![Naga Group logo](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
June 2026
Proprietary AI analyst is now available
Largest Online Brokers Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Charles Schwab, Robinhood, Coinbase, Interactive Brokers and HiThink.
 | Charles Schwab is one of the largest retail-oriented financial-services companies in the US, with $11.9 trillion in client assets across its brokerage, banking, asset management, custody, financial advisory, and wealth-management businesses at the end of 2025. While best known for its retail brokerage offering, Schwab generates the lion’s share of its revenue and profits through its Charles Schwab Bank and asset management segments. The firm is a dominant player in registered investment advisor custody, with over 40% market share, and has recently pushed into wealth management with robo-advisory, direct indexing, and other managed-investment solutions. | $88 | -4% | $153B | $193B | 8.1x | 14.1x | ||
| Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology. Its vertically integrated platform has enabled the introduction of new products and services such as cryptocurrency trading, dividend reinvestment, fraud detection, derivatives, fractional shares, recurring investments, and others. | $88 | -6% | $80B | $81B | 18.1x | 32.0x | ||
| Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics. | $164 | -53% | $43B | $41B | 5.6x | 14.6x | ||
| Interactive Brokers is a large, automated, retail and institutional brokerage that boasted nearly $780 billion in customer equity at the end of 2025. The company cut its teeth as a market maker, introducing US financial markets to automated and algorithmic training before expanding into brokerage services in 1993. The firm has a wide-ranging client base, with its best-in-class order execution and extremely low margin lending rates catering to a sophisticated audience of hedge funds, proprietary traders, and introducing brokers that account for about 45% of the firm’s commissions. With operations spanning more than 160 electronic exchanges, 36 countries, and 28 currencies, Interactive Brokers caters to a global clientele, with more than 80% of active accounts sitting outside the US. | $87 | +57% | $39B | $34B | 3.3x | 3.7x | ||
 | Hithink RoyalFlush Information Network Co Ltd is engaged in providing Internet financial information services and online financial software. The company's business includes an online market trading system, mobile financial information service, fund sales, financial big data processing, and cloud services. It serves individuals, brokers, funds, private placements, banks, insurance, government, and research Institutional clients. | $33 | -18% | $25B | $24B | 26.5x | 44.9x | ||
| Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in US and European government debt, mortgage-backed securities, interest-rate swaps, and US and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service. | $101 | -31% | $21B | $20B | 9.6x | 13.8x | ||
 | Futu Holdings Ltd is an online broker providing one-stop online investing services. The company provides its services through its digital platform Futu NiuNiu, which includes market data, trading service, and news feed of Hong Kong, Mainland China, Singapore, and the United States equity markets. It generates its revenue in the form of brokerage commission and handling charge services, and interest income. | $96 | -23% | $13B | $13B | 4.6x | 7.3x | ||
 | Billionbrains Garage Ventures Ltd is engaged in carrying out the business of software designing, maintenance, testing and benchmarking, designing, developing computer software and solutions, carry on the business of providing, building, organizing of software tools, marketing and innovatization of licensed software, and consultancy services. The company operates the web & app based technology platform, 'Groww'. The company operates in one reportable segment mainly through the sale of financial services through a web & app based technology platform. It derives a substantial portion of its revenue from the broking services. | $2 | -- | $12B | $11B | 23.0x | 36.9x | ||
| StoneX Group Inc is a brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. Its customers include governmental and nongovernmental organizations, commercial banks, brokers, institutional investors, and investment banks. The company operates in the United States, South America, Europe, the Middle East and Asia, and other countries, out of which the majority of revenue is generated from the Middle East and Asia Region. | $114 | +25% | $9B | $29B | 0.2x | 14.5x | ||
 | Nordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville. | $35 | +28% | $9B | $9B | 14.5x | - | ||
