Siebert Financial (SIEB)
Market Price (8/20/2026): $2.06 | Market Cap: $84.4 MilSector: Financials | Industry: Diversified Capital Markets
Siebert Financial (SIEB)
Market Price (8/20/2026): $2.06Market Cap: $84.4 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -767% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 15% | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -82% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8% Key risksSIEB key risks include [1] recent regulatory fines for rule violations and [2] indicators of financial distress suggesting a potential bankruptcy risk. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -767% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 15% |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -82% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8% |
| Key risksSIEB key risks include [1] recent regulatory fines for rule violations and [2] indicators of financial distress suggesting a potential bankruptcy risk. |
Qualitative Assessment
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Siebert Financial (SIEB) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Siebert Financial reported a significant increase in total revenue for fiscal Q2 2026, which ended June 30, 2026, to $31.2 million, up from $14.9 million in the prior-year quarter. This growth was driven by a 43% increase in stock borrow/stock loan revenue to $10.8 million, a 32% rise in commissions and fees to $2.7 million, and a substantial increase in investment banking revenue to $2.4 million from $0.2 million. The company also narrowed its operating loss to $0.5 million from $5.8 million in the same period last year.
2. The company announced a strategic partnership with Unusual Whales on August 18, 2026, to develop and launch a new series of exchange-traded funds (ETFs). This collaboration aims to leverage Unusual Whales' market data, including political trading disclosures and options activity, with Siebert's product development and distribution capabilities, which include approximately $19 billion in assets under management and over 176,000 retail customer accounts. This announcement led to an immediate 5% surge in the stock price.
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Siebert Financial (SIEB) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Siebert Financial reported a significant increase in total revenue for fiscal Q2 2026, which ended June 30, 2026, to $31.2 million, up from $14.9 million in the prior-year quarter. This growth was driven by a 43% increase in stock borrow/stock loan revenue to $10.8 million, a 32% rise in commissions and fees to $2.7 million, and a substantial increase in investment banking revenue to $2.4 million from $0.2 million. The company also narrowed its operating loss to $0.5 million from $5.8 million in the same period last year.
2. The company announced a strategic partnership with Unusual Whales on August 18, 2026, to develop and launch a new series of exchange-traded funds (ETFs). This collaboration aims to leverage Unusual Whales' market data, including political trading disclosures and options activity, with Siebert's product development and distribution capabilities, which include approximately $19 billion in assets under management and over 176,000 retail customer accounts. This announcement led to an immediate 5% surge in the stock price.
3. Siebert Financial strengthened its digital wealth management capabilities through an additional investment in FusionIQ and a new Strategic Transformation Partnership announced on August 17, 2026. This expanded alliance is focused on enhancing digital collaboration across technology, product development, and distribution channels, aiming to upgrade Siebert's digital product suite, including hybrid advisory services, self-directed investing, and multi-custodian functionalities.
4. The company has expanded its access to tokenized securities and global markets through key partnerships. In July 2026, Siebert partnered with Kakao Pay Securities to explore providing 24-hour access to tokenized South Korean equities for U.S. investors. Additionally, in June 2026, Siebert expanded its access to tokenized securities through a new collaboration with tZERO and Streamex.
