Interactive Brokers Group, Inc. (IBKR) 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

-80.5%

$14.90

vs $76.58 price

Levered DCF

$702.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.7

Distress 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	28.84×	25.24×	14.78×	19.14×	24.29×	24.97×	22×	23.76×
P/B	5.34×	4.46×	2.48×	2.55×	3.12×	2.5×	2.45×	3.13×
P/S	2.8×	2.05×	1.14×	1.73×	2.54×	2.01×	1.38×	1.73×
EV / EBITDA	11.69×	10.86×	6.37×	10.88×	18.43×	15.55×	7.95×	10.11×
Gross margin	89.8%	89.0%	88.3%	81.4%	78.4%	74.5%	79.1%	77.0%
Operating margin	86.0%	84.2%	83.8%	74.6%	68.6%	60.8%	74.0%	72.6%
Net margin	9.6%	8.1%	7.7%	9.1%	10.5%	8.1%	6.3%	7.3%
Current ratio	1.13×	1.16×	1.12×	1.09×	1.14×	0.59×	0.6×	0.63×
Debt / equity	0×	3.8×	3.17×	3.15×	4.93×	5.1×	2.64×	3.16×
Interest coverage	2.09×	1.87×	1.9×	3.07×	9×	5.64×	2.96×	3.63×
Dividend yield	0.5%	0.5%	0.5%	0.6%	0.5%	0.7%	0.9%	0.7%
Payout ratio	13.6%	12.2%	7.0%	10.5%	12.3%	16.4%	19.3%	17.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	17.6%	16.7%	13.3%	12.9%	10.0%	11.1%	13.2%
Return on invested capital	17.5%	21.8%	23.3%	13.9%	8.3%	7.2%	12.0%	13.1%
Return on assets	0.5%	0.5%	0.5%	0.3%	0.3%	0.2%	0.2%	0.3%
Free cash flow yield	55.0%	45.4%	50.6%	53.6%	77.8%	164.6%	73.0%	57.8%
Earnings yield	3.4%	4.0%	6.8%	5.2%	4.1%	4.0%	4.5%	4.2%
Enterprise value	$106.2B	$86.7B	$42B	$33.7B	$38.4B	$24.6B	$14.7B	$17B
Net debt / EBITDA	-0.54×	1.58×	1.15×	1.78×	4.51×	3.59×	0.51×	0.86×
Cash conversion cycle (days)	-51,257	-39,014	-38,641	-40,402	-42,522	-38,963	-33,878	-28,785