BGCBGC Group, Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
- Revenue
- $2.4B
- 35% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $5.4B
- Employees
- 4,560
- $536K revenue each
- Net debt / EBITDA
- —
- $1.0B net debt
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo269% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo81% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo11% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$536K · 9th pctBottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 50th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$96K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.4B | $1.6B | $1.8B | $2.4B | 35% |
| Net income | $153M | $59M | $39M | $123M | $147M | 19% |
| Operating cash flow | $417M | $224M | $405M | $315M | $394M | 25% |
| Capex | $10M | $11M | $15M | $30M | $21M | 27% |
| Buybacks | $365M | $104M | $115M | $262M | $282M | 7.4% |
| Dividends | $15M | $15M | $17M | $34M | $39M | 14% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| May 26, 2023 | DEFM14A | — | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 6, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 57.8% | Passive |
| Oct 6, 2025 | LUTNICK HOWARD W | SCHEDULE 13D/A | 0.0% | Passive |
| May 19, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 62.5% | Passive |
| Feb 19, 2025 | CANTOR FITZGERALD, L. P. | SCHEDULE 13D/A | 56.8% | Passive |
| Nov 21, 2024 | CANTOR FITZGERALD, L. P. | SC 13D/A | 60.1% | Passive |
| Jul 12, 2023 | CANTOR FITZGERALD, L. P. | SC 13D/A | 29.7% | Passive |
| May 26, 2023 | CANTOR FITZGERALD, L. P. | SC 13D/A | 22.7% | Passive |
| Nov 16, 2022 | CANTOR FITZGERALD, L. P. | SC 13D/A | 24.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $96K · 1
- Net
- −$96K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 233 | 227 |
| FY2024 | $15M | $17M | 234 | 160 |
| FY2023 | $17M | $17M | 185 | 112 |
| FY2022 | $13M | $13M | 96 | 87 |
| FY2021 | $20M | $20M | 117 | 82 |