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Robinhood Markets, Inc. (HOOD)

割高
Financial ServicesCapital MarketsUnited States

ファンダメンタル

62

株価

$112.50

時価総額

$108.63B

パート1 · 企業の価値

概要

Robinhood is a commission-free brokerage app that lets people trade stocks, options and cryptocurrencies from their phone. It grew by removing the trading fees that traditional brokers used to charge, and now earns money in ways that are less visible to the user, mainly by routing customer orders to market makers and by lending out customers' idle cash and margin balances.

収益の仕組み

Transaction-based revenue comes from payment for order flow — market makers pay Robinhood for the right to execute customer trades — so it scales with how much customers trade rather than with a per-trade fee charged to them. Net interest revenue comes from lending customer cash, securities and margin balances, which rises with interest rates and with how much customers keep on deposit. A third, smaller stream comes from the Robinhood Gold subscription and other product fees.

セグメント別売上高

Net Interest Revenue33.9%

Interest earned on customer cash, securities lending and margin loans. Now Robinhood's largest single revenue source, and sensitive to interest rate levels.

Options Trading25.1%

Payment for order flow earned on options trades — historically Robinhood's single largest transaction revenue source.

Cryptocurrency Trading20.2%

Payment for order flow on crypto trades. The most volatile revenue line, moving with crypto prices and trading enthusiasm.

Other Revenue14.2%

The Robinhood Gold subscription, other transaction-based fees, and miscellaneous product revenue.

Equities Trading6.7%

Payment for order flow on stock trades — a smaller share than options or crypto despite equities being the most common trade type.

競争優位性(moat)

スイッチングコスト · 狭い

Once a customer's portfolio, tax records and linked bank account sit on Robinhood, moving them to another broker is enough hassle that many do not bother, and Gold-tier customers who use its debit card and cash management are further tied in. But the underlying trading products are nearly identical across brokers, and price-sensitive or professional traders switch fairly easily.

需要を左右する要因

景気循環型

Trading activity, and therefore transaction revenue, rises with market enthusiasm and volatility and falls when markets are quiet or falling and retail investors pull back. Net interest revenue depends on interest rate levels set by central banks, a separate cycle Robinhood does not control. Together this makes revenue considerably less predictable than a typical financial services business.

主なリスク

  • Dependence on trading volume and volatility — Transaction-based revenue depends on customers trading actively, particularly in options and crypto, and falls sharply when markets are calm or retail interest fades.
  • Interest rate sensitivity — Net interest revenue, now the largest single line, moves directly with the interest rates central banks set. A sustained rate-cutting cycle would remove a major source of revenue.
  • Regulatory scrutiny of payment for order flow — Payment for order flow, which underpins most of Robinhood's transaction revenue, has repeatedly drawn regulatory attention over whether it gives customers the best possible trade execution; a ban or restriction would remove the company's main revenue mechanism.
  • Concentrated, cost-sensitive customer base — Robinhood's user base skews toward younger, more price-sensitive retail traders who are quicker to reduce activity or move balances elsewhere when conditions turn against them.

強気材料

Buyers argue that Robinhood has successfully broadened beyond commission-free stock trading into options, crypto, retirement accounts and banking-like products, that Robinhood Gold subscribers are stickier and more valuable customers, and that net interest revenue provides a steadier base even when trading activity cools.

弱気材料

Sellers fear that revenue remains built on trading enthusiasm and interest rates rather than on a durable recurring base, that a payment-for-order-flow ban or restriction would remove the core revenue mechanism overnight, and that Robinhood's younger, more speculative customer base pulls back faster than average when markets turn.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 89.2Score: 75Market cap: $3.65B

Webull is the closest analogue to Robinhood: a mobile-first, commission-free US brokerage for self-directed retail investors that earns most of its revenue from payment for order flow on the same stocks, options and crypto trades.

P/E: 17.8Score: 75Market cap: $169.99B

Schwab, which absorbed TD Ameritrade, is the largest US retail brokerage and competes for the same self-directed customers and the same brokerage accounts, offering zero-commission stocks and ETFs plus the retirement accounts Robinhood has been adding.

P/E: 34.0Score: 66Market cap: $5.75B

Interactive Brokers targets the same active traders Robinhood monetises most — high-frequency options and margin users — and its IBKR Lite tier offers commission-free US stock trading to the same retail segment.

P/E: 44.8Score: 43Market cap: $52.55B

Coinbase competes directly for Robinhood's crypto trading volumes, offering US retail investors the same buying and selling of digital assets that forms one of Robinhood's largest transaction revenue lines.

