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CMC Markets
(LSE:CMCX)
Select Model
Select Model
Rating:69Neutral
Price Target:
838.00 p
â–²(15.43% Upside)
Action:Downgraded
Date:07/03/26
The score is led by solid financial performance—especially a conservatively levered balance sheet and healthy profitability—tempered by notable cash flow volatility. Technicals are supportive due to a strong uptrend, but extremely overbought readings add pullback risk. Valuation is the main drag given a higher P/E and only modest dividend yield.
Positive Factors
Conservative Balance Sheet
Very low leverage and a steadily expanding equity base provide a durable financial cushion for a cyclical trading business. This supports resilience during weaker market conditions, preserves funding flexibility, and reduces the balance-sheet strain associated with debt servicing.
Negative Factors
Volatile Cash Generation
The sharp year-over-year reduction in free cash flow shows that reported profitability does not always translate consistently into cash generation. Persistent volatility could constrain reinvestment, distributions, or balance-sheet flexibility and makes the company’s financial performance harder to forecast.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and a steadily expanding equity base provide a durable financial cushion for a cyclical trading business. This supports resilience during weaker market conditions, preserves funding flexibility, and reduces the balance-sheet strain associated with debt servicing.
Read all positive factors
CMC Markets (CMCX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.14B
Dividend Yield1.8%
Average Volume (3M)495.77K
Price to Earnings (P/E)28.3
Beta (1Y)0.60
Revenue Growth16.10%
EPS Growth21.35%
CountryUK
Employees1,120
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.27
Shares Outstanding279,815,460
10 Day Avg. Volume333,020
30 Day Avg. Volume495,766
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)2.03
Price to Sales (P/S)2.26
P/FCF Ratio25.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£630.00Price Target Upside-13.22% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.53
Revenue Forecast (FY)£559.22M
CMC Markets Business Overview & Revenue Model
Company Description
CMC Markets plc, along with its affiliated entities, delivers online financial trading solutions to a wide range of clients. These include individual investors, professional traders, stockbrokers, and institutions across the United Kingdom, Irelan...
How the Company Makes Money
CMC Markets primarily generates revenue from client trading activity across its platforms. A key revenue stream is dealing/trading income earned on leveraged derivative products (most notably CFDs), where CMC typically earns money through the bid/...
CMC Markets Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
84
Very Positive
Cash Flow
62
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 410.95M | 360.10M | 359.75M | 322.17M | 323.85M |
| Gross Profit | 357.44M | 226.42M | 214.31M | 269.81M | 266.77M |
| EBITDA | 125.37M | 100.37M | 92.71M | 77.48M | 113.69M |
| Net Income | 74.36M | 62.19M | 46.89M | 41.44M | 71.48M |
Balance Sheet | |||||
| Total Assets | 1.01B | 731.98M | 716.86M | 586.42M | 646.81M |
| Cash, Cash Equivalents and Short-Term Investments | 392.23M | 328.22M | 211.19M | 176.79M | 191.07M |
| Total Debt | 112.73M | 14.34M | 16.91M | 11.82M | 14.25M |
| Total Liabilities | 550.69M | 314.01M | 313.37M | 212.41M | 277.93M |
| Stockholders Equity | 457.08M | 417.97M | 403.49M | 374.01M | 368.88M |
Cash Flow | |||||
| Free Cash Flow | 35.98M | 166.25M | 60.21M | 42.94M | 140.27M |
| Operating Cash Flow | 49.03M | 175.35M | 80.08M | 71.16M | 156.08M |
| Investing Cash Flow | -13.05M | -41.35M | -41.57M | -31.16M | -17.64M |
| Financing Cash Flow | -13.05M | -41.31M | -21.01M | -69.06M | -82.16M |
CMC Markets Technical Analysis
Positive
726.00
Price Trends
694.62
Positive
547.30
Positive
430.36
Positive
Market Momentum
19.12
Negative
66.20
Neutral
81.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CMCX, the sentiment is Positive. The current price of 726 is above the 20-day moving average (MA) of 718.25, above the 50-day MA of 694.62, and above the 200-day MA of 430.36, indicating a bullish trend. The MACD of 19.12 indicates Negative momentum. The RSI at 66.20 is Neutral, neither overbought nor oversold. The STOCH value of 81.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CMCX.
CMC Markets Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | £2.35B | 12.80 | 9.51% | 5.05% | 3.88% | 11.86% | |
75 Outperform | £4.43B | 12.48 | 19.99% | 3.19% | ― | ― | |
74 Outperform | £2.63B | 12.36 | 48.99% | 4.89% | 3.14% | 4.67% | |
69 Neutral | £2.14B | 28.33 | 16.86% | 1.80% | 16.10% | 21.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
47 Neutral | £638.00M | -12.20 | -2.03% | 8.88% | -18.61% | 48.41% |
* Financial Sector Average
GB:CMCX
CMC Markets
765.00
548.69
253.66%
GB:CBG
Close Brothers Group
427.00
-43.40
-9.23%
GB:IGG
IG Group Holdings
1,335.00
256.03
23.73%
GB:PLUS
Plus500
3,694.00
727.33
24.52%
GB:TCAP
TP ICap
332.80
71.88
27.55%
CMC Markets Corporate Events
Regulatory Filings and Compliance
CMC Markets Discloses Share Sale by Head of ANZ Matthew Lewis
Neutral
Aug 25, 2026
CMC Markets plc has disclosed share transactions by Matthew Lewis, its Head of ANZ, who has sold a total of 200,000 ordinary shares in two separate trades on the London Stock Exchange. The disposals, executed on 21 and 24 August 2026 at prices of ...