 | XP Inc is a Cayman Island-based technology-driven financial services platform. It is a provider of low-fee financial products and services in Brazil. The company evaluates its business through a single segment such as monitoring operations, making decisions on fund allocation, and evaluating the performance. It generates revenue through the Brokerage commission. | $16 | -23% | $8B | $15B | 4.2x | 11.8x | ||
 | IG Group Holdings PLC provides online trading services to its clients. The majority of the company's revenue stems from its derivative products and contracts for difference (CFDs). The company operates through various segments which are The U.K. segment which derives its revenue from financial spread bets, CFDs, binary options, and execution-only stockbroking. The Australian segment derives its revenue from CFDs and binary options. The European segment derives its revenue from CFDs, binary options, and execution-only stockbroking. The Rest of the World segment derives its revenue from the operation of a regulated futures and options exchange as well as CFDs and binary options. The company generates more than half of its revenue from the U.K., followed by Europe and Australia. | $24 | +71% | $8B | $7B | 4.9x | 9.1x | ||
 | Swissquote Group Holding SA is engaged in providing online financial and trading services. It provides a comprehensive suite of online financial services to a broad spectrum of customers, ranging from retail investors, affluent investors to professional and institutional customers. The Group operates through Swissquote Bank Ltd and globally under the Swissquote brand. It has two segments namely the Securities trading and the Leveraged forex. The Group’s revenues are mainly generated by a transaction fee for each transaction. Swissquote’s core competencies include stock market trading, trading and custody of crypto assets, Forex trading and the Robo-Advisor solution. In addition, Swissquote is active in the payment card, mortgage and leasing markets. | $49 | -91% | $7B | $7B | 7.2x | - | ||
| One97 Communications Ltd is a digital ecosystem for consumers and merchants. The company is in the business of providing a) payment and financial services which mainly include payment facilitator services, facilitation of consumer and merchant loan distribution to consumers and merchants, wealth management, etc. b) marketing services which consist of aggregator for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses. The group generates the majority of its revenue from customers domiciled in India. | $11 | +10% | $7B | $5B | 6.0x | 43.5x | ||
 | Techcom Securities JSC is a securities firm known for its startup culture and WealthTech innovations. The company is focusing on investment and asset management products for middle-class clients, leveraging Techcombank's branch network and building online distribution channel. The company provides provide diverse investment support products and services such as stocks, derivatives, warrants, and managing open-end funds and real estate funds. | $2 | -- | $5B | $5B | 12.1x | 14.8x | ||
| Shenzhen Fortune Trend Technology Co Ltd is engaged in research and development of securities analysis systems and computer communication systems. It provides securities investment analysis system for securities institutions and investors under the brand Tongdaxin. Tongdaxin's well-known online trading products are: China Merchants Securities Zhiyuan One Account, Guoxin Securities Golden Sun Edition, CITIC Securities Zhixin All-rounder, GF Securities Financial Terminal, Galaxy Securities Neptune, Guotai Junan Securities Fuyi, among others. | $12 | -25% | $4B | $4B | 74.3x | 78.1x | ||
| Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings. | $121 | -46% | $4B | $4B | 5.0x | 9.3x | ||
 | Plus500 Ltd is an online provider of Contracts for Difference (CFDs). The company has developed and operates an online trading platform for retail customers to trade CFDs internationally, financial instruments comprising equities, indices, commodities, options, exchange-traded funds (ETFs), and foreign exchange. The trading platform is accessible from multiple operating systems including Windows, smartphones: iOS, Android, and Windows Phone, tablets: iOS, Android, and Surface, and web browsers. The group is engaged in three operating sectors: CFD trading; share dealing; and futures and options on futures. Geographically, European Economic Area, United Kingdom, Australia, and Rest of the World, of which it derives maximum revenue from European Economic Area. | $61 | +34% | $4B | $3B | 4.4x | 9.7x | ||
