Siebert Financial Corp is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$1.3
Valuation models combined (2)
Base case. Range ~$1.2–$1.4. Weighted average of 2 models (residual income, justified price-to-book).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Siebert Financial Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $105m, up 21.6% on a year earlier, against a decline of 3.9% a quarter earlier. Our valuation models combined value is $1.31 a share, against a share price of $1.80.
Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Siebert Financial Corp's trailing-twelve-month revenue grew 21.6% year on year, with a free-cash-flow margin of 14.1%.
Current signal Balance sheet growing far ahead of sales: Total assets grew 73% year over year while revenue grew 22% — the balance sheet is expanding 51 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Siebert Financial Corp as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$1.4 ~$0.9–$2.2 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$1.2 ~$1.0–$1.4 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.2 ~$2.6–$9.6 | Left out: out of range vs price (0.11x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.3 ~$1.2–$1.4 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Siebert Financial Corp with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Siebert Financial's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.5% of total assets over 10 years.
Net margin has been a median 7.5%; its worst year was -15.1%.
The diluted share count rose 31.2% over five years; stock-based pay has been a median 1.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (23 before it).
No analyst estimates are published for Siebert Financial Corp: too few analysts cover it.
Last 12 months −29.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $86m | $105m | +21.6% |
| P/S multiple | 1.3x | 0.8x | −41.7% |
| Share count | 40m | 41m | −1.2% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +15.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $62m | $105m | +69.9% |
| P/S multiple | 0.9x | 0.8x | −17.1% |
| Share count | 33m | 41m | −17.8% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| SIEB | −45% | −41% | +24% | +88% | +11% | −44% |
| Industry peers (median) | +31% | −18% | +16% | +43% | +8% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| SIEB | 25% | 42% | 42% | 58% | 50% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| SIEB | −75% | −51% | −46% | −41% | −54% | −57% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 94% from September 12, 2018 to December 28, 2022. Getting back needed a 1583% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| November 13, 2023 | +5.3% | +1.8% | +11.7% | +5.3% |
| May 25, 2022 | +0.6% | +2.9% | +4.8% | −13.9% |
| April 4, 2022 | +1.5% | −0.4% | −3.4% | 0.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $65.5M |
| FY23 Q4 | $71.5M |
| FY24 Q1 | $75.8M |
| FY24 Q2 | $79.1M |
| FY24 Q3 | $83.6M |
| FY24 Q4 | $83.9M |
| FY25 Q1 | $92.4M |
| FY25 Q2 | $86.4M |
| FY25 Q3 | $90.7M |
| FY25 Q4 | $94.2M |
| FY26 Q1 | $88.8M |
| FY26 Q2 | $105.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 28.2% |
| FY23 Q4 | 42.6% |
| FY24 Q1 | 35.4% |
| FY24 Q2 | 27.9% |
| FY24 Q3 | 27.5% |
| FY24 Q4 | 17.3% |
| FY25 Q1 | 21.9% |
| FY25 Q2 | 9.2% |
| FY25 Q3 | 8.5% |
| FY25 Q4 | 12.3% |
| FY26 Q1 | -3.9% |
| FY26 Q2 | 21.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 21.7% |
| FY23 Q4 | 25.3% |
| FY24 Q1 | 25.0% |
| FY24 Q2 | 25.1% |
| FY24 Q3 | 24.4% |
| FY24 Q4 | 20.8% |
| FY25 Q1 | 24.8% |
| FY25 Q2 | 13.3% |
| FY25 Q3 | 9.7% |
| FY25 Q4 | 5.9% |
| FY26 Q1 | -8.8% |
| FY26 Q2 | -2.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -99.5% |
| FY23 Q4 | -7.0% |
| FY24 Q1 | -17.1% |
| FY24 Q2 | 20.5% |
| FY24 Q3 | 46.2% |
| FY24 Q4 | 11.7% |
| FY25 Q1 | 24.1% |
| FY25 Q2 | 5.0% |
| FY25 Q3 | 49.3% |
| FY25 Q4 | 10.3% |
| FY26 Q1 | 20.3% |
