olivLaw · US equity research
Siebert Financial Corp. SIEB
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Siebert Financial Corp. (SIEB) is a diversified financial services firm offering retail brokerage, investment advisory, insurance, corporate stock plan services and a small Media, Sports and Entertainment division. Net revenues were 94.2 million USD in fiscal 2025, and in the second quarter of 2026 the company reported an operating loss as it expanded investment banking and digital custody services. The relevance lies in its gradual shift from transaction brokerage toward new business lines, amid falling interest rates and market volatility.
At the close of 04 Nov 2026, Siebert Financial Corp. (SIEB) stock was 1.83 USD (−6.63% on the day), with market capitalisation 75.2 m USD, beta 0.71, 52-week range 1.60–4.06 USD. Latest reported quarter (Q2 2026): revenue of 31.2 m USD (+109.6% YoY), net income of -326.0 k USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.7
- weak (30–45)
- Bollinger (20, 2)
- 1.70 – 2.21
- in the lower half of the band · %B 0.26 · band width 26.3%
- SMA 50 / 200
- 2.17 / 2.02
- mixed trend
- MACD (12, 26, 9)
- -0.08 / -0.08
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.3% | −1.1% | −17.2 pp | — |
| 3 months | +13.7% | −0.5% | +14.1 pp | — |
| 6 months | +5.2% | +4.4% | +0.8 pp | — |
| Year to date | −47.9% | +12.3% | −60.2 pp | — |
| 1 year | −31.7% | +13.5% | −45.3 pp | −11.1% |
| 3 years | +7.6% | +76.4% | −68.8 pp | +64.7% |
| 5 years | −40.8% | +63.7% | −104.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 m | 20.0 m | 28.9 m | 14.9 m | 26.8 m | 23.6 m | 23.5 m | 31.2 m |
| Operating income | 4.8 m | 1.9 m | 10.5 m | -5.8 m | 2.2 m | -1.3 m | -2.9 m | -472.0 k |
| Depreciation & amortisation | 350.0 k | 439.0 k | 415.0 k | 629.0 k | 649.0 k | 706.0 k | 690.0 k | 671.0 k |
| Interest expense | 39.0 k | 39.0 k | 1.0 k | 39.0 k | 38.0 k | — | 0 | — |
| Pre-tax income | 4.8 m | 1.9 m | 10.5 m | -5.8 m | 2.2 m | -1.3 m | -2.9 m | -472.0 k |
| Income tax | 1.0 m | 213.0 k | 1.8 m | -1.1 m | 564.0 k | -841.0 k | -895.0 k | -146.0 k |
| Net income | 3.8 m | 1.7 m | 8.7 m | -4.7 m | 1.6 m | -445.0 k | -2.0 m | -326.0 k |
| Diluted EPS | 0.10 | 0.04 ≈ | 0.22 | -0.12 | 0.04 | -0.01 ≈ | -0.05 | -0.01 |
| Operating cash flow | 3.0 m ≈ | 35.5 m | -34.5 m | 631.0 k ≈ | 43.7 m ≈ | 402.0 k | -26.1 m | -2.6 m ≈ |
| Capex | 0 ≈ | 155.0 k | 63.0 k | 61.0 k ≈ | 321.0 k ≈ | 107.0 k | 67.0 k | 91.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
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.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.0 m | 42.8 m | 54.9 m | 67.5 m | 50.1 m | 71.5 m | 83.9 m | 94.2 m |
| Revenue YoY | +129.1% | — | +28.3% | +23.0% | −25.8% | +42.7% | +17.3% | +12.3% |
| Net income | 12.0 m | 3.2 m | 3.0 m | 5.1 m | -2.0 m | 7.8 m | 13.3 m | 5.1 m |
| Net income YoY | +454.6% | — | −8.1% | +70.2% | −139.3% | unavailable | +70.0% | −61.5% |
| Diluted EPS | unavailable | unavailable | unavailable | 0.16 | -0.06 | 0.21 | 0.33 | 0.13 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | −137.5% | unavailable | +57.1% | −60.6% |
| net % | 39.8% | 7.6% | 5.4% | 7.5% | -4.0% | 10.9% | 15.9% | 5.4% |
| Free cash flow | 4.6 m | 23.3 m | 96.7 m | 5.2 m | -24.9 m | -5.0 m | 9.8 m | 9.7 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.4 m USD
- Financial debt
- 5.0 m USD
- Net debt
- -17.4 m USD
- Equity
- 89.2 m USD
- Total assets
- 759.0 m USD
- Debt / equity
- 0.06x
- Current ratio
- 1.10x
- ROE
- 5.9%
- ROA
