NASDAQ · Financial Services

Robinhood Markets, Inc.

HOOD · Capital Markets

$76.69

▲ 3.03 (4.11%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Robinhood Markets, Inc. at $76.69.

The business passes only 1 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 83.3%

Operating Margin 46.8%

Net Income Margin 42.1%

Fin. Health C

Years to Pay Off Debt 6.2 yrs

Working Capital $7.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.64x

Cash Flow A

Free Cash Flow $1.6B

CapEx % of Net Income 2.9%

Owner Earnings $2.0B

1/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $69.1B

Enterprise Value $61.0B

P/E (TTM) 37.23

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 83.3%

Operating Margin 46.8%

Net Margin 42.1%

Company Info

Sector Financial Services

Industry Capital Markets

Employees 2900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Robinhood Markets, Inc. at $76.69.

The business passes only 1 of 7 of Graham's defensive criteria — well below his required standard.

At $76.69, the stock trades at a 232% premium to its Graham Number of $23.08. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 8.3x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Robinhood Markets, Inc.

Robinhood Markets, Inc. operates financial services platform in the United States. The company's platform allows users to invest in stocks, exchange-traded funds (ETFs), and American depository receipts. It offers fractional trading, recurring investments, access to investing on margin, fully-paid securities lending, cash sweep, instant withdrawals, retirement program, around-the-clock trading, joint investing accounts, event contracts, future contract services, and short selling. The company also provides various learning and education solutions comprise Snacks, an accessible digest of business news stories for a new generation of investors; Learn, which is an online collection of guides, feature tutorials, and financial dictionary; Newsfeeds that offer access to free, premium news from sites from various sites, such as Barron's, Reuters, and Dow Jones. In addition, the company offers In-App Education, a resource that covers investing fundamentals, including why people invest, a stock market overview, and tips on how to define investing goals, as well as allows customers to understand the basics of investing before their first trade; and Crypto Learn and Earn, an educational module available to various crypto customers through Robinhood Learn to teach customers the basics related to cryptocurrency. Further, it provides Robinhood credit cards, cash card and spending accounts, and wallets. Robinhood Markets, Inc. was incorporated in 2013 and is headquartered in Menlo Park, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	83.3% ▲	79.4%	92.2%	56.7%	N/A
Operating Margin %	46.8% ▲	35.7%	-28.7%	-71.1%	N/A
Net Income %	42.1% ▼	47.8%	-29.0%	-75.7%	N/A
Diluted EPS	2.05 ▲	1.56	-0.61	-1.17	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$38.1B	$26.2B	$17.6B	$23.3B	N/A
Total Debt	$11.6B ↑	$7.5B	$3.5B	$1.8B	N/A
Working Capital	$7.5B ▲	$7.0B	$6.2B	$6.7B	N/A
Years to Pay Debt	6.17	5.29	-6.56	-1.78	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.6B ▲	-$207M	$1.2B	-$909M	N/A
Owner Earnings	$2.0B	$1.5B	-$449M	-$910M	N/A
CapEx % of Net Income	2.9%	3.5%	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	0	0	-9,450
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,180,000	1,131,000	-465,000	-860,000
Total Unusual Items		-2,000	-5,000	-45,000	-2,045,000
Total Unusual Items Excluding Goodwill		-2,000	-5,000	-45,000	-2,045,000
Net Income From Continuing Operation Net Minority Interest	1,883,000	1,411,000	-541,000	-1,028,000
Reconciled Depreciation	86,000	77,000	71,000	61,000
Reconciled Cost Of Revenue	745,000	607,000	146,000	588,000
EBITDA	2,180,000	1,131,000	-465,000	-905,000
EBIT	2,094,000	1,054,000	-536,000	-966,000
Normalized Income	1,883,000	1,411,000	-541,000	-992,450
Net Income From Continuing And Discontinued Operation	1,883,000	1,411,000	-541,000	-1,028,000
Total Expenses	2,379,000	1,897,000	2,401,000	2,324,000
Diluted Average Shares	918,782	906,172	890,858	878,630
Basic Average Shares	888,505	881,113	890,858	878,630
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,883,000	1,411,000	-541,000	-1,028,000
Net Income Common Stockholders	1,883,000	1,411,000	-541,000	-1,028,000
Net Income	1,883,000	1,411,000	-541,000	-1,028,000
Net Income Including Noncontrolling Interests	1,883,000	1,411,000	-541,000	-1,028,000
Net Income Continuous Operations	1,883,000	1,411,000	-541,000	-1,028,000
Tax Provision	225,000	-347,000	8,000	1,000
