Interactive Brokers Group, Inc. (IBKR)
被高估基本面
52
价格
$86.61
市值
$153.04B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
成本优势 · 狭窄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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
资产负债表与流动性
营收
$6.86B
最近12个月(截至2026/6/30)
净利润
$4.90B
最近12个月(截至2026/6/30)
自由现金流
-
股东权益合计
$5.36B
负债合计
$182.77B
流动比率
0.98
利息覆盖率
1.38
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$58.80
当前价格
$86.61
安全边际
-47.3%
公允价值区间
$38.22 - $79.37
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
34.03
ROE
81.2%
市净率(P/B)
0.93
P/FCF
-
毛利率
-
ROIC
-
盈利能力雷达图
价值创造(经济护城河)
ROIC
-
WACC
12.0%
ROIC − WACC
-
基本面分析标准
通过(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%
未通过(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
不可用(8)
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
Piotroski F-评分
信号混杂:部分领域需关注
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 |
审计风险
4
董事会风险
10
薪酬风险
9
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
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 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.
- 3/10/2026NEUTRALThe 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