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Wholesale inter-dealer broker for fixed income, FX and other financial instruments, spun off from Cantor Fitzgerald.
Wholesale inter-dealer broker for fixed income, FX and other financial instruments, spun off from Cantor Fitzgerald.
Earns commissions for matching banks and dealers in bonds, interest-rate and currency products, either through voice brokers or on its Fenics electronic platforms, so trading volume and market volatility drive income. Cantor Fitzgerald remains the controlling shareholder. Newmark, the real-estate services firm, was spun out in 2018.
Moat: narrow (scale, distribution, process know-how). Long-standing dealer relationships and voice/electronic hybrid brokerage network are hard to replicate quickly.
Headquarters: New York, New York, US · Founded: 2004 · Employees: 4,560
Size BGC (BGC) is a United States Financials company (Investment Banks/Brokers) with a market value of $4.89B, the 1196th largest of 3,117 United States companies the cockpit tracks. Shares closed at $10.48 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against -12.0% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 27.8% over the last twelve months (peer median +4.8%); the operating margin is 9.0% (peer median 35.5%).
Valuation It trades at 7.1× forward earnings against a peer median of 11.9× (4th cheapest of 19).
Credit BGC has 3 bonds outstanding ($1.55B), rated BBB- by the agencies and trading like BB at a weighted spread of 145 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.29B | $2.94B | $2.26B | $2.02B | $1.79B |
| Revenue growth | — | +30% | +12% | +13% | — |
| Gross profit | $3.07B | $2.72B | $2.08B | $1.85B | $1.64B |
| EBITDA | $404M | $358M | $298M | $201M | $215M |
| Net income | $199M | $155M | $127M | $36.3M | $48.7M |
| Free cash flow | $394M | $268M | $387M | $351M | $163M |
| Capital expenditure | $64.4M | $67.0M | $72.7M | $60.4M | $59.4M |
| Total debt | $2.00B | $1.99B | $1.48B | $1.34B | $1.21B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BGC BGC | $4.89B | -8% | +28% | 9% | 7.1× | n/a |
| TP ICAP TCAP.L | $2.97B | -1% | +4% | 11% | 8.9× | n/a |
| Tradeweb Markets TW | $29.7B | +17% | +14% | 44% | 27.9× | n/a |
| MarketAxess MKTX | $5.83B | +12% | +3% | 39% | 19.5× | n/a |
| Marex MRX | $4.76B | +17% | +25% | 32% | 10.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BGC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -3.1% | 7th lowest of 21 |
| 6-month return | -8.0% | -12.0% | 8th highest of 21 |
| Distance from 52-week high | -18.7% | -32.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +27.8% | +4.8% | 3rd highest of 21 |
| Operating margin | 9.0% | 35.5% | 3rd lowest of 21 |
| Forward P/E | 7.1× | 11.9× | 4th cheapest of 19 |
| Bond spread | 145 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BGC BGC | United States | $4.89B | -8% | +28% | 9% | 7.1× | n/a | n/a |
| SamsungSecu 016360.KS | South Korea | $4.87B | -31% | +19% | 71% | 4.0× | n/a | n/a |
| Tianfeng Securities 601162.SS | China | $4.91B | -9% | -20% | 3% | 65.0× | n/a | n/a |
| Hongta Securities 601236.SS | China | $4.72B | -11% | -4% | 39% | 26.8× | n/a | n/a |
| Piper Sandler Companies PIPR | United States | $4.65B | -19% | +20% | 21% | 14.6× | n/a | n/a |
| KIH 071050.KS | South Korea | $5.15B | -49% | +100% | 51% | 2.4× | n/a | n/a |
| Moelis & MC | United States | $4.62B | -13% | +14% | 18% | 16.9× | n/a | n/a |
| Huaan Securities 600909.SS | China | $5.17B | +23% | -18% | 121% | 6.2× | n/a | n/a |
| Sinolink Securities 600109.SS | China | $4.60B | -7% | +10% | 30% | 11.8× | n/a | n/a |
| Guangzhou Yuexiu Capital 000987.SZ | China | $5.20B | -23% | -44% | 11% | 7.6× | n/a | n/a |
| China Great Wall Securities 002939.SZ | China | $4.53B | -16% | -5% | 35% | n/a | n/a | n/a |
| Guoyuan Securities 000728.SZ | China | $4.53B | -6% | -23% | 34% | 10.3× | n/a | n/a |
| Galaxy Digital GLXY | United States | $5.31B | -55% | +430% | 1% | n/a | n/a | n/a |
| BOC International (China) 601696.SS | China | $4.37B | -16% | +6% | 35% | 24.7× | n/a | n/a |
| Nanjing Securities 601990.SS | China | $4.30B | -11% | -9% | 37% | 24.1× | n/a | n/a |
| Soochow Securities 601555.SS | China | $5.64B | -5% | +3% | 36% | 10.3× | n/a | n/a |
| IG Group Holdings plc IGG.L | United Kingdom | $4.23B | -38% | +16% | 40% | 8.7× | n/a | n/a |
| Changjiang Securities 000783.SZ | China | $5.77B | -13% | +13% | 37% | 8.1× | n/a | n/a |
| MarketAxess MKTX | United States | $5.83B | +12% | +3% | 39% | 19.5× | n/a | n/a |
| Avanza Bank AZA.ST | Sweden | $5.95B | +13% | +13% | 54% | 19.1× | n/a | n/a |
| SDIC Capital 600061.SS | China | $5.96B | -7% | -28% | 33% | 12.0× | n/a | n/a |
BGC has 3 bonds outstanding with $1.55B face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 5.97%, a spread of 145 bp over government bonds.