BGC Group, Inc.
BGC · Security & Commodity Brokers, Dealers, Exchanges & Services · 490.0M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $89M (gross $115M, SBC $26M)
Reference price $9.55 · est. market cap ~$4.7B — last insider sale, 2026-03-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Fast-growing interdealer broker and emerging exchange operator (FMX/Fenics) with strong ROE and revenue growth but high leverage and thin net margins.
Strengths
- High growth: revenue +26.3% (93rd pct) and net income +25.8%, now the world's largest energy/commodities broker post-OTC Global
- Top-quartile returns: ROE 15.9% (80th pct), ROA 3.5% (75th pct)
Risks
- Elevated leverage (debt/equity 1.83, 89th pct) and negative tangible book; net margin only 5.3%
- Cantor/Lutnick control, leadership transition, and integration risk on a string of acquisitions
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
5.3%
Return on equity
15.9%
Return on assets
3.5%
Revenue growth (QoQ)
26.3%
Net-income growth
25.8%
Debt / equity
1.8×
Free cash flow
$373M
Tangible book value
-$104M
Cash & investments
$852M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-01 | Windeatt Sean A | Grant | 268K | — |
| 2026-04-01 | Windeatt Sean A | Tax withheld | 5.6K | $9.84 |
| 2026-04-01 | MERKEL STEPHEN M | Grant | 78K | $9.84 |
| 2026-04-01 | MERKEL STEPHEN M | Tax withheld | 17K | $9.84 |
| 2026-04-01 | Hauf Jason W. | Grant | 43K | — |
| 2026-04-01 | Hauf Jason W. | Tax withheld | 6.3K | $9.84 |
| 2026-04-01 | AUBIN JEAN-PIERRE | Grant | 270K | — |
| 2026-04-01 | ABULARRAGE JOHN J. | Grant | 351K | — |
| 2026-03-15 | AUBIN JEAN-PIERRE | Tax withheld | 14K | $9.57 |
| 2026-03-15 | ABULARRAGE JOHN J. | Tax withheld | 42K | $9.57 |
| 2026-03-05 | AUBIN JEAN-PIERRE | Sell | 10K | $9.55 |
| 2026-01-22 | Windeatt Sean A | Disposition | 246K | $9.17 |
| 2025-11-12 | Bell Linda A | Grant | 5.4K | — |
| 2025-11-12 | Richards David | Grant | 5.4K | — |
| 2025-11-12 | Addas William Dean | Grant | 5.4K | — |
| 2025-11-12 | MBANEFO ARTHUR U | Grant | 5.4K | — |
| 2025-10-06 | Lutnick Brandon | Buy | 3.9M | — |
| 2025-10-06 | CF GROUP MANAGEMENT INC | Buy | 9.0M | $9.21 |
| 2025-10-06 | CANTOR FITZGERALD, L. P. | Buy | 9.0M | $9.21 |
| 2025-10-06 | LUTNICK HOWARD W | Sell | 96.3M | — |
| 2025-10-06 | LUTNICK HOWARD W | Sell | 3.9M | — |
| 2025-10-06 | LUTNICK HOWARD W | Sell | 601K | — |
| 2025-10-06 | LUTNICK HOWARD W | Disposition | 338K | $9.21 |
| 2025-10-06 | LUTNICK HOWARD W | Sell | 9.0M | $9.21 |
| 2025-10-06 | Lutnick Brandon | Buy | 96.3M | — |
| 2025-10-06 | Lutnick Brandon | Buy | 9.0M | $9.21 |
| 2025-10-06 | Lutnick Brandon | Buy | 601K | — |
| 2025-10-03 | MERKEL STEPHEN M | Disposition | 17K | $9.21 |
| 2025-08-21 | Hauf Jason W. | Sell | 29K | $9.86 |
| 2025-07-30 | Hauf Jason W. | Tax withheld | 13K | $9.72 |
| 2025-06-10 | MBANEFO ARTHUR U | Disposition | 12K | $9.75 |
| 2025-06-10 | MBANEFO ARTHUR U | Sell | 18K | $9.77 |
| 2025-05-16 | LUTNICK HOWARD W | Disposition | 5.6M | $9.21 |
| 2025-05-16 | LUTNICK HOWARD W | Disposition | 10.5M | $9.21 |
| 2025-04-01 | Windeatt Sean A | Tax withheld | 5.6K | $9.22 |
| 2025-04-01 | AUBIN JEAN-PIERRE | Grant | 78K | — |
| 2025-04-01 | Windeatt Sean A | Grant | 73K | — |
| 2025-04-01 | ABULARRAGE JOHN J. | Grant | 165K | — |
| 2025-04-01 | Hauf Jason W. | Grant | 38K | — |
| 2025-04-01 | Hauf Jason W. | Tax withheld | 3.2K | $9.22 |
| 2025-04-01 | MERKEL STEPHEN M | Grant | 73K | — |
| 2025-04-01 | MERKEL STEPHEN M | Tax withheld | 8.5K | $9.22 |
| 2025-03-04 | Bell Linda A | Disposition | 13K | $9.35 |
| 2025-02-05 | LUTNICK HOWARD W | Tax withheld | 722K | $9.38 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Reg FDExhibits | filing ↗ |
| 2026-05-15 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-26 | Reg FDExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2025-12-29 | Reg FDExhibits | filing ↗ |
| 2025-11-13 | Shareholder vote | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-25 | 0001628280-26-045358 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001213900-26-057808 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001628280-26-033499 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031724 ↗ |
| 10-K/A | 2026-04-28 | 2025-12-31 | 0001213900-26-048621 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001628280-26-021427 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001628280-26-013162 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001628280-26-007499 ↗ |
| 8-K | 2025-12-29 | 2025-12-29 | 0001628280-25-058853 ↗ |
| 8-K | 2025-11-13 | 2025-11-12 | 0001213900-25-110021 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001628280-25-051029 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-049883 ↗ |