 | Flatexdegiro SE is an independent online broker. The firm operates a proprietary securities trading platform under the brands flatex and DEGIRO and services more than 1 million European retail customers in European countries. The company also offers brokerage services and administration to corporate and institutional clients. The segments of the company are Financial Services and Technologies. | $37 | +34% | $4B | ($684M) | (1.3x) | (3.0x) | ||
 | XTB SA is engaged in brokerage activities business. It is a Polish broker from the fin-tech sector, providing products and services dedicated to active investing, saving, and virtual payment management. The group conducts its operations through two business segments; the Retail segment includes the provision of trading in financial instruments for individual customers; the Institutional segment includes the provision of trading in financial instruments and offering trade infrastructure to entities (institutions), which in turn provide services of trading in financial instruments for their customers under their brand. It derives a majority of its revenue from the Retail segment. | $29 | +31% | $3B | $3B | 4.5x | 10.9x | ||
| AJ Bell PLC is an investment platform in the United Kingdom. The Group has a single operating segment, being investment services in the advised and D2C space, administering investments in SIPPs, ISAs, and General Investment / Dealing Accounts. SIPPs and ISAs, Lifetime ISA, and junior products. The company generates revenue from recurring ad valorem, which includes custody fees, interest income, and investment management fees, and transactional. The company earns its revenue from its domicile country United Kingdom. | $8 | +21% | $3B | $3B | 7.2x | 15.9x | ||
| Webull Corp is a digital investment platform built upon a next-generation globally infrastructure services. It strives to be the platform of choice for a new generation of investors by creating an efficient, low-cost, and easy-to-use investment platform. The company distinguishes itself from other investment service providers by offering a mobile-first user experience, a broad range of investment products, and extensive functionality constructed to help its customers build wealth over time. The company arms each customer with the tools it needs to develop into what it refers to as an informed investor - one who understands the market and has the confidence to succeed as an investor. The Webull platform originally provided users with free access to market data and analytical tools. | $6 | -49% | $3B | $2B | 4.3x | 21.5x | ||
| Etoro Group Ltd is a multi-asset platform supporting trading and investing in equities, cryptoassets, commodities, currencies, and options traded either as an asset or as a derivative related to different underlying asset types. The Group is engaged in one operating segment of trading activity. | $40 | -40% | $3B | $2B | 0.1x | 6.1x | ||
 | Matsui Securities Co Ltd is a Japanese online securities broker that provides services and trading platform for retail investors. The company's services include cash, margin, futures, and foreign exchange trading. Brokerage commissions and net interest income account for most of Matsui's operating revenue. The company generates the brokerage commissions through equity (cash and margin), futures and options, and foreign exchange transactions. The commissions on equity transactions account for the vast majority of brokerage commission revenue. Net interest income stems from margin and securities lending transaction revenue deducting interest expenses on margin transactions. | $6 | +34% | $2B | $4B | 16.3x | - | ||
 | Abaxx Technologies Inc is a financial technology company engaged in developing and deploying trust-enabling internet protocols. The company operates with two distinct lines of business: Abaxx Technologies and Abaxx Exchange. Abaxx Technologies develops software tools that enable commodity traders and finance professionals to communicate, trade, and transact faster and more securely. Abaxx is building Smarter Markets - markets empowered by financial technology and market infrastructure to address challenges, including the energy transition. | $40 | +336% | $1B | $1B | - | - | ||
| CMC Markets PLC is a United Kingdom-based company that provides an online platform for trading and investing, with a comprehensive retail, professional, and institutional offering. The Group’s business consists of two segments, Trading and Investing. The majority of its revenue is generated from the Trading segment, whose core business involves online trading, enabling clients to trade a broad array of financial instruments for short-term investment and hedging purposes. Additionally, the trading segment includes the Treasury Management and Capital Markets Division that invests surplus liquidity to enhance yield. The Investing segment supports clients’ longer-term investment goals. The group offers online stockbroking services in Australia, the UK, the USA, and Singapore. | $5 | +47% | $1B | $966M | 2.0x | 6.9x | ||