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Stock Movement Drivers
Fundamental Drivers
The 16.0% change in SIEB stock from 4/30/2026 to 8/19/2026 was primarily driven by a 11.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.75 | 2.03 | 16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 100 | 11.3% |
| P/S Multiple | 0.8 | 0.8 | 5.7% |
| Shares Outstanding (Mil) | 40 | 41 | -1.3% |
| Cumulative Contribution | 16.0% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SIEB | 16.0% | |
| Market (SPY) | 7.0% | 17.1% |
| Sector (XLF) | 10.3% | 12.8% |
Fundamental Drivers
The -31.6% change in SIEB stock from 1/31/2026 to 8/19/2026 was primarily driven by a -39.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.97 | 2.03 | -31.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 87 | 100 | 14.7% |
| P/S Multiple | 1.4 | 0.8 | -39.6% |
| Shares Outstanding (Mil) | 40 | 41 | -1.3% |
| Cumulative Contribution | -31.6% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SIEB | -31.6% | |
| Market (SPY) | 11.4% | 20.8% |
| Sector (XLF) | 8.1% | 17.2% |
Fundamental Drivers
The -50.1% change in SIEB stock from 7/31/2025 to 8/19/2026 was primarily driven by a -54.6% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.07 | 2.03 | -50.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 100 | 11.9% |
| P/S Multiple | 1.8 | 0.8 | -54.6% |
| Shares Outstanding (Mil) | 40 | 41 | -1.9% |
| Cumulative Contribution | -50.1% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SIEB | -50.1% | |
| Market (SPY) | 22.7% | 25.9% |
| Sector (XLF) | 11.1% | 29.3% |
Fundamental Drivers
The -6.9% change in SIEB stock from 7/31/2023 to 8/19/2026 was primarily driven by a -33.3% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.18 | 2.03 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 100 | 76.0% |
| P/S Multiple | 1.2 | 0.8 | -33.3% |
| Shares Outstanding (Mil) | 33 | 41 | -20.7% |
| Cumulative Contribution | -6.9% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| SIEB | -6.9% | |
| Market (SPY) | 73.9% | 21.9% |
| Sector (XLF) | 70.0% | 22.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SIEB Return | -45% | -41% | 24% | 88% | 11% | -42% | -51% |
| Peers Return | 49% | 4% | 6% | 53% | 24% | 14% | 257% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SIEB Win Rate | 25% | 42% | 42% | 58% | 50% | 38% | |
| Peers Win Rate | 65% | 57% | 53% | 72% | 57% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SIEB Max Drawdown | -75% | -51% | -45% | -41% | -54% | -57% | |
| Peers Max Drawdown | -17% | -31% | -28% | -20% | -29% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCHW, IBKR, LPLA, SF, RJF.
[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 | SIEB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.0% | -7.8% |
| % Gain to Breakeven | 16.3% | 8.5% |
| Time to Breakeven | 8 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.6% | -9.5% |
| % Gain to Breakeven | 57.6% | 10.5% |
| Time to Breakeven | 189 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.8% | -6.7% |
| % Gain to Breakeven | 20.1% | 7.1% |
| Time to Breakeven | 10 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.2% | 32.4% |
| Time to Breakeven | 315 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.0% | -19.2% |
| % Gain to Breakeven | 31.5% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
In The Past
Siebert Financial's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% gain to breakeven.
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Asset Allocation
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| Event | SIEB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.6% | -9.5% |
| % Gain to Breakeven | 57.6% | 10.5% |
| Time to Breakeven | 189 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.2% | 32.4% |
| Time to Breakeven | 315 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.0% | -19.2% |
| % Gain to Breakeven | 31.5% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 251 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -47.4% | -6.8% |
| % Gain to Breakeven | 90.0% | 7.3% |
| Time to Breakeven | 395 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.6% | -17.9% |
| % Gain to Breakeven | 32.6% | 21.8% |
| Time to Breakeven | 221 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -59.1% | -53.4% |
| % Gain to Breakeven | 144.3% | 114.4% |
| Time to Breakeven | 1795 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.1% | -8.6% |
| % Gain to Breakeven | 39.1% | 9.5% |
| Time to Breakeven | 3429 days | 47 days |
In The Past
Siebert Financial's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% 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 Siebert Financial (SIEB)
Siebert Financial Corp. (SIEB) operates as a diversified financial services company primarily engaged in retail discount brokerage and investment advisory businesses. Through its various subsidiaries, the company offers a broad suite of services to individual investors and clients both in the United States and internationally.
Its core offerings include discount brokerage services such as self-directed trading, wealth management, and financial advice. SIEB also provides independent retail execution services, market making, fixed income investments, and solutions related to equity compensation plans and securities lending. Beyond traditional brokerage, the company offers a Robo-Advisor platform for automated wealth management, and a range of insurance products including fixed annuities, life, and property & casualty insurance. Additionally, Siebert provides a data technology platform to support its operations and client services.
Siebert Financial primarily serves individual retail customers who are looking for brokerage services, investment advice, wealth management solutions, or various insurance products. Its services cater to both self-directed investors seeking low-cost trading and those requiring more comprehensive financial guidance and automated investment solutions. The company operates through 12 branch offices in the U.S., reaching clients across domestic and international markets.
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It's like a smaller, more traditional E*TRADE or Charles Schwab.
Imagine a regional Charles Schwab that also offers a range of insurance products.
A blend of a classic discount broker like Fidelity with a modern robo-advisor service.
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- Discount Brokerage Services: Provides self-directed trading, independent retail execution, and general brokerage services for investors.
