BRC (RILY)
Market Price (8/20/2026): $7.03 | Market Cap: $265.8 MilSector: Financials | Industry: Diversified Financial Services
BRC (RILY)
Market Price (8/20/2026): $7.03Market Cap: $265.8 MilSector: FinancialsIndustry: Diversified Financial Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 151%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 146% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -157% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.8, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 428% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% High stock price volatilityVol 12M is 102% Key risksRILY key risks include [1] intense regulatory investigations (SEC, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 151%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 146% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -157% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.8, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 428% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.2% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% |
| High stock price volatilityVol 12M is 102% |
| Key risksRILY key risks include [1] intense regulatory investigations (SEC, Show more. |
Qualitative Assessment
AI Analysis | Feedback
BRC (RILY) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Significant decline in reported net income for fiscal Q2 2026. BRC Group Holdings (RILY) reported a net income available to common shareholders of $18.5 million for fiscal Q2 2026 (ended June 30, 2026), a substantial decrease from $137.5 million in the prior-year period. This sharp decline in reported net income, despite an increase in revenues and operating adjusted EBITDA, largely reflects non-recurring gains from discontinued operations and a senior note exchange in fiscal Q2 2025, which created an unusually difficult year-over-year comparison.
2. Substantial shareholder dilution over the past year. The company experienced significant shareholder dilution, with a 32% increase in shares outstanding over the last year. This dilution is identified as a major risk, as it reduces the proportion of total earnings and voting power for existing shareholders.
Show more
BRC (RILY) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Significant decline in reported net income for fiscal Q2 2026. BRC Group Holdings (RILY) reported a net income available to common shareholders of $18.5 million for fiscal Q2 2026 (ended June 30, 2026), a substantial decrease from $137.5 million in the prior-year period. This sharp decline in reported net income, despite an increase in revenues and operating adjusted EBITDA, largely reflects non-recurring gains from discontinued operations and a senior note exchange in fiscal Q2 2025, which created an unusually difficult year-over-year comparison.
2. Substantial shareholder dilution over the past year. The company experienced significant shareholder dilution, with a 32% increase in shares outstanding over the last year. This dilution is identified as a major risk, as it reduces the proportion of total earnings and voting power for existing shareholders.
3. Negative analyst sentiment and outlook. As of early August 2026, B. Riley Financial (RILY) held a consensus "Sell" rating from Wall Street analysts. Furthermore, StockInvest.us rated RILY as a "Sell Candidate" on August 5, 2026, forecasting a potential 27.36% decline in its 3-month trend. This negative analyst sentiment likely contributed to investor apprehension and the downward stock movement.
4. Weakness in the Capital Markets segment during fiscal Q2 2026. While other segments like Wealth Management showed strong growth, RILY's Capital Markets segment, a primary revenue driver, experienced a 12% decline in revenue and a 24% fall in segment income during fiscal Q2 2026. This performance in a core business area could raise investor concerns about the company's overall financial health.
5. Concerns regarding operating cash flow and cash reserves. RILY's debt is not well covered by its operating cash flow, with the company reportedly running at an operating cash loss. Additionally, cash and restricted cash decreased to $155.6 million at June 30, 2026, down from $229.3 million at December 31, 2025, which may signal liquidity concerns to investors.
