# Capital Markets — company-by-company sector analysis > Capital Markets: Morgan Stanley owns the largest revenue base; Hut 8 Corp. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Capital Markets has outperformed S&P 500 by 14.8% over 52 weeks and 0.6% over 13 weeks. 12 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 25 beat the sector itself. Morgan Stanley leads with income of $78,042 million, based on 23 of 27 comparable companies through Jun 2026. ### Is the Capital Markets sector outperforming S&P 500? Capital Markets has outperformed S&P 500 by 14.8% over 52 weeks and 0.6% over 13 weeks. 12 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 25 beat the sector itself. ### Which Capital Markets company is largest by income? Morgan Stanley leads with income of $78,042 million, based on 23 of 27 comparable companies through Jun 2026. ### Which Capital Markets company is growing fastest? Hut 8 Corp. has the fastest current income growth at 100%, across 22 of 27 comparable companies. ### Which Capital Markets company has the strongest 4-Factor Sector Score? Virtu Financial, Inc. ranks first at 76.5/100 with 60.2% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Capital Markets company has the lowest comparable P/BV-to-ROE? Virtu Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.06, among 21 of 27 companies that pass the metric’s comparability rules. ### How much history does this Capital Markets comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Capital Markets has outperformed S&P 500 by 14.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.6%. 12 of 25 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Hut 8 Corp. is the strongest against the sector itself at +52.2%. 13-week sector return versus NIFTY 500: 0.6% 52-week sector return versus NIFTY 500: 15% Stocks leading NIFTY: 12/25 Stocks leading sector: 10/25 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 27 Combined market value: ₹11.9 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Virtu Financial, Inc. (VIRT): 77/100 — Favorable setup; evidence 60% - Growth & earnings 21.0/35 | Capital efficiency 19.9/25 | Valuation 16.5/20 | Relative strength 19.1/20 - Exact sum: 21 + 19.9 + 16.5 + 19.1 = 76.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Marex Group Limited (MRX): 64/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 22.7/35 | Capital efficiency 12.0/25 | Valuation 9.2/20 | Relative strength 19.6/20 - Exact sum: 22.7 + 12 + 9.2 + 19.6 = 63.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Evercore Inc. (EVR): 62/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 28.1/35 | Capital efficiency 20.0/25 | Valuation 6.3/20 | Relative strength 7.6/20 - Exact sum: 28.1 + 20 + 6.3 + 7.6 = 62 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 4. StoneX Group Inc. (SNEX): 62/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 23.4/35 | Capital efficiency 13.0/25 | Valuation 7.7/20 | Relative strength 17.8/20 - Exact sum: 23.4 + 13 + 7.7 + 17.8 = 61.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. The Charles Schwab Corporation (SCHW): 62/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 23.4/35 | Capital efficiency 15.3/25 | Valuation 8.6/20 | Relative strength 14.5/20 - Exact sum: 23.4 + 15.3 + 8.6 + 14.5 = 61.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Morgan Stanley (MS): 61/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 21.5/35 | Capital efficiency 13.4/25 | Valuation 11.1/20 | Relative strength 15.0/20 - Exact sum: 21.5 + 13.4 + 11.1 + 15 = 61 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. BGC Group, Inc. (BGC): 55/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 22.1/35 | Capital efficiency 11.0/25 | Valuation 5.9/20 | Relative strength 16.4/20 - Exact sum: 22.1 + 11 + 5.9 + 16.4 = 55.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Piper Sandler Companies (PIPR): 52/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 25.6/35 | Capital efficiency 14.8/25 | Valuation 5.7/20 | Relative strength 5.6/20 - Exact sum: 25.6 + 14.8 + 5.7 + 5.6 = 51.7 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -0.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 9. PJT Partners Inc. (PJT): 51/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.5/35 | Capital efficiency 18.0/25 | Valuation 3.5/20 | Relative strength 10.3/20 - Exact sum: 19.5 + 18 + 3.5 + 10.3 = 51.3 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 10. The Goldman Sachs Group, Inc. (GS): 49/100 — Mixed-negative evidence; evidence 80% - Growth & earnings 18.1/35 | Capital efficiency 9.4/25 | Valuation 6.9/20 | Relative strength 14.5/20 - Exact sum: 18.1 + 9.4 + 6.9 + 14.5 = 48.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Interactive Brokers Group, Inc. (IBKR): 48/100 — Mixed-negative evidence; evidence 60% - Growth & earnings 16.4/35 | Capital efficiency 10.5/25 | Valuation 4.8/20 | Relative strength 16.4/20 - Exact sum: 16.4 + 10.5 + 4.8 + 16.4 = 48.1 - Decision use: Price leads the evidence: RS versus the benchmark is 15.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 12. Tradeweb Markets Inc. (TW): 48/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 22.3/35 | Capital efficiency 14.1/25 | Valuation 4.8/20 | Relative strength 6.5/20 - Exact sum: 22.3 + 14.1 + 4.8 + 6.5 = 47.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Stifel Financial Corp. (SF): 47/100 — Mixed-negative evidence; evidence 60% - Growth & earnings 16.3/35 | Capital efficiency 8.5/25 | Valuation 10.7/20 | Relative strength 11.6/20 - Exact sum: 16.3 + 8.5 + 10.7 + 11.6 = 47.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Jefferies Financial Group Inc. (JEF): 45/100 — Mixed-negative evidence; evidence 80% - Growth & earnings 21.1/35 | Capital efficiency 8.5/25 | Valuation 6.4/20 | Relative strength 9.4/20 - Exact sum: 21.1 + 8.5 + 6.4 + 9.4 = 45.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Riot Platforms, Inc. (RIOT): 45/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 15.5/35 | Capital efficiency 4.6/25 | Valuation 9.8/20 | Relative strength 14.8/20 - Exact sum: 15.5 + 4.6 + 9.8 + 14.8 = 44.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. LPL Financial Holdings Inc. (LPLA): 43/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 11.9/35 | Capital efficiency 15.6/25 | Valuation 6.2/20 | Relative strength 9.0/20 - Exact sum: 11.9 + 15.6 + 6.2 + 9 = 42.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. TeraWulf Inc. (WULF): 41/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 19.3/35 | Capital efficiency 4.4/25 | Valuation 9.8/20 | Relative strength 7.8/20 - Exact sum: 19.3 + 4.4 + 9.8 + 7.8 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Moelis & Company (MC): 40/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 14.1/35 | Capital efficiency 15.1/25 | Valuation 3.8/20 | Relative strength 7.1/20 - Exact sum: 14.1 + 15.1 + 3.8 + 7.1 = 40.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Galaxy Digital Inc. (GLXY): 40/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 22.5/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 1.5/20 - Exact sum: 22.5 + 5.7 + 10 + 1.5 = 39.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Robinhood Markets, Inc. (HOOD): 37/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 17.3/35 | Capital efficiency 9.8/25 | Valuation 3.5/20 | Relative strength 6.7/20 - Exact sum: 17.3 + 9.8 + 3.5 + 6.7 = 37.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Houlihan Lokey, Inc. (HLI): 33/100 — Adverse evidence; evidence 76% - Growth & earnings 9.3/35 | Capital efficiency 13.7/25 | Valuation 5.3/20 | Relative strength 4.7/20 - Exact sum: 9.3 + 13.7 + 5.3 + 4.7 = 33 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. IREN Limited (IREN): 32/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 16.2/35 | Capital efficiency 5.0/25 | Valuation 9.6/20 | Relative strength 0.9/20 - Exact sum: 16.2 + 5 + 9.6 + 0.9 = 31.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Circle Internet Group, Inc. (CRCL): 26/100 — Adverse evidence; evidence 70% - Growth & earnings 12.9/35 | Capital efficiency 6.9/25 | Valuation 3.2/20 | Relative strength 3.4/20 - Exact sum: 12.9 + 6.9 + 3.2 + 3.4 = 26.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. Miami International Holdings, Inc. (MIAX): 65/100 — Thin evidence · provisional; evidence 40% - Growth & earnings 20.6/35 | Capital efficiency 19.3/25 | Valuation 14.9/20 | Relative strength 10.0/20 - Exact sum: 20.6 + 19.3 + 14.9 + 10 = 64.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Hut 8 Corp. (HUT): 53/100 — Thin evidence · provisional; evidence 41% - Growth & earnings 19.6/35 | Capital efficiency 8.8/25 | Valuation 9.8/20 | Relative strength 14.5/20 - Exact sum: 19.6 + 8.8 + 9.8 + 14.5 = 52.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Figure Technology Solutions, Inc. (FIGR): 52/100 — Thin evidence · provisional; evidence 47% - Growth & earnings 23.9/35 | Capital efficiency 13.5/25 | Valuation 4.7/20 | Relative strength 10.0/20 - Exact sum: 23.9 + 13.5 + 4.7 + 10 = 52.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Bitmine Immersion Technologies, Inc. (BMNR): 37/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 19.0/35 | Capital efficiency 5.3/25 | Valuation 9.8/20 | Relative strength 3.0/20 - Exact sum: 19 + 5.3 + 9.8 + 3 = 37.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Income Scale & Growth Durability What the numbers say: Morgan Stanley is the scale leader at $78,042 million, 17.9% ahead of The Goldman Sachs Group, Inc.. Hut 8 Corp.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 219.3% from a $380 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Morgan Stanley is the scale benchmark; Hut 8 Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Morgan Stanley's growth falls below Hut 8 Corp.