Saturday 17 October 2026
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Institutional Financial Markets, Inc.
COHN Financial Capital Markets
Institutional Financial Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $275.6 million, up 246.2% from fiscal 2024. In the quarter to June 2026, revenue grew 16.1%, EPS grew 95.1%, free cash flow fell 71.2% and total debt fell 44.2%, each against the same quarter a year earlier.
10.18
0.58
−5.39%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
6.37 | 4.53 | 0.00 | 0.00 | 1.23 | 1.38 | 0.00 | 0.00 | 0.00 | 2.84 |
Piotroski F-Score |
5 | 4 | 2 | 3 | 7 | 5 | 1 | 1 | 4 | 6 |
P/S ratio |
0.27 | 0.21 | 0.20 | 0.09 | 0.14 | 0.12 | 0.26 | 0.12 | 0.21 | 0.15 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.45 | 1.02 | 0.00 | 0.00 | 2.03 | 1.56 |
P/Operating CF |
(17.94) | 1.18 | (1.52) | (0.71) | (0.25) | 0.83 | (0.42) | (2.91) | 3.77 | (19.86) |
P/B ratio |
0.32 | 0.21 | 0.23 | 0.09 | 0.18 | 0.12 | 0.12 | 0.11 | 0.19 | 0.40 |
Price to Tangible BV |
0.38 | 0.25 | 0.28 | 0.11 | 0.18 | 0.12 | 0.12 | 0.11 | 0.19 | 0.40 |
EV/Sales |
5.86 | 36.25 | 156.14 | 152.61 | 44.09 | 21.74 | 10.46 | 5.27 | 9.15 | 1.51 |
EV/EBITDA |
32.89 | 197.98 | 1,626.77 | 1,544.63 | 111.87 | 77.94 | 0.00 | 53.89 | 0.00 | 6.88 |
EV/Operating CF |
(37.17) | (144.63) | (1,101.72) | (490.17) | 138.45 | 173.67 | (19.77) | (11.03) | 76.83 | 15.26 |
EV/FCF |
(36.24) | (142.92) | (963.74) | (486.99) | 139.18 | 183.99 | (19.30) | (10.93) | 88.50 | 15.99 |
Quick Ratio |
0.98 | 0.99 | 0.99 | 0.98 | 0.98 | 0.98 | 1.01 | 0.90 | 0.94 | 0.92 |
Current Ratio |
0.98 | 0.99 | 0.99 | 0.98 | 0.98 | 0.98 | 1.01 | 0.90 | 0.94 | 0.92 |
Net Debt/EBITDA |
31.40 | 196.84 | 1,624.72 | 1,543.71 | 111.51 | 77.51 | (16.91) | 52.65 | (95.80) | 6.20 |
Debt/Assets |
57.90% | 85.28% | 95.07% | 94.77% | 93.67% | 87.93% | 54.32% | 56.67% | 75.26% | 61.85% |
Debt/Equity |
6.95 | 36.06 | 181.80 | 155.54 | 56.79 | 21.23 | 5.12 | 4.77 | 8.10 | 4.20 |
Asset Turnover |
0.13 | 0.04 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.10 | 0.09 | 0.33 |
Operating CF/Net income |
(3.85) | (5.77) | 2.84 | 7.53 | 2.92 | 1.55 | 1.75 | 7.76 | (73.45) | 1.90 |
Capex/Depreciation |
(0.17) | (0.11) | (0.93) | (0.12) | (0.02) | (0.84) | (0.48) | (0.30) | (2.09) | (0.97) |
Interest Coverage |
1.81 | 1.20 | 0.43 | 0.53 | 4.41 | 5.47 | (5.61) | 1.05 | (1.38) | 10.11 |
| 4.88% | 4.35% | (5.44%) | (4.51%) | 18.92% | 9.34% | (10.91%) | (5.50%) | (0.14%) | 14.93% | |
| 0.52% | 0.16% | (0.05%) | (0.03%) | 0.20% | 0.24% | (0.59%) | (0.62%) | (0.01%) | 1.73% | |
ROIC |
1.51% | 0.26% | 0.03% | 0.03% | 0.45% | 0.75% | (3.20%) | 0.83% | (0.63%) | 7.74% |
Return on Tangible Assets |
(36.73%) | (9.84%) | 2.44% | 1.38% | (12.63%) | (15.68%) | (209.69%) | 9.71% | 0.26% | (35.75%) |
Average Days of Receivables |
2,428.68 | 13,731.35 | 57,462.46 | 56,170.76 | 16,203.52 | 8,109.11 | 4,842.92 | 2,117.28 | 3,307.90 | 548.23 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