Show less
Stock Movement Drivers
Fundamental Drivers
The -15.8% change in RILY stock from 4/30/2026 to 8/19/2026 was primarily driven by a -22.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.59 | 7.23 | -15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 968 | 1,130 | 16.7% |
| Net Income Margin (%) | 31.8% | 36.4% | 14.8% |
| P/E Multiple | 0.9 | 0.7 | -22.3% |
| Shares Outstanding (Mil) | 31 | 38 | -19.1% |
| Cumulative Contribution | -15.8% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| RILY | -15.8% | |
| Market (SPY) | 7.0% | 37.5% |
| Sector (XLF) | 10.3% | 14.4% |
Fundamental Drivers
The -13.5% change in RILY stock from 1/31/2026 to 8/19/2026 was primarily driven by a -42.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.36 | 7.23 | -13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 940 | 1,130 | 20.2% |
| Net Income Margin (%) | 23.8% | 36.4% | 53.3% |
| P/E Multiple | 1.1 | 0.7 | -42.0% |
| Shares Outstanding (Mil) | 31 | 38 | -19.1% |
| Cumulative Contribution | -13.5% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| RILY | -13.5% | |
| Market (SPY) | 11.4% | 46.7% |
| Sector (XLF) | 8.1% | 30.8% |
Fundamental Drivers
The 34.6% change in RILY stock from 7/31/2025 to 8/19/2026 was primarily driven by a 73.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.37 | 7.23 | 34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,172 | 1,130 | -3.6% |
| P/S Multiple | 0.1 | 0.2 | 73.2% |
| Shares Outstanding (Mil) | 30 | 38 | -19.3% |
| Cumulative Contribution | 34.6% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| RILY | 34.6% | |
| Market (SPY) | 22.7% | 28.7% |
| Sector (XLF) | 11.1% | 18.8% |
Fundamental Drivers
The -85.6% change in RILY stock from 7/31/2023 to 8/19/2026 was primarily driven by a -80.1% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.06 | 7.23 | -85.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,179 | 1,130 | -4.2% |
| P/S Multiple | 1.2 | 0.2 | -80.1% |
| Shares Outstanding (Mil) | 29 | 38 | -24.4% |
| Cumulative Contribution | -85.6% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| RILY | -85.6% | |
| Market (SPY) | 73.9% | 19.5% |
| Sector (XLF) | 70.0% | 19.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RILY Return | 141% | -58% | -31% | -77% | 2% | 53% | -75% |
| Peers Return | 30% | -33% | 14% | 12% | 7% | 1% | 19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| RILY Win Rate | 67% | 33% | 50% | 50% | 58% | 50% | |
| Peers Win Rate | 43% | 28% | 38% | 45% | 42% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RILY Max Drawdown | -25% | -61% | -68% | -89% | -56% | -39% | |
| Peers Max Drawdown | -28% | -45% | -41% | -33% | -31% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMS, TREE, EQH, FRHC, RILY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/19/2026 (YTD)
How Low Can It Go
| Event | RILY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.0% | -18.8% |
| % Gain to Breakeven | 22.0% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 68.9% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.3% | -19.2% |
| % Gain to Breakeven | 57.1% | 23.8% |
| Time to Breakeven | 241 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -55.5% | -0.2% |
| % Gain to Breakeven | 124.6% | 0.2% |
| Time to Breakeven | 176 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -66.8% | -17.9% |
| % Gain to Breakeven | 201.6% | 21.8% |
| Time to Breakeven | 310 days | 123 days |
In The Past
BRC's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | RILY | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 68.9% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.3% | -19.2% |
| % Gain to Breakeven | 57.1% | 23.8% |
| Time to Breakeven | 241 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -55.5% | -0.2% |
| % Gain to Breakeven | 124.6% | 0.2% |
| Time to Breakeven | 176 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -66.8% | -17.9% |
| % Gain to Breakeven | 201.6% | 21.8% |
| Time to Breakeven | 310 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -55.0% | -15.4% |
| % Gain to Breakeven | 122.1% | 18.2% |
| Time to Breakeven | 1435 days | 125 days |
In The Past
BRC's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BRC (RILY)
B. Riley Financial, Inc. (RILY) is a diversified financial services company offering a comprehensive suite of solutions primarily to corporate, institutional, and high net worth clients across North America, Australia, and Europe. Its core offerings lie within its Capital Markets segment, which includes investment banking, corporate finance, financial advisory, mergers and acquisitions (M&A), restructuring advice, capital raising through public and private placements, and securities trading. The company also provides wealth management and tax services.
Beyond its capital markets and wealth management operations, B. Riley Financial operates several other distinct business segments. These include auction and liquidation services for retail and industrial assets, and financial consulting covering bankruptcy, forensic accounting, litigation support, and valuation. Furthermore, the company makes principal investments in the communications sector, offering internet and VoIP services through brands like NetZero, Juno, and magicJack, and licenses a portfolio of consumer brands such as Catherine Malandrino and Limited Too. This diverse structure allows B. Riley to serve a wide array of middle-market public and private U.S. companies with advisory, brokerage, and lending services.
