Latest Ratios: P/E Ratio 41.2x · EV/EBITDA 4.0x · ROE 5.3%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $40.8B | $28.8B | $19.3B | $8.8B | $7.3B | $7.5B | $4.9B | $3.6B | $4.1B | $4.2B | $2.5B |
| Enterprise Value | $35.8B | $23.9B | $31.9B | $16.4B | $12.9B | $16.9B | $10.6B | $4.5B | $5.5B | $5.1B | $4.9B |
| P/E Ratio → | 41.24 | 28.97 | 25.53 | 14.62 | 19.30 | 24.52 | 25.17 | 22.21 | 23.96 | 55.33 | 29.22 |
| P/S Ratio | 6.78 | 4.79 | 3.76 | 2.02 | 2.31 | 2.78 | 2.28 | 1.86 | 2.19 | 3.07 | 1.89 |
| P/B Ratio | 2.00 | 1.41 | 1.16 | 0.62 | 0.63 | 0.74 | 0.55 | 0.45 | 0.57 | 0.65 | 0.42 |
| P/FCF | 2.59 | 1.83 | 2.22 | 1.95 | 1.88 | 1.30 | 0.61 | 1.38 | 1.75 | 4.05 | 4.04 |
| P/OCF | 2.58 | 1.82 | 2.21 | 1.93 | 1.85 | 1.28 | 0.61 | 1.34 | 1.72 | 3.95 | 3.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.97 | 6.22 | 3.77 | 4.05 | 6.24 | 4.90 | 2.35 | 2.97 | 3.74 | 3.76 |
| EV / EBITDA | 4.03 | 2.68 | 4.02 | 2.47 | 4.00 | 8.09 | 6.87 | 2.31 | 3.19 | 4.22 | 5.43 |
| EV / EBIT | 4.07 | 2.65 | 4.04 | 2.52 | 4.26 | 8.43 | 6.97 | 2.52 | 3.32 | 4.02 | 5.83 |
| EV / FCF | — | 1.52 | 3.68 | 3.65 | 3.30 | 2.91 | 1.32 | 1.75 | 2.38 | 4.94 | 8.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.8% | 89.8% | 89.0% | 88.3% | 81.4% | 78.4% | 74.5% | 79.1% | 77.0% | 69.3% | 64.8% |
| Operating Margin | 86.0% | 86.0% | 84.2% | 83.8% | 74.6% | 68.6% | 60.8% | 74.0% | 72.6% | 73.0% | 61.6% |
| Net Profit Margin | 9.6% | 9.6% | 8.1% | 7.7% | 9.1% | 10.5% | 8.1% | 6.3% | 7.3% | 4.8% | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 4.9% | 4.7% | 3.5% | 3.2% | 2.3% | 2.1% | 2.5% | 1.2% | 1.5% |
| ROA | 0.6% | 0.6% | 0.5% | 0.5% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.1% | 0.2% |
| ROIC | 24.7% | 24.7% | 20.2% | 21.3% | 11.0% | 7.4% | 7.2% | 12.4% | 12.4% | 9.1% | 6.0% |
| ROCE | 22.2% | 22.2% | 26.7% | 28.2% | 14.6% | 9.7% | 9.2% | 15.2% | 14.1% | 9.6% | 8.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.98 | 0.81 | 0.77 | 1.15 | 1.11 | 0.48 | 0.57 | 0.41 | 0.75 |
| Debt / EBITDA | 0.00 | 0.00 | 2.05 | 1.72 | 2.79 | 5.63 | 6.46 | 1.95 | 2.34 | 2.18 | 4.84 |
| Net Debt / Equity | — | -0.24 | 0.76 | 0.54 | 0.48 | 0.92 | 0.63 | 0.12 | 0.20 | 0.14 | 0.42 |
| Net Debt / EBITDA | -0.56 | -0.56 | 1.59 | 1.15 | 1.72 | 4.49 | 3.68 | 0.48 | 0.84 | 0.75 | 2.71 |
| Debt / FCF | — | -0.31 | 1.46 | 1.69 | 1.42 | 1.62 | 0.71 | 0.37 | 0.63 | 0.88 | 4.02 |
| Interest Coverage | 2.13 | 2.13 | 1.88 | 1.89 | 2.96 | 8.98 | 5.81 | 2.80 | 3.58 | 5.66 | 10.63 |
Net cash position: cash ($5.0B) exceeds total debt ($19M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.16 | 1.12 | 1.09 | 1.14 | 0.59 | 0.60 | 0.63 | 0.66 | 0.53 |
| Quick Ratio | 1.13 | 1.13 | 1.16 | 1.12 | 1.09 | 1.14 | 0.59 | 0.60 | 0.63 | 0.66 | 0.53 |
| Cash Ratio | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.06 | 0.05 | 0.05 | 0.04 | 0.05 |
| Asset Turnover | — | 0.05 | 0.06 | 0.06 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.7% | 0.9% | 0.7% | 0.7% | 1.1% |
| Payout Ratio | 13.6% | 13.6% | 12.2% | 7.0% | 10.5% | 12.3% | 16.4% | 19.3% | 17.2% | 36.8% | 31.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.5% | 3.9% | 6.8% | 5.2% | 4.1% | 4.0% | 4.5% | 4.2% | 1.8% | 3.4% |
| FCF Yield | 38.6% | 54.7% | 45.0% | 51.2% | 53.2% | 77.1% | 163.2% | 72.3% | 57.2% | 24.7% | 24.7% |
| Buyback Yield | 0.2% | 0.3% | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% | 0.8% | 1.1% | 0.5% | 1.1% |
| Total Shareholder Yield | 0.5% | 0.8% | 0.8% | 0.9% | 0.8% | 0.9% | 1.0% | 1.6% | 1.8% | 1.2% | 2.1% |
| Shares Outstanding | — | $448M | $436M | $423M | $405M | $380M | $323M | $307M | $297M | $284M | $269M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying IBKR stock.
