BGC Group, Inc (BGC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.7%

$1.29

vs $11.41 price

Levered DCF

$18.63

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.11

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.06×	34.85×	90.25×	29×	14.09×	28.57×	37.13×	8.62×
P/B	4.37×	4.77×	3.48×	2.09×	2.85×	1.92×	3.03×	2.17×
P/S	1.41×	1.94×	1.56×	0.79×	0.88×	0.71×	0.98×	0.87×
EV / EBITDA	11.7×	14.62×	17.46×	9.24×	7.43×	10.08×	11.51×	7.4×
Gross margin	89.5%	44.4%	45.1%	47.2%	31.8%	40.5%	42.0%	43.5%
Operating margin	10.5%	8.4%	7.0%	11.4%	-1.7%	10.7%	10.7%	11.1%
Net margin	5.2%	5.8%	1.8%	2.7%	6.2%	2.2%	2.1%	10.5%
Current ratio	89.14×	1.9×	0.71×	1.94×	1.68×	2.42×	2.25×	4.42×
Debt / equity	1.85×	1.64×	1.51×	1.81×	1.98×	2×	2×	1.02×
Interest coverage	2.52×	2.03×	1.8×	3.5×	-0.5×	2.85×	3.72×	5.03×
Dividend yield	0.9%	0.8%	0.6%	1.1%	0.9%	4.2%	9.4%	13.9%
Payout ratio	25.2%	26.9%	47.9%	30.5%	12.2%	134.1%	438.4%	114.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	14.1%	4.1%	7.3%	20.0%	6.0%	6.5%	26.3%
Return on invested capital	4.9%	4.7%	3.7%	5.4%	-1.4%	5.1%	4.2%	4.6%
Return on assets	3.5%	3.5%	1.1%	1.6%	3.7%	1.1%	1.1%	5.9%
Free cash flow yield	6.3%	5.7%	11.2%	11.8%	20.6%	15.0%	7.0%	-53.4%
Earnings yield	3.6%	3.0%	1.2%	3.5%	7.0%	3.1%	2.1%	12.1%
Enterprise value	$5.2B	$5.1B	$3.8B	$2.1B	$2.4B	$2.4B	$3B	$2.1B
Net debt / EBITDA	2.08×	2.21×	3.17×	3.16×	2.05×	3.9×	3.61×	1.57×
Cash conversion cycle (days)	110	180	133	181	257	262	291	319