AI Analysis | Feedback
Think of it as a diversified financial services firm, like a smaller Lazard or Raymond James, but that also runs a large-scale retail liquidation business and manages a portfolio of licensed fashion brands.
AI Analysis | Feedback
- Investment Banking & Advisory Services: Provides corporate finance, financial advisory, mergers and acquisitions, restructuring, public offerings, private placements, research, and securities services.
- Wealth Management & Tax Services: Offers comprehensive wealth management and tax advisory services for high net worth clients.
- Auction & Liquidation Services: Specializes in retail store liquidation and the disposition of wholesale and industrial assets.
- Financial Consulting Services: Delivers expertise in bankruptcy, forensic accounting, litigation support, operations management, real estate consulting, and valuation.
- Communications & Internet Services: Offers consumer internet access, VoIP communication, and mobile phone services through its principal investment portfolio.
- Brand Licensing: Manages and licenses a portfolio of consumer brands, including fashion and lifestyle labels.
- Lending Services: Provides senior secured and second lien secured loans to middle market public and private U.S. companies.
AI Analysis | Feedback
B. Riley Financial, Inc. (RILY) serves a diverse range of clients across its various segments. Based on the provided description, its major customers fall into the following three categories:
- Corporate and Institutional Clients: This category encompasses public and private companies, financial institutions, and other businesses. These clients utilize B. Riley's extensive array of services including investment banking, corporate finance, merger and acquisition advisory, restructuring advisory, asset management, securities lending, trading, auction and liquidation, financial consulting (e.g., bankruptcy, forensic accounting, litigation support), operations management, real estate consulting, valuation and appraisal, and brand licensing. Additionally, B. Riley provides senior secured and second lien secured loans to middle market public and private U.S. companies.
- High Net Worth Individuals: These clients are served primarily by B. Riley's Wealth Management segment, which offers comprehensive wealth management and tax services. They may also engage with Capital Markets services for securities trading and other financial advisory needs.
- Individual Consumers: Through its Principal Investments–Communications segment, B. Riley directly serves individual consumers. This includes providing consumer internet access under the NetZero and Juno brands, VoIP communication and related products through magicJack, and mobile phone services and devices via Marconi Wireless.
AI Analysis | Feedback
AI Analysis | Feedback
Bryant R. Riley Co-Chief Executive Officer and Chairman
Bryant R. Riley is a co-founder of B. Riley & Co., which he established in 1997. He served as CEO of B. Riley & Co., LLC from 1997 to 2006. He has been Chairman of B. Riley Financial since June 2014 and Co-CEO since July 2018. Mr. Riley also served as Chairman for several Special Purpose Acquisition Companies (SPACs), including B. Riley Principal Merger Corp and B. Riley Principal Merger Corp II, leading multiple de-SPAC transactions. B. Riley Financial itself was formed through a strategic consolidation, including B. Riley & Co. and Great American Group, leading to its NASDAQ listing.
Thomas J. Kelleher Co-Chief Executive Officer and Director
Thomas J. Kelleher co-founded B. Riley & Co. with Bryant Riley in 1997. He served as CEO of B. Riley & Co. from 2006 to 2014, and as President of B. Riley Financial from 2014 to 2018. Mr. Kelleher has been a Co-Chief Executive Officer of B. Riley Financial since July 2018 and a director since October 2015. His background is primarily within B. Riley and its predecessor entities, where he has been instrumental in the firm's growth and expansion into a full-service investment bank.
Scott Yessner Executive Vice President and Chief Financial Officer
Scott Yessner assumed the role of Chief Financial Officer for B. Riley Financial on June 3, 2025. He brings extensive experience as CFO for both public and private companies, with a focus on leading corporate transformations. Prior to joining B. Riley, he served as CFO of California Expanded Metal Products Company (CEMCO), where he contributed to a $40 million EBITDA improvement over two years, culminating in the company's sale. He also held the CFO position at Universal Technical Institute, overseeing a transformation that resulted in a $45 million EBITDA improvement and a 250% increase in the company's stock price. Earlier in his career, he was a divisional CFO for large diversified financial services companies such as Wells Fargo Advisors and MUFG Union Bank.
