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olivLaw · US equity research

eToro Group Ltd. ETOR

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

23.72USD+5.05% · 1 dayClose 04 Nov 2026

eToro is a global investment and trading platform centred on social investing, letting users trade equities, commodities, currencies and cryptoassets and copy the strategies of other investors. In fiscal 2025 the company reported Net Contribution of $868 million, and its Funded Accounts rose to 3.81 million at year end.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, eToro Group Ltd. (ETOR) stock was 23.72 USD (+5.05% on the day), with P/E 10.4 on diluted EPS of 2.27 USD over the last 12 months, beta 1.81, 52-week range 22.51–43.93 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
10.4
Diluted EPS TTM 2.27 · TTM to 31 Dec 2025
E/P (TTM)
9.57%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.81
Volatility (1y) 51%
52-week range
22.5143.93

Price history

Loading chart…

Technical reading

RSI (14)
40.8
weak (30–45)
Bollinger (20, 2)
22.30 – 25.84
in the lower half of the band · %B 0.40 · band width 14.7%
SMA 50 / 200
26.87 / 32.63
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.07 / -1.16
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−7.7%−1.1%−6.6 pp—
3 months−34.3%−0.5%−33.9 pp—
6 months−38.6%+4.4%−43.0 pp—
Year to date−32.5%+12.3%−44.8 pp—
1 year−31.1%+13.5%−44.7 pp−11.1%
3 yearsunavailable+76.4%unavailable+63.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−48.8%
04 Dec 2025 → 30 Oct 2026
Max drawdown (5y)
−70.4%
09 Jun 2025 → 30 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 1-quarter history (min 15.5, median 15.5, max 15.5; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue3.9 bn12.6 bn13.8 bn
Revenue YoYunavailable+225.3%+9.5%
Net income15.3 m192.4 m215.7 m
Net income YoYunavailable+1,160.8%+12.1%
Diluted EPS0.182.262.27
Diluted EPS YoYunavailable+1,155.6%+0.4%
net %0.4%1.5%1.6%
Free cash flow111.4 m266.2 m313.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 bn USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.4 bn USD
Total assets
1.8 bn USD
Debt / equity
unavailable
Current ratio
4.89x
ROE
19.4%
ROA
14.5%
FCF margin
2.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.9 bn
2024
12.6 bn
2025
13.8 bn

SEC (XBRL)· 02 Mar 2026verified

Cost of revenue
2023
3.9 bn
2024
12.4 bn
2025
13.6 bn

SEC (XBRL)· 02 Mar 2026verified

Gross profit
2023
27.7 m ≈
2024
245.6 m ≈
2025
253.4 m ≈

SEC (XBRL)· 02 Mar 2026derived

Research & development
2023
129.0 m
2024
131.1 m
2025
151.2 m

SEC (XBRL)· 02 Mar 2026verified

Pre-tax income
2023
27.7 m
2024
245.6 m
2025
253.4 m

SEC (XBRL)· 02 Mar 2026verified

Income tax
2023
12.5 m
2024
53.2 m
2025
37.7 m

SEC (XBRL)· 02 Mar 2026verified

Net income
2023
15.3 m
2024
192.4 m
2025
215.7 m

SEC (XBRL)· 02 Mar 2026verified

Diluted EPS
2023
0.18
2024
2.26
2025
2.27

SEC (XBRL)· 02 Mar 2026verified

Weighted average diluted shares
2023
82.8 m
2024
85.3 m
2025
95.1 m

SEC (XBRL)· 02 Mar 2026verified

Balance sheet · USD

Cash
2023
388.3 m
2024
575.4 m
2025
1.1 bn

SEC (XBRL)· 02 Mar 2026verified

Current assets
2023
—
2024
1.1 bn
2025
1.7 bn

SEC (XBRL)· 02 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
5.0 m
2025
7.4 m

SEC (XBRL)· 02 Mar 2026verified

Total assets
2023
—
2024
1.2 bn
2025
1.8 bn

SEC (XBRL)· 02 Mar 2026verified

Current liabilities
2023
—
2024
305.6 m
2025
342.7 m

SEC (XBRL)· 02 Mar 2026verified

Equity
2023
597.6 m
2024
832.4 m
2025
1.4 bn

SEC (XBRL)· 02 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
111.8 m
2024
268.6 m
2025
318.2 m

SEC (XBRL)· 02 Mar 2026verified

Capex
2023
425.0 k
2024
2.4 m
2025
4.8 m

SEC (XBRL)· 02 Mar 2026verified

Free cash flow
2023
111.4 m ≈
2024
266.2 m ≈
2025
313.4 m ≈

SEC (XBRL)· 02 Mar 2026derived

Investing cash flow
2023
-1.4 m
2024
-68.5 m
2025
-143.5 m

SEC (XBRL)· 02 Mar 2026verified

Financing cash flow
2023
-10.7 m
2024
-3.2 m
2025
319.9 m

SEC (XBRL)· 02 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
12.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
0.4%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
17.7%
computed by olivLawFY 2025