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Morgan Stanley · $78,042 million | 17.9% versus #2 · The Goldman Sachs Group, Inc. | 8/8 recent comparable periods | 23/27 companies · 469 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. Morgan Stanley (MS): ₹78.0K Cr 2. The Goldman Sachs Group, Inc. (GS): ₹66.2K Cr 3. Galaxy Digital Inc. (GLXY): ₹58.7K Cr 4. The Charles Schwab Corporation (SCHW): ₹26.0K Cr 5. LPL Financial Holdings Inc. (LPLA): ₹18.3K Cr ### Income growth — fastest growers 1. Hut 8 Corp. (HUT): 100% 2. IREN Limited (IREN): 100% 3. Figure Technology Solutions, Inc. (FIGR): 68% 4. Circle Internet Group, Inc. (CRCL): 51% 5. Evercore Inc. (EVR): 47% ### 20-quarter Income history - MS: Sep 2021 ₹14.8K Cr | Dec 2021 ₹14.5K Cr | Mar 2022 ₹14.8K Cr | Jun 2022 ₹13.1K Cr | Sep 2022 ₹13.0K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹13.5K Cr | Sep 2023 ₹13.3K Cr | Dec 2023 ₹12.9K Cr | Mar 2024 ₹15.1K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹15.4K Cr | Dec 2024 ₹16.2K Cr | Mar 2025 ₹17.7K Cr | Jun 2025 ₹16.8K Cr | Sep 2025 ₹18.2K Cr | Dec 2025 ₹17.9K Cr | Mar 2026 ₹20.6K Cr | Jun 2026 ₹21.3K Cr - GS: Sep 2021 ₹13.6K Cr | Dec 2021 ₹15.4K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹12.0K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹10.9K Cr | Sep 2023 ₹11.8K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹14.2K Cr | Jun 2024 ₹12.7K Cr | Sep 2024 ₹12.7K Cr | Dec 2024 ₹13.9K Cr | Mar 2025 ₹15.1K Cr | Jun 2025 ₹14.6K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹17.2K Cr | Jun 2026 ₹20.3K Cr - SCHW: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹7.1K Cr - HOOD: Sep 2021 ₹365 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹318 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹380 Cr | Mar 2023 ₹441 Cr | Jun 2023 ₹486 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹471 Cr | Mar 2024 ₹618 Cr | Jun 2024 ₹682 Cr | Sep 2024 ₹637 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹927 Cr | Jun 2025 ₹989 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - IBKR: Sep 2021 ₹464 Cr | Dec 2021 ₹603 Cr | Mar 2022 ₹645 Cr | Jun 2022 ₹656 Cr | Sep 2022 ₹790 Cr | Dec 2022 ₹976 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - LPLA: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 — - TW: Sep 2021 ₹265 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹311 Cr | Jun 2022 ₹297 Cr | Sep 2022 ₹287 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹329 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹328 Cr | Dec 2023 ₹370 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹405 Cr | Sep 2024 ₹449 Cr | Dec 2024 ₹463 Cr | Mar 2025 ₹510 Cr | Jun 2025 ₹513 Cr | Sep 2025 ₹509 Cr | Dec 2025 ₹521 Cr | Mar 2026 ₹618 Cr | Jun 2026 — - CRCL: Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹94 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹365 Cr | Jun 2024 ₹430 Cr | Sep 2024 ₹446 Cr | Dec 2024 ₹435 Cr | Mar 2025 ₹579 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹740 Cr | Dec 2025 ₹770 Cr | Mar 2026 ₹694 Cr | Jun 2026 — - EVR: Sep 2021 ₹828 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹727 Cr | Jun 2022 ₹635 Cr | Sep 2022 ₹581 Cr | Dec 2022 ₹835 Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹504 Cr | Sep 2023 ₹574 Cr | Dec 2023 ₹788 Cr | Mar 2024 ₹585 Cr | Jun 2024 ₹693 Cr | Sep 2024 ₹738 Cr | Dec 2024 ₹980 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹838 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - JEF: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.2K Cr - SF: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - IREN: Sep 2021 ₹10 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹145 Cr | Jun 2026 — - HUT: Sep 2021 ₹39 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹139 Cr | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - HLI: Sep 2021 ₹537 Cr | Dec 2021 ₹889 Cr | Mar 2022 ₹471 Cr | Jun 2022 ₹419 Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹456 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹520 Cr | Jun 2024 ₹514 Cr | Sep 2024 ₹575 Cr | Dec 2024 ₹634 Cr | Mar 2025 ₹666 Cr | Jun 2025 ₹605 Cr | Sep 2025 ₹659 Cr | Dec 2025 ₹717 Cr | Mar 2026 ₹636 Cr | Jun 2026 — - VIRT: Sep 2021 ₹518 Cr | Dec 2021 ₹641 Cr | Mar 2022 ₹659 Cr | Jun 2022 ₹556 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹420 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹394 Cr | Sep 2023 ₹497 Cr | Dec 2023 ₹378 Cr | Mar 2024 ₹517 Cr | Jun 2024 ₹569 Cr | Sep 2024 ₹571 Cr | Dec 2024 ₹691 Cr | Mar 2025 ₹707 Cr | Jun 2025 ₹834 Cr | Sep 2025 ₹659 Cr | Dec 2025 ₹785 Cr | Mar 2026 ₹917 Cr | Jun 2026 — - SNEX: Sep 2021 ₹262 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹400 Cr | Jun 2022 ₹374 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹399 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹422 Cr | Jun 2024 ₹469 Cr | Sep 2024 ₹455 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹487 Cr | Jun 2025 ₹488 Cr | Sep 2025 ₹585 Cr | Dec 2025 ₹724 Cr | Mar 2026 ₹829 Cr | Jun 2026 — - WULF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹34 Cr | Jun 2026 — - GLXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.3K Cr | Jun 2024 ₹8.9K Cr | Sep 2024 ₹8.7K Cr | Dec 2024 ₹16.4K Cr | Mar 2025 ₹12.9K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹29.2K Cr | Dec 2025 ₹10.2K Cr | Mar 2026 ₹10.2K Cr | Jun 2026 — - RIOT: Sep 2021 ₹65 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹167 Cr | Jun 2026 — - PJT: Sep 2021 ₹231 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹233 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹280 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹326 Cr | Dec 2024 ₹477 Cr | Mar 2025 ₹325 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹447 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹418 Cr | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹167 Cr | Jun 2026 — - BGC: Sep 2021 ₹474 Cr | Dec 2021 ₹462 Cr | Mar 2022 ₹506 Cr | Jun 2022 ₹436 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹533 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹517 Cr | Mar 2024 ₹579 Cr | Jun 2024 ₹551 Cr | Sep 2024 ₹561 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹664 Cr | Jun 2025 ₹784 Cr | Sep 2025 ₹737 Cr | Dec 2025 ₹756 Cr | Mar 2026 ₹955 Cr | Jun 2026 — - MC: Sep 2021 ₹491 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹302 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹234 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹272 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹274 Cr | Dec 2024 ₹439 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹488 Cr | Mar 2026 ₹320 Cr | Jun 2026 — - PIPR: Sep 2021 ₹446 Cr | Dec 2021 ₹648 Cr | Mar 2022 ₹351 Cr | Jun 2022 ₹352 Cr | Sep 2022 ₹332 Cr | Dec 2022 ₹391 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹472 Cr | Mar 2024 ₹343 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹484 Cr | Mar 2025 ₹357 Cr | Jun 2025 ₹397 Cr | Sep 2025 ₹479 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹474 Cr | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹311 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹326 Cr | Mar 2024 ₹366 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹391 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹467 Cr | Jun 2025 ₹500 Cr | Sep 2025 ₹485 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹692 Cr | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹277 Cr | Dec 2024 ₹324 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹369 Cr | Mar 2026 ₹370 Cr | Jun 2026 — ### 20-quarter Income growth history - MS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -12% | Dec 2022 -12% | Mar 2023 -1.9% | Jun 2023 2.5% | Sep 2023 2.2% | Dec 2023 1.2% | Mar 2024 4.3% | Jun 2024 12% | Sep 2024 16% | Dec 2024 26% | Mar 2025 17% | Jun 2025 12% | Sep 2025 18% | Dec 2025 10% | Mar 2026 16% | Jun 2026 27% - GS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -12% | Dec 2022 -23% | Mar 2023 -5.5% | Jun 2023 -8.2% | Sep 2023 -1.3% | Dec 2023 -4.6% | Mar 2024 16% | Jun 2024 17% | Sep 2024 7.5% | Dec 2024 23% | Mar 2025 6.0% | Jun 2025 15% | Sep 2025 20% | Dec 2025 -3.0% | Mar 2026 14% | Jun 2026 39% - SCHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 20% | Dec 2022 17% | Mar 2023 9.5% | Jun 2023 -8.6% | Sep 2023 -16% | Dec 2023 -19% | Mar 2024 -7.4% | Jun 2024 0.7% | Sep 2024 5.2% | Dec 2024 20% | Mar 2025 18% | Jun 2025 25% | Sep 2025 27% | Dec 2025 19% | Mar 2026 16% | Jun 2026 21% - HOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 -1.1% | Dec 2022 4.7% | Mar 2023 47% | Jun 2023 53% | Sep 2023 29% | Dec 2023 24% | Mar 2024 40% | Jun 2024 40% | Sep 2024 36% | Dec 2024 115% | Mar 2025 50% | Jun 2025 45% | Sep 2025 100% | Dec 2025 27% | Mar 2026 15% | Jun 2026 — - IBKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 70% | Dec 2022 62% | Mar 2023 64% | Jun 2023 52% | Sep 2023 45% | Dec 2023 17% | Mar 2024 14% | Jun 2024 23% | Sep 2024 19% | Dec 2024 22% | Mar 2025 19% | Jun 2025 20% | Sep 2025 21% | Dec 2025 18% | Mar 2026 17% | Jun 2026 — - LPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.4% | Sep 2022 7.0% | Dec 2022 11% | Mar 2023 17% | Jun 2023 21% | Sep 2023 17% | Dec 2023 13% | Mar 2024 17% | Jun 2024 19% | Sep 2024 23% | Dec 2024 33% | Mar 2025 30% | Jun 2025 31% | Sep 2025 46% | Dec 2025 40% | Mar 2026 35% | Jun 2026 — - TW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 8.3% | Dec 2022 5.8% | Mar 2023 5.8% | Jun 2023 4.7% | Sep 2023 14% | Dec 2023 26% | Mar 2024 24% | Jun 2024 30% | Sep 2024 37% | Dec 2024 25% | Mar 2025 25% | Jun 2025 27% | Sep 2025 13% | Dec 2025 13% | Mar 2026 21% | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 88% | Jun 2022 370% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 59% | Jun 2025 53% | Sep 2025 66% | Dec 2025 77% | Mar 2026 20% | Jun 2026 — - EVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 -30% | Dec 2022 -25% | Mar 2023 -21% | Jun 2023 -21% | Sep 2023 -1.2% | Dec 2023 -5.6% | Mar 2024 1.6% | Jun 2024 38% | Sep 2024 29% | Dec 2024 24% | Mar 2025 19% | Jun 2025 21% | Sep 2025 42% | Dec 2025 32% | Mar 2026 100% | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -22% | Dec 2022 -12% | Mar 2023 -24% | Jun 2023 -22% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 35% | Jun 2024 60% | Sep 2024 42% | Dec 2024 63% | Mar 2025 -8.3% | Jun 2025 -1.3% | Sep 2025 22% | Dec 2025 5.7% | Mar 2026 27% | Jun 2026 35% - SF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 -8.7% | Dec 2022 -14% | Mar 2023 -0.9% | Jun 2023 -5.1% | Sep 2023 0.0% | Dec 2023 2.1% | Mar 2024 5.1% | Jun 2024 16% | Sep 2024 17% | Dec 2024 39% | Mar 2025 7.9% | Jun 2025 5.4% | Sep 2025 17% | Dec 2025 10% | Mar 2026 18% | Jun 2026 — - IREN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 300% | Sep 2022 60% | Dec 2022 -30% | Mar 2023 -13% | Jun 2023 183% | Sep 2023 113% | Dec 2023 207% | Mar 2024 315% | Jun 2024 68% | Sep 2024 56% | Dec 2024 170% | Mar 2025 169% | Jun 2025 228% | Sep 2025 353% | Dec 2025 59% | Mar 2026 0.0% | Jun 2026 — - HUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -156% | Sep 2022 -38% | Dec 2022 -118% | Mar 2023 -59% | Jun 2023 — | Sep 2023 -25% | Dec 2023 — | Mar 2024 37% | Jun 2024 178% | Sep 2024 161% | Dec 2024 -82% | Mar 2025 -69% | Jun 2025 -64% | Sep 2025 70% | Dec 2025 1,943% | Mar 2026 827% | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.0% | Mar 2025 100% | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 450% | Jun 2026 — - HLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 -8.8% | Dec 2022 -49% | Mar 2023 -5.5% | Jun 2023 -0.7% | Sep 2023 -4.7% | Dec 2023 12% | Mar 2024 17% | Jun 2024 24% | Sep 2024 23% | Dec 2024 24% | Mar 2025 28% | Jun 2025 18% | Sep 2025 15% | Dec 2025 13% | Mar 2026 -4.5% | Jun 2026 — - VIRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.1% | Sep 2022 -3.7% | Dec 2022 -34% | Mar 2023 -21% | Jun 2023 -29% | Sep 2023 -0.4% | Dec 2023 -10% | Mar 2024 -1.2% | Jun 2024 44% | Sep 2024 15% | Dec 2024 83% | Mar 2025 37% | Jun 2025 47% | Sep 2025 15% | Dec 2025 14% | Mar 2026 30% | Jun 2026 — - SNEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 48% | Dec 2022 22% | Mar 2023 -0.3% | Jun 2023 17% | Sep 2023 4.1% | Dec 2023 10% | Mar 2024 5.8% | Jun 2024 7.6% | Sep 2024 13% | Dec 2024 17% | Mar 2025 15% | Jun 2025 4.1% | Sep 2025 29% | Dec 2025 47% | Mar 2026 70% | Jun 2026 — - WULF: Sep 2021 — | Dec 2021 — | Mar 2022 -100% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1,400% | Sep 2023 375% | Dec 2023 130% | Mar 2024 250% | Jun 2024 140% | Sep 2024 42% | Dec 2024 52% | Mar 2025 -19% | Jun 2025 33% | Sep 2025 89% | Dec 2025 2.9% | Mar 2026 0.0% | Jun 2026 — - GLXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 77% | Jun 2025 2.2% | Sep 2025 235% | Dec 2025 -37% | Mar 2026 -21% | Jun 2026 — - RIOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 