Core Viewpoint - BGC Group, Inc. has updated its outlook for the quarter ending March 31, 2025, reaffirming its previously stated ranges for revenue and pre-tax Adjusted Earnings [1][2]. Financial Outlook - The company maintains its outlook ranges for revenue and pre-tax Adjusted Earnings as previously disclosed in its financial results press release dated February 14, 2025 [2]. Non-GAAP Financial Measures - BGC utilizes non-GAAP financial measures, including Adjusted Earnings and Adjusted EBITDA, to provide a clearer picture of its operating performance, excluding certain non-cash items and expenses that do not reflect the underlying performance [4][5][26]. - Adjusted Earnings are defined as earnings before noncontrolling interests and taxes, and are considered by management as a key metric for evaluating financial performance [5][6]. Adjusted Earnings Calculation - Adjusted Earnings calculations exclude non-cash items, certain compensation expenses, and other charges that management believes do not accurately reflect the company's operating performance [6][11]. - The methodology for calculating Adjusted Earnings includes adjustments for equity-based compensation and other non-cash items, which are deemed not reflective of ongoing operations [7][12][23]. Liquidity and Constant Currency - BGC defines liquidity as the sum of cash and cash equivalents, financial instruments owned at fair value, less securities lent out, which is crucial for assessing available cash [31]. - The company also reports revenues on a Constant Currency basis to provide a better comparison of underlying operating performance by eliminating the effects of foreign currency fluctuations [33]. Company Overview - BGC Group, Inc. is a leading global marketplace and financial technology services company, serving a diverse range of clients including banks, broker-dealers, and investment firms [35][36].

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, March 24th:BGC Group, Inc. (BGC) : This brokerage and financial technology company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 9.4% over the last 60 days.BGC has a PEG ratio of 0.34 compared with 1.04 for the industry. The company possesses a Growth Score  of B.CommScope Holding Company, Inc. (COMM) : This infrastructure solutions provid ...

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. BGC Group (BGC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.BGC Group is a member of our Finance group, which includes 867 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank gauges th ...

One stock that might be an intriguing choice for investors right now is BGC Group, Inc. (BGC) . This is because this security in the Financial - Investment Bank space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the ...

Investors interested in stocks from the Financial - Investment Bank sector have probably already heard of BGC Group (BGC) and Robinhood Markets, Inc. (HOOD) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate rev ...

Core Viewpoint - Investors are seeking growth stocks that can deliver above-average growth and exceptional returns, but identifying such stocks is challenging due to their inherent risks and volatility [1] Group 1: Company Overview - BGC Group is currently recommended as a cutting-edge growth stock by the Zacks Growth Style Score system, which evaluates a company's real growth prospects beyond traditional metrics [2] - The stock has a favorable Growth Score and a top Zacks Rank, indicating strong potential for growth investors [2] Group 2: Earnings Growth - BGC Group has a historical EPS growth rate of 11.6%, but the projected EPS growth for this year is 16.7%, surpassing the industry average of 15.5% [4] Group 3: Asset Utilization - The asset utilization ratio (sales-to-total-assets ratio) for BGC Group is 0.54, indicating that the company generates $0.54 in sales for every dollar in assets, significantly higher than the industry average of 0.08 [5] Group 4: Sales Growth - BGC Group's sales are expected to grow by 8.2% this year, compared to the industry average of 7.2%, showcasing its strong sales growth potential [6] Group 5: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for BGC Group, with the Zacks Consensus Estimate for the current year increasing by 9% over the past month [8] Group 6: Investment Potential - BGC Group has achieved a Zacks Rank 1 (Strong Buy) and a Growth Score of B, indicating it is a potential outperformer and a solid choice for growth investors [10]

