Overall Score

Revenue Model

Generates revenue through a commission-based brokerage and trading platform model with strong gross margins (82.7% TTM).

Revenue per share is $3.63 TTM and price-to-sales is 1.27x, indicating a reasonably valued but still cyclical business model.

No material change this month.

Profitability

TTM net profit margin is 17.6% and operating margin is 45.3%, showing solid operating leverage.

Return on invested capital is 21.0% and return on equity is 13.8%, supporting a healthy profitability profile.

No material change this month.

Balance Sheet

Current ratio is 1.12x and cash ratio is 0.58x, suggesting adequate near-term liquidity.

Debt remains modest with debt-to-assets at 2.1% and debt-to-equity at 0.20x.

No material change this month.

Cash Generation

Free cash flow generation is positive on a TTM basis, with free cash flow to firm of $57.6M.

Operating cash flow metrics are reported as zero in the current dataset, limiting confidence in cash conversion quality.

No material change this month.

Efficiency Unit Economics

Asset turnover is low at 0.08x, but fixed asset turnover is high at 44.9x, consistent with an asset-light platform model.

Working capital remains positive at $852.5M, though receivables days are elevated at 2,158.9 days, which may reflect brokerage settlement dynamics or data distortion.

No material change this month.