115% | Sep 2022 -29% | Dec 2022 -34% | Mar 2023 -8.8% | Jun 2023 5.5% | Sep 2023 13% | Dec 2023 32% | Mar 2024 8.2% | Jun 2024 -9.1% | Sep 2024 63% | Dec 2024 81% | Mar 2025 104% | Jun 2025 119% | Sep 2025 112% | Dec 2025 7.0% | Mar 2026 3.7% | Jun 2026 — - PJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.3% | Sep 2022 15% | Dec 2022 -11% | Mar 2023 -19% | Jun 2023 49% | Sep 2023 4.5% | Dec 2023 18% | Mar 2024 65% | Jun 2024 4.1% | Sep 2024 17% | Dec 2024 45% | Mar 2025 -1.2% | Jun 2025 13% | Sep 2025 37% | Dec 2025 12% | Mar 2026 29% | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 13% | Jun 2025 31% | Sep 2025 54% | Dec 2025 90% | Mar 2026 96% | Jun 2026 — - BGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -12% | Dec 2022 -5.4% | Mar 2023 5.3% | Jun 2023 13% | Sep 2023 16% | Dec 2023 18% | Mar 2024 8.6% | Jun 2024 12% | Sep 2024 16% | Dec 2024 11% | Mar 2025 15% | Jun 2025 42% | Sep 2025 31% | Dec 2025 32% | Mar 2026 44% | Jun 2026 — - MC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -52% | Dec 2022 -51% | Mar 2023 -38% | Jun 2023 -26% | Sep 2023 16% | Dec 2023 3.9% | Mar 2024 15% | Jun 2024 47% | Sep 2024 0.7% | Dec 2024 104% | Mar 2025 41% | Jun 2025 38% | Sep 2025 30% | Dec 2025 11% | Mar 2026 4.2% | Jun 2026 — - PIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 -26% | Dec 2022 -40% | Mar 2023 -15% | Jun 2023 -18% | Sep 2023 -13% | Dec 2023 21% | Mar 2024 15% | Jun 2024 17% | Sep 2024 25% | Dec 2024 2.5% | Mar 2025 4.1% | Jun 2025 17% | Sep 2025 33% | Dec 2025 38% | Mar 2026 33% | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 18% | Jun 2024 36% | Sep 2024 32% | Dec 2024 28% | Mar 2025 28% | Jun 2025 18% | Sep 2025 24% | Dec 2025 38% | Mar 2026 48% | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 23% | Dec 2025 14% | Mar 2026 13% | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: The Goldman Sachs Group, Inc. leads with $20,973 million of TTM profit, 3% above Morgan Stanley. Piper Sandler Companies shows ≥100% on the scoring scale (124.1% uncapped) growth from a $325 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: The Goldman Sachs Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: The Goldman Sachs Group, Inc. · $20,973 million | 3% versus #2 · Morgan Stanley | 8/8 recent comparable periods | 23/27 companies · 484 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. The Goldman Sachs Group, Inc. (GS): ₹21.0K Cr 2. Morgan Stanley (MS): ₹20.4K Cr 3. The Charles Schwab Corporation (SCHW): ₹10.1K Cr 4. Robinhood Markets, Inc. (HOOD): ₹1.9K Cr 5. Tradeweb Markets Inc. (TW): ₹987 Cr ### Profit growth — fastest growers 1. Piper Sandler Companies (PIPR): 100% 2. Evercore Inc. (EVR): 69% 3. Tradeweb Markets Inc. (TW): 66% 4. StoneX Group Inc. (SNEX): 56% 5. Marex Group Limited (MRX): 41% ### 20-quarter Net profit history - MS: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.7K Cr - GS: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹6.6K Cr - SCHW: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.8K Cr - HOOD: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-423 Cr | Mar 2022 ₹-392 Cr | Jun 2022 ₹-295 Cr | Sep 2022 ₹-175 Cr | Dec 2022 ₹-166 Cr | Mar 2023 ₹-511 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-85 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹916 Cr | Mar 2025 ₹336 Cr | Jun 2025 ₹386 Cr | Sep 2025 ₹556 Cr | Dec 2025 ₹605 Cr | Mar 2026 ₹346 Cr | Jun 2026 — - IBKR: Sep 2021 ₹206 Cr | Dec 2021 ₹338 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹360 Cr | Sep 2022 ₹483 Cr | Dec 2022 ₹633 Cr | Mar 2023 ₹700 Cr | Jun 2023 ₹601 Cr | Sep 2023 ₹772 Cr | Dec 2023 ₹739 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹809 Cr | Sep 2024 ₹834 Cr | Dec 2024 ₹969 Cr | Mar 2025 ₹964 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - LPLA: Sep 2021 ₹103 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹356 Cr | Jun 2026 — - TW: Sep 2021 ₹65 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹367 Cr | Mar 2026 ₹233 Cr | Jun 2026 — - CRCL: Sep 2021 ₹-167 Cr | Dec 2021 ₹-167 Cr | Mar 2022 ₹-844 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹49 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹-482 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹55 Cr | Jun 2026 — - EVR: Sep 2021 ₹189 Cr | Dec 2021 ₹350 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹323 Cr | Jun 2026 — - JEF: Sep 2021 ₹989 Cr | Dec 2021 ₹272 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹141 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹243 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹159 Cr | Jun 2026 ₹250 Cr - SF: Sep 2021 ₹-200 Cr | Dec 2021 ₹-212 Cr | Mar 2022 ₹-231 Cr | Jun 2022 ₹-197 Cr | Sep 2022 ₹-179 Cr | Dec 2022 ₹-174 Cr | Mar 2023 ₹-196 Cr | Jun 2023 ₹-181 Cr | Sep 2023 ₹-182 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹-196 Cr | Jun 2024 ₹-228 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹-266 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹251 Cr | Jun 2026 — - IREN: Sep 2021 ₹-491 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-144 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹385 Cr | Dec 2025 ₹-155 Cr | Mar 2026 ₹-248 Cr | Jun 2026 — - HUT: Sep 2021 ₹18 Cr | Dec 2021 ₹-88 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹-68 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹-138 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹-72 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹-134 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹-302 Cr | Mar 2026 ₹-253 Cr | Jun 2026 — - BMNR: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹-5.2K Cr | Mar 2026 ₹-3.8K Cr | Jun 2026 — - HLI: Sep 2021 ₹113 Cr | Dec 2021 ₹174 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹98 Cr | Jun 2026 — - VIRT: Sep 2021 ₹123 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹347 Cr | Jun 2026 — - SNEX: Sep 2021 ₹7 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹174 Cr | Jun 2026 — - WULF: Sep 2021 ₹-12 Cr | Dec 2021 — | Mar 2022 ₹-33 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-54 Cr | Dec 2022 ₹-48 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-61 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-455 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹-416 Cr | Jun 2026 — - GLXY: Sep 2021 ₹152 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-153 Cr | Sep 2022 ₹-156 Cr | Dec 2022 ₹-191 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹-111 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹-126 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹-295 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹505 Cr | Dec 2025 ₹-482 Cr | Mar 2026 ₹-216 Cr | Jun 2026 — - RIOT: Sep 2021 ₹-15 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹-354 Cr | Sep 2022 ₹-32 Cr | Dec 2022 ₹-160 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹212 Cr | Jun 2024 ₹-84 Cr | Sep 2024 ₹-154 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹-296 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹-691 Cr | Mar 2026 ₹-500 Cr | Jun 2026 — - PJT: Sep 2021 ₹39 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹89 Cr | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-28 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹45 Cr | Jun 2026 — - BGC: Sep 2021 ₹-14 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹83 Cr | Jun 2026 — - MC: Sep 2021 ₹140 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹42 Cr | Jun 2026 — - PIPR: Sep 2021 ₹52 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹68 Cr | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹40 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹112 Cr | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹-102 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹170 Cr | Jun 2026 — ### 20-quarter Profit growth history - MS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 -29% | Dec 2022 -39% | Mar 2023 -18% | Jun 2023 -12% | Sep 2023 -8.5% | Dec 2023 -32% | Mar 2024 14% | Jun 2024 40% | Sep 2024 32% | Dec 2024 142% | Mar 2025 26% | Jun 2025 15% | Sep 2025 44% | Dec 2025 19% | Mar 2026 29% | Jun 2026 58% - GS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 -43% | Dec 2022 -47% | Mar 2023 -18% | Jun 2023 -58% | Sep 2023 -33% | Dec 2023 -31% | Mar 2024 28% | Jun 2024 150% | Sep 2024 45% | Dec 2024 105% | Mar 2025 15% | Jun 2025 22% | Sep 2025 37% | Dec 2025 12% | Mar 2026 19% | Jun 2026 78% - SCHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 32% | Dec 2022 25% | Mar 2023 14% | Jun 2023 -28% | Sep 2023 -44% | Dec 2023 -47% | Mar 2024 -15% | Jun 2024 2.9% | Sep 2024 25% | Dec 2024 76% | Mar 2025 40% | Jun 2025 60% | Sep 2025 67% | Dec 2025 34% | Mar 2026 30% | Jun 2026 32% - HOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 652% | Sep 2024 — | Dec 2024 2,953% | Mar 2025 114% | Jun 2025 105% | Sep 2025 271% | Dec 2025 -34% | Mar 2026 3.0% | Jun 2026 — - IBKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 134% | Dec 2022 87% | Mar 2023 91% | Jun 2023 67% | Sep 2023 60% | Dec 2023 17% | Mar 2024 14% | Jun 2024 35% | Sep 2024 8.0% | Dec 2024 31% | Mar 2025 21% | Jun 2025 24% | Sep 2025 42% | Dec 2025 24% | Mar 2026 21% | Jun 2026 — - LPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 125% | Dec 2022 195% | Mar 2023 153% | Jun 2023 78% | Sep 2023 -3.5% | Dec 2023 -32% | Mar 2024 -15% | Jun 2024 -15% | Sep 2024 14% | Dec 2024 24% | Mar 2025 10% | Jun 2025 12% | Sep 2025 -112% | Dec 2025 11% | Mar 2026 12% | Jun 2026 — - TW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 26% | Dec 2022 65% | Mar 2023 5.2% | Jun 2023 24% | Sep 2023 37% | Dec 2023 5.1% | Mar 2024 40% | Jun 2024 33% | Sep 2024 16% | Dec 2024 54% | Mar 2025 17% | Jun 2025 29% | Sep 2025 62% | Dec 2025 129% | Mar 2026 39% | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 33% | Jun 2025 -1,561% | Sep 2025 201% | Dec 2025 3,225% | Mar 2026 -15% | Jun 2026 — - EVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -51% | Dec 2022 -56% | Mar 2023 -48% | Jun 2023 -62% | Sep 2023 -36% | Dec 2023 -40% | Mar 2024 1.1% | Jun 2024 95% | Sep 2024 49% | Dec 2024 68% | Mar 2025 66% | Jun 2025 30% | Sep 2025 78% | Dec 2025 43% | Mar 2026 110% | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -80% | Dec 2022 -48% | Mar 2023 -61% | Jun 2023 -92% | Sep 2023 -72% | Dec 2023 -50% | Mar 2024 27% | Jun 2024 1,622% | Sep 2024 224% | Dec 2024 213% | Mar 2025 -16% | Jun 2025 -41% | Sep 2025 39% | Dec 2025 -1.4% | Mar 2026 16% | Jun 2026 175% - SF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 33% | Dec 2025 8.2% | Mar 2026 374% | Jun 2026 — - IREN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -306% | Mar 2023 — | Jun 2023 -141% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -278% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -194% | Dec 2022 — | Mar 2023 -62% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,376% | Jun 2024 — | Sep 2024 — | Dec 2024 1,282% | Mar 2025 -153% | Jun 2025 — | Sep 2025 5,000% | Dec 2025 -299% | Mar 2026 — | Jun 2026 — - HLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -46% | Dec 2022 -64% | Mar 2023 -7.7% | Jun 2023 -14% | Sep 2023 9.8% | Dec 2023 13% | Mar 2024 35% | Jun 2024 46% | Sep 2024 40% | Dec 2024 34% | Mar 2025 51% | Jun 2025 10% | Sep 2025 19% | Dec 2025 23% | Mar 2026 -20% | Jun 2026 — - VIRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 -35% | Dec 2022 -78% | Mar 2023 -45% | Jun 2023 -80% | Sep 2023 48% | Dec 2023 -83% | Mar 2024 0.9% | Jun 2024 327% | Sep 2024 0.9% | Dec 2024 2,414% | Mar 2025 71% | Jun 2025 129% | Sep 2025 25% | Dec 2025 60% | Mar 2026 83% | Jun 2026 — - SNEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 643% | Dec 2022 83% | Mar 2023 -34% | Jun 2023 43% | Sep 2023 -1.9% | Dec 2023 -10% | Mar 2024 26% | Jun 2024 -11% | Sep 2024 51% | Dec 2024 23% | Mar 2025 36% | Jun 2025 1.6% | Sep 2025 12% | Dec 2025 64% | Mar 2026 142% | Jun 2026 — - GLXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -203% | Dec 2022 -236% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 212% | Jun 2024 -310% | Sep 2024 — | Dec 2024 — | Mar 2025 -203% | Jun 2025 — | Sep 2025 — | Dec 2025 -508% | Mar 2026 — | Jun 2026 — - RIOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,963% | Sep 2022 — | Dec 2022 — | Mar 2023 -49% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,016% | Jun 2024 — | Sep 2024 — | Dec 2024 249% | Mar 2025 -240% | Jun 2025 — | Sep 2025 — | Dec 2025 -608% | Mar 2026 — | Jun 2026 — - PJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 0.0% | Dec 2022 -28% | Mar 2023 -36% | Jun 2023 17% | Sep 2023 -21% | Dec 2023 -2.2% | Mar 2024 89% | Jun 2024 29% | Sep 2024 32% | Dec 2024 102% | Mar 2025 40% | Jun 2025 15% | Sep 2025 83% | Dec 2025 8.8% | Mar 2026 20% | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 100% | Sep 2025 233% | Dec 2025 2,200% | Mar 2026 — | Jun 2026 — - BGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 — | Dec 2022 -96% | Mar 2023 -32% | Jun 2023 -238% | Sep 2023 138% | Dec 2023 425% | Mar 2024 133% | Jun 2024 — | Sep 2024 -26% | Dec 2024 9.5% | Mar 2025 8.2% | Jun 2025 51% | Sep 2025 86% | Dec 2025 -52% | Mar 2026 57% | Jun 2026 — - MC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -53% | Sep 2022 -79% | Dec 2022 -80% | Mar 2023 -95% | Jun 2023 -130% | Sep 2023 -138% | Dec 2023 -126% | Mar 2024 325% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 218% | Jun 2025 213% | Sep 2025 216% | Dec 2025 -1.0% | Mar 2026 -22% | Jun 2026 — - PIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -68% | Sep 2022 -79% | Dec 2022 -70% | Mar 2023 32% | Jun 2023 -46% | Sep 2023 -227% | Dec 2023 71% | Mar 2024 52% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 -18% | Mar 2025 -26% | Jun 2025 113% | Sep 2025 105% | Dec 2025 170% | Mar 2026 84% | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 10% | Jun 2024 48% | Sep 2024 81% | Dec 2024 217% | Mar 2025 66% | Jun 2025 31% | Sep 2025 26% | Dec 2025 51% | Mar 2026 53% | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 900% | Mar 2026 — | Jun 2026 — ## Funding Base & Its Composition What the numbers say: There is not enough comparable evidence to name a reliable deposits leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current borrowings signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/27 companies · 0 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases ### Borrowings — largest borrowings 1. Morgan Stanley (MS): ₹9.4 L Cr 2. The Goldman Sachs Group, Inc. (GS): ₹8.0 L Cr 3. Jefferies Financial Group Inc. (JEF): ₹33.8K Cr 4. Stifel Financial Corp. (SF): ₹33.1K Cr 5. The Charles Schwab Corporation (SCHW): ₹33.0K Cr ### 20-quarter Deposits history ### 20-quarter Borrowings history - MS: Sep 2021 ₹6.3 L Cr | Dec 2021 ₹6.5 L Cr | Mar 2022 ₹6.6 L Cr | Jun 2022 ₹6.5 L Cr | Sep 2022 ₹6.3 L Cr | Dec 2022 ₹6.7 L Cr | Mar 2023 ₹6.7 L Cr | Jun 2023 ₹6.6 L Cr | Sep 2023 ₹6.8 L Cr | Dec 2023 ₹6.9 L Cr | Mar 2024 ₹7.2 L Cr | Jun 2024 ₹7.1 L Cr | Sep 2024 ₹7.4 L Cr | Dec 2024 ₹7.4 L Cr | Mar 2025 ₹7.8 L Cr | Jun 2025 ₹8.1 L Cr | Sep 2025 ₹8.2 L Cr | Dec 2025 ₹8.6 L Cr | Mar 2026 ₹9.4 L Cr | Jun 2026 — - GS: Sep 2021 ₹4.8 L Cr | Dec 2021 ₹4.9 L Cr | Mar 2022 ₹5.0 L Cr | Jun 2022 ₹5.0 L Cr | Sep 2022 ₹4.7 L Cr | Dec 2022 ₹4.3 L Cr | Mar 2023 ₹5.2 L Cr | Jun 2023 ₹5.4 L Cr | Sep 2023 ₹5.3 L Cr | Dec 2023 ₹5.8 L Cr | Mar 2024 ₹6.0 L Cr | Jun 2024 ₹5.7 L Cr | Sep 2024 ₹6.1 L Cr | Dec 2024 ₹6.1 L Cr | Mar 2025 ₹6.1 L Cr | Jun 2025 ₹6.0 L Cr | Sep 2025 ₹5.9 L Cr | Dec 2025 ₹6.1 L Cr | Mar 2026 ₹6.9 L Cr | Jun 2026 ₹8.0 L Cr - SCHW: Sep 2021 ₹22.5K Cr | Dec 2021 ₹23.8K Cr | Mar 2022 ₹26.1K Cr | Jun 2022 ₹22.5K Cr | Sep 2022 ₹21.3K Cr | Dec 2022 ₹37.9K Cr | Mar 2023 ₹72.7K Cr | Jun 2023 ₹71.3K Cr | Sep 2023 ₹64.2K Cr | Dec 2023 ₹59.1K Cr | Mar 2024 ₹55.3K Cr | Jun 2024 ₹56.8K Cr | Sep 2024 ₹55.6K Cr | Dec 2024 ₹45.1K Cr | Mar 2025 ₹39.9K Cr | Jun 2025 ₹37.7K Cr | Sep 2025 ₹27.6K Cr | Dec 2025 ₹31.0K Cr | Mar 2026 ₹33.0K Cr | Jun 2026 — - HOOD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - IBKR: Sep 2021 ₹28 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹311 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹904 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹13 Cr - LPLA: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 — - TW: Sep 2021 ₹27 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹143 Cr | Jun 2026 — - CRCL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹78 Cr | Dec 2022 ₹78 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹58 Cr | Dec 2023 ₹58 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - EVR: Sep 2021 ₹713 Cr | Dec 2021 ₹721 Cr | Mar 2022 ₹713 Cr | Jun 2022 ₹696 Cr | Sep 2022 ₹687 Cr | Dec 2022 ₹688 Cr | Mar 2023 ₹696 Cr | Jun 2023 ₹828 Cr | Sep 2023 ₹846 Cr | Dec 2023 ₹844 Cr | Mar 2024 ₹839 Cr | Jun 2024 ₹835 Cr | Sep 2024 ₹850 Cr | Dec 2024 ₹923 Cr | Mar 2025 ₹933 Cr | Jun 2025 ₹930 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - JEF: Sep 2021 ₹21.5K Cr | Dec 2021 ₹22.8K Cr | Mar 2022 ₹22.4K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹19.5K Cr | Dec 2022 ₹19.3K Cr | Mar 2023 ₹20.6K Cr | Jun 2023 ₹21.4K Cr | Sep 2023 ₹23.7K Cr | Dec 2023 ₹23.6K Cr | Mar 2024 ₹24.7K Cr | Jun 2024 ₹27.5K Cr | Sep 2024 ₹26.6K Cr | Dec 2024 ₹29.1K Cr | Mar 2025 ₹32.5K Cr | Jun 2025 ₹32.2K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹33.3K Cr | Mar 2026 ₹32.4K Cr | Jun 2026 ₹33.8K Cr - SF: Sep 2021 ₹21.8K Cr | Dec 2021 ₹24.8K Cr | Mar 2022 ₹25.9K Cr | Jun 2022 ₹27.5K Cr | Sep 2022 ₹28.6K Cr | Dec 2022 ₹28.4K Cr | Mar 2023 ₹29.9K Cr | Jun 2023 ₹28.4K Cr | Sep 2023 ₹29.1K Cr | Dec 2023 ₹29.7K Cr | Mar 2024 ₹30.0K Cr | Jun 2024 ₹29.7K Cr | Sep 2024 ₹30.3K Cr | Dec 2024 ₹31.2K Cr | Mar 2025 ₹31.8K Cr | Jun 2025 ₹30.9K Cr | Sep 2025 ₹32.4K Cr | Dec 2025 ₹31.9K Cr | Mar 2026 ₹33.1K Cr | Jun 2026 — - IREN: Sep 2021 ₹779 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹388 Cr | Mar 2025 ₹348 Cr | Jun 2025 ₹964 Cr | Sep 2025 ₹966 Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - HUT: Sep 2021 ₹0 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹542 Cr | Mar 2026 ₹566 Cr | Jun 2026 — - BMNR: Sep 2021 ₹0 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 ₹1 Cr - HLI: Sep 2021 ₹165 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹198 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹189 Cr | Dec 2022 ₹284 Cr | Mar 2023 ₹375 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹420 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹433 Cr | Mar 2025 ₹438 Cr | Jun 2025 ₹440 Cr | Sep 2025 ₹433 Cr | Dec 2025 ₹497 Cr | Mar 2026 ₹492 Cr | Jun 2026 — - VIRT: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - SNEX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - WULF: Sep 2021 ₹0 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹491 Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹591 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 — - GLXY: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹742 Cr | Sep 2022 ₹751 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹518 Cr | Jun 2023 ₹566 Cr | Sep 2023 ₹530 Cr | Dec 2023 ₹679 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - RIOT: Sep 2021 ₹8 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹613 Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹870 Cr | Sep 2025 ₹872 Cr | Dec 2025 ₹867 Cr | Mar 2026 ₹877 Cr | Jun 2026 — - PJT: Sep 2021 ₹162 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹331 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹326 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹410 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹421 Cr | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹295 Cr | Dec 2023 ₹295 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹610 Cr | Jun 2025 ₹453 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹380 Cr | Jun 2026 — - BGC: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - MC: Sep 2021 ₹191 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹187 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹212 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹267 Cr | Jun 2026 — - PIPR: Sep 2021 ₹175 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - MRX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹118 Cr | Dec 2023 ₹118 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — ## Return On Assets What the numbers say: Miami International Holdings, Inc. leads roa at 10.8%; Bitmine Immersion Technologies, Inc. leads roa change at +31.3 percentage points. Investor read: Miami International Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roa change signal. Evidence: Miami International Holdings, Inc. · 10.8% | 24.1% versus #2 · Evercore Inc. | 3/4 recent comparable periods | 25/27 companies · 449 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest 1. Miami International Holdings, Inc. (MIAX): 11% 2. Evercore Inc. (EVR): 8.7% 3. PJT Partners Inc. (PJT): 6.0% 4. Piper Sandler Companies (PIPR): 3.5% 5. Virtu Financial, Inc. (VIRT): 3.3% ### ROA change — fastest improvers 1. Bitmine Immersion Technologies, Inc. (BMNR): +31.3 pp 2. Galaxy Digital Inc. (GLXY): +6.1 pp 3. TeraWulf Inc. (WULF): +5.5 pp 4. Evercore Inc. (EVR): +3.7 pp 5. Figure Technology Solutions, Inc. (FIGR): +3.6 pp ### 20-quarter ROA history - MS: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.2% | Mar 2023 0.3% | Jun 2023 0.2% | Sep 2023 0.2% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.4% | Jun 2026 0.8% - GS: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.3% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.1% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.3% | Mar 2026 0.3% | Jun 2026 0.3% - SCHW: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 0.2% | Sep 2023 0.2% | Dec 2023 0.2% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 1.2% - HOOD: Sep 2021 -8.5% | Dec 2021 -2.7% | Mar 2022 -2.3% | Jun 2022 -1.4% | Sep 2022 -0.8% | Dec 2022 -0.7% | Mar 2023 -2.2% | Jun 2023 0.1% | Sep 2023 -0.3% | Dec 2023 0.3% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 4.2% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 1.3% | Dec 2025 1.8% | Mar 2026 0.9% | Jun 2026 — - IBKR: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.6% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.6% | Jun 2026 0.6% - LPLA: Sep 2021 1.8% | Dec 2021 1.8% | Mar 2022 2.2% | Jun 2022 2.4% | Sep 2022 3.0% | Dec 2022 4.0% | Mar 2023 4.4% | Jun 2023 3.7% | Sep 2023 2.7% | Dec 2023 2.6% | Mar 2024 3.3% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 2.8% | Mar 2025 3.1% | Jun 2025 2.4% | Sep 2025 0.4% | Dec 2025 2.4% | Mar 2026 2.6% | Jun 2026 — - TW: Sep 2021 1.1% | Dec 2021 