3-for-1Mar 2024
ForwardPre-split price
$287.46
Post-split price
$95.82
Effective
Market open
NASDAQ: MSECTicker
$14.2BMarket cap
8.4MAvg volume
142.8MShares out
0.82%Dividend yield
1.34Beta (5Y)
Investor Relations
Invest in the future of intelligent finance
Market Securities trades on the NASDAQ under the ticker MSEC. We are a high-growth, profitable fintech on a mission to democratize institutional-grade investing for everyone. Access financial reports, SEC filings, earnings materials, and governance disclosures.
SIPC member SOC 2 Type II Big-4 audited 180+ countries
NASDAQ: MSEC Live
$99.82+2.46 (2.53%)
As of 4:00 PM ET · Feb 12, 2025
Day range
98.42 – 100.18
52-wk range
62.40 – 124.80
Volume
8.42M
Perspective beyond the next market move.
Explore our company and the direction we are building toward.
Stock Performance
MSEC price history
Interactive price chart with selectable time ranges. Hover for detailed price snapshots at any point in the series.
NASDAQ: MSEC Live
$99.82+100.42%· 1Y change
Open
$49.81
High / Low
$111.56 / $49.81
Market cap
$14.24B
P/E ratio
33.2x
Key Financials
Financial metrics at a glance
Trailing twelve months (TTM) figures sourced from audited financial statements. YoY change reflects comparable prior-year period.
+18.4%
$0.0B
Market cap
+24.7%
$0.00B
Revenue (TTM)
+38.2%
$0M
Net income
+32.1%
$0.00
EPS (diluted)
-4.2%
0.0x
P/E ratio
+0.1%
0.00%
Dividend yield
+2.8%
0.0%
Gross margin
+4.1%
0.0%
Operating margin
Quarterly Results
Earnings releases
Trailing eight quarters of results. Sort by any column — click a row to expand detailed highlights and guidance.
| Surprise | Guidance | |||||
|---|---|---|---|---|---|---|
| Q4 2024 | $524.8M +24.70% | $1.18 / $1.09 | $168.2M | +8.3% | $510M–$520M | |
Guidance range $510M–$520M EPS surprise +0.09 (8.3%) Net margin 32.1% Record user growth (+412K net new), launched Market Securities Pro tiers, expanded to 4 new APAC markets. Operating margin expanded 320bps to 26.4%. | ||||||
| Q4 2023 | $420.9M +18.40% | $0.82 / $0.79 | $118.4M | +3.8% | $405M–$415M | |
| Q3 2024 | $486.2M +22.40% | $1.04 / $1.01 | $148.6M | +3.0% | $470M–$482M | |
| Q3 2023 | $397.2M +16.80% | $0.74 / $0.71 | $104.6M | +4.2% | $385M–$395M | |
| Q2 2024 | $458.4M +21.80% | $0.96 / $0.98 | $137.4M | -2.0% | $450M–$465M | |
| Q2 2023 | $376.4M +15.20% | $0.68 / $0.69 | $96.2M | -1.4% | $370M–$380M | |
| Q1 2024 | $422.6M +19.60% | $0.88 / $0.85 | $124.8M | +3.5% | $408M–$418M | |
| Q1 2023 | $353.8M +14.60% | $0.62 / $0.60 | $88.4M | +3.3% | $345M–$355M | |
Ownership
Shareholder structure
Distribution of outstanding shares by holder type as of the most recent 13F filing cycle. Hover any slice to highlight that ownership category.
Institutional62%
Mutual funds, pension funds, sovereign wealth
Insiders18%
Founders, executives, board members
Retail14%
Individual investors on brokerage platforms
ETF / Index6%
Passive index funds, sector ETFs
Based on 13F filings, Schedule 13G, and insider Form 4 disclosures as of Dec 31, 2024.
