03: $16.81 per share

- 2018-04: $18.55 per share

- 2018-05: $18.20 per share

- 2018-06: $16.10 per share

- 2018-07: $14.97 per share

- 2018-08: $15.54 per share

- 2018-09: $13.83 per share

- 2018-10: $12.35 per share

- 2018-11: $14.46 per share

- 2018-12: $13.66 per share

- 2019-01: $12.60 per share

- 2019-02: $13.81 per share

- 2019-03: $12.97 per share

- 2019-04: $13.56 per share

- 2019-05: $12.70 per share

- 2019-06: $13.55 per share

- 2019-07: $12.82 per share

- 2019-08: $11.80 per share

- 2019-09: $13.45 per share

- 2019-10: $11.89 per share

- 2019-11: $12.11 per share

- 2019-12: $11.66 per share

- 2020-01: $11.75 per share

- 2020-02: $12.78 per share

- 2020-03: $10.79 per share

- 2020-04: $10.25 per share

- 2020-05: $10.59 per share

- 2020-06: $10.44 per share

- 2020-07: $12.40 per share

- 2020-08: $13.26 per share

- 2020-09: $12.08 per share

- 2020-10: $11.89 per share

- 2020-11: $13.19 per share

- 2020-12: $15.23 per share

- 2021-01: $15.30 per share

- 2021-02: $18.10 per share

- 2021-03: $18.26 per share

- 2021-04: $17.88 per share

- 2021-05: $16.82 per share

- 2021-06: $16.43 per share

- 2021-07: $15.47 per share

- 2021-08: $16.16 per share

- 2021-09: $15.59 per share

- 2021-10: $17.71 per share

- 2021-11: $18.46 per share

- 2021-12: $19.86 per share

- 2022-01: $17.05 per share

- 2022-02: $16.55 per share

- 2022-03: $16.48 per share

- 2022-04: $14.89 per share

- 2022-05: $15.39 per share

- 2022-06: $13.75 per share

- 2022-07: $14.67 per share

- 2022-08: $15.40 per share

- 2022-09: $15.98 per share

- 2022-10: $20.04 per share

- 2022-11: $20.08 per share

- 2022-12: $18.09 per share

- 2023-01: $19.99 per share

- 2023-02: $21.53 per share

- 2023-03: $20.64 per share

- 2023-04: $19.46 per share

- 2023-05: $19.31 per share

- 2023-06: $20.77 per share

- 2023-07: $21.83 per share

- 2023-08: $22.77 per share

- 2023-09: $21.64 per share

- 2023-10: $20.02 per share

- 2023-11: $19.46 per share

- 2023-12: $20.73 per share

- 2024-01: $22.19 per share

- 2024-02: $27.18 per share

- 2024-03: $27.93 per share

- 2024-04: $28.78 per share

- 2024-05: $31.43 per share

- 2024-06: $30.65 per share

- 2024-07: $29.82 per share

- 2024-08: $32.22 per share

- 2024-09: $34.84 per share

- 2024-10: $38.15 per share

- 2024-11: $47.77 per share

- 2024-12: $44.17 per share

- 2025-01: $54.36 per share

- 2025-02: $51.10 per share

- 2025-03: $41.40 per share

- 2025-04: $42.96 per share

- 2025-05: $52.42 per share

- 2025-06: $55.41 per share

- 2025-07: $65.56 per share

- 2025-08: $62.24 per share

- 2025-09: $68.81 per share

- 2025-10: $70.36 per share

- 2025-11: $65.02 per share

- 2025-12: $64.31 per share

- 2026-01: $74.88 per share

- 2026-02: $71.19 per share

- 2026-03: $67.07 per share

- 2026-04: $79.50 per share

- 2026-05: $86.97 per share

- 2026-06: $87.04 per share

- 2026-07: $87.99 per share

- 2026-08: $97.29 per share

- 2026-09: $85.42 per share

- 2026-10: $87.49 per share

## Annual estimated value (USD per share)

- FY2016: low $2.46 per share, central $3.07 per share, high $4.09 per share

- FY2017: low $1.84 per share, central $2.24 per share, high $2.88 per share

- FY2018: low $1.89 per share, central $2.30 per share, high $2.95 per share

- FY2019: low $2.11 per share, central $2.58 per share, high $3.31 per share

- FY2020: low $2.70 per share, central $3.29 per share, high $4.22 per share

- FY2021: low $2.84 per share, central $3.47 per share, high $4.45 per share

- FY2022: low $5.44 per share, central $6.80 per share, high $9.07 per share

- FY2023: low $9.34 per share, central $11.68 per share, high $15.57 per share

- FY2024: low $14.47 per share, central $18.09 per share, high $24.12 per share

- FY2025: low $20.30 per share, central $25.38 per share, high $33.84 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

Prior published observations retained from 2026-10-15T06:34:56.654Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1381197/000138119726000062/ibkr-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.