Robinhood Markets, Inc. (HOOD)
NEUTRALファンダメンタル
64
株価
$112.01
時価総額
$93.16B
パート1 · 企業の価値
概要
Robinhood is a commission-free brokerage app that lets people trade stocks, options and cryptocurrencies from their phone. It grew by removing the trading fees that traditional brokers used to charge, and now earns money in ways that are less visible to the user, mainly by routing customer orders to market makers and by lending out customers' idle cash and margin balances.
収益の仕組み
Transaction-based revenue comes from payment for order flow — market makers pay Robinhood for the right to execute customer trades — so it scales with how much customers trade rather than with a per-trade fee charged to them. Net interest revenue comes from lending customer cash, securities and margin balances, which rises with interest rates and with how much customers keep on deposit. A third, smaller stream comes from the Robinhood Gold subscription and other product fees.
セグメント別売上高
Interest earned on customer cash, securities lending and margin loans. Now Robinhood's largest single revenue source, and sensitive to interest rate levels.
Payment for order flow earned on options trades — historically Robinhood's single largest transaction revenue source.
Payment for order flow on crypto trades. The most volatile revenue line, moving with crypto prices and trading enthusiasm.
The Robinhood Gold subscription, other transaction-based fees, and miscellaneous product revenue.
Payment for order flow on stock trades — a smaller share than options or crypto despite equities being the most common trade type.
競争優位性（moat）
スイッチングコスト · 狭いOnce a customer's portfolio, tax records and linked bank account sit on Robinhood, moving them to another broker is enough hassle that many do not bother, and Gold-tier customers who use its debit card and cash management are further tied in. But the underlying trading products are nearly identical across brokers, and price-sensitive or professional traders switch fairly easily.
需要を左右する要因
景気循環型Trading activity, and therefore transaction revenue, rises with market enthusiasm and volatility and falls when markets are quiet or falling and retail investors pull back. Net interest revenue depends on interest rate levels set by central banks, a separate cycle Robinhood does not control. Together this makes revenue considerably less predictable than a typical financial services business.
主なリスク
- Dependence on trading volume and volatility — Transaction-based revenue depends on customers trading actively, particularly in options and crypto, and falls sharply when markets are calm or retail interest fades.
- Interest rate sensitivity — Net interest revenue, now the largest single line, moves directly with the interest rates central banks set. A sustained rate-cutting cycle would remove a major source of revenue.
- Regulatory scrutiny of payment for order flow — Payment for order flow, which underpins most of Robinhood's transaction revenue, has repeatedly drawn regulatory attention over whether it gives customers the best possible trade execution; a ban or restriction would remove the company's main revenue mechanism.
- Concentrated, cost-sensitive customer base — Robinhood's user base skews toward younger, more price-sensitive retail traders who are quicker to reduce activity or move balances elsewhere when conditions turn against them.
強気材料
Buyers argue that Robinhood has successfully broadened beyond commission-free stock trading into options, crypto, retirement accounts and banking-like products, that Robinhood Gold subscribers are stickier and more valuable customers, and that net interest revenue provides a steadier base even when trading activity cools.
弱気材料
Sellers fear that revenue remains built on trading enthusiasm and interest rates rather than on a durable recurring base, that a payment-for-order-flow ban or restriction would remove the core revenue mechanism overnight, and that Robinhood's younger, more speculative customer base pulls back faster than average when markets turn.
Written by the editors, published on 2026年8月18日
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貸借対照表と流動性
売上高
$4.93B
直近12か月（2026/6/30まで）
純利益
$2.07B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
-
自己資本合計
$9.15B
負債合計
$28.99B
流動比率
1.22
利払い倍率
-
負債/EBITDA
-
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$109.80
現在株価
$112.01
安全マージン
-2.0%
適正価値レンジ
$93.25 - $126.35
推定方法
バリュエーション指標
P/E レシオ
45.85
ROE
20.6%
P/B レシオ
-
P/FCF
-
粗利益率
-
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
17.4%
ROIC − WACC
-
ファンダメンタル分析基準
合格（11）
- EPS shows upward trend
- Price CAGR 43.52%
- Debt/Equity ratio
- Current Ratio
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 22.7%
- Revenue Growth 5Y 36.1%
- Analyst Consensus 82% Buy
- PEG Ratio 0.22
- Share Dilution 1.6%
不合格（5）
- DCF valuation (Unknown)
- Earnings Surprise avg 2.3%
- Earnings Quality (OCF/NI) 0.12
- Net Margin Trend 42.0% vs 50.1%
- Piotroski F-Score 3/9
データなし（11）
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Vladimir Tenev | Co-Founder, President, CEO & Chairman of the Board | 38 |
| Mr. Baiju Prafulkumar Bhatt | Co-Founder & Director | 40 |
| Mr. Daniel M. Gallagher Jr., J.D. | Chief Legal, Compliance & Corporate Affairs Officer | 52 |
| Mr. Jason Warnick CPA | Advisor | 52 |
| Mr. Steven M. Quirk | Chief Brokerage Officer | 60 |
| Mr. Shiv Kumar Verma | Chief Financial Officer | 40 |
| Ms. Stephanie Jannie Guild C.F.A. | Chief Investment Officer | - |
| Ms. Dara Ann Bazzano | Chief Accounting Officer & Principal Accounting Officer | 56 |
| Mr. Chris Koegel | Vice President of Corporate Finance & Investor Relations | - |
| Ms. Nora Chan | Senior Director of Communications | - |
監査リスク
3
取締役会リスク
10
報酬リスク
9
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for HOOD, sourced from Markets Gazette.