Kenneth Young President, B. Riley Financial; Chief Executive Officer, B. Riley Principal Investments
Kenneth Young is the President of B. Riley Financial and Chief Executive Officer of B. Riley Principal Investments, where he is responsible for acquiring, investing in, and operating companies to maximize cash flows. He also serves as Chairman and Chief Executive Officer of Babcock & Wilcox (BW), a global leader in energy and environmental products and services. Previously, Mr. Young was President and CEO of Lightbridge Communications Corporation (LCC), leading the company to a sale in 2015. During his tenure at LCC, revenues increased by over 200%, and the company expanded its global presence to more than 50 countries. He has over 30 years of operational, executive, and director experience in the energy, communications, and finance industries.
Alan N. Forman Executive Vice President, General Counsel and Secretary
Alan N. Forman serves as Executive Vice President, General Counsel, and Secretary of B. Riley Financial, Inc.. He plays a crucial role in overseeing the legal and corporate governance aspects of the company.
```AI Analysis | Feedback
The key risks to B. Riley Financial, Inc. (RILY) include:
- Regulatory and Compliance Headwinds, including Nasdaq Delisting Risk: B. Riley Financial faces an immediate and severe risk of delisting from the Nasdaq due to delays in filing several Quarterly Reports on Form 10-Q. As of November 2025, the company had conditional listing on meeting hard filing deadlines for its Q2 and Q3 2025 reports. This is compounded by an ongoing U.S. Securities and Exchange Commission (SEC) investigation into the company's accounting practices, asset valuations, and its dealings with former business partner Brian Kahn.
- Significant Financial Distress and High Leverage: The company is grappling with substantial operational and financial stress, highlighted by a negative shareholder equity position, hovering between -$456.0 million and -$488 million as of the first half of 2025. B. Riley Financial has reported significant net losses and a sharp year-over-year revenue decline. The company also carries an estimated total debt of around $1.46 billion as of June 30, 2025, with major debt maturities in 2026 and 2027 that require refinancing or further asset sales. Concerns persist regarding the quality and valuation of its loan portfolio, with some loans experiencing significant write-downs.
- Legal Challenges and Reputational Damage: B. Riley Financial and its executives are facing multiple legal challenges, including shareholder lawsuits alleging misleading disclosures regarding undisclosed risky loans to entities affiliated with Brian Kahn. Brian Kahn, a longtime business partner, has pleaded guilty to defrauding hedge fund investors in a separate matter, drawing scrutiny to B. Riley's extensive financial ties to him. Furthermore, its Wealth Management segment has been under increasing scrutiny due to a pattern of regulatory violations, investor complaints, and allegations of broker misconduct, including supervisory failures and risky investment recommendations. This has resulted in significant reputational damage, which is critical in the financial services industry, and has been linked to an employee exodus.
AI Analysis | Feedback
The increasing ubiquity of free voice and video communication applications (such as WhatsApp, FaceTime, and Google Meet) that leverage widespread internet access and affordable mobile data plans poses a clear emerging threat to B. Riley Financial's Principal Investments–Communications segment, specifically its magicJack VoIP communication and subscription services. These free, app-based services offer a compelling alternative that diminishes the value proposition and necessity of dedicated, paid VoIP products, akin to how streaming services disrupted physical media rentals or ride-sharing apps impacted traditional taxi services.
AI Analysis | Feedback
B. Riley Financial, Inc. (BRC) operates across diverse segments, each addressing significant market opportunities. The addressable market sizes for their main products and services are as follows:
Capital Markets
- The global investment banking market was valued at approximately USD 111.0 billion in 2024 and is projected to grow to USD 221.89 billion by 2033. North America accounted for roughly 40% of the global revenue, with a market size of USD 54.05 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031. The U.S. investment banking market alone was valued at USD 135 billion.
Wealth Management
- The global wealth management market was valued at USD 1.83 trillion in 2024 and is poised to grow to USD 5.95 trillion by 2033. North America is a dominant region in this market, estimated to contribute 44.7% to the global market's growth between 2025 and 2030.