Group 1: Dana (DAN) - Dana is a provider of technology driveline, sealing, and thermal-management products with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Dana's current year earnings has increased by 23.1% over the last 60 days [1] - Dana has a PEG ratio of 0.46 compared to the industry average of 1.67 and possesses a Growth Score of A [1] Group 2: Brinker International (EAT) - Brinker International owns, operates, develops, and franchises restaurants under the Chili's and Maggiano's brands, also holding a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Brinker International's current year earnings has increased by 39.8% over the last 60 days [2] - Brinker International has a PEG ratio of 0.46 compared to the industry average of 2.46 and possesses a Growth Score of A [2] Group 3: BGC Group, Inc. (BGC) - BGC Group is a brokerage and financial technology company specializing in a broad range of products, holding a Zacks Rank 1 [3] - The Zacks Consensus Estimate for BGC Group's current year earnings has increased by 9.4% over the last 60 days [3] - BGC Group has a PEG ratio of 0.32 compared to the industry average of 1.07 and possesses a Growth Score of B [4]

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, March 11:Sterling Infrastructure, Inc. (STRL) : This infrastructure and transportation solutions company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 14% over the last 60 days.Sterling Infrastructure has a PEG ratio of 1.07 compared with 1.14 for the industry. The company possesses a Growth Score of A.BGC Group, Inc. (BGC) : This financia ...

Market Overview - The stock market is experiencing a selloff as Wall Street shifts to a risk-off mode, influenced by the economic impact of the tariff battle [1] - The Nasdaq is approaching correction territory, primarily due to significant declines in Nvidia and other AI-related stocks, despite Nvidia's impressive long-term performance [1] Investor Sentiment - A contrarian buying signal, CNN's Fear & Greed Index, has dropped from a neutral level of around 50 in mid-February to an extreme fear level of 15, indicating a potential buying opportunity for long-term investors [2] - The Federal Reserve is projected to cut interest rates in 2025, with S&P 500 earnings per share (EPS) expected to grow by 13.2% in 2025 and 13.6% in 2026, compared to a projected growth of 7.4% in 2024 [2] Stock Selection Criteria - The article discusses strategies for identifying cheap stocks trading for $10 or less, suggesting that investors should consider buying during the current market weakness [3] - Stocks under $10 are categorized into penny stocks (under $5) and slightly less risky stocks (between $5 and $10), with the latter being more recognizable to investors [4][6] Stock Screening Parameters - A screening process is outlined for selecting stocks under $10, which includes criteria such as an average broker rating of 3.5 or lower, a minimum of two analysts covering the stock, and a Zacks Rank of 2 or better [7][8][9] BGC Group Analysis - BGC Group, Inc. is highlighted as a potential investment opportunity, with a projected revenue growth of 13% in 2023 and 12% in 2024, alongside a 21% increase in adjusted earnings for FY24 [10] - The company serves a diverse clientele and has reported trading volumes exceeding last year's first-quarter records [11] - BGC is expected to achieve an 8% revenue growth in 2025 and a 10% increase in sales in 2026, with adjusted earnings projected to grow by 17% in both years [12] - BGC stock has appreciated by 95% over the last five years, outperforming the Zacks Finance sector, and currently trades at a 50% discount to its sector with a dividend payout [12][13]

