CushionRank

By size

Broker-dealers with $250K to $1M in total assets

551 firms whose latest audited annual report prints total assets $250K to $1M. 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.5293.9×14.7×50.3×
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.2580.07 to 10.32 to 10.84 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.55159.4%80.5%93.8%
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.5305.0%15.2%41.1%
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.230−1.6%3.1%21.8%

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

174 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.1683.4×7.2×32.2×
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.990.11 to 10.40 to 10.78 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.17456.1%72.8%92.2%
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.1675.0%13.0%30.5%
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.88−1.3%2.1%9.7%

Firms this size that carry no customer accounts

230 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.2265.7×25.5×58.2×
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.1320.07 to 10.25 to 10.95 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.23059.6%85.1%94.7%
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.2264.9%21.7%52.8%
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.123−1.4%6.2%31.2%

Income statements

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

243 of the band's 551 firms publish an income statement. Their median total assets is $539,072, against $514,398 for the 308 that don't; their median net capital multiple is 14.8×, against 14.6×.

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.239$451,765$1,313,814$2,830,223
Net incomeRevenues less expenses, tax included: the year's profit or loss. It adds to equity, and to net capital so far as it is held in assets the rule allows.243$(58,680)$46,453$190,837

The band's firms

A to Z