Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
CMC Markets Plc is a leading global provider of online trading and investing services, offering comprehensive retail, professional, and institutional solutions. Founded in 1989 by Lord Peter Cruddas, the company delivers best-in-class multi-asset platforms enabling access to over 12,000 financial instruments, including forex, CFDs, indices, treasuries, and shares across global markets. Its business operates through three core verticals: Direct-to-Consumer for seamless trading and investing experiences; Platform Technology as a Service for institutional-grade B2B execution and white-label solutions; and an emerging Web 3.0 and DeFi vertical leveraging blockchain for faster, scalable financial infrastructure. Headquartered in London with 12 offices worldwide, CMC Markets serves clients in key regions like the UK, Australia, Singapore, Europe, and expanding markets in the Middle East, North America, and Bermuda. Renowned for technological innovation, it boasts 99.93% platform uptime, superior execution speeds, and numerous awards for mobile trading, customer service, education tools, and low fees from sources like ForexBrokers.com and ADVFN. With diversified revenue streams and a focus on sustainability, risk management, and product diversification, CMC Markets plays a pivotal role in democratizing access to financial markets while driving long-term growth.
£6.98
£0.02 (-0.29%)
EOD Jul 3, 2026
Margins and capital returns are both well above average: 26.55% operating margin, ROIC at 16.14%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 16.3%, still solid. Free cash flow declined 78% despite revenue growth, conversion is weakening.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 78% versus the prior year, cash generation momentum has weakened.
26.0x earnings, 53.4x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£419M
▲ +16.3% YoY
Net Income (TTM)
£74M
▲ +18.6% YoY
Op. Margin
26.55%
▲ +0.3pp YoY
ROIC
16.14%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£36M
▼ -78.4% YoY
Op. Cash Flow (TTM)
£39M
▼ -76.8% YoY
Net Debt
-£283M
Net Cash Position
Cash & Equiv.
£396M
3Y CAGR: +8.8%
3Y CAGR: -5.7%
Continue Research
At a P/E of 26.0 and a price-to-free-cash-flow of 53.4, CMC Markets (CMCX.XLON) trades above a two-stage DCF intrinsic value of about £3.29 per share, so at £6.98 the stock looks overvalued (52.8% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, CMC Markets scores 66/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 1.9%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £3.29 per share for CMCX.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £2.47. At today's £6.98, that puts the stock about 52.8% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
CMC Markets scores 66 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 26.5% operating margin and a 16.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, CMC Markets pays a regular dividend of about £0.14 per share per year (typically in quarterly installments), a yield of roughly 1.9% at the current price. That is a payout ratio of about 50.4% of earnings, so the dividend is well covered. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For CMCX.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. CMCX.XLON currently trades above its estimated intrinsic value and scores 66/100 on quality (solid). It also yields about 1.9%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.