CushionRank

By size

Broker-dealers with $1M to $10M in total assets

915 firms whose latest audited annual report prints total assets $1M to $10M. The tables below give the spread of five ratios computed from their filings, for the whole band and for each way of clearing. A firm's own placement among them is in its report, US$99 from the firm's page in the list below; see a sample. Several firms, or all your clients? Email us. Every firm's figures as one file, for internal use, are US$1,450, ordered by email.

Every firm this size

Corpus version 03aaa6d87ba8

Ratio, computedFirms25thMedian75th
Net capital, multiple of requirementNet capital divided by the requirement. 1.0× means net capital just equals the requirement. A firm that falls below 1.2× must notify the SEC and its examining authority within 24 hours. Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio.8827.5×17.5×43.2×
Aggregate indebtedness to net capitalAggregate indebtedness printed in dollars, divided by net capital. Under the aggregate‑indebtedness method the rule caps it at 15 to 1, and above 12 to 1 a firm must notify its regulator. The lower it is, the less is owed against each dollar of cushion.3370.10 to 10.36 to 11.05 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.91253.2%74.0%89.7%
Equity not counted in net capitalThe share of equity, with subordinated borrowings added, that the net capital computation does not count: (equity + subordinated borrowings − net capital) ÷ equity. Non‑allowable assets and haircuts are most of it; the schedule prints both totals.8729.2%23.9%46.6%
MarginNet income divided by revenues: what the year left as profit, or loss, on each dollar earned. Compared only among the firms that publish an income statement.2940.7%9.6%35.3%

Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio above. The Firms column counts the firms that print the figures a ratio needs; margin counts only those that publish an income statement.

Firms this size that clear fully disclosed through a clearing firm

430 firms

Ratio, computedFirms25thMedian75th
Net capital, multiple of requirementNet capital divided by the requirement. 1.0× means net capital just equals the requirement. A firm that falls below 1.2× must notify the SEC and its examining authority within 24 hours. Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio.4166.5×12.7×26.7×
Aggregate indebtedness to net capitalAggregate indebtedness printed in dollars, divided by net capital. Under the aggregate‑indebtedness method the rule caps it at 15 to 1, and above 12 to 1 a firm must notify its regulator. The lower it is, the less is owed against each dollar of cushion.1740.12 to 10.39 to 11.13 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.42848.9%69.0%85.2%
Equity not counted in net capitalThe share of equity, with subordinated borrowings added, that the net capital computation does not count: (equity + subordinated borrowings − net capital) ÷ equity. Non‑allowable assets and haircuts are most of it; the schedule prints both totals.4119.8%22.5%41.4%
MarginNet income divided by revenues: what the year left as profit, or loss, on each dollar earned. Compared only among the firms that publish an income statement.1490.5%6.1%19.3%

Firms this size that carry no customer accounts

282 firms

Ratio, computedFirms25thMedian75th
Net capital, multiple of requirementNet capital divided by the requirement. 1.0× means net capital just equals the requirement. A firm that falls below 1.2× must notify the SEC and its examining authority within 24 hours. Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio.27812.0×30.8×105.0×
Aggregate indebtedness to net capitalAggregate indebtedness printed in dollars, divided by net capital. Under the aggregate‑indebtedness method the rule caps it at 15 to 1, and above 12 to 1 a firm must notify its regulator. The lower it is, the less is owed against each dollar of cushion.1320.06 to 10.34 to 10.82 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.28161.9%79.5%94.3%
Equity not counted in net capitalThe share of equity, with subordinated borrowings added, that the net capital computation does not count: (equity + subordinated borrowings − net capital) ÷ equity. Non‑allowable assets and haircuts are most of it; the schedule prints both totals.2756.4%25.7%50.7%
MarginNet income divided by revenues: what the year left as profit, or loss, on each dollar earned. Compared only among the firms that publish an income statement.1201.0%18.2%47.0%

Firms this size that clear their own trades

23 firms

Ratio, computedFirms25thMedian75th
Net capital, multiple of requirementNet capital divided by the requirement. 1.0× means net capital just equals the requirement. A firm that falls below 1.2× must notify the SEC and its examining authority within 24 hours. Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio.234.4×8.4×14.1×
Aggregate indebtedness to net capitalAggregate indebtedness printed in dollars, divided by net capital. Under the aggregate‑indebtedness method the rule caps it at 15 to 1, and above 12 to 1 a firm must notify its regulator. The lower it is, the less is owed against each dollar of cushion.6fewer than 20 print it
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.2349.6%75.6%89.5%
Equity not counted in net capitalThe share of equity, with subordinated borrowings added, that the net capital computation does not count: (equity + subordinated borrowings − net capital) ÷ equity. Non‑allowable assets and haircuts are most of it; the schedule prints both totals.228.1%19.0%38.6%
MarginNet income divided by revenues: what the year left as profit, or loss, on each dollar earned. Compared only among the firms that publish an income statement.7fewer than 20 print it

Income statements

The rule makes the statement of financial condition public; publishing the income statement is the firm's choice

298 of the band's 915 firms publish an income statement. Their median total assets is $2,703,647, against $3,027,156 for the 617 that don't; their median net capital multiple is 19.2×, against 16.7×.

Among those that publish oneFirms25thMedian75th
RevenuesWhat the firm earned in the year before any expenses. For a broker‑dealer, mostly commissions, fees and trading gains; the statement of income itemizes them.297$2,179,493$4,950,341$10,655,528
Net incomeRevenues less expenses, tax included: the year's profit or loss. It adds to equity, and to net capital so far as it is held in assets the rule allows.298$23,889$406,042$1,620,506

The band's firms

A to Z