- Wealth Management & Financial Advice: Offers wealth management solutions, financial advice, and an automated Robo-Advisor platform.
- Lending Services: Includes margin lending, stock borrow, and securities lending based on customer holdings.
- Retirement Accounts: Facilitates self-directed retirement accounts for individuals.
- Investment Products & Market Making: Offers fixed income investment options and market making services.
- Technology Platform Services: Provides a data technology platform including market data systems, trading systems, and business productivity tools.
- Insurance Products: Sells various insurance types, such as fixed annuities, property & casualty, natural disaster, life, and disability insurance.
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Siebert Financial Corp. (SIEB) primarily serves individual customers. Based on the services described, its major customer categories include:
- Retail Investors (Self-Directed): These customers utilize Siebert's discount brokerage services for self-directed trading, independent retail execution, and managing self-directed retirement accounts.
- Wealth Management Clients: This category includes individuals seeking financial advice, comprehensive wealth management solutions, and those who use the company's Robo-Advisor platform for automated wealth management.
- Insurance Policyholders: Customers who purchase a range of insurance products offered by Siebert Financial, such as fixed annuities, personal insurance, property and casualty insurance, natural disaster insurance, and life and disability insurance.
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John J. Gebbia Chief Executive Officer and Chairman
John J. Gebbia became Chief Executive Officer and Chairman of Siebert Financial Corp. on May 24, 2023. Born in Sicily, Italy, he emigrated to New York in 1950 and began his finance career on the New York Stock Exchange floor at the age of 21. Over 62 years, he, along with his wife Gloria, transformed numerous firms. In the 2000s, the couple developed a close relationship with Muriel Siebert, the company's founder. Gloria Gebbia led the 2016 acquisition of approximately 90% of Siebert Financial Corp.'s outstanding common stock from Muriel F. Siebert's Estate, and the Gebbias are credited with rejuvenating the firm after Muriel's passing.
Andrew H. Reich Executive Vice President, Chief Operating Officer, Chief Financial Officer, Secretary, and Director
Andrew H. Reich has served as Executive Vice President, Chief Operating Officer, Chief Financial Officer, and Secretary of Siebert Financial Corp. since December 16, 2016, and has been a Director since the same date. He holds an M.B.A. from the University of Southern California and a B.B.A. from Baruch College. Before joining Siebert, he held senior roles at StockCross Financial Services, Inc. for over 14 years, including serving as its Chief Executive Officer from 2010 to 2011 and later as Chairman. Mr. Reich is also the Chief Executive Officer of Muriel Siebert & Co., LLC, Siebert's primary brokerage subsidiary. Additionally, his past roles include Chief Financial Officer of Park Wilshire Insurance Company from 2010 to 2016 and Chief Financial Officer of Gebbia Holding Co. since 2013. He is also the owner of Aarianna Realty Inc.
Gloria E. Gebbia Board Member and Majority Shareholder
Gloria E. Gebbia is a Board Member and Majority Shareholder of Siebert Financial Corp. She played a pivotal role in the 2016 acquisition of approximately 90% of Siebert Financial Corp.'s outstanding common stock from the Estate of Muriel F. Siebert. Alongside her husband, John Gebbia, she is recognized for rejuvenating the firm following Muriel Siebert's death in 2013, leveraging their extensive experience in the financial services industry, having transformed numerous firms over 62 years.
Fredrick Scuteri Chief Operating Officer of Muriel Siebert & Co., LLC
Fredrick Scuteri was appointed Chief Operating Officer of Muriel Siebert & Co., LLC, Siebert Financial Corp.'s broker-dealer subsidiary, in May 2025. He brings nearly 30 years of experience in institutional trading, asset management, and broker-dealer operations. His previous positions include Chief Operating Officer of DriveWealth Institutional and Vice President and Head of Trading Operations and Treasury at AQR Capital Management. Mr. Scuteri holds a FINRA Series 27 license, a finance degree, and an MBA from St. John's University, and has recently completed certifications in Generative AI and Advanced Prompt Engineering.
