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