- 0.8%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 54.9 m | 67.5 m | 50.1 m | 71.5 m | 83.9 m | 94.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | — | 6.6 m | 440.0 k | 18.1 m | 17.5 m | 5.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 1.6 m | 1.4 m | 995.0 k | 2.0 m | 1.4 m | 2.4 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | — | 8.0 m ≈ | 1.4 m ≈ | 20.1 m ≈ | 18.8 m ≈ | 8.0 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 349.0 k | 361.0 k | 440.0 k | 263.0 k | 155.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Pre-tax income | 3.2 m | 6.8 m | -4.3 m | 11.3 m | 17.5 m | 5.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 221.0 k | 1.7 m | -1.3 m | 3.4 m | 4.2 m | 445.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 3.0 m | 5.1 m | -2.0 m | 7.8 m | 13.3 m | 5.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | — | 0.16 | -0.06 | 0.21 | 0.33 | 0.13 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | — | 31.3 m | 32.4 m | 37.1 m | 40.0 m | 40.4 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.6 m | 3.8 m | 23.7 m | 5.7 m | 32.6 m | 22.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 1.4 bn | 1.4 bn | 705.4 m | 773.9 m | 491.5 m | 727.2 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 762.0 k | 7.5 m | 8.3 m | 9.4 m | 10.2 m | 10.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | 2.0 m | 2.0 m | 2.0 m | 2.0 m | 2.3 m | 2.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | 809.0 k | — | — | — | 697.0 k | 908.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 1.4 bn | 1.4 bn | 728.0 m | 801.8 m | 519.7 m | 759.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 3.8 m | 3.7 m | 2.5 m | 3.6 m | 5.2 m | 4.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | 998.0 k | 998.0 k | 1.1 m | 84.0 k | 496.0 k | 960.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 3.7 m | 6.7 m | 6.0 m | 4.2 m | 4.1 m | 4.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 1.3 bn | 1.3 bn | 669.7 m | 721.6 m | 427.8 m | 660.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 1.3 bn | 1.4 bn | 678.1 m | 731.1 m | 434.6 m | 669.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 38.0 m | 50.5 m | 49.9 m | 70.7 m | 85.1 m | 89.2 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 96.7 m | 5.5 m | -24.6 m | -4.8 m | 10.1 m | 10.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 13.0 k | 296.0 k | 284.0 k | 223.0 k | 223.0 k | 552.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | 96.7 m ≈ | 5.2 m ≈ | -24.9 m ≈ | -5.0 m ≈ | 9.8 m ≈ | 9.7 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -410.0 k | -8.4 m | -1.8 m | -2.6 m | -6.0 m | -6.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 2.7 m | 4.9 m | -4.3 m | 13.0 m | -85.0 k | 1.3 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 75.2 m USD
Key indicators
Coverage and freshness
Score by group
- Quality6
- Growth100
- Valuation44
- Balance sheet55
Estimated value range
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: 0.34 – 9.88 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)6.46 – 9.88 (Mid 7.78)WACC 9.0% · starting FCFF 14.9 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA0.34 – 0.38 (Mid 0.36)4 companies used · median multiple 13.7x · quartiles 10.0x – 15.4xBLK, COHN, MIAX, MKTX
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.9% | 0 (vs peers) | 16% |
| Net margin · Quality | -1.1% | 15 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 23.4% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -39.9x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | -15.8x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 229.7x | 0 (on a fixed band) | 16% |
| FCF yield · Valuation | 19.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet55/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 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
Siebert Financial Corp. (SIEB). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 94.2 m USD in 2025; YoY growth 12.3%; net margin -1.1%; ROE -1.3%; net debt/EBITDA -39.9x.
