Capital markets
33 companies · $535B combined revenue · $11.4B operating profit
The typical US-listed capital markets company grew revenue 19.4% and earnings 3.2% in its latest year, at a 14.4% operating margin, and 1 of 17 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 0% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more70%
- Operating leverage · Operating income growing faster than a growing revenue35%
- Margin expansion · Operating margin up 1 point or more42%
- Debt reduction · Debt down 5% or more, or net cash36%
Combined revenue · 30 companies reporting in US dollars
Combined operating margin
All 33 companies
| Median | – | 19.4% | 3.2% | 14.4% | -3.5% | 0.49x |
| MSMorgan Stanley | $70.6B | 14.4%▼ | 25.9%▲ | – | – | 3.06x▼ |
| GSGoldman Sachs | $58.3B | 8.9%▼ | 20.3%▲ | – | – | 2.85x▼ |
| BLKBlackRock | $24.2B | 18.7%▼ | -12.8%▼ | 29.1%▲ | – | 0.23x▲ |
| SCHWSchwab Charles | $23.9B | 22%▲ | 49%▲ | – | – | 0.49x |
| IBKRInteractive Brokers | $2.4B | 23.4%▲ | 27.9%▲ | – | – | – |
| HOODRobinhood Markets | $4.5B | 51.6%▲ | 33.5%▲ | – | – | – |
| COINCoinbase Global | $7.2B | 9.4%▼ | -51.1%▼ | 20%▲ | 6.8%▲ | 0.49x▲ |
| RJFRaymond James Financial | $15.9B | 6.6%▼ | 3.2% | – | – | 0.06x▲ |
| NMRNomura | JPY 1.20T | 12.7%▼ | 6.3%▲ | – | – | 4.67x▼ |
| CRCLCircle Internet | $110M | 624%▲ | -145%▼ | -87.8%▼ | -2.8%▲ | – |
| XPXP | BRL 8.0B | 7.3%▼ | 14.5%▲ | 68.4%▲ | – | 0.01x▲ |
| FUTUFutu | HKD 10.6B | 74.9%▲ | 108%▲ | 133%▲ | 34.6%▲ | – |
| BMNRBitmine Immersion Technologies | $6M | 84.1%▲ | – | 7288%▲ | 5.1%▲ | – |
| SEICSei Investments | $2.3B | 8.1%▼ | 23.1%▲ | 27.3%▲ | – | 0.00x▲ |
| IRENIREN | $707M | 41.1%▲ | -908%▼ | -148%▼ | -7.7%▼ | 1.81x▼ |
| FRHCFreedom | $2.2B | 9.3%▼ | 101%▲ | – | – | – |
| GLXYGalaxy Digital | $60.2B | 41.7%▲ | -170%▼ | -0.4%▼ | -3.5% | 1.24x▼ |
| SFStifel Financial | $3.8B | 14.5%▼ | -6.5%▼ | – | – | 0.10x▲ |
| JEFJefferies Financial | $5.5B | 14.2%▼ | -4.7%▼ | 78.4%▲ | – | 1.67x▼ |
| HUTHut 8 | $235M | 44.8%▲ | -168%▼ | -137%▼ | -13.5%▼ | – |
| WULFTerawulf | $168M | 20.3%▲ | – | -111%▼ | -3.9%▼ | 22x▼ |
| MKTXMarketaxess | $846M | 3.6%▼ | -10%▼ | 40.4%▲ | – | – |
| RIOTRiot Platforms | $647M | 71.9%▲ | -706%▼ | -96.1%▼ | -17.9%▼ | 0.29x▲ |
| VIRTVirtu Financial | $617M | 19.4% | 69.4%▲ | 199%▲ | – | 1.29x▼ |
| BLSHBullish | $245B | -2.2%▼ | -1087%▼ | -0.3%▼ | -19.2%▼ | 0.03x▲ |
| CORZCore Scientific | $319M | -37.5%▼ | – | -77%▼ | -15.7%▼ | – |
| PIPRPiper Sandler Companies | $1.8B | 21.7%▲ | 55.3%▲ | 20.4%▲ | – | – |
| CIFRCipher Digital | $224M | 48%▲ | – | -188%▼ | -11.7%▼ | 3.41x▼ |
| BULLWebull | $571M | 46.3%▲ | – | 8.9%▼ | 4.6%▲ | – |
| WTWisdomTree | $494M | 15.4%▼ | 63.6%▲ | 35.3%▲ | 14.2%▲ | – |
| MARAMARA | $59M | -39.2%▼ | -342%▼ | -2085%▼ | -18.1%▼ | 1.04x▼ |
| MIAXMiami International | $1.4B | 19.6%▲ | -169%▼ | 6.7%▼ | 10%▲ | 0.00x▲ |
| CLSKCleanspark | $766M | 102%▲ | – | 41.6%▲ | 11.1%▲ | 0.30x▲ |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).