Auction and Liquidation
- Information on the specific addressable market size for retail store liquidation and wholesale and industrial asset disposition services is not readily available as a standalone market. This service is often integrated within broader financial consulting or asset management activities.
Financial Consulting
- The global financial advisory services market was valued at USD 103.01 billion in 2024 and is estimated to reach USD 174.33 billion by 2033. The global financial services consulting market reached USD 102 billion in 2025 and is projected to rise to USD 108.81 billion in 2026, expanding to USD 194.55 billion by 2035. North America commands a substantial portion of the financial services consulting market, valued at USD 35.6 billion in 2025. The North America financial advisory market is expected to grow from USD 58.65 billion in 2025 to USD 81.33 billion by 2031.
Principal Investments–Communications
- Consumer Internet Access (ISP): The USA Internet Service Providers (ISP) market was valued at USD 139.8 billion in 2023. In 2026, the market size of Internet Service Providers in the US is projected to be USD 179.9 billion. North America holds the largest share of the global ISP market, accounting for approximately 31.29% in 2025. The U.S. wireless internet service market alone was valued at USD 1.25 billion in 2024 and is expected to reach USD 2.11 billion by 2032.
- VoIP Communication: The global Voice over Internet Protocol (VoIP) services market is estimated to be valued at USD 169.38 billion in 2025 and is projected to reach USD 264.27 billion by 2029. North America dominated the global VoIP market in 2024, holding a 48% revenue share.
- Mobile Phone Services (MVNO): The global mobile virtual network operator (MVNO) market was valued at USD 98.74 billion in 2025 and is projected to grow to USD 195.08 billion by 2034. The North America mobile virtual network operator market revenue was USD 34.75 billion in 2024 and is expected to reach USD 53.61 billion by 2030. The U.S. MVNO market is projected to reach an estimated value of USD 49.72 billion by 2032.
Brands (Licensing)
- The global brand licensing market was valued at USD 341.1 billion in 2024 and is expected to reach approximately USD 600 billion by 2033. North America holds a significant share of this market, accounting for approximately 42.6% in 2025.
AI Analysis | Feedback
- Refocusing and investing in core financial services: B. Riley is prioritizing its core financial services, including investment banking, institutional brokerage, and wealth management. The strategic carve-out of B. Riley Securities (BRS) as an independent, debt-free, and well-capitalized entity, with B. Riley Financial retaining approximately 89% ownership, aims to enhance transparency and establish BRS as a pure-play investment bank focused on the small-cap and middle markets.
- Strategic positioning in emerging technology markets, particularly AI investments: B. Riley Securities (BRS) is actively positioning itself to be a capital provider for the "next wave of tech growth," with a specific focus on AI investments. This strategic alignment with emerging client priorities in the technology sector is expected to be a significant growth area for its Capital Markets segment.
- Strategic management and monetization of non-core assets to enable reinvestment: The company has undertaken efforts to optimize its portfolio through debt financing of its brands portfolio and the potential sale of a majority stake in its Great American Group businesses. These actions are primarily aimed at strengthening the balance sheet and reducing debt, thereby freeing up capital to invest in core operating subsidiaries and support future growth initiatives.
- Continued steady cash flow from Communications and Brands segments: Despite some strategic re-evaluations, the company anticipates ongoing benefits from the consistent cash flow generated by its communications and brands portfolios, which provide a stable foundation for the overall platform.
AI Analysis | Feedback
Share Repurchases
- On March 3, 2023, B. Riley's Board of Directors authorized an updated share repurchase program for up to $50 million, scheduled to expire in October 2023.
- Between November 1, 2022, and March 3, 2023, the company repurchased approximately $41,164,000 worth of its common stock, totaling 1,058,644 shares at an average price of around $38.88 per share.
- B. Riley Financial spent $0 on share buybacks in Q4 2024.
Share Issuance
- On January 13, 2021, B. Riley Financial conducted a public offering of 1,228,735 shares at $46 per share, raising $56.52 million.
Outbound Investments
- In March 2025, B. Riley Financial completed a strategic carve-out transaction of its investment banking subsidiary, B. Riley Securities (BRS), which merged with Cascadia Investments to operate independently. B. Riley Financial retained approximately 89% ownership of BRS.