3.8% | Mar 2022 1.7% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.9% | Jun 2024 1.8% | Sep 2024 1.7% | Dec 2024 2.0% | Mar 2025 2.1% | Jun 2025 2.0% | Sep 2025 2.1% | Dec 2025 2.3% | Mar 2026 2.8% | Jun 2026 — - CRCL: Sep 2021 -0.1% | Dec 2021 -0.1% | Mar 2022 — | Jun 2022 — | Sep 2022 0.1% | Dec 2022 0.1% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.4% | Dec 2024 0.0% | Mar 2025 0.2% | Jun 2025 -1.0% | Sep 2025 0.3% | Dec 2025 0.1% | Mar 2026 0.1% | Jun 2026 — - EVR: Sep 2021 6.4% | Dec 2021 9.8% | Mar 2022 6.3% | Jun 2022 3.7% | Sep 2022 2.9% | Dec 2022 4.2% | Mar 2023 3.3% | Jun 2023 1.5% | Sep 2023 1.9% | Dec 2023 3.0% | Mar 2024 3.3% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 4.0% | Mar 2025 5.0% | Jun 2025 3.1% | Sep 2025 4.1% | Dec 2025 4.8% | Mar 2026 8.7% | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 0.9% | Mar 2022 0.6% | Jun 2022 0.2% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.2% | Jun 2023 0.0% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.2% | Jun 2026 0.3% - SF: Sep 2021 -0.7% | Dec 2021 -0.7% | Mar 2022 -0.7% | Jun 2022 -0.6% | Sep 2022 -0.5% | Dec 2022 -0.5% | Mar 2023 -0.5% | Jun 2023 -0.5% | Sep 2023 -0.5% | Dec 2023 -0.5% | Mar 2024 -0.5% | Jun 2024 -0.6% | Sep 2024 -0.9% | Dec 2024 -0.6% | Mar 2025 -1.4% | Jun 2025 -1.0% | Sep 2025 -1.0% | Dec 2025 -0.8% | Mar 2026 -1.0% | Jun 2026 -2.0% - IREN: Sep 2021 6.6% | Dec 2021 2.0% | Mar 2022 0.2% | Jun 2022 -2.8% | Sep 2022 -3.8% | Dec 2022 -28% | Mar 2023 -1.3% | Jun 2023 -2.9% | Sep 2023 8.6% | Dec 2023 -0.4% | Mar 2024 0.8% | Jun 2024 -3.1% | Sep 2024 -5.7% | Dec 2024 1.8% | Mar 2025 3.1% | Jun 2025 1.0% | Sep 2025 -1.8% | Dec 2025 -1.2% | Mar 2026 -4.9% | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 -73% | Mar 2022 -123% | Jun 2022 -3.9% | Sep 2022 -33% | Dec 2022 -26% | Mar 2023 -11% | Jun 2023 -9.2% | Sep 2023 -16% | Dec 2023 -5.2% | Mar 2024 -18% | Jun 2024 -18% | Sep 2024 -17% | Dec 2024 -23% | Mar 2025 -32% | Jun 2025 -33% | Sep 2025 -14% | Dec 2025 -0.6% | Mar 2026 -5.5% | Jun 2026 -1.5% - HLI: Sep 2021 5.4% | Dec 2021 6.8% | Mar 2022 2.7% | Jun 2022 3.2% | Sep 2022 2.6% | Dec 2022 2.2% | Mar 2023 2.3% | Jun 2023 2.3% | Sep 2023 2.4% | Dec 2023 2.4% | Mar 2024 2.5% | Jun 2024 3.0% | Sep 2024 3.0% | Dec 2024 2.8% | Mar 2025 3.3% | Jun 2025 2.8% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 2.3% | Jun 2026 — - VIRT: Sep 2021 1.4% | Dec 2021 2.0% | Mar 2022 1.9% | Jun 2022 1.5% | Sep 2022 0.9% | Dec 2022 0.6% | Mar 2023 1.1% | Jun 2023 0.4% | Sep 2023 1.0% | Dec 2023 0.1% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 0.9% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 1.0% | Dec 2025 1.7% | Mar 2026 1.8% | Jun 2026 3.3% - WULF: Sep 2021 -44% | Dec 2021 0.0% | Mar 2022 -6.1% | Jun 2022 -4.7% | Sep 2022 -8.4% | Dec 2022 -4.6% | Mar 2023 -3.1% | Jun 2023 -1.9% | Sep 2023 -3.1% | Dec 2023 -1.3% | Mar 2024 -0.7% | Jun 2024 -1.7% | Sep 2024 -4.4% | Dec 2024 -8.8% | Mar 2025 -9.6% | Jun 2025 -2.3% | Sep 2025 -1.7% | Dec 2025 -2.3% | Mar 2026 -4.1% | Jun 2026 — - GLXY: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 -5.0% | Mar 2024 13% | Jun 2024 -4.0% | Sep 2024 -0.8% | Dec 2024 2.9% | Mar 2025 -8.9% | Jun 2025 2.1% | Sep 2025 6.6% | Dec 2025 -5.1% | Mar 2026 -2.8% | Jun 2026 — - RIOT: Sep 2021 -0.8% | Dec 2021 -2.7% | Mar 2022 4.0% | Jun 2022 -30% | Sep 2022 -2.7% | Dec 2022 -11% | Mar 2023 1.7% | Jun 2023 -2.3% | Sep 2023 -5.7% | Dec 2023 2.0% | Mar 2024 11% | Jun 2024 -5.7% | Sep 2024 -5.6% | Dec 2024 6.3% | Mar 2025 -7.4% | Jun 2025 6.2% | Sep 2025 2.1% | Dec 2025 -17% | Mar 2026 -14% | Jun 2026 — - PJT: Sep 2021 3.5% | Dec 2021 5.9% | Mar 2022 4.6% | Jun 2022 3.5% | Sep 2022 3.6% | Dec 2022 4.5% | Mar 2023 2.9% | Jun 2023 4.0% | Sep 2023 2.8% | Dec 2023 3.7% | Mar 2024 4.7% | Jun 2024 4.2% | Sep 2024 3.0% | Dec 2024 5.9% | Mar 2025 5.5% | Jun 2025 4.2% | Sep 2025 4.6% | Dec 2025 5.7% | Mar 2026 6.0% | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 2.7% | Dec 2024 0.1% | Mar 2025 -1.2% | Jun 2025 3.9% | Sep 2025 4.9% | Dec 2025 1.3% | Mar 2026 2.4% | Jun 2026 — - BGC: Sep 2021 -1.2% | Dec 2021 -6.7% | Mar 2022 0.0% | Jun 2022 -0.1% | Sep 2022 -0.3% | Dec 2022 -4.3% | Mar 2023 -0.4% | Jun 2023 -2.2% | Sep 2023 -0.6% | Dec 2023 -0.9% | Mar 2024 -0.7% | Jun 2024 0.1% | Sep 2024 -0.8% | Dec 2024 -3.3% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 -0.1% | Dec 2025 -1.3% | Mar 2026 0.8% | Jun 2026 — - MC: Sep 2021 9.4% | Dec 2021 8.0% | Mar 2022 7.0% | Jun 2022 4.1% | Sep 2022 2.1% | Dec 2022 1.5% | Mar 2023 -1.3% | Jun 2023 -0.8% | Sep 2023 -2.0% | Dec 2023 -1.2% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 1.0% | Dec 2024 7.5% | Mar 2025 4.2% | Jun 2025 3.7% | Sep 2025 2.6% | Dec 2025 5.9% | Mar 2026 3.0% | Jun 2026 — - PIPR: Sep 2021 2.6% | Dec 2021 5.5% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 0.5% | Dec 2022 1.6% | Mar 2023 1.8% | Jun 2023 0.8% | Sep 2023 -0.7% | Dec 2023 3.0% | Mar 2024 2.7% | Jun 2024 0.8% | Sep 2024 2.0% | Dec 2024 2.4% | Mar 2025 2.0% | Jun 2025 1.6% | Sep 2025 3.9% | Dec 2025 5.9% | Mar 2026 3.5% | Jun 2026 — - MRX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.2% | Dec 2023 0.1% | Mar 2024 0.5% | Jun 2024 0.7% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.6% | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -0.3% | Dec 2024 0.7% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 3.7% | Mar 2026 11% | Jun 2026 — ### 20-quarter ROA change history - MS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 +0.5 pp - GS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp - SCHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 +0.7 pp - HOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.7 pp | Dec 2022 +2.0 pp | Mar 2023 +0.1 pp | Jun 2023 +1.5 pp | Sep 2023 +0.5 pp | Dec 2023 +1.0 pp | Mar 2024 +2.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.7 pp | Dec 2024 +3.9 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 +0.9 pp | Dec 2025 −2.4 pp | Mar 2026 0.0 pp | Jun 2026 — - IBKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.3 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 0.0 pp - LPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +2.2 pp | Mar 2023 +2.2 pp | Jun 2023 +1.3 pp | Sep 2023 −0.3 pp | Dec 2023 −1.4 pp | Mar 2024 −1.1 pp | Jun 2024 −0.9 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −2.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.5 pp | Jun 2026 — - TW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −2.5 pp | Mar 2023 −0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +0.7 pp | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 — - EVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −5.6 pp | Mar 2023 −3.0 pp | Jun 2023 −2.2 pp | Sep 2023 −1.0 pp | Dec 2023 −1.2 pp | Mar 2024 0.0 pp | Jun 2024 +1.1 pp | Sep 2024 +0.8 pp | Dec 2024 +1.0 pp | Mar 2025 +1.7 pp | Jun 2025 +0.5 pp | Sep 2025 +1.4 pp | Dec 2025 +0.8 pp | Mar 2026 +3.7 pp | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.6 pp | Mar 2023 −0.4 pp | Jun 2023 −0.2 pp | Sep 2023 −0.2 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 +0.2 pp - SF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.1 pp | Mar 2025 −0.9 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.4 pp | Jun 2026 −1.0 pp - IREN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.4 pp | Dec 2022 −30.1 pp | Mar 2023 −1.5 pp | Jun 2023 −0.1 pp | Sep 2023 +12.4 pp | Dec 2023 +27.7 pp | Mar 2024 +2.1 pp | Jun 2024 −0.2 pp | Sep 2024 −14.3 pp | Dec 2024 +2.2 pp | Mar 2025 +2.3 pp | Jun 2025 +4.1 pp | Sep 2025 +3.9 pp | Dec 2025 −3.0 pp | Mar 2026 −8.0 pp | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +47.0 pp | Mar 2023 +111.9 pp | Jun 2023 −5.3 pp | Sep 2023 +17.0 pp | Dec 2023 +21.1 pp | Mar 2024 −6.8 pp | Jun 2024 −9.0 pp | Sep 2024 −1.7 pp | Dec 2024 −17.6 pp | Mar 2025 −13.6 pp | Jun 2025 −14.6 pp | Sep 2025 +3.4 pp | Dec 2025 +22.2 pp | Mar 2026 +26.3 pp | Jun 2026 +31.3 pp - HLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −4.6 pp | Mar 2023 −0.4 pp | Jun 2023 −0.9 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.7 pp | Sep 2024 +0.6 pp | Dec 2024 +0.4 pp | Mar 2025 +0.8 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - VIRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −1.4 pp | Mar 2023 −0.8 pp | Jun 2023 −1.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.7 pp | Sep 2024 −0.1 pp | Dec 2024 +1.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 +1.4 pp - WULF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +35.2 pp | Dec 2022 −4.6 pp | Mar 2023 +3.0 pp | Jun 2023 +2.8 pp | Sep 2023 +5.3 pp | Dec 2023 +3.3 pp | Mar 2024 +2.4 pp | Jun 2024 +0.2 pp | Sep 2024 −1.3 pp | Dec 2024 −7.5 pp | Mar 2025 −8.9 pp | Jun 2025 −0.6 pp | Sep 2025 +2.7 pp | Dec 2025 +6.5 pp | Mar 2026 +5.5 pp | Jun 2026 — - GLXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −5.0 pp | Mar 2024 +13.4 pp | Jun 2024 −4.0 pp | Sep 2024 −0.8 pp | Dec 2024 +7.9 pp | Mar 2025 −22.3 pp | Jun 2025 +6.1 pp | Sep 2025 +7.4 pp | Dec 2025 −8.0 pp | Mar 2026 +6.1 pp | Jun 2026 — - RIOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −8.5 pp | Mar 2023 −2.3 pp | Jun 2023 +27.3 pp | Sep 2023 −3.0 pp | Dec 2023 +13.2 pp | Mar 2024 +8.9 pp | Jun 2024 −3.4 pp | Sep 2024 +0.1 pp | Dec 2024 +4.3 pp | Mar 2025 −18.0 pp | Jun 2025 +11.9 pp | Sep 2025 +7.7 pp | Dec 2025 −23.6 pp | Mar 2026 −6.6 pp | Jun 2026 — - PJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.4 pp | Mar 2023 −1.7 pp | Jun 2023 +0.5 pp | Sep 2023 −0.8 pp | Dec 2023 −0.8 pp | Mar 2024 +1.8 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +2.2 pp | Mar 2025 +0.8 pp | Jun 2025 0.0 pp | Sep 2025 +1.6 pp | Dec 2025 −0.2 pp | Mar 2026 +0.5 pp | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +0.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +2.2 pp | Dec 2025 +1.2 pp | Mar 2026 +3.6 pp | Jun 2026 — - BGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +2.4 pp | Mar 2023 −0.4 pp | Jun 2023 −2.1 pp | Sep 2023 −0.3 pp | Dec 2023 +3.4 pp | Mar 2024 −0.3 pp | Jun 2024 +2.3 pp | Sep 2024 −0.2 pp | Dec 2024 −2.4 pp | Mar 2025 +1.