 | Flow Traders Ltd is a financial technology company operating in the financial markets, using its proprietary technology platform to provide liquidity by quoting bid and ask prices in financial products. It ensures the provision of liquidity to support the uninterrupted functioning of financial markets. The company's core trading focus is on exchange-traded products (ETPs), enabling investors to buy and sell ETPs by quoting bid and ask prices under virtually all market circumstances and also has expanded into fixed income, commodities, digital assets, and foreign exchange. The company's reportable segments are; Europe which generates key revenue, the Americas, and Asia. | $28 | -12% | $1B | $5B | 6.4x | - | ||
| Monex Group Inc is functional in the financial services domain of Japan. Its core business is that of securities trading. Operating in the capital markets industry, the company renders such services as online securities business, the foreign exchange (FX) trading business, as well as the provision of merger and acquisition (M&A) advisory services. Most of its revenue is in the form of brokerage derived from its capital market activities majorly in Japan and on a minor scale in the United States and China. | $4 | -12% | $990M | $1B | 2.8x | 30.3x | ||
 | UP Fintech Holding Ltd is an online brokerage firm focusing on Chinese investors. Its trading platform enables investors to trade in equities and other financial instruments on multiple exchanges of stocks and other derivatives. The company offers its customers brokerage and value-added services, including trade order placement and execution, margin financing, account management, investor education, community discussion, and customer support. | $5 | -51% | $851M | $116M | 0.2x | 0.4x | ||
 | Bourse Direct is engaged in providing Internet stock brokerage services in France. The company offers a platform of services, tools, and financial products, including French and foreign equities, derivatives, trackers, warrants, certificates, turbos, mutual funds, UCITS, and CFDs, as well as tax exemption, real estate, and life insurance products. | $6 | +22% | $316M | $385M | 4.5x | 10.9x | ||
| Sino AG provides online brokerage services. It provides trading services for stocks, futures, options and other derivatives. The company offers services such as online account opening, stock market information and rules, information package, newsletter subscriptions, and others. | $117 | +9% | $273M | $273M | 22.2x | 156.8x | ||
| WonderFi Technologies Inc is a technology company with the mission of creating digital access through its platforms. It operates in three segments: Trading, Payments, and Corporate. The Trading segment, comprising Bitbuy, Coinsquare, and CoinSmart crypto exchange platforms, generates the majority of the company’s revenue. | $0 | +2% | $173M | $155M | - | - | ||
| 5paisa Capital Ltd is an online financial services provider. The company provides its customers with a wide range of financial services, including stock broking services, depository services, distribution of mutual funds, bonds, and debentures, and equity and mutual fund research through its technology-based platforms. Its business is to provide broking services to its clients in India's capital markets. The company has launched peer-to-peer lending (P2P) via its website 5paisaloans.com and mobile app, 5Paisa Loans. P2P is aimed at offering investors yet another investment option to diversify their portfolios and secure higher returns. | $3 | -25% | $157M | $49M | 2.6x | 4.6x | ||
 | Directa Sim SpA is an online brokerage firm that allows private investors to operate directly on financial markets. The financial products of the company include Stocks, Bonds, Futures, Funds, Options, and Certificates & CW, among others. | $8 | +23% | $150M | $219M | 7.0x | 8.2x | ||
 | COL Financial Group Inc together with its subsidiary provides online financial services in the Philippines. Its proprietary online trading platform, provides real-time market information and execution, investing tools and functionalities, and stock market research and analysis. Its operating segment is stock brokerage services and others. The company generates maximum revenue from the stock brokerage services segment. Geographically, it derives a majority of its revenue from the Philippines. | $0 | -17% | $127M | ($60M) | (3.1x) | (5.4x) | ||
-- | - | $3 | -- | $74M | $67M | 1.1x | 6.8x | ||