Part I [Business](index=17&type=section&id=ITEM%201.%20Business) BGC Group is a global financial technology and brokerage firm focused on electronic trading growth, strategic acquisitions, and platform development - As of December 31, 2024, the company employed **2,161** front-office and technology personnel[36](index=36&type=chunk) - BGC completed its conversion to a simplified Full C-Corporation structure on July 1, 2023[45](index=45&type=chunk) - Howard W. Lutnick stepped down as Chairman and CEO on February 18, 2025, with John A. Abularrage, JP Aubin, and Sean A. Windeatt appointed as Co-CEOs[48](index=48&type=chunk) - Major banks invested **$171.7 million** for a **25.75%** minority stake in BGC's FMX platform in April 2024, valuing it at **$666.7 million**[44](index=44&type=chunk) Brokerage Product Categories | Category | Product Type | | :--- | :--- | | **Rates** | Interest Rate Swaps, Interest Rate Options, Listed Rates Products, U.S. Treasuries, European Government Bonds, Other Global Government Bonds, Repurchase Agreements, Money Markets, Agency Fixed Income | | **Credit** | Corporate Bonds, High Yield Bonds, Emerging Market Bonds, Index CDS, Single Name CDS, Exotic Credit Derivatives, Asset-Backed Securities, Loans, Structured Products | | **Foreign Exchange** | Foreign Exchange Options, Spot FX, FX Forward, Non-Deliverable Forwards, Precious Metals | | **ECS** | Environmental/Emission Products, Weather Derivatives, Energy & Petrochemical Consulting, Shipping Brokerage, Power, Liquefied Natural Gas, Natural Gas, Base Metals, Dry Bulk (Coal & Iron Ore), Oil, Soft & Agricultural Products | | **Equities** | OTC Equity Derivatives, Listed Equity Futures & Options, Delta One Product, Convertibles, Cash Equities | - Top ten customers accounted for approximately **27.1%** of total consolidated revenue in 2024, with the largest customer at **4.8%**[66](index=66&type=chunk) - Average revenue per front-office employee increased **6.3%** to a record of approximately **$1.0 million** in 2024[136](index=136&type=chunk) [Risk Factors](index=43&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces diverse risks including market volatility, strategic integration challenges, significant indebtedness, cybersecurity threats, personnel transitions, and extensive regulatory compliance - **Economic & Market Risk:** Business conditions are influenced by global economic factors, central bank interest rate actions, and financial market trading volumes[191](index=191&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - **Strategic & Transaction Risk:** New initiatives and acquisitions pose integration, cost, and dilution risks, alongside challenges from limited cryptocurrency offerings[200](index=200&type=chunk)[209](index=209&type=chunk) - **Liquidity & Debt Risk:** Indebtedness of **$1.34 billion** as of December 31, 2024, limits capital raising and operational flexibility, exposing the company to interest rate risk and covenant restrictions[212](index=212&type=chunk)[220](index=220&type=chunk) - **Cybersecurity & Technology Risk:** Cyber-attacks and system failures risk data breaches, reputational damage, financial losses, and regulatory penalties, with AI introducing new challenges[242](index=242&type=chunk)[252](index=252&type=chunk) - **Personnel Risk:** Leadership transition and the loss of key employees or inability to retain talent pose significant business risks[255](index=255&type=chunk)[257](index=257&type=chunk) - **Regulatory & Legal Risk:** Extensive financial services regulation leads to high compliance costs, capital requirements, and potential penalties from global authorities[270](index=270&type=chunk)[274](index=274&type=chunk)[295](index=295&type=chunk) - **Corporate Structure & Related Party Risk:** Voting control is concentrated with Cantor, and potential conflicts of interest exist with related party transactions[337](index=337&type=chunk)[357](index=357&type=chunk)[358](index=358&type=chunk) [Unresolved Staff Comments](index=77&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not Applicable[383](index=383&type=chunk) [Cybersecurity](index=77&type=section&id=ITEM%201C.%20Cybersecurity) BGC's global cybersecurity program, overseen by the Audit Committee, includes risk management, incident response, and disaster recovery - The cybersecurity program is managed by the CISO and CIO, with Audit Committee oversight on risks and program status[384](index=384&type=chunk)[389](index=389&type=chunk) - Risk management includes vulnerability audits, penetration testing, employee training, and industry group participation[385](index=385&type=chunk) - An incident reporting process classifies risks into four tiers based on impact to guide response and recovery[386](index=386&type=chunk) - Primary data centers in the U.S. and U.K. have replicated technology in redundant centers, with annual disaster recovery testing[390](index=390&type=chunk)[391](index=391&type=chunk) [Properties](index=79&type=section&id=ITEM%202.