The estimated value range is 3.40–5.13 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.07 USD, the price of 1.83 USD leaves a potential of 122.6% (value / price − 1) and a margin of safety of 55.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 23.4%
- Net debt / EBITDA: -39.9x
- FCF yield: 19.7%
- The price is below the estimated value range
What contradicts it
- ROIC: -2.9%
- Net margin: -1.1%
- Interest coverage: -15.8x
- Current ratio: 1.1x
- EV/EBITDA: 229.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), 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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 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% | −32% / +8% |
| 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 m | 1.9 | 33.3% | 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 |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| BULLWebull Corporation | — | — | — | 4.3% | +46.3% | −42% / −50% |
1- and 3-year price returns: for SIEB 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
Siebert Financial Corp. (SIEB) is a diversified financial services firm offering retail brokerage, investment advisory, insurance, corporate stock plan services and a small Media, Sports and Entertainment division. Net revenues were 94.2 million USD in fiscal 2025, and in the second quarter of 2026 the company reported an operating loss as it expanded investment banking and digital custody services. The relevance lies in its gradual shift from transaction brokerage toward new business lines, amid falling interest rates and market volatility.
SWOT
Strengths
- The company has a stable retail client base, a history of more than fifty years and the ability to offer stock loan and market making.
- The multi-subsidiary structure allows diversification into brokerage, advisory, insurance and technology, and the full acquisition of RISE gives it control over future benefits.
- Long-term clearing arrangements, including the extension with NFS through 2030, provide operational continuity and reduce the risk of changing providers.
Weaknesses
- Revenue depends heavily on market activity and interest income, which makes results sensitive to economic conditions.
- Personnel costs rose with new business lines, and fixed expenses can pressure margins in periods of low activity.
- The media segment is at an early stage with operating losses and did not contribute positively to consolidated results in the periods reviewed.
Opportunities
- Expansion into investment banking for middle-market clients could diversify revenue away from transaction brokerage.
- The tZERO agreements and digital asset investments could open custody and tokenization services for clients.
- Demand for stock loan services and for capital markets support to small and mid-cap issuers could continue to grow.
Threats
- Falling interest rates reduce income on client balances, and a further decline could weigh on results.
- Competitive pressure from zero-commission brokers and digital platforms could limit client growth and margins.
- Changing regulation, net capital requirements and legal or arbitration matters could create additional costs or sanctions.
Risks
- Regulation and litigationhigh
The company is subject to SEC, FINRA and multiple state regulators, and the outcome of proceedings or client lawsuits is hard to predict. A recent arbitration settlement produced a settlement expense 12.
- Information systems riskhigh
Operations depend on information technology platforms and third-party providers, and a disruption or cyber-attack could affect obligations to clients. Cybersecurity insurance might not fully cover all losses 1.
- Interest rate sensitivitymedium
Revenue from interest on client balances and government securities depends on the rate level, and a decline could meaningfully reduce net interest income 1.
- Illiquid or volatile investmentsmedium
The company recorded significant losses in 2025 on an equity stake in a private company, and its investments in FusionIQ and Arqitech could be affected by market volatility 2.
- Development of the media segmentlow
The media and sports segment is at an early stage, and attracting audiences and talent could prove harder than expected, which could extend operating losses 1.
Investment thesis
What would need to be true (bull case)
- If stock loan and investment banking activity keeps growing, revenue could depend less on interest and trading.
- The full acquisition of RISE and long-term clearing arrangements could lower integration costs and support brokerage growth.
- If the new digital custody lines and technology investments reach scale, the company could hold a different position relative to traditional competitors.
What would break the thesis
- If interest rates keep falling, income from client balances could shrink while personnel costs remain high.
- Operating losses in the media segment and costs from arbitration matters could keep weighing on consolidated results.
- Competition from zero-commission brokers and digital platforms could limit client growth and compress margins.
What to watch
- Development of stock borrow and stock loan revenue and investment banking revenueQ3 2026
- Payment of the arbitration settlement and its effect on expensesQ3 2026
- Launch of Retail Platform projects and digital custody services with tZERO2026
- Trend in the operating loss of the Media, Sports and Entertainment segmentnext 10-K
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.
The business
Siebert operates through several subsidiaries, the most important being Muriel Siebert & Co., LLC (MSCO), a broker-dealer registered with the SEC and a member of FINRA and NYSE that provides retail brokerage, market making, stock loan and services for listed companies 1. Other subsidiaries cover investment advisory through Siebert AdvisorNXT, insurance through Park Wilshire Companies, technology through Siebert Technologies, and brokerage through RISE Financial Services, which Siebert bought in full in October 2025 1. The company also extended into investment banking, a line created in the first quarter of 2025 for middle-market clients 1. At December 31, 2025, retail customers held 166,217 accounts 1.
