Berliner Valuation Multiples

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.

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.

CITIC Securities Co Ltd is a brokerage and investment group that provides brokerage, underwriting and sponsoring, proprietary trading, investment banking, asset management, investment advisory, Margin financing and securities lending, Stock option market-making, and other services. The company has five reportable segments, namely Investment Banking, Brokerage, Trading, Asset Management, and Others. It derives maximum revenue from the Trading segment.

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.

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.

Guotai Haitong Securities Co Ltd Formerly Guotai Junan Securities Co Ltd is engaged in providing brokerage services, corporate finance, asset management services, and loans and financing services. Its segments include wealth management, investment banking, institutional and trading, investment management, international business, and other segments. The company derives the majority of its revenue from the institutional and trading segment, which consists of research, institutional brokerage, trading and investment, and equity investment.

China Securities Co Ltd provides a wide range of financial services in China. The company offers a wide range of services that include financial advisory, sponsoring, underwriting of equity and debt securities, brokerage, and investment advisory services to its individual and corporate clients. China Securities also provides services in margin financing, securities lending, trading of equity, equity-linked products, bonds products, and derivatives.

LPL Financial is the largest US independent broker-dealer, with more than 32,000 financial advisors affiliated with its platform and roughly 11 million customer accounts at the end of 2025. The firm earns the bulk of its profit from interest income earned on client cash balances and from advisory fees and commissions tied to the $2.4 trillion in assets under management or advisory on its platform at year-end 2025. LPL specializes in the provision of turnkey wealth management services for affiliated independent advisors, but maintains a diverse array of affiliation modalities, running the gamut from more traditional employee models to a pure RIA custody approach. It earns tuck-in revenue from recordkeeping fees and the provision of software tools and services to its advisor base.

China Merchants Securities Asset Management Co.,Ltd formerly China Merchants Securities Co Ltd is a financial service provider. The company provides services like, investment banking, financial advisory, equity underwriting, assets management, investment advisory, and trading equity securities among others. Its business is divided into four segments: Wealth management and institutional business; Investment banking; Investment management; and Investment and trading. The Wealth management and institutional business segment which generates key revenue engages in the trading of stocks and futures contracts on behalf of clients and includes margin financing, securities lending, and selling financial and other wealth management products.

Mirae Asset Securities Co Ltd is a South Korean financial service provider for individual and corporate customers. The company's services include securities trading, retail and wholesale brokerage, underwriting, dealing, investment advisory, asset management, international corporate finance, investment banking, and trading of fixed-income securities and derivatives. The company's financial products include stocks, futures, options, government bonds, corporate bonds, foreign exchange, and financial derivatives.

China Galaxy Securities Co Ltd is an integrated financial services provider in the Chinese securities industry. It is principally engaged in securities and futures brokerage, institutional sales and investment research, proprietary trading and other securities trading services, margin financing and securities lending, asset management and wealth management, and equity investment management. The company's segments include the wealth management business, investment banking business, institutional business, international business, investment trading business, and other parent-subsidiary integration business.

Shenwan Hongyuan Group Co Ltd is an investment holding and securities firm. Its business includes banking, insurance, trust, and leasing while consolidating and expanding the advantages of the original securities business and building on the capital market as support. The company's business mainly focuses on four segments, including enterprise finance, personal finance, institutional services and trading, as well as investment management. Majority of the revenue for the firm gets derived from Institutional services and trading segment.

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.

Daiwa Securities Group Inc is a Japan-based financial services company. The company operates through four segments. The Asset Management Division manages investment trusts, funds, and corporations across assets, including private equity, real estate, renewable energy, and infrastructure, while also offering advisory services to institutional investors in Japan and overseas. The Global Markets & Investment Banking Division handles sales and trading of securities, foreign exchange, and derivatives, and provides underwriting and M&A advisory. The Wealth Management Division serves individuals and private corporate clients with diverse financial products. Others include subsidiary management, information services, administration, and real estate leasing.

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.

Orient Securities Co Ltd is engaged in sales and trading of securities including investment and trading, fixed income investment and trading, financial derivatives trading business, NEEQ market-making business, alternative investment, and securities research services. It engages in alternative investment business through Orient Securities Innovation Investment. The Company has established three business systems, namely, comprehensive wealth management, comprehensive investment banking and comprehensive institutional business, and developed four business segments, namely, wealth and asset management, investment banking and alternative investments, institutions and sales trading, international and other businesses, generating key income from wealth and asset management.