Interactive Brokers Group, Inc.'s current P/E ratio is 41.2x. The historical average is 26.6x. This places it at the 89th percentile of its historical range.
Interactive Brokers Group, Inc.'s current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.8x.
Interactive Brokers Group, Inc.'s return on equity (ROE) is 5.3%. The historical average is 9.4%.
Based on historical data, Interactive Brokers Group, Inc. is trading at a P/E of 41.2x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Interactive Brokers Group, Inc.'s current dividend yield is 0.33% with a payout ratio of 13.6%.
Interactive Brokers Group, Inc. has 89.8% gross margin and 86.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Interactive Brokers Group, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Rate cut sensitivity on NII
Metrics are mathematically derived from official filings.
Premium Multiple for a Scalable Utility
IBKR trades at 1.97x book and 40.5x trailing earnings, per current valuation metrics, implying the market prices it as a high-return technology platform rather than a traditional broker, with ROTCE expectations well above peers.
The P/B of 1.97x sits well above the peer median of roughly 2.1x for Schwab and Raymond James, but the forward P/E of 33x suggests investors are underwriting sustained double-digit earnings growth. Given the firm's 26% five-year net income CAGR, the multiple appears justified if NII remains resilient, but any sustained Fed easing could compress the earnings power and trigger de-rating. The market appears to value IBKR's automated clearing infrastructure as a quasi-utility, which may explain the premium to book relative to more asset-heavy brokers.
ROE Masked by Partnership Structure
Reported ROE of 1.4% in 2026Q2 understates true earning power, as the public entity holds only a minority stake in IBG LLC, per financial statements; adjusted pre-tax margins exceed 60%, indicating exceptional operating profitability.
The DuPont decomposition reveals that the low ROE is a function of the consolidated balance sheet's massive client cash deposits, which inflate assets and depress ROA to 0.1%. However, the efficiency ratio of 8.8% and gross margin of 89.8% indicate that the core brokerage generates substantial pre-tax income relative to its equity base. Analysts should adjust for non-controlling interests to see the underlying return on tangible equity, which likely exceeds 30%, reflecting the firm's structural cost advantage.
NIM Volatility Masks Rate Leverage
Net interest margin swung from -0.5% in 2026Q2 to 0.4% in 2026Q1, per reported figures, reflecting accounting quirks and rate sensitivity; the efficiency ratio at 8.8% remains the lowest in the peer group, underscoring exceptional cost control.
The negative NIM in some quarters appears to be a function of how client cash yields are recognized, not a true economic loss, as the firm earns spreads on segregated cash and margin loans. The efficiency ratio of 8.8% versus Schwab's 41.4% operating margin highlights the structural cost advantage of IBKR's automated platform. However, the volatility in NIM suggests that earnings are highly sensitive to the direction of short-term rates, and a sustained easing cycle could compress the spread on client cash balances, pressuring the efficiency ratio upward.
Debt-Free Balance Sheet Supports Growth
IBKR maintains a zero debt-to-equity ratio and equity-to-assets of 0.09, per balance sheet data, indicating a fortress-like capital position that requires no external funding for expansion, though regulatory capital requirements for clearing brokers remain a watch item.
The equity base grew 5.4% quarter-over-quarter to $5.9B in 2026Q2, driven by retained earnings, while the firm's debt-free status provides resilience against rate shocks. The equity-to-assets ratio of 9% is low relative to traditional banks, but this reflects the pass-through nature of client cash balances, not excessive leverage. Investors should monitor whether increased global capital requirements for clearing brokers force IBKR to hold more low-yield liquid assets, which could dilute returns on equity.
Provision Reversals Signal Minimal Credit Stress
Loan loss provisions were negative in every quarter, with -$1.0B in 2026Q2, per income statement data, indicating net reversals that suggest minimal credit losses on the margin lending book, though sustainability warrants scrutiny.
The negative provisions imply that IBKR's margin loan portfolio is performing well, with recoveries exceeding new charge-offs, which is consistent with a high-quality, collateralized lending book. However, the magnitude of the reversals—boosting operating income by roughly 40% in 2026Q2—raises questions about the sustainability of this tailwind. If credit conditions deteriorate, provisions could normalize, pressuring earnings, but the current data suggests the balance sheet is well-protected.
P/E Misleads on Earnings Quality
The trailing P/E of 40.5x, per current valuation metrics, is distorted by provision reversals and NII volatility, obscuring the firm's true earning power; adjusted pre-tax margins and ROTCE provide a clearer picture of profitability.
The P/E ratio is commonly misapplied to IBKR because it fails to account for the non-controlling interest structure and the lumpy nature of net interest income. A more appropriate metric is the price-to-tangible-book ratio, which at 1.97x reflects the market's valuation of the platform's earning power, or a forward P/E based on normalized NII. Investors should also adjust for provision reversals, which are non-recurring, to avoid overstating earnings quality. The market's focus on headline EPS misses the underlying strength of the automated brokerage model.