P/E: 32.1Score: 49Market cap: $21.70B

SoFi Invest goes after the same young, mobile-first American customers with commission-free trading bundled into a banking app, the same combination of brokerage and cash products Robinhood sells.

Fidelity Investments (FMR LLC)Not tracked

Fidelity is a privately held brokerage that competes for the same retail brokerage and retirement accounts with zero-commission stock and ETF trading and a free cash-management offering aimed at the same first-time investors.

貸借対照表と流動性

売上高

$4.93B

直近12か月(2026/6/30まで)

純利益

$2.07B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

-

自己資本合計

$9.15B

負債合計

$28.99B

流動比率

1.22

利払い倍率

-

負債/EBITDA

-

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

銀行割高

適正価値

$80.73

現在株価

$112.50

安全マージン

-39.4%

適正価値レンジ

$52.48 - $108.99

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$130.08
ディスカウンテッド・キャッシュフロー(DCF):この種の企業には適用されません
利益倍率(P/E):$104.73
グレアムの成長公式:この種の企業には適用されません
収益力価値(EPV):この種の企業には適用されません
正当化されたP/B:$13.22
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):この種の企業には適用されません
中間サイクル利益:この種の企業には適用されません
売上高倍率:この種の企業には適用されません
アナリスト・コンセンサス:強い買い (27B / 6H / 1S)
直近の決算サプライズ:+6.69%

バリュエーション指標

P/E レシオ

49.78

ROE

20.6%

P/B レシオ

-

P/FCF

-

粗利益率

-

ROIC

-

収益性レーダー

価値創造(経済的モート)

ROIC

-

WACC

17.9%

ROIC − WACC

-

ファンダメンタル分析基準

合格(11)

  • EPS shows upward trend
  • Price CAGR 47.20%
  • Debt/Equity ratio
  • Current Ratio
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 22.7%
  • Revenue Growth 5Y 36.1%
  • Analyst Consensus 79% Buy
  • PEG Ratio 0.27
  • Share Dilution 1.6%

不合格(5)

  • DCF valuation (Unknown)
  • Earnings Surprise avg 2.3%
  • Earnings Quality (OCF/NI) 0.12
  • Net Margin Trend 42.0% vs 50.1%
  • Piotroski F-Score 3/9

データなし(11)

  • ROIC NaN%
  • Gross Margin NaN%
  • P/FCF NaN
  • P/B Ratio NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Interest Coverage
  • Debt/EBITDA
  • Price below Graham Number

Piotroski F-スコア

3/9

重大な財務上の懸念

score
criteria

利益の質

0.12

低品質:会計処理を調査してください

株式希薄化

1.6%

株式数は安定している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Vladimir TenevCo-Founder, President, CEO & Chairman of the Board38
Mr. Baiju Prafulkumar BhattCo-Founder & Director40
Mr. Daniel M. Gallagher Jr., J.D.Chief Legal, Compliance & Corporate Affairs Officer52
Mr. Steven M. QuirkChief Brokerage Officer60
Mr. Shiv Kumar VermaChief Financial Officer40
Ms. Stephanie Jannie Guild C.F.A.Chief Investment Officer-
Ms. Dara Ann BazzanoChief Accounting Officer & Principal Accounting Officer56
Mr. Chris KoegelVice President of Corporate Finance & Investor Relations-
Ms. Nora ChanSenior Director of Communications-
Ms. Connie SchanChief People Officer-

監査リスク

3

取締役会リスク

10

報酬リスク

9

株主権利リスク

10

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-18

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-30

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-07-29

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for HOOD, sourced from Markets Gazette.

  • 22h agoPOSITIVE
    Robinhood punta a dare un vantaggio ai trader con 2 nuove funzionalità

    Robinhood (HOOD) is enhancing its platform for active traders with significant new features, including integrated AI-driven 'agentic trading' for autonomous order execution and 24/7 weekend stock trading. The company also introduced prediction contracts on corporate KPIs and perpetual futures. CEO Vlad Tenev highlighted the goal of providing a competitive edge to its 28 million users. These advancements, aimed at institutional-style high-frequency trading for retail investors, come as Robinhood stock has already surged approximately 75%. The move signals Robinhood's aggressive strategy to capture a larger share of the active trading market.

