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Interactive Brokers Group, Inc. (IBKR)

Sobrevalorada
Financial ServicesCapital MarketsUnited States

Fundamental

52

Precio

$86.61

Capitalización Bursátil

$153.04B

Parte 1 · Cuánto vale la empresa

Resumen

Interactive Brokers runs a highly automated brokerage that lets individuals, financial advisors and institutions buy and sell stocks, options, futures, bonds and other securities on exchanges around the world. It built its own trading technology from the start rather than buying it, which lets it run with far fewer employees per dollar of client assets than most traditional brokers, and it has used that efficiency to expand aggressively outside the United States.

Cómo genera ingresos

Two sources dominate: a commission on every trade a client executes — roughly $2.1 billion for full-year 2025 — and net interest income of around $3.6 billion, earned on the gap between what the firm pays clients on cash balances and what it charges them to borrow on margin, plus interest it earns investing client cash itself. Commissions move with trading activity while net interest income moves with the level of prevailing interest rates, so the two sources are exposed to different, mostly unrelated risks.

Ventaja competitiva

Ventaja de costes · Estrecha

Interactive Brokers built its own order-routing and account infrastructure rather than assembling it from vendors, which lets it run at a lower cost per client than brokers with more manual processes and pass some of that saving on as lower fees. That edge is real but narrowing, as low-cost and zero-commission competitors have closed much of the price gap in the retail segment over the past decade.

Qué impulsa la demanda

Cíclico

Net interest income, the larger of the two main revenue sources, rises and falls directly with the level of central-bank interest rates rather than with any decision the company makes, and commission revenue swings with how actively clients trade, which itself tends to pick up in volatile markets and fade in calm ones.

Riesgos clave

  • Sensitivity to interest rates — A large share of profit comes from the spread between what the firm pays on client cash and what it earns; a sustained fall in interest rates compresses that spread and reduces net interest income.
  • Trading volume tied to market activity — Commission revenue depends on how much clients trade, which falls in prolonged calm or bearish markets when investors trade less frequently.
  • Client margin loan credit risk — The firm lends clients money against their portfolios; a sharp, fast market decline can leave some loans undercollateralized before positions can be liquidated, exposing the firm to losses.
  • Regulation across many jurisdictions — Operating exchanges and clients in numerous countries means complying with a wide range of securities and banking regulators, and a rule change in any one market can force costly operational adjustments.

Los argumentos a favor

Buyers argue that owning its own low-cost trading technology lets Interactive Brokers keep winning price-sensitive clients from higher-cost rivals, that its growing international account base diversifies it away from any single market, and that net interest income gives it a profit stream that does not depend on clients trading actively.

Los argumentos en contra

Sellers fear that a sustained fall in interest rates would remove the largest single driver of recent profit growth, that competitors have narrowed the cost advantage that once set Interactive Brokers apart, and that a sharp market shock could expose the firm to margin-loan losses faster than positions can be unwound.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users

P/E: 17.8Score: 69Market cap: $169.99B

The largest US self-directed brokerage, which since absorbing TD Ameritrade and thinkorswim competes with Interactive Brokers for the same active traders with commission-free stocks, options and futures on comparable professional platforms.

P/E: 49.8Score: 63Market cap: $0

Competes for the same self-directed retail accounts in the US and, increasingly, in Europe and Asia, on the same revenue streams — options and stock trading, margin lending and interest on idle cash.

P/E: 1.3Score: 80Market cap: $122.53B

Fights for the same Asian clientele trading Hong Kong and US shares from Hong Kong, Singapore and Japan, the markets where Interactive Brokers has historically been the international broker of reference.

P/E: 15.2Score: 68Market cap: $304.12B

Named by Interactive Brokers itself as a competitor on two fronts: the E*TRADE platform for self-directed investors and Morgan Stanley Electronic Trading for hedge funds and professional traders.

Saxo Bank A/SNot tracked

The closest European equivalent: a multi-asset online broker offering access to dozens of international markets to active private clients, wealth managers and introducing brokers, the same three customer segments Interactive Brokers serves outside the US.

Fidelity Investments (FMR LLC)Not tracked

A privately held US broker that competes for the same self-directed accounts and for the same registered investment advisors who choose where to custody client assets.

