Revenue growth remains inconsistent with quarterly figures oscillating between $13.9 million and $28.9 million, while gross margins experienced a dramatic collapse from 57.2% in 2025Q1 to 0.6% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 84.69M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 34.47M | 87.25M | 34.91M | 35.74M | 19.23M | 26.27M | 21.26M | 19.47M | 13.37M | 7M | 4.06M | 3.47M | 4.1M | 4.76M | 8.2M | 7.36M | 8.44M | 123K | 813K | 33.91M | 30.97M | 30.19M | 27.61M | 22.34M | 23.46M | 32.02M | 44.34M | 0 | 25.66M | 0 | 24.16M |
| Gross Margin % | 40.7% | 92.63% | 43.35% | 51.54% | 38.37% | 38.91% | 38.75% | 45.51% | 44.5% | 53.42% | 41.41% | 34.38% | 29.22% | 29% | 39.06% | 36.46% | 40.65% | 100% | 100% | 100% | 100% | 99.99% | 99.9% | 100% | 100% | 100% | 100% | - | 100% | - | 100% |
| Gross Profit Growth % | - | 149.98% | -2.34% | 85.92% | -26.81% | 23.53% | 9.23% | 45.63% | 90.85% | 72.38% | 17.06% | -15.34% | -13.81% | -41.96% | 11.3% | -12.77% | 6763.41% | -84.87% | -97.6% | 9.5% | 2.58% | 9.37% | 23.54% | -4.77% | -26.72% | -27.79% | - | -100% | - | -100% | 18.04% |
| Operating Expenses | 41.1M | 81.24M | 17.44M | 17.62M | 18.79M | 19.68M | 16.98M | 14.96M | 6.01M | 4.69M | -1.51M | 379K | -2.56M | -1.07M | 7.25M | 11.75M | 13.4M | 2.62M | 3.6M | 31.32M | 25.06M | 26.98M | 26.59M | 22.15M | 20.25M | 27.67M | 30.46M | -7.94M | 17.88M | -4.7M | 21.71M |
| OpEx % of Revenue | - | 86.24% | 21.66% | 25.4% | 37.49% | 29.16% | 30.94% | 34.97% | 20% | 35.8% | -15.44% | 3.75% | -18.25% | -6.53% | 34.57% | 58.17% | 64.52% | 2132.52% | 443.3% | 92.34% | 80.92% | 89.35% | 96.24% | 99.13% | 86.29% | 86.42% | 68.7% | - | 69.67% | - | 89.84% |
| Selling, General & Admin | 45.31M | 40.6M | 15.98M | 14.26M | 14.18M | 13.12M | 12.62M | 11.88M | 5.86M | 4.58M | 6.15M | 5.97M | 7.38M | 8.99M | 6.8M | 9.61M | 11.04M | 32.11M | 34.24M | 31.32M | 3.88M | 4.16M | 6.82M | 7.55M | 11.2M | 8.19M | 7.69M | 7.88M | 4.75M | 14.1M | 5.61M |
| SG&A % of Revenue | - | 43.1% | 19.85% | 20.56% | 28.3% | 19.43% | 22.99% | 27.77% | 19.52% | 34.93% | 62.66% | 59.11% | 52.59% | 54.81% | 32.43% | 47.55% | 53.16% | 26108.94% | 4211.56% | 92.34% | 12.51% | 13.77% | 24.66% | 33.78% | 47.75% | 25.57% | 17.35% | - | 18.49% | - | 23.2% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -6.64M | 6.02M | 17.47M | 18.13M | 440K | 6.58M | 4.28M | 4.5M | 7.36M | 2.31M | 5.58M | 3.09M | 6.66M | 5.83M | 943K | -4.38M | -4.96M | -2.5M | -2.79M | 2.6M | 5.91M | 3.21M | 1.01M | 193K | 3.22M | 4.35M | 13.88M | 7.94M | 7.78M | 4.7M | 2.46M |
| Operating Margin % | -7.84% | 6.39% | 21.7% | 26.14% | 0.88% | 9.75% | 7.81% | 10.53% | 24.5% | 17.62% | 56.85% | 30.63% | 47.47% | 35.53% | 4.49% | -21.71% | -23.88% | -2032.52% | -343.3% | 7.66% | 19.08% | 10.65% | 3.66% | 0.86% | 13.71% | 13.58% | 31.3% | - | 30.33% | - | 10.16% |
| Operating Income Growth % | - | -65.55% | -3.63% | 4019.55% | -93.32% | 53.68% | -4.93% | -38.79% | 218.61% | -58.59% | 80.4% | -53.58% | 14.29% | 518.03% | 121.51% | 11.57% | -98.36% | 10.43% | -207.39% | -56.02% | 83.79% | 218% | 423.83% | -94% | -26.01% | -68.67% | 74.85% | 1.98% | 65.6% | 91.38% | 96.47% |