Pretax Income	2,108,000	1,064,000	-533,000	-1,027,000
Other Income Expense	14,000	10,000	3,000	-61,000
Other Non Operating Income Expenses	14,000	10,000	3,000	-16,000
Special Income Charges				-45,000	-70,000
Other Special Charges				24,000	70,000
Impairment Of Capital Assets				45,000	0
Gain On Sale Of Security		-2,000	-5,000	-45,000	-2,045,000
Operating Income	2,094,000	1,054,000	-536,000	-966,000
Operating Expense	1,634,000	1,290,000	2,255,000	1,736,000
Other Operating Expenses	47,000	33,000	116,000	97,000
Provision For Doubtful Accounts	114,000	76,000	43,000	36,000
Research And Development	897,000	818,000	805,000	878,000
Selling General And Administration	576,000	363,000	1,291,000	725,000
Selling And Marketing Expense	349,000	231,000	122,000	73,000
General And Administrative Expense	227,000	132,000	1,169,000	652,000
Other Gand A	227,000	132,000	1,169,000	215,000
Insurance And Claims				41,000	24,970
Salaries And Wages		103,000	660,000	437,000	962,000
Gross Profit	3,728,000	2,344,000	1,719,000	770,000
Cost Of Revenue	745,000	607,000	146,000	588,000
Total Revenue	4,473,000	2,951,000	1,865,000	1,358,000
Operating Revenue	4,142,000	2,756,000	1,714,000	1,238,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	901,328	884,493	872,163	892,752
Share Issued	901,328	884,493	872,163	892,752
Net Debt	7,365,000	3,131,000
Total Debt	11,626,000	7,463,000	3,547,000	1,834,000
Tangible Book Value	8,587,000	7,755,000	6,473,000	6,831,000
Invested Capital	20,766,000	15,435,000	10,243,000	8,790,000
Working Capital	7,534,000	6,999,000	6,245,000	6,664,000
Net Tangible Assets	8,587,000	7,755,000	6,473,000	6,831,000
Common Stock Equity	9,140,000	7,972,000	6,696,000	6,956,000
Total Capitalization	9,140,000	7,972,000	6,696,000	6,956,000
Total Equity Gross Minority Interest	9,151,000	7,972,000	6,696,000	6,956,000
Minority Interest	11,000	0
Stockholders Equity	9,140,000	7,972,000	6,696,000	6,956,000
Gains Losses Not Affecting Retained Earnings	8,000	-1,000	-3,000	0
Other Equity Adjustments	8,000	-1,000	-3,000		1,000
Retained Earnings	-2,152,000	-4,035,000	-5,446,000	-4,905,000
Additional Paid In Capital	11,284,000	12,008,000	12,145,000	11,861,000
Total Liabilities Net Minority Interest	28,986,000	18,215,000	10,928,000	16,381,000
Total Non Current Liabilities Net Minority Interest	215,000	111,000	91,000	128,000
Other Non Current Liabilities	215,000	111,000	91,000	128,000
Current Liabilities	28,771,000	18,104,000	10,837,000	16,253,000
Other Current Liabilities	4,696,000	2,796,000	1,809,000	9,533,000
Current Debt And Capital Lease Obligation	11,626,000	7,463,000	3,547,000	1,834,000
Current Debt	11,626,000	7,463,000	3,547,000	1,834,000
Other Current Borrowings	11,626,000	7,463,000	3,547,000	1,834,000
Payables And Accrued Expenses	12,449,000	7,845,000	5,481,000	4,886,000
Payables	12,449,000	7,845,000	5,481,000	4,886,000
Other Payable	11,986,000	7,448,000	5,097,000	4,701,000
Accounts Payable	463,000	397,000	384,000	185,000
Total Assets	38,137,000	26,187,000	17,624,000	23,337,000
Total Non Current Assets	1,832,000	1,084,000	542,000	420,000
Other Non Current Assets	686,000	516,000	103,000	132,000
Non Current Prepaid Assets	11,000	17,000	4,000	17,000
Non Current Deferred Assets	428,000	195,000	19,000
Investments And Advances		0	73,000	0
Investmentin Financial Assets		0	73,000	0
Held To Maturity Securities		0	73,000	0
Goodwill And Other Intangible Assets	553,000	217,000	223,000	125,000
Other Intangible Assets	168,000	38,000	48,000	25,000
Goodwill	385,000	179,000	175,000	100,000
Net PPE	154,000	139,000	120,000	146,000
Accumulated Depreciation	-214,000	-154,000	-111,000	-81,000
Gross PPE	368,000	293,000	231,000	227,000
Leases	48,000	42,000	39,000	52,000
Construction In Progress	40,000	39,000	30,000	23,000
Other Properties					64,313
Machinery Furniture Equipment	280,000	212,000	162,000	152,000
Current Assets	36,305,000	25,103,000	17,082,000	22,917,000
Other Current Assets	671,000	509,000	196,000	8,503,000
Current Deferred Assets	185,000	100,000	11,000
Restricted Cash	6,451,000	5,213,000	4,786,000	3,181,000
Prepaid Assets	127,000	75,000	63,000	86,000
Receivables	18,420,000	8,710,000	3,584,000	3,294,000
Accounts Receivable	18,420,000	8,710,000	3,584,000	3,294,000
Allowance For Doubtful Accounts Receivable	-16,000	-14,000	-15,000		-40,216
Gross Accounts Receivable	18,436,000	8,724,000	3,599,000	3,294,000
Cash Cash Equivalents And Short Term Investments	10,451,000	10,496,000	8,442,000	7,853,000
Other Short Term Investments	6,190,000	6,164,000	3,607,000	1,514,000
Cash And Cash Equivalents	4,261,000	4,332,000	4,835,000	6,339,000
Cash Equivalents					4,003,552
Cash Financial					2,249,925