Freedom Holding Corp is a holding company with its subsidiary it is engaged in securities brokerage, securities dealing for customers and account, market-making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services, and information processing services. It acts as a professional participant through its subsidiaries on the Kazakhstan Stock Exchange (KASE), Moscow Exchange (MOEX), Saint-Petersburg Exchange (SPB), the Ukrainian Exchange, the Uzbek Republican Currency Exchange (UZCE), and the Republican Stock Exchange of Tashkent (UZSE). Its segments are Brokerage, Banking, Insurance, and Others.

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.

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.

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.

Founder Securities Co Ltd provides financial services. Its business includes securities brokerage, investment banking, consulting, QFII business, securities underwriting and sponsorship, and fund and asset management. It generates the majority of its revenue from the Wealth Management business segment.

Cinda Securities Co Ltd offers securities services. It provides securities brokerage; securities investment consulting; financial advisors related to securities trading and securities investment activities; securities underwriting and sponsorship; securities self-operation; securities asset management; margin financing and securities lending and agency sales of financial products.

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.

GoFintech Quantum Innovation Ltd Formerly GoFintech Innovation Ltd is a cross-border financial service platform based in Hong Kong backed by the Greater Bay Area. The company's reportable and operating segments are; Securities brokerage and margin financing, Corporate finance, Money lending, Consultancy and Insurance brokerage, Asset management, and Equity investment. It generates maximum revenue from the Securities brokerage and margin financing segment which engages in securities brokerage and margin financing in Hong Kong. Geographically, the company derives a majority of its revenue from Hong Kong and the rest from the People's Republic of China.

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.

Voya Financial Inc is a financial services company, which, through its subsidiaries, provides various investment, insurance, and retirement solutions to individual and institutional clients in the United States. Its products and services include tax savings plans, individual retirement accounts, group life insurance plans, and employee benefits products, among others. The company tailors each of its products to the needs of its customer base. It operates its business through three principal lines: Retirement, Investment Management and Employee Benefits.The majority revenue is from Retirement segment.

Samsung Securities Co Ltd provides customised asset management services to individual investors, as well as brokerage services to institutional investors. The company operates through three major segments: wealth management, which offers tailored wealth management and retirement planning services; sales and trading, which provides financial products such as equities, equity-linked products, fixed-income, currencies, and commodities; and the investment banking segment, which offers corporate financing services that include stock offerings or initial public offerings, issuance of multiple types of bonds, and investment banking services. The company’s revenue stems from brokerage commissions, fund sales, and underwriting and advisory commissions.

China Industrial Securities Co Ltd is engaged in the provision of Securities brokerage, investment banking, asset management, fund management, and securities proprietary trading services.

Guolian Minsheng Securities Co Ltd is a China-based financial institution. The company's operating segments include Brokerage and wealth management, Credit transactions, Investment banking, Proprietary trading, Asset management and investment, and Other businesses. It generates maximum revenue from the Brokerage and wealth management segment and the Proprietary trading segment. The Brokerage and wealth management segment includes securities trading and brokering services, sales of wealth management products, investment consulting, and asset allocation. The Proprietary trading segment includes trading in financial products.

Kiwoom Securities Co Ltd is a Korea based company engaged in capital market and financial investment business. It provides online comprehensive securities services and deals with investment and trading. It offers services including equity brokerage, financial research, asset management, investment banking, project financing and financial consulting services.

Changjiang Securities Company Ltd is a financial services company. The company engages in securities brokerage, investment banking, asset management, fixed-income business, fund management, and futures and direct investment. Geographically, the company operates in China.

Zhongtai Securities Co Ltd is a China-based company mainly engaged in wealth management business. The company operates through eight segments: Asset management business segment, Credit business segment, Futures business segment, International business segment, Investment banking segment, Investment business segment, Wealth management business segment, and Others. It generates the majority of its revenue from the Wealth management business segment. The wealth management business mainly provides securities brokerage services, investment advisory services, product allocation services, and comprehensive financial services.

