BGC Group, Inc. (BGC) Stock Price & How to Invest
Last updated July 2026
Short answer
BGC Group is one of the world's largest interdealer brokers, matching buyers and sellers in fixed income, FX, energy, commodities and rates, and it is now trying to reinvent itself around electronic trading (Fenics) and its new FMX Futures Exchange. You invest in BGC as a play on trading volumes and volatility plus the optionality that FMX chips away at CME's rate-futures dominance.
BGC stock price
As of 2026-07-24, BGC Group, Inc. (BGC) last closed at $11.65, up 18.5% over the past year. Over the past 52 weeks it has traded between $8.31 and $12.65.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or BGC Group, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does BGC Group, Inc. (BGC) do?
BGC Group (NASDAQ: BGC) is a global marketplace, data and financial-technology company built around an interdealer brokerage that sits between the large banks and trading firms, executing and processing trades across fixed income, foreign exchange, energy, commodities, shipping and equities. Historically its economics were driven by human (voice) brokers who earn commissions on transaction volume, so revenue rises when markets are volatile and active and falls when they are quiet. Over the past several years management has pushed hard to shift the mix toward higher-margin electronic and data products under the Fenics brand, and, most notably, to launch the FMX Futures Exchange, a US interest-rate futures and treasuries venue backed as equity owners by a roster of major banks and market makers including Goldman Sachs, J.P. Morgan, Citi, Morgan Stanley and Citadel Securities.
The investment picture is a hybrid of a mature, cash-generative brokerage and a speculative growth story. Recent results have been strong, with record first-quarter 2026 revenue and sharp year-over-year growth across all regions, and FMX gaining share in US treasuries and rates. The bull case is that Fenics and FMX re-rate BGC from a cyclical broker toward an exchange-and-data model with recurring, higher-margin revenue. The bear case is that FMX is challenging CME Group's deeply entrenched rate-futures franchise, that voice brokerage remains cyclical and compensation-heavy, and that GAAP earnings run well below the adjusted figures management emphasizes.
What's driving BGC Group, Inc. (BGC)?
1. FMX Futures Exchange optionality
FMX launched US Treasury futures in 2025 and is a direct, bank-backed challenger to CME's near-monopoly in rate futures. Early volumes and open interest in SOFR and Treasury futures have grown, and its cash-treasuries platform has taken meaningful share. If FMX gains durable liquidity it could become a high-margin, recurring revenue engine that materially changes BGC's valuation multiple.
2. Electronic and data mix shift (Fenics)
BGC continues to migrate volume from voice brokerage to its Fenics electronic and market-data platforms, which carry higher margins and more recurring revenue than commission-based voice desks. A rising Fenics contribution improves earnings quality and reduces the swing between busy and quiet quarters. This transition is a central part of management's re-rating thesis.
3. Volumes and volatility tailwind
Interdealer brokerage revenue rises with trading activity, and elevated rate, FX, energy and commodity volatility has supported strong recent volumes. First-quarter 2026 revenue reached roughly $955 million, up about 44 percent year over year, with balanced growth across the Americas, EMEA and Asia Pacific. Continued macro uncertainty tends to keep client trading activity high.
4. Cost discipline and adjusted earnings
Management is running a cost-reduction program targeting roughly $35 million of annualized savings while guiding to continued revenue growth. Adjusted EBITDA and adjusted pre-tax earnings have grown faster than revenue in recent quarters, and the company pays a small dividend. Operating leverage on higher volumes can expand adjusted margins.
What are the risks to BGC Group, Inc. (BGC)?
FMX is unproven and faces CME Group's entrenched liquidity, network effects and incumbency in rate futures, so it could burn cash without ever reaching critical mass. The core voice brokerage is cyclical and heavily compensation-driven, meaning earnings can compress quickly when trading volumes fall. GAAP net income runs well below the adjusted figures management highlights, which can make headline valuation look expensive on a trailing basis. BGC also carries a complex history tied to Cantor Fitzgerald and its late founder Howard Lutnick, along with ongoing execution and integration risk. Debt, competition from TP ICAP, Tradeweb, CME and others, and dependence on continued market volatility round out the risk profile.