The company reports two segments: Financial Services, which makes up most of the business, and Media, Sports and Entertainment, which includes talent management through Gebbia Media and Gebbia Sports for college and professional athletes 1. Management said the media segment did not contribute positively to results in 2025 or 2024 and depends on building its music catalogue 1. Headquarters are in Miami Beach, Florida, and the company had 166 full-time employees as of March 24, 2026 1.
For reporting, Siebert treats its operations as one integrated broker-dealer and related financial services platform, with the Financial Services segment generating total revenue of 92,992,000 USD in 2025 versus 83,901,000 USD in 2024 1. The company relies on external clearing: MSCO clears partly through National Financial Services, and in 2026 it signed custody arrangements with tZERO and a fully disclosed clearing agreement with Green Pier, an affiliate of FMR, for RISE 2.
Segments
Financial Services
This core segment includes brokerage, advisory, insurance and stock loan. Segment revenue was 92,992,000 USD in 2025, and stock borrow and stock loan revenue rose to 29,034,000 USD while interest income fell with lower rates 1. In the second quarter of 2026 segment revenue was 30,893,000 USD, with stock borrow and stock loan up 43% 2.
Media, Sports and Entertainment
The segment includes Gebbia Media, the acquisition of the Big Machine Rock division from BMLG and Gebbia Sports for college athlete services. Segment revenue in 2025 was 1,210,000 USD and the operating loss was 1,186,000 USD, with management expecting a positive impact as the catalogue grows 1.
Market context
Broker revenues depend on activity in capital markets and on interest earned on client balances, and Siebert says its results are highly correlated with general economic conditions and the direction of U.S. equity and fixed-income markets 1. Retail customer net worth reached 19.5 billion USD at year-end 2025 1. The company notes that in periods of low activity fixed expenses stay roughly unchanged, which can weigh on profitability 1.
For a firm of Siebert's size, interest income depends on the rate level. Sensitivity tables in the annual report show that a 100 basis point decline would reduce net interest revenue by about 15%, while a 100 basis point rise would increase it by about 18% 1.
Trends
- Falling interest ratesheadwind
Interest, marketing and distribution fees declined in 2025 because of lower rates, and the sensitivity analysis shows that a further decline could keep pressure on this revenue line 1. If rates fall further, the interest-based share of revenue could remain under pressure.
- Growth in stock loan activitytailwind
Stock borrow and stock loan revenue rose 51% in 2025 and 43% in the second quarter of 2026, supported by growth in stock locate services and securities lending 12. This line could remain a growth driver if market activity stays firm.
- Volatile trading activitymixed
Commission and trading revenues depend on market conditions. In 2025 commissions fell with market conditions while principal transactions rose, and in the second quarter of 2026 commissions and investment banking fees increased 12. Results could remain volatile from one quarter to the next.
- Expansion into investment banking and digital custodytailwind
The company expanded its investment banking division and signed custody agreements with tZERO for digital assets and tokenized securities, supported by investments in FusionIQ and Arqitech 2. If these lines reach scale they could diversify revenue away from transaction brokerage.
Competitive position
Siebert competes with full-commission, online and discount brokers including zero-commission firms, as well as financial institutions, mutual fund sponsors and financial technology firms 1. The company says it differentiates through customer service, responsiveness, product range and execution quality 1.
In media, sports and entertainment competition is more intense, with established media companies, streaming services, live event producers and digital platforms 1. The company acknowledges that as a relatively new entrant its ability to attract audiences and partners has not yet been fully tested 1.
- Interactive BrokersIBKR
Low-commission online broker and direct competitor for retail clients and electronic trading activity.
- Charles SchwabSCHW
Retail broker with advisory services and online platforms competing for the same clients and savings balances.
- Robinhood MarketsHOOD
Commission-free mobile trading platform competing with Siebert's retail brokerage.
- Fidelity Investments
Private company and clearing provider for MSCO and RISE, and also a competitor in brokerage and advisory.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Departure or appointment of officers
- Proxy statement08 Oct 2026
- Current report25 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Quarterly report15 May 2026
- Annual report30 Mar 2026
- Current report21 Nov 2025Shareholder vote
- Quarterly report12 Nov 2025
- Current report31 Oct 2025Material agreement · Financial statements and exhibits
- Proxy statement09 Oct 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Siebert Financial Corp. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Siebert Financial Corp. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Siebert Financial Corp. · 13 Nov 2023
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.