Zheshang Securities Co Ltd is a securities brokerage firm. The company offers various services, including securities brokerage, investment banking, asset management, financial adviser services, investment consulting, securities self-operation, and margin trading services. It also engages in the financial futures brokerage business, commodity futures brokerage business, and asset management. It generates the majority of its revenue from the Futures business.

Dongxing Securities Co Ltd is engaged in securities brokerage, securities investment consulting, financial consulting related to securities trading and securities investment activities, securities underwriting and sponsorship, securities investment fund sales, securities self-operation and securities asset management business, margin financing and securities lending business, and consignment of financial products.

Capital Securities Corp Ltd is a security company. The company's business scope includes securities brokerage, securities investment consulting, financial advisory related to securities trading and securities investment activities, securities underwriting and sponsorship, securities proprietary trading, securities investment fund sales, securities asset management, margin financing and securities lending, agency sales of financial products, Futures companies provide various financial services such as intermediary introduction business.

Soochow Securities Co Ltd is a securities company. Its businesses include securities brokerage, investment banking, securities investing, asset management, fixed-income investing, margin financing, and wealth management. The group also acts as a support system for research consulting, information technology, and risk management, creating a co-development and win-win cooperation future for customers. Geographically, the activities are carried out in China.

Chinalin Securities Co Ltd is engaged in securities brokerage, securities investment consulting, financial advisers related to securities trading and securities investment activities.

Motilal Oswal Financial Services Ltd provides a range of financial services, including private wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking, and home finance. The group majorly generates revenue through its broking operations. Its broking and distribution segment offers research-based advisory services to help retail customers across India make investment decisions. The services cover various asset classes and investment types, such as mutual funds and insurance products.

HuaAn Securities Co Ltd is a China-based securities company. It is primarily involved in various business activities such as securities brokerage, securities investment consulting, financial advisory, trading and securities investment, wealth management, investment banking, asset management and direct investment business. Geographically all the activities are carried out through China.

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.

China Great Wall Securities Co Ltd is a Chinese company that operates in the trading of securities. Its operations include securities brokerage, securities investment consulting, financial advisory related to securities trading and securities investment activities, securities underwriting and sponsorship, securities self-employment, securities asset management, margin financing, securities lending, securities investment fund agency sales, and sales of financial products.

BGC Group Inc is a brokerage and financial technology company that serves financial markets, energy, and commodities markets. Its service and product offerings include brokerage for a wide range of financial products, including fixed income, equities, commodities, derivatives, and real estate, software solutions for trading platforms, clearing, trade execution, and other back-office services. Its clients mostly include banks, financial institutions, and corporate clients. BGC operates in one reportable segment, which is providing brokerage services. Geographically, the company generates a majority of its revenue from Europe, Middle East and Africa (EMEA), followed by the Americas and the Asia-Pacific region.

Tianfeng Securities Co Ltd is a China-based company engaged in securities and futures-related business. Its business scope includes securities brokerage, securities investment consulting, financial advisory services related to securities trading and securities investment activities; securities investment fund agency sales; securities underwriting and sponsorship; securities asset management, securities self-employment; margin financing, and securities lending.

Hongta Securities Co Ltd offers securities trading services. The company's service include financial advisory service, investment banking, debt financing service, equity financing service, and security trading.

BOC International China Co Ltd is engaged in Investment banking business, securities brokerage business, asset management business, securities proprietary business, private equity investment business, futures business, and other businesses. It generates the majority of its revenue from the Securities brokerage business.

Guoyuan Securities Co Ltd is engaged in securities brokerage, securities investment consulting, securities underwriting and sponsoring, securities asset management, and securities trading in China. The company also provides financial services such as research consulting, direct investment, margin financing, funds, futures, trusts, and insurance.

Virtu Financial Inc is a financial firm that leverages technology to deliver liquidity to the world-wide markets and transparent trading solutions to its clients. The company's operating segment includes Market Making; and Execution Services. The non-operating segment of the company includes the Corporate segment. The company generates maximum revenue from the market-making segment. The Market Making segment principally consists of market-making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. Geographically, it derives a majority of its revenue from the United States and also has a presence in Ireland and Other Countries.

Western Securities Co Ltd provides securities services. It offers securities brokerage, investment banking, asset management, securities research, and securities financing and margin services, as well as independent services. Geographically, all the activities are carried out through China.