| EBITDA | -3.96M | 8.42M | 18.85M | 20.15M | 1.44M | 8.03M | 5.85M | 5.51M | 7.5M | 2.42M | 5.86M | 3.38M | 6.93M | 5.96M | 1.23M | -3.87M | -4.43M | -2.02M | -2.31M | 3.29M | 6.69M | 4.34M | 2.48M | 1.97M | 4.93M | 5.71M | 14.4M | 8.32M | 7.96M | 4.9M | 2.56M |
| EBITDA Margin % | -4.68% | 8.94% | 23.41% | 29.05% | 2.86% | 11.89% | 10.66% | 12.87% | 24.98% | 18.5% | 59.67% | 33.44% | 49.37% | 36.33% | 5.85% | -19.13% | -21.35% | -1640.65% | -284.38% | 9.7% | 21.6% | 14.38% | 8.96% | 8.82% | 21.03% | 17.85% | 32.47% | - | 31.02% | - | 10.61% |
| EBITDA Growth % | -116.24% | -55.34% | -6.44% | 1303.9% | -82.12% | 37.24% | 6.21% | -26.61% | 209.44% | -58.58% | 73.43% | -51.27% | 16.28% | 385.57% | 131.75% | 12.83% | -119.72% | 12.72% | -170.29% | -50.83% | 54.02% | 75.47% | 25.57% | -60.06% | -13.63% | -60.31% | 73.05% | 4.51% | 62.45% | 91.08% | 94.27% |
| D&A (Non-Cash Add-back) | 2.67M | 2.4M | 1.38M | 2.02M | 995K | 1.45M | 1.57M | 1M | 144K | 115K | 277K | 284K | 267K | 130K | 284K | 520K | 525K | 482K | 479K | 690K | 780K | 1.13M | 1.46M | 1.78M | 1.72M | 1.37M | 518K | 382K | 177K | 200K | 108.46K |
| EBIT | -7.22M | 6.02M | 17.73M | 11.52M | -3.85M | 7.12M | 3.54M | 4.42M | 7.36M | 2.31M | -2.55M | -3.09M | -4.14M | -5.53M | -210K | -4.38M | -4.96M | -6.72M | -4.49M | 2.6M | 5.91M | 3.21M | 1.01M | 193K | 3.22M | 4.35M | 13.88M | 8.09M | 7.78M | 43.4M | 2.46M |
| Net Interest Income | 6.87M | -452K | -262K | -263K | -440K | -361K | -349K | -135K | 0 | -15K | 0 | 0 | 0 | 0 | 0 | 0 | 151K | 123K | 813K | 1.78M | 0 | -2K | -28K | -1K | -1K | -11K | -23K | 0 | -327K | 0 | -290.46K |
| Interest Income | 7.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151K | 123K | 813K | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 581K | 452K | 262K | 263K | 440K | 361K | 349K | 135K | 0 | 15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 28K | 1K | 1K | 11K | 23K | 0 | 327K | 0 | 290.46K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -7.8M | 5.57M | 17.47M | 11.26M | -4.29M | 6.75M | 3.2M | 4.28M | 7.36M | 2.31M | -5.58M | -3.09M | -6.62M | -5.83M | -137K | -5.36M | 3.05M | -2.5M | -2.79M | 5.46M | 5.91M | 3.21M | 983K | 193K | -3.22M | 4.34M | 13.86M | 7.94M | 7.46M | 4.7M | 2.17M |
| Pretax Margin % | -9.21% | 5.91% | 21.7% | 16.23% | -8.56% | 10% | 5.82% | 10.01% | 24.5% | 17.62% | -56.85% | -30.63% | -47.21% | -35.53% | -0.65% | -26.52% | 14.67% | -2032.52% | -343.3% | 16.11% | 19.08% | 10.64% | 3.56% | 0.86% | -13.71% | 13.54% | 31.25% | - | 29.06% | - | 8.96% |
| Income Tax | -2.29M | 445K | 4.17M | 3.42M | -1.3M | 1.72M | 221K | 1.05M | -4.6M | 153K | 0 | -275K | -27K | 19K | 34K | 23K | 1.61M | -1.32M | -1.03M | 1.77M | 2.48M | 1.35M | 450K | 70K | -1.58M | 1.85M | 5.86M | 3.33M | 3.14M | 2.1M | 201K |
| Effective Tax Rate % | 29.31% | 7.99% | 23.84% | 30.33% | 30.3% | 25.48% | 6.91% | 24.46% | -62.53% | 6.62% | 0% | 8.89% | 0.41% | -0.33% | -24.82% | -0.43% | 52.81% | 52.68% | 36.94% | 32.45% | 42.04% | 42.02% | 45.78% | 36.27% | 49.25% | 42.63% | 42.27% | 42.01% | 42.15% | 44.68% | 9.28% |
| Net Income | -5.51M | 5.12M | 13.29M | 7.83M | -1.99M | 5.06M | 2.98M | 3.24M | 11.96M | 2.16M | -5.58M | -2.87M | -6.56M | -5.91M | -171K | -5.38M | -2.64M | -1.18M | -1.76M | 2.26M | 3.42M | 1.86M | 533K | 123K | -1.63M | 2.49M | 8M | 4.6M | 4.31M | 2.6M | 1.96M |
