The broker's expected P/E ratio lands between Robinhood and Europe-listed rivals.
CEO Yoni Assia could earn up to $27.5 million from the public listing.
Why is eToro share price going down today? Let's check current eToro stock quote
After months of speculation, eToro has finally kicked off its public listing roadshow. The Israeli trading platform is targeting a valuation between $3.7 billion and $4 billion in its upcoming initial public offering (IPO). While that’s far below the $10.4 billion valuation it hoped for in its failed 2022 SPAC deal, it’s still above the $3.5 billion figure from its most recent funding round.
But is eToro’s current valuation high or low? And which listed brokers offer the fairest comparison?
In 2024, the broker reported a net profit of $192 million. Based on the expected valuation, its price-to-earnings (P/E) ratio would range from 19.2 to 20.8.
That puts it in close range with US-based Robinhood, which trades at a P/E ratio above 27.5. On paper, this makes eToro’s offer seem more affordable. However, Robinhood currently has a market cap of $42.4 billion—ten times more than what eToro is targeting.
Both brokers also have a strong crypto connection. At eToro, 38 per cent of trading income came from cryptocurrencies. Robinhood also leaned heavily on crypto in recent quarters. But the American broker is now planning to reduce its reliance on digital assets as trading volumes fluctuate.
eToro's income statement in its IPO prospectus
How It Stacks Up Against European Brokers
eToro now positions itself as a multi-asset platform and a fintech. But for years, its main focus was contracts for differences (CFDs). When compared to CFDs-heavy European peers, eToro’s valuation starts to look expensive.
IG Group, listed in London, has a market cap of £3.8 billion ($5.6 billion) and trades at a P/E ratio of 11.22. Plus500, another London-listed Israeli broker, is valued at £2.3 billion ($3.06 billion) with a P/E ratio of 12.2. CMC Markets trails behind with a £712 million ($950 million) market cap and a P/E ratio of 8.39.
Even Poland-listed XTB, which offers more than just CFDs, trades at a P/E of 13.26 and is worth PLN 9.9 billion ($2.6 billion).
Despite this, eToro seems to see itself as more of a US-style trading platform, similar to Robinhood, than a European one. But the numbers tell a different story: 70 per cent of eToro’s 3.58 million funded accounts are from Europe and the UK. The Americas account for just 10 per cent. In comparison, Robinhood has 25.8 million funded users, mostly based in the United States.
Only half of the IPO shares will be newly issued. The rest will come from existing shareholders. This means eToro will raise around $230 million to $250 million in fresh capital. After deducting costs and commissions, the net amount will be about $217.7 million—or up to $285.6 million if underwriters fully exercise their stock options.
Yoni Asia, the CEO of eToro
“The principal purposes of this offering are to increase our capitalisation and financial flexibility and to create a public market,” eToro stated. “We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.”
Interestingly, the broker also plans to use some of the IPO proceeds to “make acquisitions or investments”.
As for existing shareholders, eToro CEO Yoni Assia stands to make up to about $27.5 million by selling part of his stake in the public offering, while his brother, Ronen Assia, intends to make up to $12.75 million.
Other large shareholders—including Spark Capital, BRM Group (the Barkat family office), Andalusian, and CM Equities—are also expected to cash out tens of millions of dollars each.
After months of speculation, eToro has finally kicked off its public listing roadshow. The Israeli trading platform is targeting a valuation between $3.7 billion and $4 billion in its upcoming initial public offering (IPO). While that’s far below the $10.4 billion valuation it hoped for in its failed 2022 SPAC deal, it’s still above the $3.5 billion figure from its most recent funding round.
But is eToro’s current valuation high or low? And which listed brokers offer the fairest comparison?
In 2024, the broker reported a net profit of $192 million. Based on the expected valuation, its price-to-earnings (P/E) ratio would range from 19.2 to 20.8.
That puts it in close range with US-based Robinhood, which trades at a P/E ratio above 27.5. On paper, this makes eToro’s offer seem more affordable. However, Robinhood currently has a market cap of $42.4 billion—ten times more than what eToro is targeting.
Both brokers also have a strong crypto connection. At eToro, 38 per cent of trading income came from cryptocurrencies. Robinhood also leaned heavily on crypto in recent quarters. But the American broker is now planning to reduce its reliance on digital assets as trading volumes fluctuate.
eToro's income statement in its IPO prospectus
How It Stacks Up Against European Brokers
eToro now positions itself as a multi-asset platform and a fintech. But for years, its main focus was contracts for differences (CFDs). When compared to CFDs-heavy European peers, eToro’s valuation starts to look expensive.
IG Group, listed in London, has a market cap of £3.8 billion ($5.6 billion) and trades at a P/E ratio of 11.22. Plus500, another London-listed Israeli broker, is valued at £2.3 billion ($3.06 billion) with a P/E ratio of 12.2. CMC Markets trails behind with a £712 million ($950 million) market cap and a P/E ratio of 8.39.
Even Poland-listed XTB, which offers more than just CFDs, trades at a P/E of 13.26 and is worth PLN 9.9 billion ($2.6 billion).
Despite this, eToro seems to see itself as more of a US-style trading platform, similar to Robinhood, than a European one. But the numbers tell a different story: 70 per cent of eToro’s 3.58 million funded accounts are from Europe and the UK. The Americas account for just 10 per cent. In comparison, Robinhood has 25.8 million funded users, mostly based in the United States.
Only half of the IPO shares will be newly issued. The rest will come from existing shareholders. This means eToro will raise around $230 million to $250 million in fresh capital. After deducting costs and commissions, the net amount will be about $217.7 million—or up to $285.6 million if underwriters fully exercise their stock options.
Yoni Asia, the CEO of eToro
“The principal purposes of this offering are to increase our capitalisation and financial flexibility and to create a public market,” eToro stated. “We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures.”
Interestingly, the broker also plans to use some of the IPO proceeds to “make acquisitions or investments”.
As for existing shareholders, eToro CEO Yoni Assia stands to make up to about $27.5 million by selling part of his stake in the public offering, while his brother, Ronen Assia, intends to make up to $12.75 million.
Other large shareholders—including Spark Capital, BRM Group (the Barkat family office), Andalusian, and CM Equities—are also expected to cash out tens of millions of dollars each.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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