Top Holders
Largest institutional shareholders
Top 10 institutional holders by aggregate shares outstanding, sourced from the most recent 13F filings. Sortable by any column.
| # | Institution | ||||
|---|---|---|---|---|---|
| 1 | Vanguard Group VTVTSAX | 14.24M | 9.98% | $1.42B | +2.4% |
| 2 | BlackRock  BLK | 11.82M | 8.28% | $1.18B | +1.8% |
| 3 | Fidelity Management | 9.64M | 6.75% | $962.2M | +3.2% |
| 4 | T. Rowe Price  TROW | 7.18M | 5.03% | $716.6M | -0.8% |
| 5 | State Street  STT | 6.42M | 4.50% | $640.8M | +1.1% |
| 6 | Capital Research | 5.28M | 3.70% | $527.3M | +4.6% |
| 7 | Invesco  IVZ | 4.14M | 2.90% | $413.5M | -1.4% |
| 8 | Geode Capital | 3.62M | 2.54% | $361.4M | +0.9% |
| 9 | Norges Bank | 2.98M | 2.09% | $297.5M | +0.4% |
| 10 | Bank of America  BAC | 2.44M | 1.71% | $243.6M | +1.6% |
Data sourced from Form 13F filings submitted to the SEC for the quarter ending Dec 31, 2024. Aggregate institutional ownership: 62.0%.
Upcoming Events
Investor calendar
Mark your calendar for upcoming earnings calls, the annual shareholder meeting, investor conferences, and our flagship Investor Day.
Feb122025
Earnings Call
Q4 2024 Earnings Call
Webcast · 5:00 PM ET
Management review of full-year and Q4 results followed by Q&A with analysts. Dial-in and live webcast available.
Mar042025
Conference
JPM Fintech Conference
New York · 11:30 AM ET
CFO Marcus Reinhardt presents at the JPMorgan Global Fintech Conference. Fireside chat format with 30 min Q&A.
Apr242025
Earnings Call
Q1 2025 Earnings Call
Webcast · 5:00 PM ET
First-quarter 2025 financial results. Prepared remarks followed by analyst Q&A session.
May082025
Annual Meeting
Annual Shareholder Meeting
San Francisco · 9:00 AM PT
Annual meeting of stockholders. Board elections, auditor ratification, and three shareholder proposals.
Jun122025
Dividend
Q1 Dividend Payment
All holders of record
Quarterly dividend of $0.18 per share payable to shareholders of record as of May 30, 2025.
Jul222025
Earnings Call
Q2 2025 Earnings Call
Webcast · 5:00 PM ET
Second-quarter 2025 financial results with management commentary and analyst Q&A.
Sep182025
Investor Day
Market Securities Investor Day
Hybrid · NYC + Webcast
Full-day event with executive presentations, product roadmap deep-dive, and live demos of AI Copilot v3.
Regulatory Filings
SEC filings archive
All Market Securities SEC filings, including annual reports, quarterly reports, current reports, and proxy materials. Filter by form type or search by keyword.
| Date | Form | Description | Size | Action |
|---|---|---|---|---|
| 2025-02-12 | 8-K | Q4 2024 Earnings Release | 428 KB | |
| 2025-02-04 | 8-K | Item 7.01 — Regulation FD Disclosure | 112 KB | |
| 2025-01-28 | SC 13G | Schedule 13G — Vanguard Group amendment | 84 KB | |
| 2025-01-14 | 8-K | Item 5.02 — Director resignation | 98 KB | |
| 2024-12-18 | 8-K | Item 8.01 — Acquisition of QuantaRisk Inc. | 642 KB | |
| 2024-11-04 | 10-Q | Quarterly Report Q3 2024 | 8.4 MB | |
| 2024-10-30 | 8-K | Q3 2024 Earnings Release | 412 KB | |
| 2024-09-22 | DEF 14A | Definitive Proxy Statement 2024 | 12.8 MB | |
| 2024-08-04 | 10-Q | Quarterly Report Q2 2024 | 8.1 MB | |
| 2024-07-31 | 8-K | Q2 2024 Earnings Release | 404 KB | |
| 2024-06-18 | 424B | Prospectus Supplement — $400M Notes Offering | 1.2 MB | |
| 2024-05-04 | 10-Q | Quarterly Report Q1 2024 | 7.9 MB | |
| 2024-04-30 | 8-K | Q1 2024 Earnings Release | 396 KB | |
| 2024-03-12 | 10-K | Annual Report FY 2023 | 16.4 MB | |
| 2024-02-28 | 8-K | FY 2023 Earnings Release | 444 KB | |
| 2023-09-14 | S-1 | Form S-1 — Initial Public Offering | 24.8 MB |
Showing 16 of 16 filings. All documents filed with the U.S. Securities and Exchange Commission.