| Net Margin % | -6.51% | 5.44% | 16.5% | 11.28% | -3.97% | 7.5% | 5.42% | 7.56% | 39.83% | 16.45% | -56.85% | -28.42% | -46.73% | -36.05% | -0.81% | -26.63% | -12.71% | -961.79% | -216.48% | 6.66% | 11.06% | 6.17% | 1.93% | 0.55% | -6.96% | 7.77% | 18.04% | - | 16.81% | - | 8.13% |
| Net Income Growth % | -130.2% | -61.46% | 69.77% | 493.27% | -139.3% | 70.18% | -8.07% | -72.95% | 454.57% | 138.67% | -94.42% | 56.25% | -10.91% | -3357.31% | 96.82% | -103.75% | -123.16% | 32.78% | -177.95% | -34.07% | 83.84% | 249.53% | 333.33% | 107.53% | -165.63% | -68.9% | 73.78% | 6.72% | 65.88% | 32.35% | 180.63% |
| Net Income (Continuing) | -5.51M | 5.12M | 13.3M | 7.84M | -2.99M | 5.03M | 2.98M | 3.24M | 11.96M | 2.16M | -5.58M | -2.82M | -6.6M | -5.85M | -171K | -5.38M | -2.64M | -1.18M | -1.76M | 2.26M | 3.42M | 1.86M | 533K | 123K | -1.63M | 2.49M | 8M | 4.6M | 4.3M | 2.6M | 1.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52K | 40K | -65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 1.01M | 989K | 971K | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | 0.13 | 0.33 | 0.21 | -0.06 | 0.16 | 0.10 | 0.11 | 0.44 | 0.10 | -0.25 | -0.13 | -0.30 | -0.27 | -0.01 | -0.24 | -0.12 | -0.05 | -0.08 | 0.10 | 0.15 | 0.08 | 0.02 | 0.01 | -0.07 | 0.11 | 0.34 | 0.20 | 0.19 | 0.12 | 0.06 |
| EPS Growth % | -130.34% | -60.61% | 57.14% | 442.02% | -138.38% | 64.78% | -11.73% | -75% | 340% | 140% | -92.31% | 56.67% | -11.11% | - | 96.79% | -100% | -125.14% | 32.7% | -179.2% | -33.33% | 87.5% | 300% | 100% | 113.72% | -166.27% | -67.65% | 70% | 5.26% | 58.33% | 108.7% | 72.16% |
| EPS (Basic) | - | 0.13 | 0.33 | 0.21 | -0.06 | 0.16 | 0.10 | 0.11 | 0.44 | 0.10 | -0.25 | -0.13 | -0.30 | -0.27 | -0.01 | -0.24 | -0.12 | -0.05 | -0.08 | 0.10 | 0.15 | 0.08 | 0.02 | 0.01 | -0.07 | 0.11 | 0.35 | 0.20 | 0.20 | 0.12 | 0.06 |
| Diluted Shares Outstanding | 40.8M | 40.36M | 39.95M | 37.07M | 32.41M | 31.32M | 30.64M | 30.46M | 27.16M | 22.51M | 22.09M | 22.09M | 22.09M | 22.09M | 22.1M | 22.11M | 22.17M | 22.2M | 22.21M | 22.27M | 22.25M | 22.13M | 22.28M | 22.45M | 22.4M | 22.7M | 23.27M | 23.24M | 22.24M | 21.67M | 20.94M |
| Basic Shares Outstanding | 40.8M | 40.36M | 39.95M | 37.07M | 32.41M | 31.32M | 30.64M | 30.46M | 27.16M | 22.51M | 22.09M | 21.67M | 21.99M | 21.66M | 22.1M | 22.11M | 22.17M | 22.19M | 22.21M | 22.21M | 22.13M | 22.09M | 22.11M | 22.31M | 22.4M | 22.44M | 22.89M | 22.73M | 21.6M | 21.67M | 20.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 49.44% | - | - | - | - | - | - | - | - | - | - | - | 24.8% | 10.48% | - | - | - | - | - | 1.51% | 8.69% | 2.32% | 0.7% | - |
High Operating Margin Volatility
As indicated by the quarterly income statement data, SIEB's top-line performance exhibits significant volatility, with revenue fluctuating between $13.9 million and $28.9 million over the last ten quarters, suggesting that the firm's growth trajectory remains highly sensitive to cyclical market conditions rather than consistent organic expansion.
