Explain this page
Arphra AIPlain-English read on Interactive Brokers Group, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
ATop tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin89.8%
Operating margin86.0%
Net margin9.6%
ROE4.8%
ROA0.5%
ROIC51.7%
Liquidity & leverage
Current ratio1.13×
Quick ratio1.13×
Debt / equity0.00×
Net debt / EBITDA-0.54×
Interest coverage2×
Efficiency & per-share
Asset turnover0.05×
Inventory days0
Days sales out.3430
FCF / share$35.15
Book value / share$45.71
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $74.09B | $111.1B | — | — | — | — |
| Enterprise value | — | — | — | $86.72B | $106.16B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 9.31 | 10.38 | — | — | — | — |
| EV / FCF | — | — | — | 10.00 | 6.74 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +3.95% | +3.44% | — | — | — | — |
| Free cash flow yield | — | — | — | +45.42% | +54.97% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +78.40% | +81.44% | +88.28% | +89.04% | +89.78% | +86.56% | +87.90% | +90.38% | +88.97% |
| Operating margin | +68.57% | +74.57% | +83.77% | +84.17% | +85.99% | +86.44% | +83.77% | +85.55% | +86.99% |
| EBITDA margin | +71.12% | +74.09% | +84.81% | +85.73% | +88.81% | +86.24% | +86.35% | +88.18% | +88.43% |
| EBIT margin | +68.40% | +71.95% | +83.54% | +84.65% | +87.86% | +87.53% | +85.67% | +85.97% | +84.23% |
| Pre-tax margin | +60.78% | +47.66% | +39.41% | +39.66% | +46.63% | +40.92% | +42.66% | +43.15% | +42.53% |
| Net margin | +10.48% | +9.06% | +7.71% | +8.10% | +9.62% | +8.24% | +8.64% | +8.44% | +8.52% |
| Cost structure | |||||||||
| Cost of revenue / sales | +21.60% | +18.56% | +11.72% | +10.96% | +10.22% | +10.77% | +10.95% | +11.30% | +10.74% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +7.11% | +4.72% | +3.24% | +3.79% | +2.73% | +3.17% | +3.16% | +3.24% | +3.22% |
| Effective tax rate | +8.45% | +7.81% | +8.37% | +7.79% | +8.68% | +8.57% | +8.21% | +7.94% | +8.12% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +3.01% | +3.27% | +4.27% | +4.55% | +4.81% | +4.48% | +4.50% | +4.58% | +4.55% |
| Return on assets (ROA) | +0.28% | +0.33% | +0.47% | +0.50% | +0.48% | +0.47% | +0.50% | +0.49% | +0.49% |
| Return on capital (ROC) | +9.16% | +15.19% | +25.65% | +23.86% | +42.94% | +29.74% | +28.01% | +29.50% | +29.40% |
| Return on invested capital (ROIC) | +1.40% | +1.85% | +2.36% | +2.30% | +4.80% | +2.83% | +2.89% | +2.91% | +2.88% |
| Asset turnover | +2.69% | +3.64% | +6.07% | +6.20% | +5.03% | +5.72% | +5.82% | +5.85% | +5.74% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.48% | +9.06% | +7.71% | +8.10% | +9.62% | +8.24% | +8.64% | +8.44% | +8.52% |
| Asset turnover (× revenue / assets) | +2.69% | +3.64% | +6.07% | +6.20% | +5.03% | +5.72% | +5.82% | +5.85% | +5.74% |
| Equity multiplier (× assets / equity) | +1067.43% | +991.33% | +911.72% | +904.63% | +992.77% | +951.22% | +895.71% | +927.17% | +931.10% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.03 | 0.04 | 0.06 | 0.06 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 |
| Fixed-asset turnover | — | — | — | — | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 0.05 | 0.10 | 0.17 | 0.14 | 0.11 | — | — | — | — |
| Payables turnover | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 7304.10 | 3706.60 | 2179.13 | 2627.95 | 3430.47 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 49825.66 | 44108.23 | 40820.03 | 41642.17 | 54687.19 | — | — | — | — |
| Cash conversion cycle | -42521.56 | -40401.64 | -38640.91 | -39014.22 | -51256.72 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 19.14 | 10.44 | 7.57 | 11.55 | 16.07 | 12.69 | 12.14 | 12.20 | 11.92 |
| FCF / Net income | 18.89 | 10.26 | 7.49 | 11.49 | 16.00 | 12.01 | 11.54 | 12.30 | 12.10 |
| FCF margin | +197.93% | +93.01% | +57.72% | +93.12% | +153.87% | +98.93% | +99.72% | +103.90% | +103.02% |
| OCF margin | +200.54% | +94.66% | +58.35% | +93.65% | +154.53% | +104.48% | +104.87% | +102.99% | +101.55% |