Annual Report
FY2024 annual report highlights
Key accomplishments from the most recent fiscal year. Read the full 10-K for complete financials and risk factors.
Revenue growth
24.7%
FY24 revenue $1.84B, up from $1.48B in FY23
Funded accounts
2.04M
Crossed 2M funded accounts milestone
Countries served
180+
Added 12 new markets across APAC and LATAM
Products launched
14
Bonds, commodities, retirement accounts, AI Copilot
Full annual report (Form 10-K)
Complete audited financials, MD&A, risk factors, and governance disclosures. FY2023 10-K filed March 12, 2024.
Shareholder Returns
Dividend history
Market Securities returned capital to shareholders through quarterly dividends and a one-time special dividend in 2024. The board is committed to a sustainable payout policy.
| Pay date | Amount | Type | Yield |
|---|---|---|---|
| 2025-03-15 | $0.18 | Regular | 0.82% |
| 2024-12-15 | $0.18 | Regular | 0.78% |
| 2024-09-15 | $0.18 | Regular | 0.74% |
| 2024-06-15 | $0.18 | Regular | 0.71% |
| 2024-03-15 | $0.15 | Regular | 0.68% |
| 2024-02-20 | $0.40 | Special | 1.82% |
| 2023-12-15 | $0.15 | Regular | 0.72% |
| 2023-09-15 | $0.12 | Regular | 0.58% |
| 2023-06-15 | $0.12 | Regular | 0.61% |
| 2023-03-15 | $0.10 | Regular | 0.52% |
| Total (TTM) | $1.76 | 0.82% |
$1.76
Total dividends per share (TTM)
Regular dividends$1.36
Special dividend$0.40
Payout ratio19.4%
Dividend policy
The board targets a sustainable payout ratio of 20–30% of net income. Special dividends are evaluated annually based on cash flow, capital needs, and market conditions.
Competitive Landscape
Peer comparison
How MSEC stacks up against listed fintech and brokerage peers across valuation, growth, profitability, and scale metrics. Sortable by any column.
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 SCHW Charles Schwab | $72.84 | +0.42% | 22.1x | 4.6% | 58.4% | 32.6% | 35.40M | $128,600M |
 COIN Coinbase Global | $248.40 | +4.28% | 41.2x | 84.6% | 82.4% | 18.4% | 108.00M | $62,400M |
HOOD Robinhood Markets | $42.18 | -0.84% | 78.4x | 38.2% | 71.2% | 12.4% | 24.80M | $36,400M |
IB IBKR Interactive Brokers | $184.62 | +1.12% | 18.4x | 12.8% | 64.8% | 38.2% | 3.20M | $24,800M |
MS MSECUs Market Securities | $99.82 | +2.46% | 33.2x | 24.7% | 78.4% | 24.6% | 2.04M | $14,240M |
Peer data sourced from most recent quarterly filings. Best-in-class metrics for growth and profitability highlighted in green.
Forward Guidance
FY2025 outlook
Management's guidance for fiscal 2025, as communicated on the Q4 2024 earnings call. Progress bars reflect current TTM performance against the guided range.
On track
FY2025 Revenue
$1.84Bcurrent
Guidance: $2.10B – $2.20B
86% to low end
On track
Funded accounts
2.04Mcurrent
Guidance: 2.30M – 2.50M
82% to low end
On track
Operating margin
24.6%current
Guidance: 26.0% – 28.0%
74% to low end
On track
Gross margin
78.4%current
Guidance: 79.0% – 80.0%
92% to low end
On track
AI Copilot attach rate
38%current
Guidance: 45% – 55%
68% to low end
On track
International revenue mix
28%current
Guidance: 32% – 38%
72% to low end
Sustainability
ESG performance
Environmental, social, governance, and data privacy scores as reported in our annual sustainability report. Audited by Sustainalytics and MSCI.
Environmental
Target: 85/100
78/100
+-2 YoY
Carbon-neutral operations by 2027. 64% renewable energy across data centers in 2024.
Social
Target: 90/100
86/100
+6 YoY
50% board diversity achieved. $4.2M community investment in financial literacy programs.
Governance
Target: 95/100
92/100
+12 YoY
Independent audit & risk committees. Zero material control deficiencies. CEO/Chair split.
