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The Financial Modeller
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Markets, payments and financial infrastructure

Stockbroker financial model, built free.

A three-statement Excel model for a stockbroker, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Retail, online or institutional broker earning brokerage on client trades, capital-markets fees and interest on client cash.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Stockbroker sample model.xlsx
The Summary sheet of the sample stockbroker model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a stockbroker.

  1. How it earns revenue3 formulas
    Broking and exchange revenue · The business
    Active clients at the end of the periodActive clients at the start of the periodNet growth in active clients a yearshare of the year
    Broking and exchange revenue · The business
    Client tradesClient-years (average clients × years)Trades per active client a year
    Broking and exchange revenue · The business
    BrokerageClient tradesBrokerage per trade
  2. What drives its costs3 formulas
    Operating expenses · The business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · The business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · The business
    Total staff costsSalariesOn-costsOther costs per FTE
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded2 formulas
    Equity raising
    Equity raisedDistributions reinvested under the DRPOther equity raised (net of costs)Equity from an offer, milestone funding, conversions and creditor shares
    Dividends and distributions
    Closing dividends payableOpening dividends payableDividends declaredDividends paid
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

17 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Customers, accounts and acquisition costMarketing budget ÷ CACActive customers or funded accounts of a digital financial service (neobank, BNPL, broker, crypto or wealth app) and the marketing and onboarding cost of winning them.
  • Licence capital and liquidity requirements (non-banks)Own funds with fixed overheads and K-factorsMinimum capital, net tangible assets and liquid funds required of licensed non-bank firms, and the surplus available for dividends.
  • Broking and exchange revenueTrades × fee per tradeBrokerage, exchange, clearing and capital-markets fees driven by traded value, trades and capital raised.
  • Compensation ratio, bonus pools and deferred awardsFixed pay plus a bonus poolFixed pay, variable bonus pools, adviser or producer payouts and deferred awards for revenue-generating financial businesses, where compensation is the largest cost and flexes with revenue.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • Interest-rate forecastMarket forward curve
Key numbers

The numbers it tracks.

  1. 01trades
  2. 02active clients
  3. 03brokerage per trade
  4. 04interest on client cash
  5. 05compensation ratio
  6. 06EBITDA margin
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

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Every financial services model

Looking for a stockbroker financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.