The lack of a clear upward trend in revenue suggests that the firm struggles to decouple its performance from broader market volatility. Investors should monitor whether the recent revenue figures represent a sustainable shift in client acquisition or merely a temporary spike driven by favorable trading environments.
Based on the reported financial figures, SIEB's gross margin has experienced extreme variance, collapsing from 57.2% in 2025Q1 to a mere 0.6% in 2025Q2, which highlights a fundamental lack of pricing power and high sensitivity to the underlying cost of service delivery.
This erratic margin profile suggests that the firm's core brokerage and market-making activities are subject to unpredictable cost pressures. Such instability makes it difficult to forecast long-term profitability and implies that the firm may lack the scale necessary to maintain consistent margins during market downturns.
According to the provided income statement, SIEB's operating income frequently swings into negative territory, such as the -$5.8 million reported in 2025Q2, demonstrating that the firm's fixed cost base is not sufficiently leveraged to protect profitability during periods of revenue contraction.
The inability to maintain positive operating income during lower-revenue quarters suggests that SG&A expenses are relatively rigid. This operational structure warrants further investigation into whether management can effectively scale the business without incurring disproportionate administrative costs.
As reported in financial statements, SIEB's net income has been inconsistent, oscillating between significant losses and periods of profitability, with stock-based compensation periodically impacting the bottom line, which complicates the assessment of the firm's true underlying earnings power for potential investors.
The frequent swings between net losses and gains suggest that non-operating items or irregular trading results may be distorting the reported EPS. Analysts should be cautious in relying on quarterly earnings as a proxy for long-term value creation given these recurring bottom-line anomalies.
Based on the provided data, the firm's tendency to report negative operating margins during revenue dips suggests that the business model may be fundamentally fragile, potentially undermining the argument that SIEB is a scalable technology-driven financial services provider in a competitive market landscape.
Short-term spikes in revenue appear insufficient to offset the high fixed-cost burden, raising concerns about the firm's long-term viability. Investors should monitor whether the company can achieve a more stable cost structure before assuming that recent growth signals a permanent improvement in operational efficiency.
Quick answers to the most common questions about buying SIEB stock.
Siebert Financial Corp. (SIEB) is profitable, generating $5.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Siebert Financial Corp. (SIEB) reported an operating income of $6.0M, resulting in an operating profit margin of 6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Siebert Financial Corp. (SIEB) generated $87.3M in gross profit for the year, representing a gross profit margin of 92.6%. This demonstrates the company's core pricing power and production efficiency.