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,584,000	-207,000	1,160,000	-909,000
Repurchase Of Capital Stock	-653,000	-257,000	-608,000	0
Repayment Of Debt	-4,752,000	-23,000	-20,000	-21,000
Issuance Of Debt	5,220,000	154,000	20,000	21,000
Issuance Of Capital Stock			0	0	2,052,000
Capital Expenditure	-54,000	-50,000	-21,000	-57,000
Interest Paid Supplemental Data	31,000	16,000	12,000	12,000
Income Tax Paid Supplemental Data	95,000	18,000	9,000	4,000
End Cash Position	9,893,000	8,695,000	9,346,000	9,357,000
Beginning Cash Position	8,695,000	9,346,000	9,357,000	10,270,000
Effect Of Exchange Rate Changes	9,000	-1,000	0	-1,000
Changes In Cash	1,189,000	-650,000	-11,000	-912,000
Financing Cash Flow	-590,000	-345,000	-610,000	0
Cash Flow From Continuing Financing Activities	-590,000	-345,000	-610,000	0
Net Other Financing Charges	-443,000	-253,000	-21,000	-22,000
Proceeds From Stock Option Exercised	38,000	34,000	19,000	22,000
Net Common Stock Issuance	-653,000	-257,000	-608,000	0
Common Stock Payments	-653,000	-257,000	-608,000	0
Common Stock Issuance			0	0	2,052,000
Net Issuance Payments Of Debt	468,000	131,000	0	0
Net Short Term Debt Issuance			0	0	3,552,000
Short Term Debt Payments			-20,000	-21,000	-1,968,000
Short Term Debt Issuance			20,000	21,000	5,520,000
Net Long Term Debt Issuance	468,000	131,000	0	0
Long Term Debt Payments	-4,752,000	-23,000	-20,000	-21,000
Long Term Debt Issuance	5,220,000	154,000	20,000	21,000
Investing Cash Flow	141,000	-148,000	-582,000	-60,000
Cash Flow From Continuing Investing Activities	141,000	-148,000	-582,000	-60,000
Net Other Investing Changes	-755,000	-190,000	10,000	-20,000
Net Investment Purchase And Sale	156,000	101,000	-478,000	17,000
Sale Of Investment	400,000	658,000	282,000	42,000
Purchase Of Investment	-244,000	-557,000	-760,000	-25,000
Net Business Purchase And Sale	794,000	-9,000	-93,000	0
Sale Of Business	1,193,000	125,000	14,000
Purchase Of Business	-399,000	-134,000	-107,000	0
Net PPE Purchase And Sale	-15,000	-13,000	-2,000	-28,000
Purchase Of PPE	-15,000	-13,000	-2,000	-28,000
Capital Expenditure Reported	-39,000	-37,000	-19,000	-29,000
Operating Cash Flow	1,638,000	-157,000	1,181,000	-852,000
Cash Flow From Continuing Operating Activities	1,638,000	-157,000	1,181,000	-852,000
Change In Working Capital	-934,000	-1,656,000	729,000	-655,000
Change In Other Working Capital	-121,000	-662,000	-30,000		135,000
Change In Other Current Liabilities	4,391,000	3,889,000	1,758,000	-1,848,000
Change In Other Current Assets	-152,000	-415,000	-18,000	-26,000
Change In Payables And Accrued Expense	3,405,000	2,316,000	530,000	-1,837,000
Change In Payable	3,405,000	2,316,000	530,000	-1,837,000
Change In Account Payable	-18,000	-35,000	134,000	-62,000
Change In Prepaid Assets	-241,000	-176,000	-115,000	175,000
Change In Receivables	-8,216,000	-6,608,000	-1,396,000	2,881,000
Changes In Account Receivables	-9,044,000	-4,974,000	-311,000	3,398,000
Other Non Cash Items	3,000	-2,000	8,000	35,000
Stock Based Compensation	305,000	304,000	871,000	654,000
Provisionand Write Offof Assets	114,000	76,000	43,000	36,000
Asset Impairment Charge		2,000	5,000	45,000	0
Deferred Tax	181,000	-369,000	0	0
Deferred Income Tax	181,000	-369,000	0	0
Depreciation Amortization Depletion	86,000	77,000	71,000	61,000
Depreciation And Amortization	86,000	77,000	71,000	61,000
Amortization Cash Flow	72,000	63,000	55,000	35,000
Amortization Of Intangibles	72,000	63,000	55,000	35,000
Depreciation	14,000	14,000	16,000	26,000
Operating Gains Losses					2,045,657
Gain Loss On Investment Securities					2,045,657
Net Income From Continuing Operations	1,883,000	1,411,000	-541,000	-1,028,000