| FY26 Q2 | 14.1% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 21 | 20 | 21 | 16 | 16 | 10 | 10 | 13 | 30 | 43 | 55 | 68 | 50 | 72 | 84 | 94 | 105 |
| EBITDA | — | — | — | −6 | −6 | −3 | −5 | 2 | — | — | — | 8 | 1 | 20 | 19 | 8 | 0 |
| Operating income | — | — | — | −6 | −7 | −3 | −6 | 2 | — | — | — | 7 | 0 | 18 | 17 | 6 | −2 |
| Net income | −3 | −5 | −0 | −6 | −7 | −3 | −6 | 2 | 12 | 3 | 3 | 5 | −2 | 8 | 13 | 5 | −1 |
| Diluted EPS | −$0.12 | −$0.24 | −$0.01 | $0.27 | $0.30 | $0.13 | −$0.25 | $0.10 | $0.44 | $0.11 | $0.10 | $0.16 | −$0.06 | $0.21 | $0.33 | $0.13 | −$0.03 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | −2.7% | +3.9% | −21.8% | −3.3% | −36.3% | −2.8% | +33.6% | +129.1% | +42.4% | +28.3% | +23.0% | −25.8% | +42.7% | +17.3% | +12.3% | +21.6% |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | −82.1% | +>999% | −6.4% | −57.7% | −97.9% |
| Operating income | — | — | — | — | — | — | — | — | — | — | — | — | −93.3% | — | −3.6% | −68.1% | −121.3% |
| Net income | — | — | — | — | — | — | — | — | +454.6% | −72.9% | −8.1% | +70.2% | −139.3% | — | +69.8% | −61.5% | −111.8% |
| Diluted EPS | — | — | — | — | — | — | — | — | +340.0% | −75.0% | −9.1% | +60.0% | −137.5% | — | +57.1% | −60.6% | −111.7% |
| Margins | |||||||||||||||||
| EBITDA margin | — | — | — | −34.8% | −40.2% | −27.9% | −54.0% | 18.5% | — | — | — | 11.9% | 2.9% | 28.2% | 22.5% | 8.5% | 0.3% |
| Operating margin | — | — | — | −35.5% | −41.8% | −30.6% | −56.8% | 17.6% | — | — | — | 9.8% | 0.9% | 25.3% | 20.8% | 5.9% | −2.3% |
| Net margin | −12.7% | −26.6% | −0.8% | −36.0% | −41.4% | −28.4% | −56.8% | 16.5% | 39.8% | 7.6% | 5.4% | 7.5% | −4.0% | 10.9% | 15.8% | 5.4% | −1.1% |
| Free-cash-flow margin | −6.3% | −7.4% | −10.8% | −21.1% | −55.8% | −14.2% | −33.6% | 7.9% | 15.3% | 54.6% | 176.2% | 7.8% | −49.7% | −7.0% | 11.7% | 10.3% | 14.1% |
| Cash flow | |||||||||||||||||
| Cash from operations | −1 | −1 | −2 | −3 | −9 | −1 | −3 | 1 | 5 | 24 | 97 | 6 | −25 | −5 | 10 | 10 | 15 |
| Capital spending | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Free cash flow | −1 | −1 | −2 | −3 | −9 | −1 | −3 | 1 | 5 | 23 | 97 | 5 | −25 | −5 | 10 | 10 | 15 |
| Stock-based pay | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | 0 | — | 0 | 2 | 2 |
| Free cash flow after stock pay | −1 | −1 | −2 | — | — | — | — | — | — | — | — | — | −25 | — | 9 | 8 | 13 |
| Balance sheet | |||||||||||||||||
| Cash | 23 | 21 | 19 | 15 | 7 | 9 | 3 | 4 | 7 | 5 | 4 | 4 | 24 | 6 | 33 | 22 | 16 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 5 | 8 | 7 | 4 | 5 | 5 | 5 |
| Net debt (negative = net cash) | −23 | −21 | −19 | −15 | −7 | −9 | −3 | −4 | −7 | 3 | 1 | 4 | −17 | −1 | −28 | −17 | −11 |
| Diluted shares | 22m | 22m | 1m | 22m | 22m | 22m | 22m | 23m | 27m | 30m | 31m | 31m | 32m | 37m | 40m | 40m | 41m |
| Returned to shareholders | |||||||||||||||||
| Dividends | — | — | — | — | 0 | 0 | 4 | 0 | — | — | — | — | — | — | — | — | — |
| Buybacks | 0 | 0 | 0 | 0 | — | — | — | — | — | 3 | — | — | — | — | — | 4 | — |
| Total returned | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | — | 3 | — | — | — | — | — | 4 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 23 | 20 | 29 | 15 | 27 | 24 | 23 | 31 |
| EBITDA | 5 | 2 | 11 | −5 | 3 | −1 | −2 | 0 |
| Operating income | 5 | 2 | 10 | −6 | 2 | −1 | −3 | −0 |
| Net income | 4 | 2 | 9 | −5 | 2 | −0 | −2 | −0 |
| Diluted EPS | $0.10 | $0.04 | $0.22 | −$0.12 | $0.04 | −$0.01 | −$0.05 | −$0.01 |
| Growth (year on year) | ||||||||
| Revenue | +25.0% | +1.6% | +41.4% | −28.7% | +19.0% | +17.7% | −18.8% | +109.6% |
| EBITDA | +14.3% | −61.4% | +103.7% | −188.0% | −45.3% | −124.3% | −120.0% | — |
| Operating income | +13.2% | −60.1% | +105.7% | −204.5% | −54.8% | −166.0% | −127.3% | — |
| Net income | +38.6% | — | +134.9% | −216.8% | −57.6% | −125.8% | −122.8% | — |
| Diluted EPS | +42.9% | — | +144.4% | −220.0% | −60.0% | −125.0% | −122.7% | — |
| Margins | ||||||||