Ajay Asija Head of Investment Banking Division
Ajay Asija is associated with Siebert Financial's Investment Banking Division, which was launched in February 2025. Most recently, he served as CFO of BM Technologies (BMTX), a publicly traded FinTech company, where he successfully orchestrated its sale at a 90% premium to market. Prior to this, Mr. Asija was a Group Head at B. Riley Financial and its predecessor FBR's Investment Banking group for 11 years. He has 25 years of experience providing M&A and capital-raising services to public and private companies, having consummated over $90 billion in transactions. His Wall Street career began at Lehman Brothers, and he held senior Investment Banking positions at J.P. Morgan, Bear Stearns, and Macquarie. He holds a B. Tech in Electrical Engineering from the Indian Institute of Technology, an MS in Electrical Engineering from the University of Massachusetts Amherst, and an MBA in Finance from the Simon School of Business at the University of Rochester.
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Siebert Financial Corp. (SIEB) faces several key risks inherent to the financial services industry, primarily stemming from intense competition, a stringent regulatory environment, and the inherent volatility of securities markets.
1. Intense Competition, Fee Compression, and Lack of Scale
Siebert Financial operates within a highly competitive financial landscape characterized by fee compression, where larger competitors often possess overwhelming scale advantages. As a smaller firm, Siebert Financial is disproportionately burdened by high operational costs relative to its revenue, making it more vulnerable to market downturns and regulatory changes. Its relatively small market capitalization also limits the capital available for significant technology upgrades, and the company has lower trading volume and market share compared to major discount brokers.
2. Extensive Government Regulation and Compliance
The securities industry is subject to extensive government regulation, and Siebert Financial must navigate a complex web of regulatory uncertainties and legal requirements. Compliance with net capital requirements is a continuous and critical aspect of its operations. Any changes in these regulations can impose significant burdens, especially on smaller firms like Siebert Financial.
3. Market Volatility and Economic Conditions
As a provider of brokerage and investment advisory services, Siebert Financial is significantly exposed to the inherent volatility of the securities markets. Fluctuations in equity prices and lower price levels in the securities markets can directly impact the company's profitability. Furthermore, broader economic, social, and political conditions, including global economic downturns, can negatively affect investor activity and, consequently, Siebert Financial's business performance. The company's beta of 1.46 indicates a higher sensitivity to overall market movements.
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The emergence of Insurtech companies, which leverage advanced technology such as artificial intelligence, big data, and mobile platforms to offer insurance products directly to consumers with greater efficiency, personalization, and often lower costs, poses a clear emerging threat to Siebert Financial's traditional insurance offerings and brokerage model.
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Siebert Financial Corp.'s Addressable Markets in the U.S.
Siebert Financial Corp. (symbol: SIEB) operates in several key financial services sectors. The addressable markets for its main products and services in the United States are substantial, reflecting the diverse offerings of the company.
Retail Discount Brokerage Services
The U.S. Securities Brokerage Market, which encompasses retail and discount brokerage services, was valued at approximately USD 200 billion based on a five-year historical analysis. Another report indicates the U.S. Securities Brokerage Market size was USD 201.07 billion in 2024, projected to reach USD 252.58 billion by 2030, growing at a CAGR of 3.93%. The Discount Brokerage Market specifically was estimated at USD 25.76 billion in 2025 and is expected to reach USD 34.95 billion by 2030, with a CAGR of 6.29%. In 2024, North America's discount brokerage market was valued at USD 3.5 billion and is expected to grow to USD 5.8 billion by 2035.
Investment Advisory and Wealth Management Services
The U.S. Financial Advisory Market, in terms of assets under management, is expected to grow from USD 90.54 trillion in 2025 to USD 101.74 trillion by 2030. The market size of Portfolio Management & Investment Advice in the U.S. was USD 603.0 billion in 2025. Separately, the U.S. Financial Advisory Services Market size was USD 28.81 billion in 2025 and is expected to reach USD 40.08 billion by 2033. North America held the largest market share in the wealth management platform market, with a valuation of USD 1.26 billion in 2025 and USD 1.4 billion in 2026.
Robo-Advisor Platform
The Robo Advisory Market in the United States is projected to reach USD 8,779.5 million by 2030, growing at a CAGR of 28.3% from 2024 to 2030. In 2024, the U.S. Robo-Advisors Market was valued at USD 1.5 billion. Another estimate places the global robo advisory market size at USD 10.86 billion in 2025, projected to grow to USD 102.03 billion by 2034.
Insurance Products
Life and Annuities Insurance
The U.S. life insurance and annuities market was valued at USD 819 billion in 2024 and is projected to reach USD 1100.2 billion by 2032. The U.S. annuity market value is expected to reach USD 388.42 billion by 2029, growing at a CAGR of 5.98%. In 2025, U.S. annuity sales reached a record USD 461.3 billion.