Business Operations and StrategyDividends
CMC Markets Executives Boost Holdings Through Dividend Share Plans
Positive
Aug 18, 2026
CMC Markets has disclosed a series of share acquisitions by senior executives under its Share Incentive Plan and dividend reinvestment arrangements, reflecting ongoing participation in the company’s equity-based remuneration schemes. Head of...
Executive/Board ChangesRegulatory Filings and Compliance
CMC Markets COO Reports Share Transactions Under Equity Plan
Neutral
Aug 10, 2026
CMC Markets has disclosed a management transaction involving its chief operating officer, Jonathan Bendall, under regulatory requirements for persons discharging managerial responsibilities. The notification relates to movements in the companyR...
Other
CMC Markets executives acquire shares under UK incentive plan
Neutral
Aug 6, 2026
CMC Markets has disclosed that its Head of Global Strategic Partnerships, David John Fineberg, and Chief Operating Officer, Jonathan Bendall, have each acquired ordinary shares under the company’s UK Share Incentive Plan. The transactions, e...
Regulatory Filings and Compliance
CMC Markets reports intra-family share transfer by senior executive
Neutral
Aug 5, 2026
CMC Markets has disclosed an internal share transfer involving David John Fineberg, the firm’s Head of Global Strategic Partnerships, and his spouse, Victoria Fineberg. The transaction concerns 69,982 ordinary shares of 25 pence each in CMC ...
Business Operations and StrategyExecutive/Board Changes
CMC Markets Grants Conditional Share Award to Chief Operating Officer
Neutral
Aug 5, 2026
CMC Markets plc has granted Chief Operating Officer Jonathan Bendall a conditional award of 100,000 ordinary shares under its Management Equity Plan. The award, priced at nil, was made on 3 August 2026 outside a trading venue and reflects the firm...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
CMC Markets executives realise awards under Management Equity Plan
Neutral
Jul 28, 2026
CMC Markets has disclosed share-related transactions by two senior executives under its Management Equity Plan, highlighting ongoing use of equity-based incentives to align leadership with shareholder interests. Head of Capital Markets Laurence Bo...
Executive/Board ChangesRegulatory Filings and Compliance
CMC Markets Corrects Error in Executive Share Awards and Confirms Vesting
Positive
Jul 24, 2026
CMC Markets has corrected an administrative error affecting conditional share awards granted in 2022 and 2023 under its Combined Incentive Plan to senior executives, including CEO Lord Cruddas, Head of Global Strategic Partnerships David John Fine...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
CMC Markets wins broad shareholder backing as AGM approves all 2026 resolutions
Positive
Jul 24, 2026
CMC Markets reported that all resolutions at its 2026 annual general meeting were approved by poll, including the receipt of accounts, director remuneration, a new company share option plan and amendments to existing equity incentive schemes. Shar...
Executive/Board ChangesRegulatory Filings and Compliance
CMC Markets Executives Disclose Share Dealings Under Incentive Plan
Neutral
Jul 21, 2026
CMC Markets has disclosed share transactions by senior executives following the vesting of long-term incentive awards granted under its Combined Incentive Plan. Head of Global Strategic Partnerships David John Fineberg and Head of ANZ Matthew Lewi...
Business Operations and StrategyExecutive/Board Changes
CMC Markets awards new equity incentives to senior executives
Positive
Jul 20, 2026
CMC Markets has granted a series of conditional share awards and phantom share rights to senior executives, including CEO Lord Cruddas, under its Combined Incentive Plan and Management Equity Plan. The grants, all made on 17 July 2026 outside a tr...
Regulatory Filings and Compliance
CMC Markets executives report share award vesting and related disposals
Neutral
Jul 14, 2026
CMC Markets has disclosed a series of transactions by senior executives involving ordinary shares acquired under the company’s Combined Incentive Plan. Chief executive officer Lord Cruddas, head of global strategic partnerships David John Fi...
Executive/Board ChangesRegulatory Filings and Compliance
CMC Markets Executives Acquire Shares Under Incentive Plan
Positive
Jul 8, 2026
CMC Markets has disclosed share acquisitions by senior executives under its UK Share Incentive Plan, highlighting ongoing use of equity-based compensation to align management interests with shareholders. Head of Global Strategic Partnerships David...
Business Operations and StrategyFinancial Disclosures
CMC Markets Lifts FY2027 Income Guidance on Surging B2B Growth
Positive
Jul 1, 2026
CMC Markets has highlighted its growing strength as a B2B trading platform provider, leveraging its established online and mobile infrastructure to serve a broad base of retail and institutional clients worldwide. The firm’s scalable technol...
DividendsShareholder Meetings
CMC Markets Proposes 8.3p Final Dividend with DRIP Option
Positive
Jun 16, 2026
CMC Markets has recommended a final dividend of 8.3 pence per ordinary share for the financial year ended 31 March 2026, reinforcing its role as a dividend-paying online trading and investment provider. The proposed payout underscores the company&...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
CMC Markets Publishes 2026 Annual Report and Sets AGM Date
Neutral
Jun 16, 2026
CMC Markets plc has published its audited annual report and financial statements for the year ended 31 March 2026, along with the formal notice and related documents for its 2026 Annual General Meeting. The company has also circulated details of n...
Business Operations and StrategyExecutive/Board Changes
CMC Markets Executives Acquire Shares Under UK Incentive Plan
Positive
Jun 9, 2026
CMC Markets has disclosed routine share transactions by senior executives under its UK Share Incentive Plan, reinforcing alignment between management and shareholders. Head of Global Strategic Partnerships David John Fineberg and Chief Operating O...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.