Balance y Liquidez

Ingresos

$6.86B

Últimos 12 meses (hasta 30/6/2026)

Beneficio Neto

$4.90B

Últimos 12 meses (hasta 30/6/2026)

Flujo de Caja Libre

-

Patrimonio Neto Total

$5.36B

Pasivo Total

$182.77B

Ratio de Liquidez

0.98

Cobertura de Intereses

1.38

Deuda/EBITDA

-

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

BancoSobrevalorado

Valor Justo

$58.80

Precio Actual

$86.61

Margen de Seguridad

-47.3%

Rango de Valor Justo

$38.22 - $79.37

Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.

Métodos de Estimación

Precio objetivo de los analistas:$105.82
Flujo de caja descontado (DCF):No aplicable a este tipo de empresa
Múltiplo sobre beneficios (P/E):$75.83
Fórmula de crecimiento de Graham:No aplicable a este tipo de empresa
Valor de la capacidad de generar beneficios (EPV):No aplicable a este tipo de empresa
P/B justificado:$24.80
Descuento de dividendos (Gordon):$3.95
P/FFO, fondos de operaciones:No aplicable a este tipo de empresa
Beneficios de mitad de ciclo:No aplicable a este tipo de empresa
Múltiplo sobre ingresos:No aplicable a este tipo de empresa
Consenso de Analistas:Compra Fuerte (17B / 4H / 0S)
Última Sorpresa de Resultados:+5.99%

Métricas de Valoración

Ratio P/E

34.03

ROE

81.2%

Ratio P/B

0.93

P/FCF

-

Margen Bruto

-

ROIC

-

Radar de Rentabilidad

Creación de Valor (Ventaja Competitiva)

ROIC

-

WACC

12.0%

ROIC − WACC

-

Criterios de Análisis Fundamental

Superado (11)

  • Price CAGR 25.94%
  • P/B Ratio 0.93
  • Operating Margin 78.0%
  • Low reliance on intangibles
  • ROE 20.5%
  • Revenue Growth 5Y 33.3%
  • Analyst Consensus 81% Buy
  • Earnings Surprise avg 3.7%
  • Earnings Quality (OCF/NI) 3.25
  • Share Dilution -0.3%
  • Net Margin Trend 71.3% vs 66.7%

Fallido (9)

  • EPS shows upward trend
  • EPS CAGR -0.05%
  • Debt/Equity ratio
  • Interest Coverage
  • Return on Tangible Assets
  • Price below Graham Number
  • DCF valuation (Unknown)
  • PEG Ratio 4.56
  • Piotroski F-Score 4/9

No disponible (8)

  • ROIC NaN%
  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA

Piotroski F-Score

4/9

Señales mixtas: algunas áreas requieren atención

score
criteria

Calidad de los Beneficios

3.25

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-0.3%

Recomprando acciones. Favorable para el accionista

Participaciones institucionales

Gobernanza

Equipo Directivo

NombreCargoEdad
Mr. Thomas Pechy PeterffyFounder & Chairman81
Mr. Milan GalikPresident, CEO & Director58
Mr. Paul Jonathan BrodyCFO, Treasurer, Secretary & Director65
Dr. Thomas A. J. Frank Ph.D.Executive Vice President69
Mr. Denis MendoncaChief Accounting Officer50
Ms. Nancy Enslein StuebeDirector of Investor Relations61
Mr. David Eric FriedlandManaging Director of Asia Pacific Operations61

Riesgo de Auditoría

4

Riesgo del Consejo

10

Riesgo de Compensación

9

Riesgo de Derechos del Accionista

10

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

Documentos

  • Informe anual (10-K)

    Un resumen anual del negocio, los resultados financieros y los riesgos de la empresa.

    Presentado el 2026-02-27

    Ver documento
  • Informe trimestral (10-Q)

    Una actualización del desempeño financiero de los últimos tres meses.

    Presentado el 2026-08-06

    Ver documento
  • Informe de hecho relevante (8-K)

    Un aviso sobre un hecho relevante, como un cambio de dirección o un anuncio importante.

    Presentado el 2026-07-31

    Ver documento

via SEC EDGAR

Historial de Resultados

via SEC EDGAR

Latest News

Recent headlines for IBKR, sourced from Markets Gazette.