- 4d agoPOSITIVERobinhood +11% col rally BTC che spinge le crypto: HOOD manterrà i guadagni?
Robinhood's stock surged 11% on Friday, propelled by a significant rally in Bitcoin, which neared $77,000. This surge in digital assets, driven by macroeconomic and policy factors, has boosted companies with crypto exposure. Robinhood's platform, which facilitates trading of cryptocurrencies alongside traditional assets, directly benefits from this increased activity. Other crypto-linked stocks like Coinbase and Circle Internet Group also saw substantial gains, indicating a broad positive sentiment across the crypto-related equities sector. Investors are watching to see if Robinhood can sustain these gains as Bitcoin's price action continues to be a key driver.
- 27d agoPOSITIVERobinhood CFO details surging prediction market business as firm posts record revenue in Q2
Robinhood Markets Inc. reported record revenue in Q2 2026, surpassing analyst expectations. While the company experienced a significant decline in cryptocurrency revenue, its prediction market business saw a substantial surge, compensating for the crypto downturn. This diversification and growth in new business segments indicate strong operational performance and strategic adaptability. Investors will likely view this as a positive sign of the company's ability to innovate and capture new market opportunities beyond its traditional trading platforms, potentially leading to increased valuation.
- 27d agoNEUTRALRobinhood posts record quarter, but crypto revenue slides 38%
Robinhood Markets Inc. reported a record quarter, driven by expansion in its digital asset business through initiatives like Robinhood Chain, tokenized stocks, and decentralized lending. However, this growth was tempered by a significant 38% decline in cryptocurrency transaction revenue. Despite the crypto revenue drop, the company's overall performance indicates a strategic pivot towards broader digital finance solutions, potentially offsetting volatility in specific revenue streams. Investors will monitor the success of these new ventures against the backdrop of ongoing crypto market fluctuations.
- 7/25/2026NEUTRALRobinhood in talks with Crypto.com over prediction markets: WSJ
Robinhood Markets Inc. is reportedly in discussions with Crypto.com regarding potential expansion into prediction markets, according to The Wall Street Journal. This development comes as prediction market operators in the U.S. navigate ongoing legal challenges from both state and federal regulators. While the specifics of any potential deal remain undisclosed, the move could signify Robinhood's interest in diversifying its offerings into a new, albeit legally complex, financial product space. Investors will be watching for further clarity on the regulatory landscape and the strategic implications of such an expansion.
- 7/24/2026NEUTRALRobinhood CEO X Hack Shows Why Crypto Scams Still Target Trusted Names
The recent hacking of Robinhood CEO Vlad Tenev's X account highlights a persistent vulnerability in the cryptocurrency ecosystem: the targeting of trusted entities and individuals to perpetrate scams. While Robinhood itself was not directly compromised, the incident underscores how bad actors leverage the credibility of well-known platforms and figures to lure unsuspecting investors into fraudulent schemes. This event serves as a stark reminder for investors to exercise extreme caution, verify all communications, and be wary of unsolicited investment opportunities, particularly within the volatile crypto space, regardless of the perceived legitimacy of the source.
- 7/23/2026NEGATIVERobinhood CEO’s X account hacked in apparent memecoin scam
Robinhood CEO Vlad Tenev's X (formerly Twitter) account was compromised in a sophisticated social engineering attack, used to promote a fraudulent "VLAD" memecoin. The hacker posted a malicious token contract address, aiming to defraud users. This incident raises significant concerns about the platform's security and the potential for reputational damage. Investors will be watching for Robinhood's response and any impact on user trust and regulatory scrutiny.
- 7/20/2026POSITIVEBernstein raises Robinhood price target, cites tokenization and prediction markets
Bernstein has increased its price target for Robinhood Markets Inc., highlighting the potential of its blockchain strategy. The brokerage's initiatives, including tokenized equities and the development of its Arbitrum-based Robinhood Chain, are seen as key drivers that could decrease the company's dependence on traditional cryptocurrency trading. Analysts believe these advancements position Robinhood for future growth and could unlock new revenue streams, making the stock more attractive to investors.
- 7/13/2026POSITIVERobinhood’s Chainlink CCIP Integration Raises The Stakes For Tokenized Equity Infrastructure
Robinhood has integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) into its Layer-2 network, a move that significantly enhances its infrastructure for tokenized assets. This integration introduces a robust cross-chain capability, bolstering Robinhood's strategy for tokenized equity. The adoption of CCIP by a major financial platform like Robinhood signals growing institutional confidence in blockchain interoperability solutions for traditional finance, potentially accelerating the development and adoption of tokenized securities and related infrastructure.
via Markets Gazette