Profitability

Gross margin
1.8%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
1.6%
computed by olivLawFY 2025
FCF margin
2.3%
computed by olivLawFY 2025

Returns

ROE
1.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
14.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
4.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
3.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
318.2 m USD
computed by olivLawFY 2025
Capital expenditure
4.8 m USD
computed by olivLawFY 2025
Free cash flow
313.4 m USD
computed by olivLawFY 2025
FCF conversion
145.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
10.4x
computed by olivLawFY 2025
Earnings yield
9.6%
computed by olivLawFY 2025
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.72 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
10.4x
computed by olivLawFY 2025
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
1.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
1.6%
computed by olivLawFY 2025
Revenue growth (YoY)
9.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 02 Mar 2026
verified 59

Score by group

27% · Insufficient data

Estimated value range

Low
26.13
USD per share
Mid
35.33
USD per share
High
44.31
USD per share
Price: 23.72 USD
The price is below the range
Potential to the central value: 49.0% (value / price − 1)
Margin of safety: 32.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.13 – 44.31 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E26.13 – 44.31 (Mid 35.33)
    17 companies used · median multiple 15.6x · quartiles 11.5x – 19.5x
    BLK, COHN, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality1.6%23 (vs peers)23%
FCF conversion · Quality145.3%100 (on a fixed band)23%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.9x100 (on a fixed band)15%
P/E (TTM) · Valuation10.4x79 (vs peers)38%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality62/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial79/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

eToro Group Ltd. (ETOR). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 13.8 bn USD in 2025; YoY growth 9.5%; net margin 1.6%; ROE 1.4%.

The estimated value range is 26.13–44.31 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 35.33 USD, the price of 23.72 USD leaves a potential of 49.0% (value / price − 1) and a margin of safety of 32.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 145.3%
  • Current ratio: 4.9x
  • P/E (TTM): 10.4x
  • The price is below the estimated value range

What contradicts it

  • Net margin: 1.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
10.4x
vertical median 16.8x
below median (−37.8%)
EV/EBITDA
—
vertical median 14.1x
P/S
—
vertical median 1.9x
P/B
—
vertical median 1.8x
ROE
1.4%
vertical median 18.5%
below median (−92.3%)
Net margin
1.6%
vertical median 13.5%
below median (−88.5%)
EBIT margin
—
vertical median 22.1%
Revenue YoY
9.5%
vertical median 19.6%
below median (−51.8%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley304.6 bn15.618.0%—unavailable+14% / +144%
BLKBlackRock, Inc.189.7 bn28.112.2%24.2%+89.3%+17% / +63%
SCHWSchwab Charles Corp161.5 bn16.820.3%38.8%+22.0%+1% / +52%
RJFRaymond James Financial, Inc.32.4 bn14.718.5%13.6%+6.6%+8% / +60%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+42% / +129%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn5.216.5%14.6%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Holdings, Inc.1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−31% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for ETOR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 02 Mar 2026; since then the company filed 6-K (11 Aug 2026), 6-K (29 May 2026), 6-K (12 May 2026), 6-K (21 Apr 2026).

In brief

eToro is a global investment and trading platform centred on social investing, letting users trade equities, commodities, currencies and cryptoassets and copy the strategies of other investors. In fiscal 2025 the company reported Net Contribution of $868 million 1, and its Funded Accounts rose to 3.81 million at year end 1.

SWOT

Strengths

  • The platform has a global user base and a recognised brand in several key markets 1.
  • A diversified revenue model across several asset classes helps stabilise performance 1.
  • Social investing and strategy copying differentiate the company from competitors 1.

Weaknesses

  • Operating results fluctuate significantly from period to period with market volatility 1.
  • Crypto revenue is volatile and can fall quickly when liquidity or prices shift 1.
  • The company often trades as principal, exposing it to price and counterparty risk 1.

Opportunities

  • Expansion in Asia Pacific and the Americas, including the United States, could add new users 1.
  • Wealth management and retirement planning services could attract more mature users 1.
  • Artificial intelligence could improve personalisation and operational efficiency 1.

Threats

  • Competition is intensifying from traditional institutions, fintechs and crypto platforms 1.
  • Regulatory changes or access restrictions in certain markets could limit the offering 1.
  • Spot crypto ETF products could reduce demand for direct crypto trading on the platform 1.

Risks

  • Dependence on market volatilityhigh

    User activity depends on market conditions, and a fall in investor interest could reduce revenue 1.

  • Losses from abrupt market movementshigh

    Rapid market moves may prevent timely adjustment of risk management and could cause losses 1.