Property and Casualty Insurance
The U.S. property and casualty insurance market is valued at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030, with a CAGR of 3.96%. Another source indicates the U.S. property and casualty insurance market size was estimated at USD 966 trillion in 2025 and is projected to reach around USD 2170 trillion by 2035. North America held the largest revenue share of USD 853.13 billion in 2025 for the global property and casualty insurance market.
Disability Insurance
The U.S. Disability Insurance Market was valued at USD 1.7 billion in 2024 and is anticipated to reach approximately USD 4.6 billion by 2034. Another report states the U.S. disability insurance market size is calculated at USD 1.34 billion in 2024 and is predicted to attain around USD 4.05 billion by 2034. The overall Disability Insurance industry in the United States reached USD 20.2 billion in 2025.
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Siebert Financial Corp. (SIEB) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Expansion into New Business Lines: Siebert Financial has introduced new offerings such as investment banking services, having underwritten an initial public offering (IPO) in 2025. The company is also investing in "Siebert Pro" and "Gebbia Media" to diversify its customer base and product offerings, with the strategic aim of increasing recurring revenue.
- Advancements in Technology and Digital Platforms: A significant focus for Siebert is the modernization and enhancement of its technological infrastructure. This includes developing a mobile retail trading application, launching new online platforms for both retail and corporate clients, and upgrading existing technology. Furthermore, a strategic partnership with Next Securities is set to integrate advanced AI technology with Siebert's financial infrastructure.
- Growth in Securities Lending Operations: The company has demonstrated strong growth in its stock borrow/loan activities, with a notable 73.7% increase in the third quarter of 2025 compared to the prior year. Siebert's management is committed to further expanding its securities finance operations, leveraging decades of experience in this area.
- Increased Principal Transactions and Advisory Fees: Siebert Financial has observed positive growth in its principal transactions and advisory fees. In the third quarter of 2025, principal transactions rose by 9.7% and advisory fees increased by 32.1% year-over-year. Earlier in 2025, principal transactions surged by 270% due to strategic investment activities, and advisory fees grew by 53%.
- Engagement with Next-Generation Investors and Digital Assets Research: The company is actively engaging with younger investors through initiatives like the "Generation Wealth" marketing campaign. Additionally, Siebert has launched "Digital Assets Research" to provide institutional-grade coverage for cryptocurrencies and blockchain infrastructure, catering to evolving market interests.
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Share Issuance
- In November 2025, shareholders approved an amendment to increase the Siebert Financial Corp. 2021 Equity Incentive Plan by 2,000,000 shares, making a total of 5,000,000 shares available for future issuance.
- As of March 31, 2025, Siebert Financial had 41,432,936 shares issued.
Outbound Investments
- In October 2025, Siebert Financial Corp. acquired the remaining 32% of RISE Financial Services for $3.7 million, making it a wholly-owned subsidiary.
- In the second quarter of 2025, the company invested $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform.
- Also in the second quarter of 2025, Gebbia Media, a subsidiary of Siebert, acquired Big Machine Rock to expand Siebert's presence in the music industry.
Capital Expenditures
- Siebert Financial Corp. experienced a decline in adjusted operating income in the second quarter of 2025 due to additional investment in new personnel related to technology initiatives and expansion into new business lines.
- Operating income also decreased in the third quarter of 2025, attributed to investments in new business lines such as investment banking, Siebert Pro, and Gebbia Media.
- In the first quarter of 2025, the company established an Investment Banking and Capital Markets division and hired experienced professionals, representing a significant investment in future operations.