  • 22h agoNEUTRAL
    Robinhood to Offer Weekend Equities Trade; Cal-Maine Falls on Sales Miss | Stock Movers

    Robinhood Markets Inc. is set to introduce weekend trading for equities, a pioneering move in modern US markets. This feature will allow clients to trade a curated selection of stocks and ETFs on Saturdays and Sundays. The announcement comes as the company aims to enhance its service offerings and capture a larger market share. While this innovation could attract new users and increase trading volume, its direct financial impact and long-term success remain to be seen. The news also coincides with other market movements, including Cal-Maine Foods missing sales estimates and Concentrix forecasting lower revenue.

  • 2d agoPOSITIVE
    Robinhood just rolled out trading agents to millions—and investing may never be the same

    Robinhood has launched AI-powered trading agents for millions of its users, integrating models from OpenAI and Anthropic. This move aims to democratize sophisticated trading strategies, potentially enhancing user engagement and transaction volumes on the platform. The introduction of AI agents could streamline investment decisions, making markets more accessible and efficient for a broader audience. For investors, this innovation signifies Robinhood's commitment to technological advancement and its strategy to capture a larger share of the retail trading market by offering cutting-edge tools.

  • 15d agoNEGATIVE
    US charges ex-Robinhood engineers over alleged pre-listing crypto trades

    US authorities have charged former Robinhood Markets Inc. engineers with allegedly profiting over $50,000 each through pre-listing trades of Hyperliquid perpetuals. This development casts a shadow over the company's internal controls and regulatory compliance, potentially impacting investor trust. While the alleged activity did not directly involve Robinhood's own stock or core operations, such accusations can lead to increased scrutiny, fines, and reputational damage, which may negatively affect the stock price.

  • 17d agoNEUTRAL
    Robinhood CEO says issuers should not have veto over tokenized stocks

    Robinhood CEO Vlad Tenev expressed his views on tokenized stocks, stating that issuers should have a say only when tokenized products alter shareholder rights or company obligations. However, Tenev believes issuers should not have veto power over the creation of separate instruments that are merely backed by shares. This stance could influence regulatory discussions and the development of digital asset frameworks, potentially impacting how financial instruments are structured and traded in the future. Investors will be watching for further clarity on these evolving market structures.

  • 20d agoNEUTRAL
    Robinhood’s crypto volume increases 61% in August, still down 38% YoY

    Robinhood Markets Inc. reported a significant 61% month-over-month increase in cryptocurrency trading volume for August, reaching $10.1 billion, largely driven by activity on the Bitstamp platform. Despite this surge, the company's overall crypto volume remains down 38% year-over-year, with trading on the Robinhood app itself declining 46% from the previous year. This mixed performance highlights a recovery in crypto trading interest but also a continued year-over-year contraction, presenting a complex picture for investors assessing the company's growth trajectory in the digital asset space.

  • 23d agoNEUTRAL
    Robinhood takes stakes in Crypto.com, OG.com in prediction markets deal

    Robinhood is expanding its prediction markets by taking stakes in Crypto.com and OG.com. The deal will see Robinhood route event contracts through OG.com's CFTC-regulated infrastructure. This strategic move aims to bolster Robinhood's presence in the burgeoning prediction markets sector, leveraging established infrastructure for regulatory compliance and operational efficiency. While the specific financial terms of the stakes are undisclosed, the partnership signifies Robinhood's commitment to diversifying its offerings beyond traditional brokerage services.

  • 24d agoPOSITIVE
    Perché il nuovo upgrade rialzista su Robinhood può essere un campanello d'allarme

    Robinhood Markets (NASDAQ: HOOD) experienced a volatile week, concluding at $122.11. Wall Street sentiment turned bullish, with Morgan Stanley upgrading the stock from Equal Weight to Overweight and raising its price target from $124 to $150. Piper Sandler increased its target to $145, and Scotiabank initiated coverage with an Outperform rating and a $136 target. This optimism fueled a 16.6% surge on Thursday to $124.72. Despite a slight pullback on Friday, the analyst upgrades suggest a positive outlook for the brokerage, potentially driven by perceived platform strengths and growth opportunities.

  • 28d agoPOSITIVE
    Analisi del prezzo di HOOD mentre i principali indicatori di Robinhood Chain aumentano

    Robinhood's stock (HOOD) has surged over 70% year-to-date, reaching $110 in after-hours trading. This rally is significantly driven by the rapid growth of Robinhood Chain, launched in July. The chain has achieved a total value locked (TVL) of $783 million, making it the eleventh largest in the crypto sector and outperforming many established Layer-1 and Layer-2 networks. This strong performance in a competitive crypto landscape suggests increasing adoption and utility for Robinhood's blockchain ecosystem, potentially boosting investor confidence in the company's future growth prospects.

via Markets Gazette