- In July 2025, B. Riley Financial amended its senior secured credit agreement with Oaktree Capital Management, which included a new $100 million investment basket to facilitate balance sheet transactions and an increase in the parent company investment basket from $20 million to $30 million.
- In 2024, the company incurred a net loss of $772.3 million for common shareholders, largely due to $510.0 million in write-downs related to an equity investment in Freedom VCM Holdings LLC and a loan receivable from Vintage Capital Management, alongside $105.4 million in goodwill and other intangible asset impairments.
Peer Outperformance in Diversified Financial Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 6.3% | 130.7% | 137.3% | IBKR 501% · SNEX 237% · GS 191% |
| Reinsurance | 6 | 21.6% | 83.3% | 115.7% | SPNT 139% · MTG 132% · RGA 129% |
| Diversified Banks | 12 | 43.1% | 129.6% | 111.2% | JPM 162% · CM 159% · RY 142% |
| Life & Health Insurance | 19 | 14.9% | 55.7% | 88.3% | UNM 301% · FG 210% · MFC 181% |
| Property & Casualty Insurance | 42 | 13.7% | 74.7% | 66.5% | ASIC 2448900% · HRTG 423% · UVE 271% |
| Regional Banks | 265 | 32.1% | 79.7% | 65.1% | GCBC 389% · ESQ 367% · NBN 285% |
| Multi-line Insurance | 9 | 15.3% | 82.1% | 58.3% | GNW 196% · L 106% · SLF 90% |
| Consumer Finance | 30 | 14.7% | 85.8% | 37.6% | ENVA 710% · EZPW 356% · AGM 171% |
| Multi-Sector Holdings | 6 | -2.4% | 17.8% | 34.9% | JEF 90% · BRK-B 75% · VOYA 68% |
| Insurance Brokers | 15 | -11.0% | 10.3% | 31.9% | LIFE 616% · AJG 90% · ARX 86% |
| Asset Management & Custody Banks | 83 | -6.7% | 22.2% | 27.7% | SII 312% · WT 300% · VCTR 290% |
| Financial Exchanges & Data | 15 | -2.1% | 14.4% | 20.5% | VIRT 183% · CBOE 131% · CME 66% |
| Commercial & Residential Mortgage Finance | 12 | -27.2% | 18.8% | 9.1% | FNMA 543% · FMCC 523% · ESNT 64% |
| Specialized Finance | 3 | 22.3% | 55.7% | 0.5% | EFC 39% · CACC 1% · HASI -7% |
| Mortgage REITs | 34 | -4.2% | 15.4% | -10.4% | RITM 77% · NREF 59% · DX 45% |
| Transaction & Payment Processing Services | 15 | 3.1% | 5.5% | -40.2% | MA 66% · V 64% · CPAY 58% |
| Diversified Capital Markets | 21 | -26.8% | 0.5% | -43.5% | BTCS 538% · OPY 184% · LPLA 158% |
| Diversified Financial Services ← | 5 | -6.0% | 61.5% | -55.9% | FRHC 164% · EQH 88% · TMS -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| B. Riley Financial Earnings Notes | 12/16/2025 | |
| Would You Still Hold B. Riley Financial Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 31.22 |
| Mkt Cap | 0.4 |
| Rev LTM | 1,834 |
| Op Inc LTM | 323 |
| FCF LTM | 28 |
| FCF 3Y Avg | 185 |
| CFO LTM | 36 |
| CFO 3Y Avg | 265 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.2% |
| Rev Chg 3Y Avg | 12.5% |
| Rev Chg Q | 15.0% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 74.6% |
| Op Inc Chg 3Y Avg | 22.2% |
| Op Mgn LTM | 28.6% |
| Op Mgn 3Y Avg | 6.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 2.8% |
| CFO/Rev 3Y Avg | 9.0% |
| FCF/Rev LTM | 2.1% |
| FCF/Rev 3Y Avg | 8.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets | 265 | 218 | 571 | 328 | 891 |
| Consumer Products | 182 | 203 | 233 | 78 | 0 |
| Wealth Management | 176 | 201 | 198 | 234 | 382 |
| Lingo | 164 | 196 | |||
| Corporate & All Other | 96 | -170 | 0 | 0 | |
| magicJack | 38 | 43 | |||
| Marconi Wireless | 35 | 41 | |||
