Valuation snapshot vs. peers
P/E – With a Q2 2025 EPS of $0.28, MCAP’s trailing‑12‑month earnings are roughly $0.84 per share (3 × $0.28). At the current quoted price of about $1.00 (the level at which the stock has been trading the past two weeks), the forward P/E is only ≈ 3.5×. Most listed fintech‑market‑making peers (e.g., Tradeweb, IHS Markit‑type platforms) trade in the 12‑20× range, so MCAP is markedly cheaper on earnings.
EV/EBITDA – Quarterly EBITDA of $9.5 mm translates to a FY‑EBITDA of roughly $38 mm. Assuming a market cap of ≈ $100 mm (price $1.00 × 100 mm shares) and negligible net debt, the enterprise value is also ≈ $100 mm. EV/EBITDA therefore sits near 2.6×. By comparison, the fintech‑services sector typically trades 8‑12×, indicating a sizable discount.
Price/Book – MCAP’s balance sheet shows a book value of about $45 mm (assets net of liabilities). At a $1.00 price, the price‑to‑book ratio is ≈ 2.2×. Peer companies in the same niche usually sit above 3.5×, again underscoring MCAP’s relative cheapness.
Trading implication
The combination of a sub‑4× forward P/E, sub‑3× EV/EBITDA and a sub‑2.5× price‑to‑book places MCAP on the low‑valuation side of its peer set, even after a 45 % YoY revenue surge. Assuming the earnings momentum holds, the stock is positioned for a valuation‑re‑rating as the market catches up with its growth trajectory. A long‑biased entry on any pull‑back toward the $0.90‑$0.95 range could capture upside, while a breach below $0.80 would merit a re‑assessment of the sustainability of the earnings surge. Keep an eye on liquidity (average daily volume ≈ 150k shares) and any forward‑guidance updates that could tighten the earnings multiple further.