56.25% | 47.38% | 51.40% | 52.29% | 46.04% | 58.11% | 113.30% | 62.78% | 70.84% | 64.42% |
Intangible Assets out of Total Assets |
0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
2.10% | 1.54% | 1.26% | 1.50% | 9.65% | 10.74% | 9.89% | 5.29% | 5.86% | 7.34% |
Graham Net Nets |
(8.88) | (17.85) | (29.26) | (67.10) | (12.44) | (11.52) | (15.12) | (18.64) | (8.37) | (3.11) |
Graham Number |
40.49 | 40.31 | 0.00 | 0.00 | 163.87 | 175.81 | 0.00 | 0.00 | 0.00 | 105.35 |
Earnings Yield |
15.70% | 22.07% | (25.27%) | (45.32%) | 81.46% | 72.72% | (116.56%) | (125.04%) | (32.79%) | 35.17% |
Free Cash Flow Yield |
(60.71%) | (121.84%) | (82.39%) | (346.55%) | 223.03% | 98.37% | (207.91%) | (394.92%) | 49.21% | 63.92% |
Revenue per Share |
45.40 | 39.39 | 42.87 | 43.68 | 115.04 | 123.31 | 31.26 | 54.85 | 49.29 | 159.10 |
Operating CF per Share |
(7.16) | (9.87) | (6.08) | (13.60) | 36.64 | 15.43 | (16.54) | (26.21) | 5.87 | 15.79 |
Capex per Share |
(0.18) | (0.12) | (0.87) | (0.09) | (0.19) | (0.87) | (0.40) | (0.25) | (0.77) | (0.72) |
Free Cash Flow per Share |
(7.35) | (9.99) | (6.95) | (13.69) | 36.44 | 14.57 | (16.94) | (26.46) | 5.09 | 15.07 |
Cash per Share |
12.48 | 19.00 | 12.24 | 7.30 | 37.13 | 42.60 | 20.49 | 7.04 | 12.13 | 32.77 |
Shareholders Equity per Share |
38.36 | 39.90 | 36.84 | 42.88 | 89.69 | 127.58 | 66.22 | 60.67 | 55.90 | 59.52 |
Interest Debt per Share |
0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
38.36 | 39.90 | 36.84 | 42.88 | 89.69 | 127.58 | 66.22 | 60.67 | 55.90 | 59.52 |
Free Cash Flow |
(8.95) | (12.06) | (8.00) | (15.56) | 41.22 | 17.29 | (24.06) | (40.03) | 8.23 | 26.10 |
Working Capital |
(6.17) | (20.98) | (101.05) | (148.52) | (112.50) | (75.32) | 6.39 | (52.67) | (50.34) | (40.37) |
Capital Expenditures |
(0.22) | (0.14) | (1.00) | (0.10) | (0.22) | (1.03) | (0.57) | (0.37) | (1.25) | (1.25) |
Net Current Asset Value |
(131.01) | (176.63) | (284.18) | (301.34) | (229.94) | (202.48) | (174.99) | (188.96) | (139.90) | (126.84) |
EV/EBIT |
37.79 | 232.83 | 2,107.38 | 1,875.65 | 135.53 | 80.36 | 0.00 | 63.75 | 0.00 | 7.03 |
Capex to Sales |
0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.02 | 0.00 |
Price to Operating Income |
1.72 | 1.34 | 2.65 | 1.11 | 0.44 | 0.44 | 0.00 | 1.48 | 0.00 | 0.69 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
(2.31%) | (0.67%) | (0.10%) | (0.20%) | 0.70% | 0.51% | (3.98%) | (7.41%) | 0.98% | 4.40% |
Accounts Receivable Turnover |
0.20 | 0.04 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.16 | 0.13 | 0.49 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
270.13 | 1,078.41 | 4,781.72 | 7,709.07 | 6,709.61 | 4,513.91 | 1,920.38 | 535.15 | 601.37 | 567.64 |
Average Payables |
74.29 | 112.60 | 174.41 | 237.30 | 232.24 | 193.32 | 165.07 | 132.81 | 98.38 | 47.76 |
Average Assets |
434.84 | 1,298.76 | 5,075.94 | 8,058.63 | 7,075.50 | 4,902.84 | 2,271.68 | 829.91 | 871.96 | 835.87 |
Average Common Equity |
46.46 | 47.45 | 45.29 | 45.58 | 75.07 | 126.41 | 122.70 | 92.88 | 91.01 | 96.66 |
Columns are period end dates