  • User attritionmedium

    If existing users are not retained or new users are not attracted, the business could be affected 1.

  • Intense competitionmedium

    New or existing competitors may offer attractive products, some under lighter regulation 1.

  • Regulatory and compliance risklow

    Legislative changes or regulator actions could restrict services in some jurisdictions 1.

Investment thesis

What would need to be true (bull case)

  • If retail participation keeps rising, the platform could benefit from an expanding user base 1.
  • Revenue diversification across products could keep results steadier in weaker market periods 1.
  • Combining social features with trading could strengthen user loyalty 1.

What would break the thesis

  • If market volatility eases, trading volumes could fall and revenue could be affected 1.
  • If spot crypto ETFs replace direct trading, crypto revenue could decline 1.
  • Competitive and regulatory pressure could compress margins over the longer term 1.

What to watch

  • Trend in Funded Accounts and Net ContributionQ1 2027
  • Crypto trading volume relative to spot crypto ETF products2027
  • Progress of expansion in the United States and Asia Pacificnext 10-K
  • Regulatory changes that could affect services in key markets2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 02 Mar 2026; since then the company filed 6-K (11 Aug 2026), 6-K (29 May 2026), 6-K (12 May 2026), 6-K (21 Apr 2026).

The business

eToro's mission is to open global markets and connect users to leading investors, offering tools and financial education. The platform allows direct trading, investment in thematic Smart Portfolios, or replication of other investors' strategies through CopyTrader 1. The principal executive office is in Bnei Brak, Israel, and the company is incorporated in the British Virgin Islands 1.

The revenue model has four sources: trading income (spread plus a fee on certain trades), interest income (margin interest and interest on uninvested funds), eToro Money fees, and other value-added products and services 1. The company says its diversified multi-asset offering has helped stabilise financial performance through past market cycles 1.

Net income rose in fiscal 2025 compared with fiscal 2024, and Adjusted EBITDA also increased 1. The company has invested in localisation, in educational resources through eToro Academy, and in artificial intelligence for personalised customer journeys and operational efficiencies 1.

Segments

Trading (equities, commodities, currencies)

This segment carried most of the trading volume, with 537 million trades in fiscal 2025 1. Net trading contribution from these assets rose year on year, depending on market volatility 1.

Cryptoassets

The crypto segment recorded 57 million trades in fiscal 2025, down from the prior year, with revenue that varies with liquidity and investor preferences 1. The company notes that spot crypto ETFs could reduce demand for direct crypto trading on the platform 1.

Interest and eToro Money

Net interest contribution and eToro Money fees rose in fiscal 2025, reflecting interest on client funds and fees on currency conversion and withdrawals 1. The company reports over 1.8 million registered IBAN accounts 1.

Market context

The company operates in 75 countries and points to a growing retail investment market, with more new investors and rising assets in ETFs 1. European markets still have room to grow towards US levels of retail participation 1.

Competition comes from traditional banks, neo-banks, regional brokers, crypto platforms and fintechs, all seeking the same retail investors 1. Price pressure and regulatory changes could influence the company's margins 1.

Trends

  • Rising retail participationtailwind

    Retail participation in capital markets is growing, and forecasts point to new brokerage accounts in Europe by 2028 1. If the trend continues it could support platform activity 1.

  • Intergenerational wealth transfertailwind

    Younger generations start investing earlier, and the transfer of wealth to them is estimated in the tens of trillions of dollars 1. This could favour digital platforms with integrated education 1.

  • Artificial intelligence and demand for digital toolsmixed

    Consumers increasingly expect personalised digital experiences, and AI could become a leading source of investment guidance for retail investors 1. The company sees this shift as a possible advantage 1.

  • Market volatility and trade policy uncertaintymixed

    Volatility from tariffs and sector revaluations can temporarily lift trading volumes, but prolonged uncertainty could reduce consumer confidence and investable income 1.

Competitive position

eToro competes with user-experience-focused fintechs, international and tech-led brokers, as well as traditional banks and crypto platforms that may be less regulated 1. Unregulated entrants can adapt to trends faster and support a broader range of assets 1.

Growth of spot crypto ETF products could reduce demand for direct crypto trading on platforms like eToro and compress spreads 1. The company's edge lies in combining trading with social and educational features that it says few platforms offer together 1.

  • Traditional brokers and investment banks

    Large financial institutions expanding their offerings to retail investors 1.

  • User-experience-focused fintechs

    Financial technology companies competing across multiple financial services 1.

  • Crypto platforms and decentralised exchanges

    Exchanges and wallets offering crypto access, often under lighter regulation 1.

  • International tech-led brokers

    Brokers offering self-directed multi-asset investing, directly comparable to the platform 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / eToro Group Ltd. · 02 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.