Interactive Brokers Group, Inc. (IBKR)
SurévaluéFondamental
52
Prix
$84.06
Capitalisation boursière
$153.04B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Avantage concurrentiel
Avantage de coûts · ÉtroitInteractive 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.
Ce qui stimule la demande
CycliqueNet 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
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.
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.
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.
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.
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.
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.
Bilan & Liquidités
Chiffre d'affaires
$6.86B
12 derniers mois (au 30/06/2026)
Résultat net
$4.90B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
-
Capitaux propres totaux
$5.36B
Passif total
$182.77B
Ratio de liquidité général
0.98
Couverture des intérêts
1.38
Dette/EBITDA
-
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$58.80
Prix actuel
$84.06
Marge de sécurité
-43.0%
Fourchette de juste valeur
$38.22 - $79.37
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
34.03
ROE
81.2%
Ratio P/B
0.93
P/FCF
-
Marge brute
-
ROIC
-
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
-
WACC
12.0%
ROIC − WACC
-
Critères d'analyse fondamentale
Réussi (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%
Échoué (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
Indisponible (8)
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Thomas Pechy Peterffy | Founder & Chairman | 81 |
| Mr. Milan Galik | President, CEO & Director | 58 |
| Mr. Paul Jonathan Brody | CFO, Treasurer, Secretary & Director | 65 |
| Dr. Thomas A. J. Frank Ph.D. | Executive Vice President | 69 |
| Mr. Denis Mendonca | Chief Accounting Officer | 50 |
| Ms. Nancy Enslein Stuebe | Director of Investor Relations | 61 |
| Mr. David Eric Friedland | Managing Director of Asia Pacific Operations | 61 |
Risque d'audit
4
Risque du conseil
10
Risque de rémunération
9
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-27
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-06
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-07-31
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for IBKR, sourced from Markets Gazette.
- 22d agoNEUTRALInteractive 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.
- 4/22/2026POSITIVEIndividual-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.
- 4/21/2026NEUTRALTranscript: 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.
- 4/10/2026NEUTRALInteractive 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.
- 4/9/2026POSITIVEThomas 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.
- 4/9/2026NEUTRALThomas 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.
- 3/31/2026POSITIVEInteractive Brokers launches crypto trading for retail investors in Europe
Interactive Brokers has expanded its offerings by launching cryptocurrency trading for retail investors across the European Economic Area. Clients can now trade 11 different cryptocurrencies directly within their existing brokerage accounts, alongside traditional assets like stocks and bonds. This move diversifies Interactive Brokers' product suite and caters to growing retail demand for digital asset exposure. For investors, this integration simplifies access to crypto markets, potentially increasing trading volumes and revenue for the brokerage firm, while offering a more consolidated investment experience.
- 3/10/2026NEUTRALThe 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