CMC Markets PLC (CMCX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of CMC Markets PLC £5.32, price £6.86, upside -22.5%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range £0.8004 – £7.85 · fair‑value band £2.69 – £7.66 · the £6.86 price screens above the £5.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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CMC Markets Plc, together with its subsidiaries, provides a platform for investing, trading, and brokerage in the United Kingdom, Australia, and internationally. It operates through two segments, Trading and Investing.
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CMC Markets Plc, together with its subsidiaries, provides a platform for investing, trading, and brokerage in the United Kingdom, Australia, and internationally. It operates through two segments, Trading and Investing. The Trading segment is involved in online trading that enables clients to trade a range of financial instruments, including contracts for difference and financial spread betting across various assets, such as shares, indices, foreign currencies, commodities, and treasuries for short-term investment and hedging purposes. The Investing segment provides online stockbroking services. It serves retail, professional, stockbroking, and institutional clients. The company was founded in 1989 and is headquartered in London, the United Kingdom.
Stock analysis
CMC Markets PLC (CMCX) currently trades at £6.86, while our model-based Fair Value estimate is £5.32, implying the stock looks roughly 28.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £5.36 per share, and 2 of the 13 models we run sit above the £6.86 price.
Bear case: the Asset-Based group reads lowest at £1.14, and 11 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: £2.69 (bear) to £7.66 (bull), the price of £6.86 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
CMC Markets PLC reported revenue of £411M in FY2026 versus £324M in FY2022, a compound +6.1%/yr. Reported net income was £74.4M in FY2026, compounding +1.0%/yr from FY2022.
Key figures
Market cap 2.0B GBX · P/E ratio 25.4 · P/S ratio 4.60 · EPS (TTM) £0.2700 · Dividend yield 2.0% · Net margin 18.1% · Return on equity 16.9% · Return on assets (EBIT) 11.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 243% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −22%, CMCX screens richer than that median.
Fair Value models
Bear £2.69Fair Value £5.32Bull £7.66
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (£0.0640 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+14.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.0%
Start year 2021 (pandemic). Over 10 years: +9.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.7%
Dividend (yield on the price)2.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2% vs 7%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.50% → 27%
2026 sits 64% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +15.1% a year for the price and +13.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 463 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)19% · Above median
Operating margin (TTM)24% · Above median
Growth and dividend
Revenue growth26% · Above median
Dividend yield (TTM)2.0% · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is CMC Markets PLC (CMCX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £5.32 versus a price of £6.86, about −22% upside (overvalued).
What is the fair value of CMCX?
Our model-based fair value for CMC Markets PLC is £5.32 (as of Sep 24, 2026), built from audited fundamentals. The current price: £6.86.
What is the quality score of CMCX?
CMC Markets PLC has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CMC Markets PLC (CMCX)?
Our model-based price target is the fair value of £5.32 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario £2.69, optimistic scenario £7.66. It is a calculation from audited fundamentals, not an analyst target.
What is the CMC Markets PLC stock forecast for 2026?
Our models put fair value at £5.32, about −22% upside versus a price of £6.86 (overvalued). Cautious scenario £2.69, optimistic scenario £7.66. The calculation is refreshed regularly with new filings.
What is the revenue of CMC Markets PLC (CMCX)?
CMC Markets PLC reported trailing-twelve-month revenue of about £390M (latest available figure, as of Sep 24, 2026).
Does CMC Markets PLC pay a dividend?
CMC Markets PLC currently shows a dividend yield of about 2.01% relative to its recent price (as of Sep 24, 2026).
What growth is priced into CMC Markets PLC (CMCX)?
For today's price to be fair in a discounted-cash-flow model, CMC Markets PLC would have to grow free cash flow by +17.8 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CMCX use?
Our models discount CMC Markets PLC at 9.1 %: a base by market capitalisation (mid), damped by beta 0.56, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CMC Markets PLC that is +17.8 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has CMC Markets PLC (CMCX) delivered so far?
Over the past 5 years revenue at CMC Markets PLC grew -2.0 % a year. The price currently implies +17.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CMC Markets PLC (CMCX) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into CMC Markets PLC (+17.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CMC Markets PLC (CMCX)?
The free-cash-flow yield on the price is 2.47 %: that much free cash flow CMC Markets PLC produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CMC Markets PLC (CMCX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CMC Markets PLC it is £5.32 per share (as of Sep 24, 2026), against a price of £6.86. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is CMC Markets PLC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CMCX trades above its calculated fair value: price £6.86, fair value £5.32, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CMCX?
No. The price is what the market pays today (£6.86); the fair value is what the company's own numbers justify (£5.32). For CMC Markets PLC the two are £1.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is CMC Markets PLC worth?
The market values CMC Markets PLC at about 2.0B GBX (market capitalisation, as of Sep 24, 2026). Per share that is £6.86; our models calculate a fair value of £5.32 per share.
What do the bullish and bearish scenarios say about CMCX?
Our models span a range for CMC Markets PLC: cautious scenario £2.69, base £5.32, optimistic £7.66 per share (as of Sep 24, 2026, price £6.86). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CMCX?
CMC Markets PLC trades at a price-to-earnings ratio of 25.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £5.32 is built from several models across several years. Other multiples: P/B 5.9, P/S 6.9, EV/EBITDA 19.1.
How solid is the balance sheet of CMC Markets PLC (CMCX)?
Balance-sheet figures for CMC Markets PLC (as of Sep 24, 2026): return on equity 16.9%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is CMCX from its 52-week high?
CMC Markets PLC trades at £6.86, about 13% below its 52-week high of £7.85 and 243% above the low of £2.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of £5.32 is for.
Which stocks are comparable to CMC Markets PLC?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CMC Markets PLC stock attractive at the current price?
The data as of Sep 24, 2026: price £6.86, calculated fair value £5.32 (−22%), Quality Score 70/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CMCX calculated?
We run CMC Markets PLC through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £5.32, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. CMC Markets PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CMC Markets PLC (CMCX)?
The closing price on Sep 23, 2026 was £6.86. Our model-based fair value is £5.32, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CMC Markets PLC right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide (£2.69 to £7.66). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of CMC Markets PLC (CMCX) come from?
Earnings per share at CMC Markets PLC grew +5.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +10.2 %, EBIT margin −3.3 %, tax rate −1.0 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of CMC Markets PLC
How large is the market capitalisation of CMC Markets PLC (CMCX)?
The market capitalisation of CMC Markets PLC is 2.0B GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CMC Markets PLC (CMCX)?
The price-to-sales ratio of CMC Markets PLC is 4.60 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CMC Markets PLC (CMCX)?
Earnings per share at CMC Markets PLC are £0.2700 (price ÷ EPS = P/E 25.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CMC Markets PLC (CMCX)?
The dividend yield of CMC Markets PLC is 2.0% (payout 51.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CMC Markets PLC (CMCX)?
The net margin of CMC Markets PLC is 18.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CMC Markets PLC (CMCX)?
The return on equity (ROE) of CMC Markets PLC is 16.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CMC Markets PLC (CMCX)?
On an EBIT basis the return on assets of CMC Markets PLC is 11.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CMC Markets PLC (CMCX)?
The operating margin of CMC Markets PLC is 24.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CMC Markets PLC (CMCX)?
Revenue at CMC Markets PLC is growing +26.4% versus a year earlier (3y avg +8.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CMC Markets PLC (CMCX)?
Earnings per share at CMC Markets PLC are growing +45.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does CMC Markets PLC (CMCX) hold?
CMC Markets PLC holds more cash than debt, 164M GBX net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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