Interactive Brokers Group, Inc. (IBKR) intrinsic value & 10-year financials
Interactive Brokers Group, Inc. (IBKR) has a Graham intrinsic value of $73.74 per share. At $82.69 on Oct 17, 2026, the stock trades 12% above that value. Over the last 10 fiscal years revenue grew 5.8% a year to $2.4B, with an average return on invested capital of -5.6%.
- Graham intrinsic value
- $73.74
- Share price (Oct 17, 2026)
- $82.69
- Price vs Graham value
- 12% above
- Market cap
- $36.7B
- Revenue (FY2025)
- $2.4B
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- -5.6%
- Free cash flow (FY2025)
- —
IBKR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.4B | $4.4B | $2.22 | — | — | 90.4% |
| FY2024 | $2.0B | $3.4B | $1.73 | — | — | 86.6% |
| FY2023 | $1.6B | $2.8B | $1.42 | — | — | 87.4% |
| FY2022 | $1.5B | $1.8B | $0.94 | — | — | 70.3% |
| FY2021 | $1.6B | $1.6B | $0.81 | — | — | 75.3% |
| FY2020 | $1.3B | $1.2B | $0.60 | — | — | -83.4% |
| FY2019 | $847.0M | $1.1B | $0.53 | — | — | -80.3% |
| FY2018 | $925.0M | $1.1B | $0.57 | — | — | -116.9% |
| FY2017 | $1.9B | $793.0M | $0.27 | — | — | -105.5% |
| FY2016 | $1.5B | $699.0M | $0.31 | — | — | -79.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Interactive Brokers has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
Interactive Brokers has historically struggled to out-earn its cost of capital, averaging just -93.1% ROIC.
Interactive Brokers has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Interactive Brokers is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $73.74 per share.