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.7 pp | Dec 2025 +2.0 pp | Mar 2026 +0.4 pp | Jun 2026 — - MC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.3 pp | Dec 2022 −6.5 pp | Mar 2023 −8.3 pp | Jun 2023 −4.9 pp | Sep 2023 −4.1 pp | Dec 2023 −2.7 pp | Mar 2024 +2.3 pp | Jun 2024 +2.1 pp | Sep 2024 +3.0 pp | Dec 2024 +8.7 pp | Mar 2025 +3.2 pp | Jun 2025 +2.4 pp | Sep 2025 +1.6 pp | Dec 2025 −1.6 pp | Mar 2026 −1.2 pp | Jun 2026 — - PIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −3.9 pp | Mar 2023 +0.4 pp | Jun 2023 −0.6 pp | Sep 2023 −1.2 pp | Dec 2023 +1.4 pp | Mar 2024 +0.9 pp | Jun 2024 0.0 pp | Sep 2024 +2.7 pp | Dec 2024 −0.6 pp | Mar 2025 −0.7 pp | Jun 2025 +0.8 pp | Sep 2025 +1.9 pp | Dec 2025 +3.5 pp | Mar 2026 +1.5 pp | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +0.7 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +0.3 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 — ## ROE — Leaders & Improvers What the numbers say: Virtu Financial, Inc. leads both roe at 34.9% and roe change at +15.8 percentage points. Investor read: Virtu Financial, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: Virtu Financial, Inc. · 34.9% | 9.1% versus #2 · Miami International Holdings, Inc. | 8/8 recent comparable periods | 27/27 companies · 487 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. Virtu Financial, Inc. (VIRT): 35% 2. Miami International Holdings, Inc. (MIAX): 32% 3. Evercore Inc. (EVR): 17% 4. The Charles Schwab Corporation (SCHW): 11% 5. Morgan Stanley (MS): 10% ### ROE change — fastest improvers 1. Virtu Financial, Inc. (VIRT): +15.8 pp 2. Galaxy Digital Inc. (GLXY): +10.1 pp 3. Evercore Inc. (EVR): +7.8 pp 4. Morgan Stanley (MS): +6.9 pp 5. The Charles Schwab Corporation (SCHW): +6.7 pp ### 20-quarter ROE history - MS: Sep 2021 3.8% | Dec 2021 3.5% | Mar 2022 3.5% | Jun 2022 2.4% | Sep 2022 2.5% | Dec 2022 2.2% | Mar 2023 2.9% | Jun 2023 2.2% | Sep 2023 2.4% | Dec 2023 1.5% | Mar 2024 3.4% | Jun 2024 3.1% | Sep 2024 3.1% | Dec 2024 3.6% | Mar 2025 4.2% | Jun 2025 3.4% | Sep 2025 4.3% | Dec 2025 4.1% | Mar 2026 5.1% | Jun 2026 10% - GS: Sep 2021 5.4% | Dec 2021 5.3% | Mar 2022 3.7% | Jun 2022 2.7% | Sep 2022 2.7% | Dec 2022 2.6% | Mar 2023 2.8% | Jun 2023 1.0% | Sep 2023 1.7% | Dec 2023 1.7% | Mar 2024 3.5% | Jun 2024 2.6% | Sep 2024 2.5% | Dec 2024 3.4% | Mar 2025 3.9% | Jun 2025 3.1% | Sep 2025 3.3% | Dec 2025 3.7% | Mar 2026 4.6% | Jun 2026 5.4% - SCHW: Sep 2021 3.4% | Dec 2021 2.8% | Mar 2022 2.7% | Jun 2022 3.5% | Sep 2022 4.3% | Dec 2022 4.2% | Mar 2023 3.8% | Jun 2023 3.2% | Sep 2023 3.0% | Dec 2023 2.7% | Mar 2024 3.5% | Jun 2024 3.3% | Sep 2024 3.3% | Dec 2024 4.1% | Mar 2025 4.2% | Jun 2025 4.6% | Sep 2025 4.9% | Dec 2025 5.0% | Mar 2026 5.0% | Jun 2026 11% - HOOD: Sep 2021 -28% | Dec 2021 -9.0% | Mar 2022 -10% | Jun 2022 -8.2% | Sep 2022 -2.4% | Dec 2022 -2.3% | Mar 2023 -7.2% | Jun 2023 0.4% | Sep 2023 -1.3% | Dec 2023 0.4% | Mar 2024 2.3% | Jun 2024 2.6% | Sep 2024 2.2% | Dec 2024 13% | Mar 2025 4.5% | Jun 2025 5.1% | Sep 2025 7.0% | Dec 2025 7.1% | Mar 2026 3.9% | Jun 2026 — - IBKR: Sep 2021 2.2% | Dec 2021 3.5% | Mar 2022 3.7% | Jun 2022 3.5% | Sep 2022 4.6% | Dec 2022 5.8% | Mar 2023 6.2% | Jun 2023 5.2% | Sep 2023 6.4% | Dec 2023 5.8% | Mar 2024 5.9% | Jun 2024 5.8% | Sep 2024 5.7% | Dec 2024 6.3% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 6.7% | Dec 2025 6.5% | Mar 2026 6.0% | Jun 2026 6.6% - LPLA: Sep 2021 7.3% | Dec 2021 7.2% | Mar 2022 8.4% | Jun 2022 9.4% | Sep 2022 13% | Dec 2022 17% | Mar 2023 17% | Jun 2023 14% | Sep 2023 11% | Dec 2023 10% | Mar 2024 13% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 7.2% | Sep 2025 -0.8% | Dec 2025 7.3% | Mar 2026 8.1% | Jun 2026 — - TW: Sep 2021 1.3% | Dec 2021 1.2% | Mar 2022 1.9% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.8% | Mar 2023 1.9% | Jun 2023 1.8% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 2.7% | Sep 2025 3.2% | Dec 2025 5.4% | Mar 2026 3.4% | Jun 2026 — - CRCL: Sep 2021 67% | Dec 2021 67% | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 23% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 7.0% | Dec 2024 0.3% | Mar 2025 6.9% | Jun 2025 -41% | Sep 2025 12% | Dec 2025 5.3% | Mar 2026 2.1% | Jun 2026 — - EVR: Sep 2021 14% | Dec 2021 22% | Mar 2022 12% | Jun 2022 7.5% | Sep 2022 5.9% | Dec 2022 9.1% | Mar 2023 5.8% | Jun 2023 2.7% | Sep 2023 3.6% | Dec 2023 5.2% | Mar 2024 5.8% | Jun 2024 4.9% | Sep 2024 5.1% | Dec 2024 8.3% | Mar 2025 9.0% | Jun 2025 5.9% | Sep 2025 8.1% | Dec 2025 10% | Mar 2026 17% | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 2.7% | Mar 2022 3.2% | Jun 2022 1.1% | Sep 2022 1.9% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 0.1% | Sep 2023 0.5% | Dec 2023 0.7% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 1.8% | Dec 2024 2.2% | Mar 2025 1.4% | Jun 2025 0.9% | Sep 2025 2.4% | Dec 2025 2.1% | Mar 2026 1.5% | Jun 2026 2.4% - SF: Sep 2021 -4.5% | Dec 2021 -4.6% | Mar 2022 -4.9% | Jun 2022 -4.1% | Sep 2022 -3.6% | Dec 2022 -3.4% | Mar 2023 -3.8% | Jun 2023 -3.5% | Sep 2023 -3.5% | Dec 2023 -3.8% | Mar 2024 -3.7% | Jun 2024 -4.2% | Sep 2024 2.9% | Dec 2024 4.4% | Mar 2025 1.0% | Jun 2025 2.8% | Sep 2025 3.7% | Dec 2025 4.5% | Mar 2026 4.4% | Jun 2026 8.1% - IREN: Sep 2021 186% | Dec 2021 31% | Mar 2022 -1.3% | Jun 2022 9.0% | Sep 2022 14% | Dec 2022 -40% | Mar 2023 -0.8% | Jun 2023 -1.9% | Sep 2023 -1.6% | Dec 2023 -1.6% | Mar 2024 1.8% | Jun 2024 -3.8% | Sep 2024 -6.8% | Dec 2024 -2.6% | Mar 2025 -1.5% | Jun 2025 12% | Sep 2025 19% | Dec 2025 -8.2% | Mar 2026 -12% | Jun 2026 — - HUT: Sep 2021 7.0% | Dec 2021 -33% | Mar 2022 12% | Jun 2022 -20% | Sep 2022 -4.0% | Dec 2022 -39% | Mar 2023 4.0% | Jun 2023 -0.4% | Sep 2023 -1.3% | Dec 2023 2.8% | Mar 2024 46% | Jun 2024 -14% | Sep 2024 0.2% | Dec 2024 21% | Mar 2025 -16% | Jun 2025 13% | Sep 2025 4.3% | Dec 2025 -23% | Mar 2026 -19% | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 -316% | Mar 2022 -1,008% | Jun 2022 -87% | Sep 2022 -198% | Dec 2022 -65% | Mar 2023 -26% | Jun 2023 -18% | Sep 2023 -32% | Dec 2023 -73% | Mar 2024 -63% | Jun 2024 -68% | Sep 2024 -55% | Dec 2024 -75% | Mar 2025 -99% | Jun 2025 -139% | Sep 2025 -87% | Dec 2025 32% | Mar 2026 -209% | Jun 2026 -145% - HLI: Sep 2021 8.4% | Dec 2021 12% | Mar 2022 4.6% | Jun 2022 5.1% | Sep 2022 4.2% | Dec 2022 4.1% | Mar 2023 3.9% | Jun 2023 4.0% | Sep 2023 4.3% | Dec 2023 4.3% | Mar 2024 4.7% | Jun 2024 5.2% | Sep 2024 5.2% | Dec 2024 5.0% | Mar 2025 6.1% | Jun 2025 4.9% | Sep 2025 5.3% | Dec 2025 5.3% | Mar 2026 4.4% | Jun 2026 — - VIRT: Sep 2021 6.7% | Dec 2021 10% | Mar 2022 11% | Jun 2022 8.1% | Sep 2022 4.6% | Dec 2022 2.3% | Mar 2023 6.6% | Jun 2023 1.8% | Sep 2023 7.4% | Dec 2023 0.4% | Mar 2024 7.3% | Jun 2024 8.6% | Sep 2024 8.1% | Dec 2024 12% | Mar 2025 13% | Jun 2025 19% | Sep 2025 8.8% | Dec 2025 16% | Mar 2026 18% | Jun 2026 35% - SNEX: Sep 2021 0.9% | Dec 2021 4.8% | Mar 2022 6.9% | Jun 2022 5.0% | Sep 2022 5.3% | Dec 2022 7.2% | Mar 2023 3.7% | Jun 2023 5.8% | Sep 2023 4.1% | Dec 2023 5.2% | Mar 2024 3.8% | Jun 2024 4.2% | Sep 2024 5.0% | Dec 2024 5.2% | Mar 2025 4.2% | Jun 2025 3.5% | Sep 2025 4.3% | Dec 2025 6.5% | Mar 2026 7.6% | Jun 2026 — - WULF: Sep 2021 -119% | Dec 2021 0.0% | Mar 2022 -44% | Jun 2022 -35% | Sep 2022 -82% | Dec 2022 -40% | Mar 2023 -32% | Jun 2023 -24% | Sep 2023 -28% | Dec 2023 -14% | Mar 2024 -7.1% | Jun 2024 -4.5% | Sep 2024 -7.6% | Dec 2024 -13% | Mar 2025 -28% | Jun 2025 -6.6% | Sep 2025 -147% | Dec 2025 -64% | Mar 2026 -897% | Jun 2026 — - GLXY: Sep 2021 37% | Dec 2021 27% | Mar 2022 -1.8% | Jun 2022 -17% | Sep 2022 -17% | Dec 2022 -21% | Mar 2023 5.9% | Jun 2023 4.7% | Sep 2023 -5.9% | Dec 2023 -9.5% | Mar 2024 29% | Jun 2024 -9.5% | Sep 2024 -2.6% | Dec 2024 6.7% | Mar 2025 -21% | Jun 2025 1.5% | Sep 2025 22% | Dec 2025 -18% | Mar 2026 -11% | Jun 2026 — - RIOT: Sep 2021 -3.7% | Dec 2021 -2.4% | Mar 2022 4.2% | Jun 2022 -35% | Sep 2022 -3.1% | Dec 2022 -13% | Mar 2023 1.5% | Jun 2023 -2.2% | Sep 2023 -6.1% | Dec 2023 2.6% | Mar 2024 12% | Jun 2024 -4.4% | Sep 2024 -7.5% | Dec 2024 5.4% | Mar 2025 -11% | Jun 2025 7.5% | Sep 2025 3.3% | Dec 2025 -23% | Mar 2026 -19% | Jun 2026 — - PJT: Sep 2021 6.1% | Dec 2021 9.7% | Mar 2022 6.8% | Jun 2022 5.3% | Sep 2022 6.0% | Dec 2022 6.6% | Mar 2023 4.0% | Jun 2023 5.7% | Sep 2023 4.1% | Dec 2023 5.6% | Mar 2024 6.8% | Jun 2024 6.6% | Sep 2024 4.9% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 7.2% | Sep 2025 8.3% | Dec 2025 10% | Mar 2026 10% | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 9.5% | Dec 2024 0.4% | Mar 2025 -0.3% | Jun 2025 15% | Sep 2025 12% | Dec 2025 2.9% | Mar 2026 5.4% | Jun 2026 — - BGC: Sep 2021 -1.9% | Dec 2021 12% | Mar 2022 3.8% | Jun 2022 2.2% | Sep 2022 1.2% | Dec 2022 0.5% | Mar 2023 2.8% | Jun 2023 -2.9% | Sep 2023 2.4% | Dec 2023 2.6% | Mar 2024 5.7% | Jun 2024 4.0% | Sep 2024 1.4% | Dec 2024 2.4% | Mar 2025 5.2% | Jun 2025 5.2% | Sep 2025 2.4% | Dec 2025 1.0% | Mar 2026 6.9% | Jun 2026 — - MC: Sep 2021 31% | Dec 2021 25% | Mar 2022 16% | Jun 2022 11% | Sep 2022 6.0% | Dec 2022 4.8% | Mar 2023 0.8% | Jun 2023 -3.1% | Sep 2023 -2.8% | Dec 2023 -1.6% | Mar 2024 4.2% | Jun 2024 3.8% | Sep 2024 5.0% | Dec 2024 24% | Mar 2025 11% | Jun 2025 9.5% | Sep 2025 12% | Dec 2025 17% | Mar 2026 7.1% | Jun 2026 — - PIPR: Sep 2021 5.3% | Dec 2021 12% | Mar 2022 2.3% | Jun 2022 2.5% | Sep 2022 0.9% | Dec 2022 3.1% | Mar 2023 2.8% | Jun 2023 1.2% | Sep 2023 -1.1% | Dec 2023 5.1% | Mar 2024 3.9% | Jun 2024 1.2% | Sep 2024 3.1% | Dec 2024 3.9% | Mar 2025 2.7% | Jun 2025 2.3% | Sep 2025 5.8% | Dec 2025 9.5% | Mar 2026 4.7% | Jun 2026 — - MRX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 4.5% | Dec 2023 2.5% | Mar 2024 9.9% | Jun 2024 13% | Sep 2024 6.7% | Dec 2024 6.5% | Mar 2025 7.5% | Jun 2025 7.7% | Sep 2025 6.8% | Dec 2025 7.6% | Mar 2026 9.4% | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -1.2% | Dec 2024 1.1% | Mar 2025 — | Jun 2025 — | Sep 2025 -17% | Dec 2025 4.8% | Mar 2026 32% | Jun 2026 — ### 20-quarter ROE change history - MS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −1.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.2 pp | Sep 2023 −0.1 pp | Dec 2023 −0.7 pp | Mar 2024 +0.5 pp | Jun 2024 +0.9 pp | Sep 2024 +0.7 pp | Dec 2024 +2.1 pp | Mar 2025 +0.8 pp | Jun 2025 +0.3 pp | Sep 2025 +1.2 pp | Dec 2025 +0.5 pp | Mar 2026 +0.9 pp | Jun 2026 +6.9 pp - GS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −2.7 pp | Mar 2023 −0.9 pp | Jun 2023 −1.7 pp | Sep 2023 −1.0 pp | Dec 2023 −0.9 pp | Mar 2024 +0.7 pp | Jun 2024 +1.6 pp | Sep 2024 +0.8 pp | Dec 2024 +1.7 pp | Mar 2025 +0.4 pp | Jun 2025 +0.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.3 pp | Mar 2026 +0.7 pp | Jun 2026 +2.3 pp - SCHW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.4 pp | Mar 2023 +1.1 pp | Jun 2023 −0.3 pp | Sep 2023 −1.3 pp | Dec 2023 −1.5 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +1.4 pp | Mar 2025 +0.7 pp | Jun 2025 +1.3 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.8 pp | Jun 2026 +6.7 pp - HOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +25.3 pp | Dec 2022 +6.7 pp | Mar 2023 +2.8 pp | Jun 2023 +8.6 pp | Sep 2023 +1.1 pp | Dec 2023 +2.7 pp | Mar 2024 +9.5 pp | Jun 2024 +2.2 pp | Sep 2024 +3.5 pp | Dec 2024 +12.1 pp | Mar 2025 +2.2 pp | Jun 2025 +2.5 pp | Sep 2025 +4.8 pp | Dec 2025 −5.4 pp | Mar 2026 −0.6 pp | Jun 2026 — - IBKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +2.3 pp | Mar 2023 +2.5 pp | Jun 2023 +1.7 pp | Sep 2023 +1.8 pp | Dec 2023 0.0 pp | Mar 2024 −0.3 pp | Jun 2024 +0.6 pp | Sep 2024 −0.7 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +1.0 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 +0.6 pp - LPLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 +9.4 pp | Mar 2023 +8.9 pp | Jun 2023 +5.0 pp | Sep 2023 −1.9 pp | Dec 2023 −6.4 pp | Mar 2024 −4.4 pp | Jun 2024 −3.9 pp | Sep 2024 −0.5 pp | Dec 2024 +0.6 pp | Mar 2025 −1.1 pp | Jun 2025 −3.3 pp | Sep 2025 −11.3 pp | Dec 2025 −3.5 pp | Mar 2026 −3.7 pp | Jun 2026 — - TW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.6 pp | Mar 2023 0.0 pp | Jun 2023 +0.3 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.6 pp | Jun 2024 +0.5 pp | Sep 2024 +0.2 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +1.0 pp | Dec 2025 +2.8 pp | Mar 2026 +0.7 pp | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −44.1 pp | Dec 2022 −44.1 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −23.2 pp | Dec 2023 −23.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 +0.