CushionRank

By size

Broker-dealers with under $250K in total assets

699 firms whose latest audited annual report prints total assets under $250K. 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.6712.8×6.2×14.8×
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.3910.04 to 10.22 to 10.79 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.69963.9%84.0%95.6%
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.6674.5%15.9%38.8%
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.303−67.0%−0.5%13.2%

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

98 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.972.9×7.0×17.0×
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.530.11 to 10.27 to 10.79 to 1
Equity to total assetsEquity divided by total assets: the share of the firm's assets its owners fund rather than its creditors.9858.8%80.3%89.6%
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.952.6%12.8%33.9%
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.50−46.1%−0.3%7.6%

Firms this size that carry no customer accounts

409 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.4032.6×5.6×12.5×
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.2820.04 to 10.24 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.40964.1%85.3%96.8%
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.3974.5%16.3%40.5%
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.218−90.4%−1.9%14.4%

Income statements

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

378 of the band's 699 firms publish an income statement. Their median total assets is $73,288, against $100,604 for the 321 that don't; their median net capital multiple is 5.5×, against 7.8×.

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.366$5,250$120,369$454,286
Net incomeRevenues less expenses, tax included: the year's profit or loss. It adds to equity, and to net capital so far as it is held in assets the rule allows.378$(57,118)$(14,284)$18,079

The band's firms

A to Z