%20Properties) BGC Group's principal offices are in New York, with major presence in London and global data centers - The company's principal executive offices are located at **499 Park Avenue, New York, NY**[392](index=392&type=chunk) - The largest office outside New York is in London at **Five Churchill Place**[393](index=393&type=chunk) - BGC operates six core data centers across the U.K., New Jersey, Connecticut, Hong Kong, and Singapore[74](index=74&type=chunk)[394](index=394&type=chunk) [Legal Proceedings](index=79&type=section&id=ITEM%203.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 19 and the MD&A section - Details on legal proceedings are provided in Note 19 of the financial statements and Item 7, MD&A[395](index=395&type=chunk) [Mine Safety Disclosures](index=79&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) The company reports this item is not applicable - Not Applicable[396](index=396&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=80&type=section&id=ITEM%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) BGC's Class A common stock trades on Nasdaq, supported by an active share repurchase program and quarterly dividends - A **$400.0 million** share repurchase program was re-authorized in October 2024, with approximately **$350.0 million** remaining available at year-end[400](index=400&type=chunk) Share Repurchases for Q4 2024 | Period | Total Number of Shares Repurchased (thousands) | Weighted Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2024 | 6,369 | $9.45 | | Nov 1 - Nov 30, 2024 | — | — | | Dec 1 - Dec 31, 2024 | — | — | | **Total** | **6,369** | **$9.45** | - BGC repurchased **36.2 million** shares during the full year ended December 31, 2024[402](index=402&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=82&type=section&id=ITEM%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) BGC's 2024 revenues increased significantly, driven by brokerage growth and Fenics, alongside strategic acquisitions and a strengthened liquidity position Full Year 2024 vs. 2023 Financial Highlights | Metric | FY 2024 (in millions) | FY 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $2,262.8 | $2,025.4 | +11.7% | | Total Brokerage Revenues | $2,038.2 | $1,832.6 | +11.2% | | Income from Operations Before Taxes | $173.1 | $57.7 | +200.0% | | Consolidated Net Income | $123.2 | $38.8 | +217.5% | FY 2024 Brokerage Revenue Growth by Product | Product Category | Revenue Change (YoY) | | :--- | :--- | | ECS | +25.1% | | Rates | +12.2% | | FX | +14.0% | | Credit | +0.9% | | Equities | -5.3% | - Higher-margin Fenics business revenues grew **9.4%** to **$570.8 million** in 2024, with Fenics Growth Platforms revenue up **26.3%** to **$94.8 million**[443](index=443&type=chunk)[445](index=445&type=chunk) - The company recognized a **$39.0 million** gain from the sale of its Capitalab post-trade business on December 3, 2024[455](index=455&type=chunk)[456](index=456&type=chunk) - Strategic acquisitions in the ECS sector included Sage and a definitive agreement for OTC Global, both expected to be immediately accretive[450](index=450&type=chunk)[451](index=451&type=chunk) - Liquidity increased by **$196.3 million** to **$897.8 million** as of December 31, 2024, driven by FMX Equity Partners, senior notes, and Capitalab sale proceeds[616](index=616&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=128&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) BGC manages market risks including credit, principal transaction, foreign currency, and interest rate exposures through various controls - **Credit Risk:** Managed through credit approval, trading limits, and ongoing monitoring to mitigate counterparty non-performance[706](index=706&type=chunk) - **Market Risk:** Unmatched principal positions are mitigated by strict limits and hedging; **$186.2 million** in financial instruments owned at fair value as of December 31, 2024[711](index=711&type=chunk)[712](index=712&type=chunk) - **Foreign Currency Risk:** A hypothetical **10%** USD strengthening against EUR and GBP would negatively impact 2024 net income by approximately **$0.9 million**[718](index=718&type=chunk) - **Interest Rate Risk:** A hypothetical **1%** interest rate increase would reduce 2024 consolidated net earnings by an estimated **$1.7 million**, mainly due to variable-rate debt[720](index=720&type=chunk) [Financial Statements and Supplementary Data](index=131&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents BGC Group's audited consolidated financial statements for 2022-2024, including an unqualified audit opinion [Consolidated Statements of Financial