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +4.9 pp | Dec 2025 +5.0 pp | Mar 2026 −4.8 pp | Jun 2026 — - EVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 −13.3 pp | Mar 2023 −5.9 pp | Jun 2023 −4.8 pp | Sep 2023 −2.3 pp | Dec 2023 −3.9 pp | Mar 2024 0.0 pp | Jun 2024 +2.2 pp | Sep 2024 +1.5 pp | Dec 2024 +3.1 pp | Mar 2025 +3.2 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.1 pp | Mar 2026 +7.8 pp | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.3 pp | Mar 2023 −1.9 pp | Jun 2023 −1.0 pp | Sep 2023 −1.4 pp | Dec 2023 −0.7 pp | Mar 2024 +0.4 pp | Jun 2024 +1.5 pp | Sep 2024 +1.3 pp | Dec 2024 +1.5 pp | Mar 2025 −0.3 pp | Jun 2025 −0.7 pp | Sep 2025 +0.6 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 +1.5 pp - SF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.2 pp | Mar 2023 +1.1 pp | Jun 2023 +0.6 pp | Sep 2023 +0.1 pp | Dec 2023 −0.4 pp | Mar 2024 +0.1 pp | Jun 2024 −0.7 pp | Sep 2024 +6.4 pp | Dec 2024 +8.2 pp | Mar 2025 +4.7 pp | Jun 2025 +7.0 pp | Sep 2025 +0.8 pp | Dec 2025 +0.1 pp | Mar 2026 +3.4 pp | Jun 2026 +5.3 pp - IREN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −172.3 pp | Dec 2022 −71.0 pp | Mar 2023 +0.5 pp | Jun 2023 −10.9 pp | Sep 2023 −15.1 pp | Dec 2023 +38.5 pp | Mar 2024 +2.6 pp | Jun 2024 −1.9 pp | Sep 2024 −5.2 pp | Dec 2024 −1.0 pp | Mar 2025 −3.3 pp | Jun 2025 +15.9 pp | Sep 2025 +26.0 pp | Dec 2025 −5.6 pp | Mar 2026 −10.6 pp | Jun 2026 — - HUT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.0 pp | Dec 2022 −6.5 pp | Mar 2023 −7.5 pp | Jun 2023 +19.8 pp | Sep 2023 +2.7 pp | Dec 2023 +42.0 pp | Mar 2024 +42.1 pp | Jun 2024 −13.7 pp | Sep 2024 +1.5 pp | Dec 2024 +17.9 pp | Mar 2025 −61.6 pp | Jun 2025 +27.5 pp | Sep 2025 +4.1 pp | Dec 2025 −43.3 pp | Mar 2026 −3.4 pp | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +251.1 pp | Mar 2023 +982.2 pp | Jun 2023 +69.0 pp | Sep 2023 +166.1 pp | Dec 2023 −7.5 pp | Mar 2024 −36.6 pp | Jun 2024 −50.3 pp | Sep 2024 −22.9 pp | Dec 2024 −2.1 pp | Mar 2025 −36.0 pp | Jun 2025 −70.6 pp | Sep 2025 −32.5 pp | Dec 2025 +107.2 pp | Mar 2026 −110.0 pp | Jun 2026 −5.9 pp - HLI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 −8.0 pp | Mar 2023 −0.7 pp | Jun 2023 −1.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.8 pp | Jun 2024 +1.2 pp | Sep 2024 +0.9 pp | Dec 2024 +0.7 pp | Mar 2025 +1.4 pp | Jun 2025 −0.3 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 −1.7 pp | Jun 2026 — - VIRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −7.7 pp | Mar 2023 −4.1 pp | Jun 2023 −6.3 pp | Sep 2023 +2.8 pp | Dec 2023 −1.9 pp | Mar 2024 +0.7 pp | Jun 2024 +6.8 pp | Sep 2024 +0.7 pp | Dec 2024 +11.8 pp | Mar 2025 +5.4 pp | Jun 2025 +10.5 pp | Sep 2025 +0.7 pp | Dec 2025 +4.0 pp | Mar 2026 +5.7 pp | Jun 2026 +15.8 pp - SNEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 +2.4 pp | Mar 2023 −3.2 pp | Jun 2023 +0.8 pp | Sep 2023 −1.2 pp | Dec 2023 −2.0 pp | Mar 2024 +0.1 pp | Jun 2024 −1.6 pp | Sep 2024 +0.9 pp | Dec 2024 0.0 pp | Mar 2025 +0.4 pp | Jun 2025 −0.7 pp | Sep 2025 −0.7 pp | Dec 2025 +1.3 pp | Mar 2026 +3.4 pp | Jun 2026 — - WULF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +37.0 pp | Dec 2022 −40.2 pp | Mar 2023 +12.1 pp | Jun 2023 +11.5 pp | Sep 2023 +54.0 pp | Dec 2023 +25.9 pp | Mar 2024 +24.6 pp | Jun 2024 +19.1 pp | Sep 2024 +20.7 pp | Dec 2024 +1.8 pp | Mar 2025 −20.6 pp | Jun 2025 −2.1 pp | Sep 2025 −139.2 pp | Dec 2025 −51.1 pp | Mar 2026 −869.6 pp | Jun 2026 — - GLXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −54.0 pp | Dec 2022 −47.8 pp | Mar 2023 +7.7 pp | Jun 2023 +21.2 pp | Sep 2023 +10.8 pp | Dec 2023 +11.3 pp | Mar 2024 +23.1 pp | Jun 2024 −14.2 pp | Sep 2024 +3.3 pp | Dec 2024 +16.2 pp | Mar 2025 −49.7 pp | Jun 2025 +11.0 pp | Sep 2025 +24.1 pp | Dec 2025 −25.1 pp | Mar 2026 +10.1 pp | Jun 2026 — - RIOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −10.4 pp | Mar 2023 −2.7 pp | Jun 2023 +33.1 pp | Sep 2023 −3.0 pp | Dec 2023 +15.4 pp | Mar 2024 +10.4 pp | Jun 2024 −2.2 pp | Sep 2024 −1.4 pp | Dec 2024 +2.8 pp | Mar 2025 −22.8 pp | Jun 2025 +11.9 pp | Sep 2025 +10.8 pp | Dec 2025 −28.4 pp | Mar 2026 −7.8 pp | Jun 2026 — - PJT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −3.1 pp | Mar 2023 −2.8 pp | Jun 2023 +0.4 pp | Sep 2023 −1.9 pp | Dec 2023 −1.0 pp | Mar 2024 +2.8 pp | Jun 2024 +0.9 pp | Sep 2024 +0.8 pp | Dec 2024 +4.7 pp | Mar 2025 +2.2 pp | Jun 2025 +0.6 pp | Sep 2025 +3.4 pp | Dec 2025 +0.1 pp | Mar 2026 +1.2 pp | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +9.5 pp | Dec 2024 +0.4 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +2.2 pp | Dec 2025 +2.5 pp | Mar 2026 +5.7 pp | Jun 2026 — - BGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 −11.5 pp | Mar 2023 −1.0 pp | Jun 2023 −5.1 pp | Sep 2023 +1.2 pp | Dec 2023 +2.1 pp | Mar 2024 +2.9 pp | Jun 2024 +6.9 pp | Sep 2024 −1.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.5 pp | Jun 2025 +1.2 pp | Sep 2025 +1.0 pp | Dec 2025 −1.4 pp | Mar 2026 +1.7 pp | Jun 2026 — - MC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −24.5 pp | Dec 2022 −19.8 pp | Mar 2023 −15.5 pp | Jun 2023 −13.7 pp | Sep 2023 −8.8 pp | Dec 2023 −6.4 pp | Mar 2024 +3.4 pp | Jun 2024 +6.9 pp | Sep 2024 +7.8 pp | Dec 2024 +25.3 pp | Mar 2025 +7.0 pp | Jun 2025 +5.7 pp | Sep 2025 +6.9 pp | Dec 2025 −6.6 pp | Mar 2026 −4.1 pp | Jun 2026 — - PIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 −8.6 pp | Mar 2023 +0.5 pp | Jun 2023 −1.3 pp | Sep 2023 −2.0 pp | Dec 2023 +2.0 pp | Mar 2024 +1.1 pp | Jun 2024 0.0 pp | Sep 2024 +4.2 pp | Dec 2024 −1.2 pp | Mar 2025 −1.2 pp | Jun 2025 +1.1 pp | Sep 2025 +2.7 pp | Dec 2025 +5.6 pp | Mar 2026 +2.0 pp | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 +2.5 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +2.2 pp | Dec 2024 +4.0 pp | Mar 2025 −2.4 pp | Jun 2025 −5.7 pp | Sep 2025 +0.1 pp | Dec 2025 +1.1 pp | Mar 2026 +1.9 pp | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 +1.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −15.8 pp | Dec 2025 +3.7 pp | Mar 2026 — | Jun 2026 — ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/27 companies · 0 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers ### 20-quarter Gross NPA history ### 20-quarter GNPA change history ## Valuation Against Growth & Quality What the numbers say: Virtu Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.06×, 45.5% below Miami International Holdings, Inc.. Only 21 of 27 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Virtu Financial, Inc. · 0.06× | 45.5% versus #2 · Miami International Holdings, Inc. | 0/8 recent comparable periods | 21/27 companies · 335 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. Virtu Financial, Inc. (VIRT): 0.1 2. Miami International Holdings, Inc. (MIAX): 0.1 3. Morgan Stanley (MS): 0.2 4. Stifel Financial Corp. (SF): 0.2 5. Marex Group Limited (MRX): 0.3 ### P/BV — lowest P/BV 1. TeraWulf Inc. (WULF): -77.9 2. Bitmine Immersion Technologies, Inc. (BMNR): 1.0 3. Jefferies Financial Group Inc. (JEF): 1.0 4. Stifel Financial Corp. (SF): 1.9 5. Riot Platforms, Inc. (RIOT): 2.0 ### 20-quarter P/BV ÷ ROE history - MS: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 1.0 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 — - GS: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.9 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 — - SCHW: Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 1.2 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 — - HOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.2 | Sep 2023 — | Dec 2023 4.2 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 0.3 | Mar 2025 1.0 | Jun 2025 2.0 | Sep 2025 2.2 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — - IBKR: Sep 2021 1.2 | Dec 2021 0.9 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.9 | Jun 2026 1.0 - LPLA: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 — | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 — - TW: Sep 2021 2.7 | Dec 2021 3.7 | Mar 2022 2.0 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 2.0 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.2 | Dec 2025 0.7 | Mar 2026 1.1 | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 3.3 | Jun 2026 — - EVR: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.6 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 0.3 | Mar 2022 0.2 | Jun 2022 0.7 | Sep 2022 0.4 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 7.2 | Sep 2023 1.5 | Dec 2023 1.1 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 0.4 - SF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 1.8 | Jun 2025 0.7 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 — - IREN: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - HUT: Sep 2021 0.2 | Dec 2021 — | Mar 2022 0.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 0.0 | Jun 2024 — | Sep 2024 8.2 | Dec 2024 0.1 | Mar 2025 — | Jun 2025 0.1 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0 | Mar 2026 — | Jun 2026 — - HLI: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 — - VIRT: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.7 | Mar 2023 0.2 | Jun 2023 0.7 | Sep 2023 0.2 | Dec 2023 3.8 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.1 | Sep 2025 0.2 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 — - SNEX: Sep 2021 1.1 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.2 | Mar 2026 0.3 | Jun 2026 — - RIOT: Sep 2021 — | Dec 2021 — | Mar 2022 0.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 0.1 | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 — | Jun 2025 0.2 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - PJT: Sep 2021 4.1 | Dec 2021 1.5 | Mar 2022 1.8 | Jun 2022 2.7 | Sep 2022 1.8 | Dec 2022 1.5 | Mar 2023 2.8 | Jun 2023 2.0 | Sep 2023 2.4 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 4.1 | Sep 2024 4.1 | Dec 2024 1.9 | Mar 2025 2.6 | Jun 2025 3.3 | Sep 2025 2.3 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 2.5 | Mar 2026 1.1 | Jun 2026 — - BGC: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.6 | Jun 2022 0.8 | Sep 2022 1.5 | Dec 2022 4.2 | Mar 2023 1.0 | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 0.7 | Jun 2024 1.2 | Sep 2024 3.7 | Dec 2024 2.0 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.9 | Dec 2025 4.3 | Mar 2026 0.6 | Jun 2026 — - MC: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 1.2 | Mar 2023 7.