How is BGC Group, Inc. (BGC) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see BGC Group, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$2.8B
- Q1 2026 revenue: ~$955M (up ~44% YoY)
- Q1 2026 adjusted EBITDA: ~$253M
- Market cap: ~$5.3B
- Forward P/E: ~8x
- Dividend yield: ~0.7%
As of July 2026 BGC trades around $11 to $12 per share for roughly a $5.3 billion market cap. The forward P/E near 8x on adjusted earnings looks low versus exchange peers, but the trailing GAAP P/E is much higher because GAAP earnings run well below the adjusted numbers. Much of the valuation debate hinges on whether FMX and Fenics justify an exchange-like multiple over time.
Who competes with BGC Group, Inc. (BGC)?
Interdealer brokers
TP ICAP is the largest interdealer broker globally and competes with BGC across nearly every asset class, while Tradition is the other major voice and electronic IDB peer. BGC is generally considered the second-largest interdealer broker.
Exchanges and electronic venues
CME Group is the key rival for FMX, defending its dominant rate-futures and BrokerTec treasuries franchises. Tradeweb Markets and Marex also compete in electronic rates, credit, derivatives and commodity brokerage.
Data and analytics providers
BGC's Fenics market-data business competes with TP ICAP's Parameta Solutions and other financial-data vendors that sell pricing, reference and analytics feeds derived from trading activity.
How to invest in BGC Group, Inc. (BGC)
There are three common ways to get BGC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so BGC sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where BGC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on BGC Group, Inc. (BGC)
BGC is a volume-and-volatility-driven brokerage with a genuine, but unproven, growth call option in the FMX futures exchange.
More on BGC Group, Inc. (BGC)
Whether BGC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BGC a buy?, and where the stock could go from here in the BGC stock forecast.
For income investors, whether BGC pays a dividend and how the payout looks is covered in does BGC pay a dividend?
Build a basket around BGC with Walnut
Use BGC Group, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does BGC Group do?
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BGC Group is a global brokerage, data and financial-technology company. Its core business is interdealer brokerage, matching banks and trading firms in fixed income, FX, energy, commodities, shipping and equities, and it also runs the Fenics electronic and data platforms and the FMX Futures Exchange.
Is BGC the same as BGC Partners?
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BGC Group is the successor entity to BGC Partners after a corporate reorganization that consolidated the business under a single public company, BGC Group, Inc., which trades on Nasdaq under the ticker BGC. The underlying brokerage business is the same lineage.
What is the FMX Futures Exchange?
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FMX is BGC's new US interest-rate futures exchange and treasuries platform, launched with equity backing from major banks and market-making firms. It is designed to compete directly with CME Group in rate futures and has been gaining share in US treasuries trading.
Does BGC pay a dividend?
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Yes, BGC pays a small dividend, recently around $0.08 per share annually, which works out to a yield under 1 percent at recent prices. The company has emphasized reinvesting in growth initiatives like FMX and Fenics rather than a large payout.
How does BGC make money?
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Most revenue comes from commissions and fees on trades executed through its brokerage desks, so income rises with trading volume and market volatility. Growing shares come from higher-margin Fenics electronic execution, market data subscriptions, and, increasingly, FMX exchange activity.
Why is BGC's P/E ratio so different depending on where I look?
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BGC's trailing GAAP P/E looks high while its forward P/E looks low because its GAAP net income runs well below the adjusted earnings management emphasizes. The gap reflects stock-based compensation and other adjustments, so it is worth checking whether a quoted P/E is GAAP or adjusted.
Who are BGC's main competitors?
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Its closest interdealer rivals are TP ICAP and Tradition. In exchanges and electronic trading it competes with CME Group (especially for FMX), Tradeweb and Marex, and its Fenics data business competes with TP ICAP's Parameta and other data vendors.
What is the biggest risk with BGC stock?
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The biggest single risk is that FMX fails to unseat CME's entrenched rate-futures liquidity and burns cash without reaching scale. More broadly, the core brokerage is cyclical and volume-dependent, so a drop in market volatility can quickly compress earnings.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with BGC Group, Inc.'s investor relations page or your broker before making investment decisions.