| UOL | 13 | 15 | |||
| All Other | 48 | 14 | 20 | ||
| Communications segment | 338 | 236 | 93 | ||
| E-Commerce segment | 0 | 0 | |||
| Financial Consulting segment | 77 | 50 | 94 | ||
| Auction and Liquidation segment | 74 | ||||
| Total | 968 | 746 | 1,466 | 939 | 1,555 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets | 89 | -19 | 195 | 82 | 491 |
| magicJack | 19 | 18 | |||
| Wealth Management | 15 | 6 | 3 | -34 | 16 |
| Lingo | 13 | 0 | |||
| Marconi Wireless | 9 | 10 | |||
| UOL | 6 | 6 | |||
| Consumer Products | -16 | -52 | -78 | 8 | 0 |
| Corporate & All Other | -60 | -467 | -62 | -57 | |
| All Other | -10 | -3 | -45 | ||
| Communications segment | 35 | 30 | 27 | ||
| E-Commerce segment | 0 | 0 | |||
| Financial Consulting segment | 13 | 4 | 17 | ||
| Auction and Liquidation segment | 8 | ||||
| Total | 76 | -498 | 96 | 30 | 515 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Capital Markets | 55 | 49 | |||
| Auction and Liquidation | 46 | 41 | 65 | 67 | 68 |
| Corporate and other expenses | 19 | 39 | |||
| Valuation and Appraisal | 12 | 10 | 9 | 10 | 8 |
| UK Retail Stores | 4 | ||||
| Total | 132 | 139 | 74 | 81 | 77 |
Price Behavior
| Market Price | $7.23 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 08/03/2009 | |
| Distance from 52W High | -32.3% | |
| 50 Days | 200 Days | |
| DMA Price | $7.53 | $7.13 |
| DMA Trend | up | down |
| Distance from DMA | -4.0% | 1.4% |
| 3M | 1YR | |
| Volatility | 68.8% | 102.3% |
| Downside Capture | 297.07 | 273.05 |
| Upside Capture | 125.17 | 231.55 |
| Correlation (SPY) | 40.2% | 29.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.92 | 2.19 | 2.04 | 2.49 | 2.29 | 1.42 |
| Up Beta | 4.30 | 3.87 | 2.48 | 2.70 | 1.17 | 0.87 |
| Down Beta | 1.19 | 1.17 | 1.46 | 1.68 | 2.79 | 1.86 |
| Up Capture | 60% | 134% | 157% | 296% | 535% | 89% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 27 | 55 | 115 | 330 |
| Down Capture | 231% | 248% | 236% | 219% | 168% | 111% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 25 | 35 | 68 | 133 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RILY | |
|---|---|---|---|---|
| RILY | 6.3% | 102.4% | 0.49 | - |
| Sector ETF (XLF) | 10.8% | 14.5% | 0.49 | 18.0% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 29.1% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 13.2% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | 1.1% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 4.7% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 29.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RILY | |
|---|---|---|---|---|
| RILY | -32.4% | 94.9% | 0.02 | - |
| Sector ETF (XLF) | 10.0% | 18.4% | 0.41 | 28.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 28.8% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 5.4% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 4.5% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 23.6% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RILY | |
|---|---|---|---|---|
| RILY | 3.6% | 73.6% | 0.37 | - |
| Sector ETF (XLF) | 13.4% | 22.0% | 0.55 | 31.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 32.3% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | 4.5% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 8.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 27.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.1% | 3.9% | |