Condition](index=135&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Consolidated Balance Sheet Highlights (as of Dec 31) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $711,584 | $655,641 | | Goodwill | $540,290 | $506,344 | | **Total Assets** | **$3,591,967** | **$3,175,937** | | **Liabilities & Equity** | | | | Notes payable and other borrowings | $1,337,540 | $1,183,506 | | **Total Liabilities** | **$2,512,728** | **$2,277,781** | | **Total Stockholders' Equity** | **$898,507** | **$885,083** | | **Total Equity** | **$1,079,239** | **$898,156** | [Consolidated Statements of Operations](index=136&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Income Statement (Year Ended Dec 31) | (in thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Total revenues** | **$2,262,818** | **$2,025,401** | **$1,795,302** | | Total compensation and employee benefits | $1,492,890 | $1,347,981 | $1,104,236 | | **Total expenses** | **$2,182,263** | **$1,992,830** | **$1,717,115** | | Income from operations before income taxes | $173,143 | $57,709 | $97,451 | | **Consolidated net income (loss)** | **$123,228** | **$38,775** | **$58,867** | | **Net income (loss) available to common stockholders** | **$126,988** | **$36,265** | **$48,712** | Earnings Per Share (Year Ended Dec 31) | Per Share Data | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Basic EPS | $0.26 | $0.08 | $0.13 | | Fully Diluted EPS | $0.25 | $0.07 | $0.13 | [Consolidated Statements of Cash Flows](index=138&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (Year Ended Dec 31) | (in thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $315,350 | $405,203 | $224,362 | | Net cash used in investing activities | ($96,994) | ($90,707) | ($53,330) | | Net cash used in financing activities | ($149,018) | ($146,880) | ($233,206) | | **Net increase (decrease) in cash** | **$60,377** | **$170,886** | **($64,789)** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=210&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes or disagreements with its accountants on financial disclosure - None[1132](index=1132&type=chunk) [Controls and Procedures](index=210&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of December 31, 2024 - Management concluded BGC Group's disclosure controls and procedures were effective as of December 31, 2024[1133](index=1133&type=chunk) - Internal controls over financial reporting were effective as of December 31, 2024, excluding the immaterial Sage acquisition[1135](index=1135&type=chunk)[1136](index=1136&type=chunk) - No material changes occurred in internal controls over financial reporting during the year ended December 31, 2024[1139](index=1139&type=chunk) [Other Information](index=210&type=section&id=ITEM%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q4 2024 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended December 31, 2024[1140](index=1140&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=212&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 proxy statement - This section incorporates information by reference from the 2025 Proxy Statement[1144](index=1144&type=chunk) [Executive Compensation](index=212&type=section&id=ITEM%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the company's 2025 definitive proxy statement - This section incorporates information by reference from the 2025 Proxy Statement[1145](index=1145&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=212&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan information is incorporated by reference from the 2025 proxy statement - This section incorporates information by reference from the 2025 Proxy Statement[1146](index=1146&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=212&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions and director independence information is incorporated by reference from the 2025 proxy statement - This section incorporates information by reference from the 2025 Proxy Statement[1147](index=1147&type=chunk) [Principal Accountant Fees and Services](index=212&type=section&id=ITEM%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the 2025 proxy statement - This section incorporates information by reference from the 2025 Proxy Statement[1148](index=1148&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=213&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K - Consolidated financial statements are included in Part II, Item 8 of the report[1151](index=1151&type=chunk) - An Exhibit Index lists all documents filed as part of the report as required by Regulation S-K[1152](index=1152&type=chunk)[1153](index=1153&type=chunk) [Form 10-K Summary](index=218&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) The company reports this item is not applicable - Not Applicable[1161](index=1161&type=chunk)