Interactive Brokers Group, Inc. (IBKR)

Executive Summary

Interactive Brokers is a forty-eight-year-old technology business wearing a brokerage license, and the distinction matters more than Wall Street typically gives it credit for. Founded by Thomas Peterffy in 1978 as a market maker, the firm has spent four decades automating every function that competitors still staff with humans — from order routing across more than 150 venues to risk management, margin calculation, and back-office operations. The result is a pretax margin of 77 percent in Q1 2026 against industry peers in the 20-to-40 percent range, a 4.75 million customer-account base growing 31 percent year over year, and ending client equity of $789 billion, up 38 percent. That is not a sleepy financial — that is a compounder.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers