eToro Group Ltd.

ETOR
About the company

eToro Group Ltd. engages in the trading business. Its multi-asset platform supports trading and investing in equities, crypto assets, commodities, currencies, and options, which can be traded either as assets or as derivatives related to various underlying asset types.

Country: Virgin Islands, BritishPrice: $22.50Market Cap: $1.8B

Investment snapshot

35%positive consensus
Scored 1d ago

Positive

5

BUY / PASS

Neutral / negative

7 / 4

NEUTRAL / FAIL

Median fair value

$41.73

+85.5% vs price

Models with upside

10 / 17

Positive margin of safety

Strongest signal

All 10 investors pass ETOR's cash flow

Key risk

Split decision: 7 NEUTRAL · 4 PASS · 4 FAIL · 1 BUY

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSFAILBUYBUY · Rank #30 (Top 1%)PASSNEUTRALPASSNEUTRALFAILNEUTRALPASSNEUTRALFAILNEUTRALFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/A
Margin of Safety+77.3%+24.8%+60.4%-13.9%N/A+4.5%+67.1%+46.1%+82.3%+4.5%+83.3%+4.5%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-05-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-05-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-05-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Where It Passes

  • Cash Flow100% pass✓ 12▾

    All 10 investors pass ETOR's cash flow

    Free Cash Flow Proxy$223.8M
    ✓BuffettPositive and growing
    FCF Positive and Growing$313.4M
    ✓LynchPositive and growing
    Operating Cash Flow$318.2M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=17.77%, ROA=12.04%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)5.9x
    ✓Dreman< 8x
    P/E or FCF YieldP/E=9.9x, FCF Yield=17.5%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/3 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap16.7%
    ✓Ackman>= 4%
    Price / FCF per Share6.0x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency3/3 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$313.4M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+17.51%; #340/4519 (top 7.5%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Valuation models91% pass✓ 10✗ 1▾

    Models split on ETOR at $22.50 — fair values range $19.75–$134.46

    Graham fair value$99.10
    ✓Graham+77.3% margin vs $22.50
    Buffett fair value$29.93
    ✓Buffett+24.8% margin vs $22.50
    Lynch fair value$56.75
    ✓Lynch+60.4% margin vs $22.50
    Greenblatt fair value$19.75
    ✗Greenblatt-13.9% margin vs $22.50
    Dreman fair value$23.55
    ✓Dreman+4.5% margin vs $22.50
    Munger fair value$68.37
    ✓Munger+67.1% margin vs $22.50
    Pabrai fair value$41.73
    ✓Pabrai+46.1% margin vs $22.50
    Akre fair value$127.14
    ✓Akre+82.3% margin vs $22.50
    Marks fair value$23.55
    ✓Marks+4.5% margin vs $22.50
    Ackman fair value$134.46
    ✓Ackman+83.3% margin vs $22.50
    Templeton fair value$23.55
    ✓Templeton+4.5% margin vs $22.50
  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Graham and Lynch object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: 7.8x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities4.89
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=7.8x, D/EBITDA=0.2x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0034; #459/4210 (top 10.9%)
    ✓AsnessTop 30% of eligible cross-section
  • Valuation69% pass✓ 24✗ 4▾

    9 of 13 pass — Marks, Neff, Schloss +1 more object

    Price / 3-yr avg EPS14.3x
    ✓Graham<= 15x
    Price-to-Book Ratio0.1x
    ✓Graham<= 1.5x
    P/E x P/B1.70
    ✓Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)0.04
    ✓Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value37.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=37.7%, ROC=108.8%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS9.9x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)5.9x
    ✓Dreman< 8x
    Price / Book Value per Share0.1x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=9.9x, OE Yield=11.9%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=9.9x, FCF Yield=17.5%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=9.9x, P/B=0.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value4.5% (IV=$23.55 vs Price=$22.50)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share6.0x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($22.50)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+12.05%; #503/6340 (top 7.9%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+8.9728; #197/6449 (top 3.1%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS9.9x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.12x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+7.7335; #389/5247 (top 7.4%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+17.51%; #340/4519 (top 7.5%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-29.49%; #4403/6202 (top 71.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts60% pass✓ 6✗ 4▾

    Split decision: 7 NEUTRAL · 4 PASS · 4 FAIL · 1 BUY

    Overall verdict
    ✓GrahamPASS (5/9)✗BuffettFAIL (2/9)✓LynchBUY (5/7)✓GreenblattRank #30✓PiotroskiPASS (F-Score 5)•DremanNEUTRAL (8/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)•MarksNEUTRAL (4/5)✓AckmanPASS (4/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

  • Profitability19% pass✓ 11✗ 24▾

    13 of 16 flag ETOR's profitability — Graham, Buffett, Lynch +10 more

    Positive EPS (10 years)3/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)3/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)1.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$223.8M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)0.04
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR255.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE1.3%
    ✗Lynch> 15%
    EBIT / Enterprise Value37.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=37.7%, ROC=108.8%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets12.04%
    ✓PiotroskiROA > 0
    ROA Change YoY16.15% -> 12.04% (delta: -4.11%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=17.77%, ROA=12.04%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY1.9% -> 1.8%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue1.8%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity1.3%
    ✗Dreman> 12%
    Margin of SafetyP/E=9.9x, P/B=0.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity1.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value4.5% (IV=$23.55 vs Price=$22.50)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/3 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity1.3%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+12.05%; #503/6340 (top 7.9%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+14.15%; #2482/3702 (top 67.0%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+1.34%; #2816/5226 (top 53.9%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth38% pass✓ 7✗ 6▾

    5 of 8 flag ETOR's growth — Graham, Ackman, Templeton +2 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)0.04
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR255.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.18 (2023) -> $2.27 (2025)
    ✓DremanPositive over recent years
    EPS CAGR255.1% CAGR over 2 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency3/3 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth117.4%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/2 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag ETOR's efficiency — Buffett, Piotroski, Munger +2 more

    Current Ratio4.89
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)108.8%
    ✓Greenblatt> 25%
    Current Ratio Change YoY3.52 -> 4.89
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY10.61x -> 7.72x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities4.89
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Security & Commodity Brokers
Size: Small Cap($1.8B)
Revenue: $13.8B+9.5% YoY
Net Income: $215.7M+12.1% YoY

Financial Snapshot

Operating Margin--
Return on Equity1.3%
Debt / Equity0.00
Current Ratio4.89
EPS (Diluted)$2.27+0.4% 1y
Buybacks (1y)$1.4M
Shares Retired−10.5% / −13.3% 2y

Similar Companies

OREALTY INCOME CORP
$56.1B
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RJFRAYMOND JAMES FINANCIAL INC
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Shareholder Return

Fiscal 2025

Issued 10.5% of shares last year, 13.3% issued over two.

Buybacks
$1.4M
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24
1155.6% = 1160.8% + −0.4%
FY25
0.4% = 12.1% + −10.4%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-03-02
FY 2024
Sources
  • 20-F · 2026-03-02
FY 2023
Sources
  • 20-F · 2026-03-02
FY 2022
Sources
  • 20-F · 2026-03-02
Market Cap$1.8Bcurrent$4.5Best.----
Revenue$13.8B↑9%$12.6B↑225%$3.9B--
Operating Income--------
Net Income$215.7M↑12%$192.4M↑1161%$15.3M--
EPS (Diluted)$2.27$2.26↑1156%$0.18--
Gross Margin1.8%↓6%1.9%↑172%0.7%—
Operating Margin————
ROE1.3%1.3%↓47%2.6%—
Total Debt$54.5M↑1715%$3.0M----
Shareholders' Equity$16.1B↑13%$14.3B↑2287%$597.6M↑16%$515.4M
Current Ratio4.89↑39%3.52——
Debt / Equity0.00↑1513%0.00——
Operating Cash Flow$318.2M↑18%$268.6M↑140%$111.8M--
Free Cash Flow$313.4M↑18%$266.2M↑139%$111.4M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

ETOR vs Peers — Financial Grading

Revenue$13.8BTop 25%
Net Income$215.7MMedian
ROE1.3%Bottom 25%
D/E0.00Top 25%
Op. Margin—
Curr. Ratio4.89Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
REALTY INCOME CORPO$56.1B$58.82$5.7B$1.1B2.7%0.6316.8%—2/71/93/70/3F-Score 64/10
Ventas, Inc.VTR$47.0B$88.92$5.8B$261.5M2.1%1.043.5%—2/71/92/70/3F-Score 62/10
RAYMOND JAMES FINANCIAL INCRJF$32.4B$168.64$15.9B$2.1B17.1%0.28——3/93/93/71/3F-Score 64/11
ROYAL GOLD INCRGLD$21.7B$256.89$1.0B$466.3M6.5%0.1361.9%3.124/92/94/70/3F-Score 44/11
iShares Ethereum Trust ETFETHA$19.4B$44.02—$2.3B——————————
KIMCO REALTY CORPKIM$17.0B$25.55$2.1B$584.7M5.6%0.7436.0%—3/72/94/70/3F-Score 75/10
LandBridge Co LLCLB$5.6B$73.15$199.1M$30.1M8.9%1.6559.5%4.872/93/92/70/3F-Score 63/11
Digital Turbine, Inc.APPS$927.6M$7.61$565.3M$37.7M-19.6%1.886.0%1.161/92/92/71/3F-Score 70/11