| CapEx / Revenue | +2.62% | +1.65% | +0.63% | +0.53% | +0.65% | +0.62% | +0.62% | +0.62% | +0.61% |
| CapEx / D&A | 1.04 | 0.82 | 0.52 | 0.51 | 0.72 | — | — | — | — |
| Stock-based comp / Revenue | +2.72% | +2.19% | +1.28% | +1.20% | +1.15% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.81 | 0.94 | 1.42 | 1.73 | 2.22 | 2.51 | 2.87 | 3.29 | 3.57 |
| EPS · basic | 0.82 | 0.94 | 1.43 | 1.75 | 2.23 | 2.51 | 2.89 | 3.34 | 3.58 |
| Book value / share | 26.90 | 28.66 | 33.22 | 38.07 | 45.71 | 28.68 | 34.05 | 37.65 | 40.80 |
| Tangible BV / share | 26.90 | 28.66 | 33.22 | 37.96 | 45.71 | 28.68 | 34.05 | 37.65 | 40.80 |
| Sales / share | 7.74 | 10.35 | 18.39 | 21.37 | 22.85 | 15.59 | 17.75 | 20.41 | 21.81 |
| Operating CF / share | 15.51 | 9.79 | 10.73 | 20.01 | 35.30 | 16.29 | 18.62 | 21.02 | 22.15 |
| Free cash flow / share | 15.31 | 9.62 | 10.62 | 19.90 | 35.15 | 15.43 | 17.70 | 21.21 | 22.47 |
| Dividends / share | 0.10 | 0.10 | 0.10 | 0.21 | 0.30 | 0.15 | 0.17 | 0.20 | 0.21 |
| Payout ratio | +12.34% | +10.53% | +7.00% | +12.19% | +13.62% | +11.60% | +11.25% | +11.34% | +11.15% |
| Retention ratio | +87.66% | +89.47% | +93.00% | +87.81% | +86.38% | +88.40% | +88.75% | +88.66% | +88.85% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +42.59% | +85.76% | +19.64% | +9.83% | -31.43% | +12.62% | +15.23% | +7.43% | +16.21% |
| Gross profit · YoY | — | +48.11% | +101.35% | +20.67% | +10.74% | -33.88% | +14.36% | +18.47% | +5.75% | +18.06% |
| Profit | ||||||||||
| Operating income · YoY | — | +55.06% | +108.67% | +20.21% | +12.21% | -31.06% | +9.14% | +17.67% | +9.24% | +19.72% |
| EBITDA · YoY | — | +48.54% | +112.62% | +20.94% | +13.77% | -33.41% | +12.77% | +17.67% | +7.73% | +19.42% |
| Net income · YoY | — | +23.38% | +57.89% | +25.83% | +30.33% | -41.28% | +18.15% | +12.62% | +8.35% | +13.24% |
| Operating | ||||||||||
| EBIT · YoY | — | +49.98% | +115.68% | +21.23% | +14.00% | -31.69% | +10.23% | +15.63% | +5.25% | +19.28% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +15.74% | +51.20% | +22.05% | +28.32% | +13.18% | +14.33% | +14.56% | +8.59% | +20.39% |
| EPS · basic · YoY | — | +15.60% | +51.32% | +22.38% | +27.43% | +12.40% | +15.19% | +15.54% | +7.30% | +20.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $11.8B | $8.96B | $11.36B | $16.26B | $19M | $7.49B | $8.48B | $9.62B | $10.64B |
| Net debt | $9.4B | $5.52B | $7.61B | $12.63B | -$4.94B | $4.37B | $4.99B | $5.38B | $6.2B |
| Net debt / EBITDA | 4.50 | 1.78 | 1.15 | 1.58 | -0.54 | 0.72 | 0.73 | 0.67 | 0.72 |
| Debt / equity | 1.15 | 0.77 | 0.81 | 0.98 | 0.00 | 0.58 | 0.56 | 0.57 | 0.58 |
| Debt / assets | +10.81% | +7.78% | +8.86% | +10.83% | +0.01% | +6.10% | +6.25% | +6.18% | +6.24% |
| Equity / assets | +9.37% | +10.09% | +10.97% | +11.05% | +10.07% | +10.51% | +11.16% | +10.79% | +10.74% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.33 | 3.05 | 1.92 | 1.91 | 2.15 | 2.01 | 2.04 | 2.03 | 2.09 |
| Operating income / interest | 9.00 | 3.07 | 1.90 | 1.87 | 2.09 | 2.01 | 1.98 | 1.97 | 2.06 |
| Interest expense | $224M | $1.02B | $3.44B | $4.19B | $4.22B | $3.01B | $3.34B | $3.96B | $4.13B |
| Liquidity | |||||||||
| Current ratio | 1.14 | 1.09 | 1.12 | 1.16 | 1.13 | — | — | — | — |
| Quick ratio | 0.70 | 0.49 | 0.49 | 0.60 | 0.64 | — | — | — | — |
| Cash ratio | 0.03 | 0.04 | 0.04 | 0.03 | 0.03 | — | — | — | — |
| Working capital | $12.41B | $8.6B | $11.89B | $18.23B | $20.81B | — | — | — | — |
| Working capital / revenue | +422.14% | +205.18% | +152.70% | +195.64% | +203.42% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 10.38x | 9.31x |
| Earnings yield | 3.4% | 4.0% |
| FCF yield | 55.0% | 45.4% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 18.3% | 17.6% |
| ROA | 0.5% | 0.5% |
| ROIC | 17.5% | 21.8% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.54 | 1.58 |
| Interest coverage | — | — |
| Current ratio | 1.13x | 1.16x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).