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.6 | Jun 2024 2.9 | Sep 2024 2.6 | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.5 | Mar 2026 1.2 | Jun 2026 — - PIPR: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.4 | Dec 2022 0.1 | Mar 2023 0.2 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.2 | Jun 2024 0.7 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.2 | Dec 2025 0.1 | Mar 2026 0.8 | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.1 | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.1 | Jun 2026 — ### 20-quarter P/BV history - MS: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.5 | Mar 2026 2.3 | Jun 2026 — - GS: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 — - SCHW: Sep 2021 2.4 | Dec 2021 2.8 | Mar 2022 3.2 | Jun 2022 2.7 | Sep 2022 3.7 | Dec 2022 4.2 | Mar 2023 2.6 | Jun 2023 2.8 | Sep 2023 2.7 | Dec 2023 3.1 | Mar 2024 3.1 | Jun 2024 3.1 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 2.9 | Jun 2025 3.4 | Sep 2025 3.5 | Dec 2025 3.6 | Mar 2026 3.3 | Jun 2026 — - HOOD: Sep 2021 4.9 | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.0 | Sep 2022 1.3 | Dec 2022 1.0 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 2.6 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 4.1 | Mar 2025 4.6 | Jun 2025 10.3 | Sep 2025 15.0 | Dec 2025 11.2 | Mar 2026 6.7 | Jun 2026 — - IBKR: Sep 2021 2.6 | Dec 2021 3.3 | Mar 2022 2.6 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 2.8 | Jun 2023 2.7 | Sep 2023 2.7 | Dec 2023 2.5 | Mar 2024 3.2 | Jun 2024 3.4 | Sep 2024 3.7 | Dec 2024 4.5 | Mar 2025 4.0 | Jun 2025 5.1 | Sep 2025 6.0 | Dec 2025 5.3 | Mar 2026 5.4 | Jun 2026 6.6 - LPLA: Sep 2021 7.8 | Dec 2021 7.7 | Mar 2022 8.4 | Jun 2022 8.0 | Sep 2022 8.7 | Dec 2022 7.9 | Mar 2023 7.2 | Jun 2023 7.9 | Sep 2023 8.6 | Dec 2023 8.2 | Mar 2024 8.7 | Jun 2024 8.3 | Sep 2024 6.3 | Dec 2024 8.3 | Mar 2025 7.8 | Jun 2025 5.9 | Sep 2025 5.3 | Dec 2025 5.4 | Mar 2026 4.2 | Jun 2026 — - TW: Sep 2021 3.6 | Dec 2021 4.4 | Mar 2022 3.9 | Jun 2022 3.0 | Sep 2022 2.4 | Dec 2022 2.7 | Mar 2023 3.3 | Jun 2023 2.8 | Sep 2023 3.2 | Dec 2023 3.6 | Mar 2024 4.0 | Jun 2024 4.0 | Sep 2024 4.6 | Dec 2024 4.8 | Mar 2025 5.3 | Jun 2025 5.1 | Sep 2025 3.8 | Dec 2025 3.5 | Mar 2026 3.8 | Jun 2026 — - CRCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 17.5 | Sep 2025 10.3 | Dec 2025 5.8 | Mar 2026 6.9 | Jun 2026 — - EVR: Sep 2021 4.3 | Dec 2021 3.9 | Mar 2022 3.2 | Jun 2022 2.7 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 3.2 | Jun 2023 3.3 | Sep 2023 3.6 | Dec 2023 4.1 | Mar 2024 5.1 | Jun 2024 5.3 | Sep 2024 6.2 | Dec 2024 6.2 | Mar 2025 5.1 | Jun 2025 6.3 | Sep 2025 7.2 | Dec 2025 6.5 | Mar 2026 6.5 | Jun 2026 — - JEF: Sep 2021 — | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.0 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 1.0 - SF: Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 1.9 | Jun 2026 — - IREN: Sep 2021 — | Dec 2021 2.0 | Mar 2022 1.3 | Jun 2022 0.4 | Sep 2022 0.8 | Dec 2022 0.3 | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 1.6 | Mar 2024 1.1 | Jun 2024 1.9 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.0 | Jun 2025 2.1 | Sep 2025 4.6 | Dec 2025 5.0 | Mar 2026 4.4 | Jun 2026 — - HUT: Sep 2021 1.5 | Dec 2021 2.0 | Mar 2022 1.2 | Jun 2022 98.4 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 1.1 | Jun 2023 2.0 | Sep 2023 1.4 | Dec 2023 2.4 | Mar 2024 1.4 | Jun 2024 2.1 | Sep 2024 1.6 | Dec 2024 2.1 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 2.6 | Dec 2025 3.6 | Mar 2026 3.8 | Jun 2026 — - BMNR: Sep 2021 234.9 | Dec 2021 721.8 | Mar 2022 99.3 | Jun 2022 78.1 | Sep 2022 5.4 | Dec 2022 4.7 | Mar 2023 6.1 | Jun 2023 8.2 | Sep 2023 5.5 | Dec 2023 5.3 | Mar 2024 6.8 | Jun 2024 5.9 | Sep 2024 7.1 | Dec 2024 5.0 | Mar 2025 3.9 | Jun 2025 10.7 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 1.0 - HLI: Sep 2021 4.4 | Dec 2021 4.6 | Mar 2022 4.1 | Jun 2022 3.8 | Sep 2022 3.6 | Dec 2022 3.9 | Mar 2023 3.7 | Jun 2023 4.2 | Sep 2023 4.5 | Dec 2023 4.7 | Mar 2024 4.8 | Jun 2024 5.1 | Sep 2024 5.6 | Dec 2024 5.9 | Mar 2025 5.2 | Jun 2025 5.8 | Sep 2025 6.4 | Dec 2025 5.3 | Mar 2026 4.3 | Jun 2026 — - VIRT: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 2.9 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 2.4 | Mar 2025 2.5 | Jun 2025 2.7 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 2.2 | Jun 2026 — - SNEX: Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 2.3 | Dec 2025 1.3 | Mar 2026 2.4 | Jun 2026 — - WULF: Sep 2021 139.5 | Dec 2021 12.2 | Mar 2022 7.0 | Jun 2022 0.9 | Sep 2022 1.2 | Dec 2022 0.8 | Mar 2023 1.2 | Jun 2023 2.8 | Sep 2023 1.9 | Dec 2023 3.0 | Mar 2024 2.9 | Jun 2024 4.3 | Sep 2024 4.8 | Dec 2024 8.9 | Mar 2025 6.5 | Jun 2025 10.4 | Sep 2025 20.3 | Dec 2025 34.4 | Mar 2026 -77.9 | Jun 2026 — - RIOT: Sep 2021 3.3 | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 0.5 | Sep 2022 0.9 | Dec 2022 0.5 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.9 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 1.3 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 2.0 | Jun 2026 — - PJT: Sep 2021 24.7 | Dec 2021 15.0 | Mar 2022 12.1 | Jun 2022 14.2 | Sep 2022 11.0 | Dec 2022 9.8 | Mar 2023 11.2 | Jun 2023 11.3 | Sep 2023 10.0 | Dec 2023 10.1 | Mar 2024 13.2 | Jun 2024 27.2 | Sep 2024 19.9 | Dec 2024 20.0 | Mar 2025 22.9 | Jun 2025 24.0 | Sep 2025 18.9 | Dec 2025 13.2 | Mar 2026 13.3 | Jun 2026 — - FIGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.6 | Dec 2025 7.1 | Mar 2026 5.8 | Jun 2026 — - BGC: Sep 2021 3.1 | Dec 2021 2.7 | Mar 2022 2.4 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 2.8 | Jun 2023 2.4 | Sep 2023 3.1 | Dec 2023 4.1 | Mar 2024 4.2 | Jun 2024 4.7 | Sep 2024 5.2 | Dec 2024 4.9 | Mar 2025 4.6 | Jun 2025 5.2 | Sep 2025 4.7 | Dec 2025 4.3 | Mar 2026 4.3 | Jun 2026 — - MC: Sep 2021 7.3 | Dec 2021 8.0 | Mar 2022 6.9 | Jun 2022 5.8 | Sep 2022 5.0 | Dec 2022 5.5 | Mar 2023 6.2 | Jun 2023 7.7 | Sep 2023 8.2 | Dec 2023 10.6 | Mar 2024 11.0 | Jun 2024 11.2 | Sep 2024 13.2 | Dec 2024 11.8 | Mar 2025 8.9 | Jun 2025 9.0 | Sep 2025 9.9 | Dec 2025 8.9 | Mar 2026 8.7 | Jun 2026 — - PIPR: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 3.9 | Jun 2026 — - MRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 — | Dec 2024 2.5 | Mar 2025 2.7 | Jun 2025 2.8 | Sep 2025 2.2 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 — - MIAX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.9 | Dec 2025 4.3 | Mar 2026 3.4 | Jun 2026 — ## Market action Hut 8 Corp. has the strongest one-year price move in Capital Markets at +411.3%. It also leads on Mansfield relative strength against the S&P 500 at +54.7%. 12 of 25 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Hut 8 Corp. (HUT): 411% 2. TeraWulf Inc. (WULF): 259% 3. IREN Limited (IREN): 120% 4. Riot Platforms, Inc. (RIOT): 93% 5. StoneX Group Inc. (SNEX): 72% ### Strongest relative strength versus NIFTY 500 1. Hut 8 Corp. (HUT): 55% 2. Marex Group Limited (MRX): 39% 3. Virtu Financial, Inc. (VIRT): 27% 4. StoneX Group Inc. (SNEX): 25% 5. Interactive Brokers Group, Inc. (IBKR): 15% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - Thin comparisons: Funding base, Asset quality have fewer than three usable current readings. ## Every company - Morgan Stanley (MS) — market value ₹3.3 L Cr; latest fundamentals Jun 2026 - The Goldman Sachs Group, Inc. (GS) — market value ₹3.2 L Cr; latest fundamentals Jun 2026 - The Charles Schwab Corporation (SCHW) — market value ₹1.8 L Cr; latest fundamentals Jun 2026 - Robinhood Markets, Inc. (HOOD) — market value ₹83.5K Cr; latest fundamentals Mar 2026 - Interactive Brokers Group, Inc. (IBKR) — market value ₹40.5K Cr; latest fundamentals Jun 2026 - LPL Financial Holdings Inc. (LPLA) — market value ₹27.4K Cr; latest fundamentals Mar 2026 - Tradeweb Markets Inc. (TW) — market value ₹24.6K Cr; latest fundamentals Mar 2026 - Circle Internet Group, Inc. (CRCL) — market value ₹16.0K Cr; latest fundamentals Mar 2026 - Evercore Inc. (EVR) — market value ₹14.1K Cr; latest fundamentals Mar 2026 - Jefferies Financial Group Inc. (JEF) — market value ₹13.2K Cr; latest fundamentals Jun 2026 - Stifel Financial Corp. (SF) — market value ₹12.8K Cr; latest fundamentals Jun 2026 - IREN Limited (IREN) — market value ₹12.1K Cr; latest fundamentals Mar 2026 - Hut 8 Corp. (HUT) — market value ₹11.4K Cr; latest fundamentals Mar 2026 - Bitmine Immersion Technologies, Inc. (BMNR) — market value ₹10.6K Cr; latest fundamentals Jun 2026 - Houlihan Lokey, Inc. (HLI) — market value ₹10.0K Cr; latest fundamentals Mar 2026 - Virtu Financial, Inc. (VIRT) — market value ₹9.1K Cr; latest fundamentals Jun 2026 - StoneX Group Inc. (SNEX) — market value ₹8.8K Cr; latest fundamentals Mar 2026 - TeraWulf Inc. (WULF) — market value ₹8.5K Cr; latest fundamentals Mar 2026 - Galaxy Digital Inc. (GLXY) — market value ₹8.2K Cr; latest fundamentals Mar 2026 - Riot Platforms, Inc. (RIOT) — market value ₹8.0K Cr; latest fundamentals Mar 2026 - PJT Partners Inc. (PJT) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - Figure Technology Solutions, Inc. (FIGR) — market value ₹6.1K Cr; latest fundamentals Mar 2026 - BGC Group, Inc. (BGC) — market value ₹5.7K Cr; latest fundamentals Mar 2026 - Moelis & Company (MC) — market value ₹5.6K Cr; latest fundamentals Mar 2026 - Piper Sandler Companies (PIPR) — market value ₹5.5K Cr; latest fundamentals Mar 2026 - Marex Group Limited (MRX) — market value ₹4.6K Cr; latest fundamentals Mar 2026 - Miami International Holdings, Inc. (MIAX) — market value ₹4.5K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Capital Markets company is the biggest? Morgan Stanley is the largest, with trailing-twelve-month income of $78,042 million, ahead of The Goldman Sachs Group, Inc. at $66,203 million. That covers 23 of 27 companies with comparable reporting through Jun 2026. ### Which Capital Markets company is growing fastest? Hut 8 Corp. has the fastest income growth at 100% year on year, across 22 of 27 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Capital Markets company makes the most profit? The Goldman Sachs Group, Inc. earns the most, at $20,973 million of trailing-twelve-month net profit, from 23 of 27 comparable companies. Piper Sandler Companies has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Capital Markets company earns the highest return on capital? Miami International Holdings, Inc. leads on return on assets at 10.8%, across 25 of 27 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Capital Markets stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — Virtu Financial, Inc. screens cheapest at 0.06×. Only 21 of 27 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Capital Markets sector beating the market? Capital Markets has outperformed S&P 500 by 14.8% over the last 52 weeks and 0.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 25 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Capital Markets stock has the strongest price momentum? Hut 8 Corp. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Capital Markets company scores highest for research priority? Virtu Financial, Inc. scores 76.5 out of 100 with 60.2% evidence confidence, from 21 points on growth and earnings, 19.9 on capital efficiency, 16.5 on valuation and 19.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Capital Markets companies does this comparison cover, and over what period? It compares 27 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Capital Markets sector? The 27 Capital Markets companies on this page carry $1,191,668 million of combined market value. Morgan Stanley is the largest at $332,604 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Capital Markets sector's P/B ratio? The median price-to-book ratio across the 27 Capital Markets companies on this page is 3.8×, measured on the 25 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Capital Markets sector performing? 12 of the 25 covered Capital Markets companies are beating S&P 500 on Mansfield relative strength. The sector itself is 14.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Capital Markets stocks are listed in the US? This comparison covers 27 listed Capital Markets companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/capital-markets