Lang & Schwarz 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 (RIA) custody, with over 40% market share, and has recently pushed into wealth management with robo-advisory, direct indexing, and other managed-investment solutions.

Robinhood is a diversified financial services provider best known for its retail brokerage platform, which historically caters to a young, risk-seeking clientele that trades heavily on margin and in higher-risk asset classes like options, futures, cryptocurrencies, and more recently, in prediction markets. As those customers’ financial needs have begun to mature, Robinhood has rolled out a suite of more conventional products, from retirement accounts to high-yield cash sweep accounts to nascent advisory services (Robinhood Strategies). With $322 billion in customer assets and 27 million active accounts at year-end 2025, the firm has emerged as a significant player in the large, growing US brokerage market.

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.

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.

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 170 electronic exchanges, 40 countries, and 29 currencies, Interactive Brokers caters to a global clientele, with more than 80% of active accounts sitting outside the US.

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 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.

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.

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.

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.

XP Investimentos is a Brazilian financial services group and investment platform founded in 2001 by Guilherme Benchimol and Marcelo Maisonnave and headquartered in Sao Paulo. It began as an independent brokerage that trained investors and distributed financial products through independent advisers, and it is now listed on the Nasdaq through XP Inc. with Brazilian depositary receipts on B3. The group offers brokerage, fixed income, equities, investment funds, private pension and other products on an open platform, with the Clear and Rico brands. It reported more than 3 million active clients and more than USD 130 billion in custody. From 2021 it bought minority stakes in independent asset managers and research houses and acquired Banco Modal in 2022.

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.

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.

Freedom Holding Corp is a holding company with reportable segments into the following four segments: Brokerage, Banking, Insurance, and Other. The majority of revenue is from the Banking segment. Banking segment consists of the operations of Freedom Bank KZ and Freedom Bank TJ. Geographically, operates in Kazakhstan, Armenia, Cyprus, the USA, and others, with maximum revenue from Kazakhstan.

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.

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.

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.

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.

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.

China Industrial Securities (Industrial Securities Co., Ltd., 兴业证券) is a Chinese securities firm headquartered in Fuzhou, Fujian province, and listed on the Shanghai Stock Exchange under the code 601377. It operates through wealth management, institutional services, proprietary investment and trading, and asset management businesses, serving retail and institutional clients in China and internationally. Its services cover securities and futures brokerage, margin financing and securities lending, investment banking including equity and bond underwriting and financial advisory, securities research, asset custody, fund and asset management, and proprietary investment in stocks, bonds, derivatives and alternative assets. The company had about 8,279 employees and is led by chief executive Liu Zhihui. It reports that its brokerage income growth ranked fourth among listed brokers and that it has combined investment banking and cross-border services to support science and technology companies. Through its investment subsidiaries it has invested in companies including the electric-car maker Leapmotor (2018), AI X Tech, NETSTORE, YL Entertainment & Sports (2016), China Securities Credit Investment (2015), Lantern and HongQing Technology (2026). It earns brokerage commissions, underwriting and advisory fees, management fees and investment income.

NH Investment & Securities Co Ltd is a Korea-based financial services provider. Along with its subsidiaries, it operates in the following reportable segments: Sales, IB, Trading, and Headquarters and Others. The majority of the Group's revenue is derived from the Sales segment, which offers asset management services including brokerage consignment, financial instrument sales, etc., to investors. The IB segment provides corporate finance services, including corporate finance, M&A, PF, PEF operation, etc.; and the Trading segment engages in stocks and bonds operations, product operation, supply of derivatives, and capital investment. Geographically, the Group derives maximum revenue from Korea, and the rest from other regions like the USA, China, Indonesia, Vietnam, the UK, and Singapore.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

XTB SA is engaged in brokerage activities. It is a Polish broker from the fintech 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 maximum revenue from the Retail segment. Geographically, the Group derives its key revenue from Europe, and also has a presence in Latin America and the Middle East.

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.

Nanjing Securities Co Ltd is a securities brokerage company. Its business scope covers securities brokerage, securities underwriting and sponsorship, securities self-employment, securities asset management, credit transactions, over-the-counter markets, financial derivatives, internet finance, and many other fields.

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.

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.

Southwest Securities Co Ltd is a national securities company. Its business includes securities brokerage, securities underwriting and sponsorship, financial consulting, asset management, and margin financing. Through asset management, the company provides customers with its special and professional asset management services. It generates the majority of its revenue from the Brokerage business.