| 5/7/2026 | -5.9% | 7.5% | -0.8% |
| 1/29/2026 | -2.2% | -18.0% | -31.5% |
| 11/6/2025 | 4.5% | 0.0% | -18.2% |
| 8/13/2025 | 15.1% | 1.4% | 3.5% |
| 3/3/2025 | -3.0% | -17.4% | -28.0% |
| 8/12/2024 | -51.9% | -65.5% | -66.5% |
| 5/15/2024 | -11.3% | -0.7% | -34.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 11 |
| # Negative | 12 | 8 | 10 |
| Median Positive | 7.4% | 8.1% | 15.3% |
| Median Negative | -5.9% | -10.8% | -22.0% |
| Max Positive | 30.6% | 31.0% | 44.5% |
| Max Negative | -51.9% | -65.5% | -66.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.1% | 3.9% | |
| 5/7/2026 | -5.9% | 7.5% | -0.8% |
| 1/29/2026 | -2.2% | -18.0% | -31.5% |
| 11/6/2025 | 4.5% | 0.0% | -18.2% |
| 8/13/2025 | 15.1% | 1.4% | 3.5% |
| 3/3/2025 | -3.0% | -17.4% | -28.0% |
| 8/12/2024 | -51.9% | -65.5% | -66.5% |
| 5/15/2024 | -11.3% | -0.7% | -34.9% |
| 2/29/2024 | -8.1% | 22.8% | 25.4% |
| 11/8/2023 | -12.1% | -30.4% | -25.8% |
| 8/9/2023 | -3.5% | -3.8% | -10.7% |
| 5/4/2023 | 30.6% | 31.0% | 37.0% |
| 3/16/2023 | 2.7% | -2.7% | -9.5% |
| 11/3/2022 | 14.4% | 14.2% | 15.3% |
| 7/28/2022 | 3.1% | 11.4% | 5.8% |
| 4/28/2022 | -15.8% | -4.2% | 4.6% |
| 2/23/2022 | -2.5% | 8.7% | 19.0% |
| 10/28/2021 | 10.3% | 19.7% | 27.3% |
| 7/29/2021 | 1.4% | 1.4% | 4.1% |
| 5/3/2021 | -6.0% | 6.6% | 3.4% |
| 2/25/2021 | 11.1% | 5.1% | -2.3% |
| 10/29/2020 | 3.6% | 18.2% | 44.5% |
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 11 |
| # Negative | 12 | 8 | 10 |
| Median Positive | 7.4% | 8.1% | 15.3% |
| Median Negative | -5.9% | -10.8% | -22.0% |
| Max Positive | 30.6% | 31.0% | 44.5% |
| Max Negative | -51.9% | -65.5% | -66.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 01/14/2026 | 10-Q |
| 06/30/2025 | 12/15/2025 | 10-Q |
| 03/31/2025 | 11/18/2025 | 10-Q |
| 12/31/2024 | 09/19/2025 | 10-K |
| 09/30/2024 | 02/21/2025 | 10-Q |
| 06/30/2024 | 01/14/2025 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/24/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 01/14/2026 | 10-Q |
| 06/30/2025 | 12/15/2025 | 10-Q |
| 03/31/2025 | 11/18/2025 | 10-Q |
| 12/31/2024 | 09/19/2025 | 10-K |
| 09/30/2024 | 02/21/2025 | 10-Q |
| 06/30/2024 | 01/14/2025 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/24/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/10/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Riley, Bryant R | Chairman and Co-CEO | Direct | Sell | 6162026 | 9.00 | 195,492 | 1,759,428 | 59,168,124 | Form |
| 2 | Forman, Alan N | EVP, General Counsel, Sec | Direct | Sell | 5152026 | 8.56 | 79,445 | 680,319 | 323,928 | Form |
| 3 | Forman, Alan N | EVP, General Counsel, Sec | Direct | Sell | 5152026 | 8.58 | 20,555 | 176,372 | 1,006,252 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Riley, Bryant R | Chairman and Co-CEO | Direct | Sell | 6162026 | 9.00 | 195,492 | 1,759,428 | 59,168,124 | Form |
| 2 | Forman, Alan N | EVP, General Counsel, Sec | Direct | Sell | 5152026 | 8.56 | 79,445 | 680,319 | 323,928 | Form |
| 3 | Forman, Alan N | EVP, General Counsel, Sec | Direct | Sell | 5152026 | 8.58 | 20,555 | 176,372 | 1,006,252 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Financial Services Resources |
| Finextra |
| Financial Services Review |
| Investopedia |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.