IBKR IBKR

Name: IBKR Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 19, 2026

Price at analysis: $68.47

Crucible Score

59.2

C+

Quality × Value Composite

KQI — Quality

61.4

C+

Fundamental Quality Index

KVI — Value

56.5

Valuation Attractiveness Index

Crucible Verdict — IBKR

Interactive Brokers (IBKR) presents a mixed picture with solid management effectiveness (73) and strong market position (72) undermining by weak diversification (48) and modest growth prospects (50). The stock trades at a 9% discount to fair value despite CEO Thomas Peterffy's 33-year tenure and performance-based compensation structure. Growth acceleration remains the key catalyst for meaningful upside beyond current valuation levels.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

62.5

Growth Profile

49.6

Moat Durability

57.1

Management Effectiveness

73.2

Diversification & Resilience⚠

48.0

Market Position

72.0

Weakest dimension: Diversification & Resilience (48.0)

◆ KVI Value Dimensions

DCF Margin of Safety

57.5

FCF Yield & Cash Returns

72.2

Relative Valuation

41.0

Growth-Adjusted Value

78.2

Historical Valuation

16.0

Macro Context

42.8

◆ DCF Valuation Scenarios

Bear Case

$48.12

Base Case

$74.50

Bull Case

$109.85

Price at Analysis

$68.47

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$48.12	6.0%	75.0%	10.9%
🟢 Base	$74.50	10.0%	82.0%	10.1%
🟢 Bull	$109.85	14.0%	86.0%	9.4%

Key Assumptions: IBKR is a brokerage with exceptionally high operating margins (68-86%) and revenue that has grown at a ~36% CAGR over the trailing 5 years driven by rising interest rates and account growth. We moderate forward growth significantly as rate tailwinds fade, projecting 6-14% revenue CAGR across scenarios. WACC is computed via CAPM with a 5.0-5.5% ERP range given financial sector volatility; the very low effective tax rate (~8.3%) reflects IBKR's partnership structure. Capex intensity is minimal at <1% of revenue, so nearly all EBITDA converts to free cash flow.

◆ Financial Snapshot

Growth

Revenue CAGR-4.6% CAGR

Earnings CAGR93.9% CAGR

Growth ConsistencyCV: 2.25

Segment Breadth4/5 growing (80%)

Quarterly TrendRev↑, Margin↑, WC↓

Earnings CredibilityMixed

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOThomas Peterffy · 33 years

CEO Ownership100.0%

Compensation98% performance-based

Insider ActivitySelling

Earnings Beat Rate61% (13/18)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 19, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.