These metrics estimate what Robinhood Markets, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$23.08

Margin of Safety

Market Cap ÷ Company Value

1.00

P/B Ratio

6.64

Warren's Owner Earnings

$2.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/7 — Speculative Investor

✅ Adequate Size

$4.5B

vs > $1.5B revenue

❌ Strong Financial Condition

1.26x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

+31.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

37.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.64x P/B (P/E×P/B: 247.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$9.25

Trading at 8.3x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$29.41

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	2.9%	3.5%	N/A	N/A	N/A
Repurchase of Capital Stock	-$653M	-$257M	-$608M	$0M	N/A
Free Cash Flow	$1.6B ▲	-$207M ▼	$1.2B ▲	-$909M •	N/A •
Warren's Owner Earnings	$2.0B	$1.5B	-$449M	-$910M	N/A

Peers & Industry

No auto-detected peers for Capital Markets. You can manually compare HOOD against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.70%

Low — management has little skin in the game

Return on Equity (ROE)

20.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.9%

Fair — average asset utilization

Share Buybacks (Latest Year)

$653M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+55.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Vladimir Tenev

Co-Founder, President, CEO & Chairman of the Board

Age 37

Pay: $3,004,978

0.160% of net income

Baiju Prafulkumar Bhatt

Co-Founder & Director

Age 39

Shiv Kumar Verma

Chief Financial Officer

Age 40

Chris Koegel

Vice President of Corporate Finance & Investor Relations

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Newlands Management Operations LLC	3.05%	24,158,860
FMR, LLC	2.71%	21,433,094
Geode Capital Management, LLC	2.68%	21,171,925
Index Venture Associates VI Ltd	1.46%	11,574,318

⚠️ Very high beta — extreme price volatility

Risk Analysis

Beta (Market Risk)

2.29

High volatility — moves more than the market

Short Interest

4.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.40x

Moderate leverage

Current Ratio

1.11x

Adequate liquidity

52-Week Price Range

Low: $45.56 Current: $76.69 High: $153.86

Currently at 29% of 52-week range

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