| BTCS Inc is engaged in the business of hosting an online e-commerce marketplace where consumers can purchase merchandise using Digital Assets, including bitcoin. The company focuses on blockchain and Digital Asset ecosystems. The firm operates a beta e-commerce marketplace, which accepts a range of digital currencies, has designed a beta secure digital currency storage solution BTCS Wallet. The Company’s blockchain infrastructure operations include two primary revenue-generating activities: Ethereum block building and validator node operations. | $1 | -35% | $71M | $930K | 0.1x | (0.0x) | ||
| iFOREX Financial Trading Holdings Ltd developed and operates a proprietary online and mobile CFD trading platform enabling its retail clients to trade CFDs across over 870 financial instruments comprising currencies, commodities, indices, stocks, cryptocurrencies and ETFs. It also offers educational resources to its clients allowing them to benefit from a wide variety of free training, support and educational resources to enhance their understanding of the world-wide markets, online trading and the available trading tools. It operates in one segment being from the online trading on CFDs through the Group's internally developed platform. The Group's revenues are generated from three sources: dealing spreads, overnight premiums, and gains (offset by losses) from client's trading positions. | $3 | -- | $59M | $54M | 1.1x | 12.7x | ||
 | Raiz Invest Ltd provides financial services and products through its mobile-first micro-investing platform which offers its customers an easy way to regularly invest either small or large amounts of money using the Raiz mobile application or through the Raiz website in Australia. The company products include Raiz Rewards, Raiz Kids, and Raiz Property Fund. | $0 | -- | $42M | $43M | 2.7x | - | ||
| Heygold SE is engaged in digital trading of gold and other precious metals. It offers solution through offline in the retail store or online via the web or in the super app. | -- | -- | $41M | $41M | - | - | ||
 | TOP Financial Group Ltd is an online brokerage firm in Hong Kong specializing in trading local and overseas equities, futures, and options products. The Company generates brokerage commission income by enabling its customers to trade on multiple exchanges present globally. The company operates in only one segment which is the futures brokerage service. | $1 | -12% | $40M | $26M | 7.7x | (4.7x) | ||
| Stock3 AG is a technology company specializing in stock exchanges and trading. The group operates a web platform and associated mobile applications, offering the following solutions: technical infrastructure and editorial content related to capital markets; targeted outreach to an audience with active trading and investment behavior, to its advertising partners; a terminal solution for financial market data and analysis to market participants, and the opportunity to conduct securities transactions with various brokers via the parent company's web platform and mobile applications. Geographically, the group is currently active in the DACH region, with a focus on Germany. | $33 | +4% | $37M | $34M | 2.2x | 33.7x | ||
| Tick Trading Software AG develops and distributes software packages for professional trading. The company's products are the TBMX Trading Platform, tick-TS Cloud, e-Trading Compliance Monitor, and others. tick Trading Software AG is active in the field of programming IT software; The focus here is on the programming of EDP software in the financial services segment (stock market software, trading software, etc.). In addition, it offers its customers "Software as a Service" housing and hosting of complex server systems for stock exchange trading in combination with its software solutions. | $9 | +16% | $18M | $14M | 1.4x | 3.9x | ||
| TC SA is a independent and collaborative social media platform for investors, assets and brokers. | $0 | -82% | $9M | $9M | 1.9x | (0.6x) | ||
| Safello Group AB is a cryptocurrency exchange company. It operates as a brokerage platform offering and enabling customers to buy and sell cryptocurrency with SEK and EUR. It offers cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), as well as some other cryptocurrencies. The bulk of Safello’s customer base are retail customers. With its products Safello Premium and Safello Business, the Company serves high-networth individuals (HWNI) and companies. | $0 | -53% | $6M | $5M | 0.1x | (6.2x) | ||
| Goobit Group AB is a Swedish cryptocurrency and blockchain company. The company operates BTCX, a Bitcoin exchange platform, offering exchange services in Swedish kronor and euros. It operates under the brands BTCX Express Exchange, BTCX Standard Exchange and BTCX OTC Service. The company also provides AML Desk, a compliance service focused on anti-money laundering and crypto-asset risk assessment. | $0 | -62% | $2M | $2M | 0.0x | (2.6x) | ||
| Median | $11 | -9% | $2B | $2B | 4.5x | 10.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.