  • 22d agoNEUTRAL
    Interactive Brokers' Friedland on Risk Appetite

    David Friedland, Regional Head at Interactive Brokers Group, noted a lack of significant decline in investor risk appetite. He also observed continued demand for IBKR's services during the KBFG Korea Conference in Seoul. This commentary suggests a stable, if not robust, market sentiment among investors utilizing Interactive Brokers' platform, indicating no immediate signs of widespread risk aversion that could impact trading volumes or client acquisition.

  • 4/22/2026POSITIVE
    Individual-investor ranks are burgeoning, according to Interactive Brokers. Here’s what those investors are buying.

    Interactive Brokers reported a significant 32% year-over-year increase in retail and institutional account growth during the first quarter. This surge in new accounts, particularly from individual investors, indicates a growing interest in market participation and trading. For investors, this trend suggests a potentially broadening base of market participants, which can contribute to increased liquidity and trading volumes. The company's ability to attract and service this growing client base positions it favorably in the brokerage sector, potentially leading to higher revenue and profitability.

  • 4/21/2026NEUTRAL
    Transcript: Interactive Brokers Group Q1 2026 Earnings Conference Call

    Interactive Brokers Group held its Q1 2026 Earnings Conference Call on April 21, 2026. The transcript provides detailed insights into the company's financial performance, operational highlights, and strategic outlook for the upcoming quarters. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should review the call details to assess management's commentary on market conditions, client growth, and profitability drivers to form their own investment thesis.

  • 4/10/2026NEUTRAL
    Interactive Brokers Founder Lost $90,000 To Insider Trading But Now Wants It Legalized

    Thomas Peterffy, founder and CEO of Interactive Brokers, has publicly stated his desire to abolish insider trading laws, citing personal losses of $90,000 due to such regulations. Peterffy argues that insider trading should be legalized, suggesting it could lead to more efficient markets by incorporating all available information into stock prices more rapidly. This controversial stance, while not directly impacting the company's current operations or financial health, raises significant ethical and regulatory questions for the financial industry and its participants. Investors may view this as a reputational risk or a philosophical debate with no immediate financial consequence.

  • 4/9/2026POSITIVE
    Thomas Peterffy on IBKR's Plan to Professionalize Prediction Markets | Odd Lots

    Interactive Brokers, a leading electronic brokerage, is venturing into the prediction markets space, aiming to professionalize the nascent industry. Founder and Chairman Thomas Peterffy believes prediction markets have the potential to become a significant instrument for institutional traders, moving beyond their current niche status. The firm's entry signals a strategic expansion into a potentially high-growth area, leveraging its established infrastructure and client base to attract professional participation. This move could transform prediction markets from a curiosity into a serious tool for sophisticated investors, potentially driving increased trading volume and innovation.

  • 4/9/2026NEUTRAL
    Thomas Peterffy on IBKR's Plan to Professionalize Prediction Markets

    Thomas Peterffy, the founder of Interactive Brokers, has expressed strong conviction in the future of prediction markets, suggesting they represent a significant growth area. While the article does not detail specific financial projections or immediate business impacts for Interactive Brokers, Peterffy's endorsement signals a potential strategic focus for the company. Investors will be watching for how IBKR plans to capitalize on this emerging market, which could lead to new revenue streams and enhanced platform offerings if successfully integrated.

  • 3/31/2026POSITIVE
    Interactive Brokers expands crypto trading to retail investors in Europe

    Interactive Brokers has expanded its cryptocurrency trading services to retail investors across the European Economic Area (EEA). Clients can now trade 11 different cryptocurrencies directly within their existing brokerage accounts, alongside traditional assets. This move broadens IBKR's digital asset offering and aims to capture a larger share of the growing retail crypto market in Europe. The integration allows for a seamless trading experience, potentially attracting new clients and increasing trading volume for existing ones.

  • 3/10/2026NEUTRAL
    The Structural Risks Investors Should Watch at Interactive Brokers

    Interactive Brokers Group Inc. faces scrutiny over potential long-term structural risks that may not be apparent in its quarterly financial reports. While the company's recent performance might appear robust, investors are advised to consider factors that could impact its value over extended periods. These underlying issues, though not immediately visible, could shape the company's trajectory and its ability to generate sustained shareholder returns. A thorough understanding of these structural elements is crucial for a comprehensive investment assessment.

via Markets Gazette