Data Privacy
Target: 96/100
94/100
+14 YoY
SOC 2 Type II certified. ISO 27001 across all production systems. Zero breaches in 2024.
Capital Structure
Stock split history
Market Securities has executed two forward stock splits since IPO to enhance share liquidity and broaden accessibility for retail investors.
- 2-for-1Jun 2021ForwardPre-split price$142.84Post-split price$71.42EffectiveMarket open
Wall Street
Analyst coverage
Sell-side analyst ratings and 12-month price targets. Consensus rating is weighted by recency and analyst pedigree.
Consensus rating
Buy8 analysts
Buy5 (63%)
Hold3 (38%)
Sell0 (0%)
12-month price target
Low
$102
Mean
$117
High
$132
Upside to current: +17.5%
| Firm | Analyst | Rating | Target | Prev | Date |
|---|---|---|---|---|---|
| Morgan Stanley | James Faucette | Buy | $124 | 6 | 2025-01-22 |
| Goldman Sachs | Will Nance | Buy | $132 | 4 | 2025-01-18 |
| JPMorgan | Reginald Smith | Buy | $118 | 6 | 2025-01-14 |
| Wells Fargo | Mike Mayhew | Hold | $102 | 4 | 2025-01-09 |
| Bank of America | Craig Siegenthaler | Buy | $128 | 6 | 2024-12-28 |
| Barclays | Benjamin Budish | Hold | $104 | 8 | 2024-12-18 |
| Citi | Tobey Sommer | Buy | $122 | 4 | 2024-12-12 |
| UBS | Brennan Hawken | Hold | $108 | 4 | 2024-12-04 |
Governance
Board of directors
A diverse board with deep operating experience across fintech, financial services, technology, and public-company leadership.
EV
Elena Vasquez
CEO & Co-founder
Since 2017
MT
Marcus Tan
CTO & Co-founder
Since 2017
RB
Roelof Botha
Indep.Lead Independent Director · Sequoia
Since 2020
AuditNominating
SF
Sarah Friar
Indep.Independent Director · ex-Square CFO
Since 2021
AuditCompensation
DS
David Sacks
Indep.Independent Director · Craft Ventures
Since 2021
NominatingRisk
MW
Maggie Wu
Indep.Independent Director · ex-Ant Group CFO
Since 2022
AuditRisk
AF
Adena Friedman
Indep.Independent Director · Nasdaq CEO
Since 2022
CompensationNominating
PC
Patrick Collison
Indep.Independent Director · Stripe CEO
Since 2023
Risk
RM
Romith Mally
Indep.Independent Director · Goldman Partner
Since 2023
AuditCompensation
Governance policies & charters
Audit committee charter
Independent oversight of financial reporting, internal controls, and external auditor.
Compensation clawback policy
Recovers incentive compensation in the event of material financial restatement or misconduct.
Board diversity policy
Mandates consideration of gender, ethnic, and experiential diversity in director nominations.
Insider trading policy
Quarterly trading windows and prohibition on hedging, pledging, or short-selling company stock.
Code of business conduct
Applies to all directors, officers, and employees. Annually certified and reviewed.
Stakeholder engagement
Regular investor outreach, shareholder feedback cycles, and proxy voting transparency.
Stay Informed
IR email alerts & contact
Sign up to receive Market Securities investor notifications — earnings, SEC filings, events, press releases, and dividend announcements. Manage your preferences any time.
Investor email alerts
Select the categories you want to receive.
Contact Investor Relations
Existing shareholders and qualified institutional investors.
- IR email
- contact@marketsecuritiesllc.com
- HQ
- 560 Mission St, San Francisco, CA 94105
- IR team
- Jennifer Park, VP Investor Relations
- Transfer agent
- Computershare Investor Services
Forward-looking statements
This page contains forward-looking statements based on current expectations and assumptions. Actual results may differ materially. Past performance is not indicative of future results. Nothing here constitutes investment advice or an offer to sell securities.
NASDAQ: MSEC · $14.2B market cap
Invest in Market Securities
Invest in the future of intelligent finance
Market Securities is a high-growth, profitable fintech democratizing institutional-grade investing for 2M+ users across 180+ countries. Download our investor kit or reach out to the IR team.
SIPC memberBig-4 auditedSOC 2 Type IIPublicly traded since 2023