| EBITDA margin | 23.0% | 11.9% | 37.7% | −35.0% | 10.6% | −2.5% | −9.3% | 0.6% |
| Operating margin | 21.4% | 9.7% | 36.3% | −39.2% | 8.1% | −5.5% | −12.2% | −1.5% |
| Net margin | 17.0% | 8.7% | 30.0% | −31.7% | 6.0% | −1.9% | −8.4% | −1.0% |
| Free-cash-flow margin | 13.1% | 176.3% | −119.4% | 3.8% | 161.5% | 1.3% | −111.5% | −8.5% |
| Cash flow | ||||||||
| Cash from operations | 3 | 35 | −34 | 1 | 44 | 0 | −26 | −3 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 3 | 35 | −35 | 1 | 43 | 0 | −26 | −3 |
| Stock-based pay | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Free cash flow after stock pay | 3 | 35 | −35 | 0 | 43 | 0 | −27 | −3 |
| Last 12 months unless stated | SIEB | SOS | MATH | COHN | AXG | BULL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $105m | $154m | $37m | $314m | $28m | $571m | $2.0bn |
| Revenue growth, last 12 months | 21.6% | −33.3% | −16.7% | 126.4% | 895.0% | 46.3% | 20.7% |
| Revenue growth, 3-year average | 19.3% | — | — | 67.1% | — | — | 16.2% |
| Revenue growth, latest quarter | 109.6% | — | — | 16.1% | — | — | 17.4% |
| Gross margin | — | 1.5% | 41.4% | — | — | — | 3.6% |
| Operating margin | −2.3% | −63.9% | 3.6% | 22.1% | 0.1% | — | −2.3% |
| Operating margin, 3-year average | 12.0% | — | — | 8.6% | — | — | 9.4% |
| Net margin | −1.1% | −63.1% | 3.5% | 5.6% | −47.4% | 4.3% | 5.8% |
| Cash from operations / revenue | 14.7% | −159.8% | −40.0% | −2.2% | −54.7% | 99.2% | 7.7% |
| Free-cash-flow margin | 14.1% | −159.8% | −40.1% | −2.6% | −55.3% | 98.3% | 5.2% |
| Free-cash-flow margin, 3-year average | 13.2% | — | — | 1.0% | — | — | 16.8% |
| Stock pay / revenue | 1.7% | 4.6% | 8.8% | 6.7% | 11.5% | 7.7% | 4.7% |
| Change in share count | 1.2% | 432.8% | 12.5% | 6.4% | 674.4% | 186.0% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 21.6% | 20.8% | 17 of 40 |
| Change in growth rate Growth | +25.5pp | -0.3pp | 9 of 40 |
| Operating margin Profitability | -2.3% | -2.3% | 9 of 17 |
| Net margin Profitability | -1.1% | 6.0% | 30 of 40 |
| Stock pay as % of revenue Cash generation | 1.7% | 4.8% | 10 of 36 |
| Change in share count Balance sheet | 1.2% | 1.2% | 18 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Financial Services | $93M | 98.7% | ▲ 10.8% |
| Media Sports and Entertainment | $1.2M | 1.3% | — |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Stock Borrow Stock Loan | $29M | 30.8% | ▲ 50.8% |
| Interest Marketing and Distribution Fees | $27.6M | 29.3% | ▼ 14.8% |
| Principal Transactions and Proprietary Trading | $17.5M | 18.6% | ▲ 19.6% |
| Commissions and Fees | $8.9M | 9.5% | ▼ 7.0% |
| Other Incomes | $3.6M | 3.8% | ▲ 6.9% |
| Advisory Fees | $3.3M | 3.5% | ▲ 40.3% |
| Market Making | $2.2M | 2.3% | ▼ 2.6% |
| Investment Banking | $769,000 | 0.8% | — |
| Music and Artist Services Revenue | $616,000 | 0.7% | — |
| NIL Revenue | $594,000 | 0.6% | — |
From Siebert Financial Corp's 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Cantor Fitzgerald, L. P. | $1.7M | 1.0M | 35.6% | New |
| Vanguard Capital Management LLC | $907,038 | 550K | 19.0% | ▼ 0.2% |
| Geode Capital Management, LLC | $419,165 | 254K | 8.8% | ▼ 41.7% |
| Cetera Investment Advisers | $242,534 | 147K | 5.1% | ▲ 0.4% |
| Millennium Management LLC | $200,033 | 121K | 4.2% | New |
| Vanguard Fiduciary Trust Co | $177,583 | 108K | 3.7% | ▼ 4.7% |
| Blackrock, Inc. | $168,210 | 102K | 3.5% | ▼ 86.9% |
| Goldman Sachs Group Inc | $92,661 | 56K | 1.9% | ▲ 55.7% |
| Jane Street Group, LLC | $92,023 | 56K | 1.9% | New |
| State Street Corp | $83,573 | 51K | 1.7% | ▼ 64.9% |
| Citadel Advisors LLC | $80,695 | 49K | 1.7% | ▲ 78.8% |
| Susquehanna International Group, LLP | $79,708 | 48K | 1.7% | ▲ 68.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Siebert Financial Corp's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Gebbia Richard 10% owner | May 28, 2026 | Buy | 15,000 | $1.86 | $27,900 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