Peer Outperformance in Diversified Capital Markets
| 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 | ||
| Siebert Financial Earnings Notes | 12/16/2025 | |
| Is Siebert Financial Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 100.71 |
| Mkt Cap | 31.6 |
| Rev LTM | 13,042 |
| Op Inc LTM | 1,777 |
| FCF LTM | 901 |
| FCF 3Y Avg | 1,149 |
| CFO LTM | 1,047 |
| CFO 3Y Avg | 1,285 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.7% |
| Rev Chg 3Y Avg | 14.1% |
| Rev Chg Q | 21.1% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | -2.1% |
| Op Inc Chg 3Y Avg | 18.4% |
| Op Mgn LTM | 9.1% |
| Op Mgn 3Y Avg | 13.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 13.1% |
| CFO/Rev 3Y Avg | 14.3% |
| FCF/Rev LTM | 11.2% |
| FCF/Rev 3Y Avg | 11.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial Services | 93 | 84 | |||
| Media, Sports and Entertainment | 1 | 0 | |||
| Administrative fees | 1 | ||||
| Advisory fees | 2 | 2 | 2 | ||
| Brokerage commissions | 6 | ||||
| Distribution fees | 1 | ||||
| Insurance commissions | 0 | ||||
| Interest income | 12 | ||||
| Margin interest | 16 | ||||
| Market making | 1 | 2 | 6 | ||
| Marketing and distribution fees | 2 | ||||
| Other commissions | 0 | ||||
| Payment for order flow | 1 | ||||
| Proprietary trading | 4 | ||||
| Retail fees (rebates) | -0 | ||||
| Riskless principal transactions with customers | 9 | ||||
| Stock locate services | 13 | ||||
| Stock rebate revenue | 3 | ||||
| Commissions and fees | 7 | 18 | |||
| Interest, marketing and distribution fees | 17 | 13 | |||
| Other income | 3 | 1 | |||
| Principal transactions and proprietary trading | 4 | 16 | |||
| Stock borrow / stock loan | 15 | 12 | |||
| Total | 94 | 84 | 72 | 50 | 68 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Financial Services | 7 | 18 |
| Media, Sports and Entertainment | -1 | -0 |
| Total | 6 | 17 |
Price Behavior
| Market Price | $2.03 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/18/1980 | |
| Distance from 52W High | -50.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1.79 | $2.31 |
| DMA Trend | down | down |
| Distance from DMA | 13.4% | -12.0% |
| 3M | 1YR | |
| Volatility | 57.3% | 59.0% |
| Downside Capture | -7.06 | 135.41 |
| Upside Capture | 49.24 | 59.82 |
| Correlation (SPY) | 15.9% | 23.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.14 | 0.84 | 0.88 | 0.86 | 1.29 | 0.89 |
| Up Beta | 1.59 | 1.09 | 1.47 | 1.25 | 1.41 | 0.71 |
| Down Beta | -1.56 | 0.77 | 1.26 | 1.47 | 1.32 | 0.90 |
| Up Capture | -27% | 38% | 33% | -11% | 44% | 63% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 16 | 25 | 46 | 97 | 343 |
| Down Capture | -9% | 117% | 83% | 121% | 150% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 23 | 32 | 68 | 138 | 371 |
[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 SIEB | |
|---|---|---|---|---|
| SIEB | -37.3% | 59.3% | -0.56 | - |
| Sector ETF (XLF) | 10.8% | 14.5% | 0.49 | 27.9% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 23.7% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 5.5% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -7.4% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 13.6% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 18.1% |
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 SIEB | |
|---|---|---|---|---|
| SIEB | -12.3% | 60.9% | 0.02 | - |
| Sector ETF (XLF) | 10.0% | 18.4% | 0.41 | 24.4% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 23.5% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 7.6% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 6.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 16.9% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 14.8% |
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 SIEB | |
|---|---|---|---|---|
| SIEB | 7.5% | 91.6% | 0.42 | - |
| Sector ETF (XLF) | 13.4% | 22.0% | 0.55 | 21.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 21.8% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | 4.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 9.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 19.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 10.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/13/2023 | 6.4% | 6.4% | 2.9% |
| 5/25/2022 | -1.2% | 1.8% | -13.3% |
| 4/4/2022 | 0.7% | -4.1% | -0.7% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 3.6% | 4.1% | 2.9% |
| Median Negative | -1.2% | -4.1% | -7.0% |
| Max Positive | 6.4% | 6.4% | 2.9% |
| Max Negative | -1.2% | -4.1% | -13.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/13/2023 | 6.4% | 6.4% | 2.9% |
| 5/25/2022 | -1.2% | 1.8% | -13.3% |
| 4/4/2022 | 0.7% | -4.1% | -0.7% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 3.6% | 4.1% | 2.9% |
| Median Negative | -1.2% | -4.1% | -7.0% |
| Max Positive | 6.4% | 6.4% | 2.9% |
| Max Negative | -1.2% | -4.1% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/22/2024 | 10-Q |
| 12/31/2023 | 05/10/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/22/2024 | 10-Q |
| 12/31/2023 | 05/10/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/23/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/28/2020 | 10-Q |
| 12/31/2019 | 03/27/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
Siebert Financial — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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