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RILYG

B. Riley Financial, Inc. 5.00% Senior Notes due 2026

RILYG

B. Riley Financial, Inc. 5.00% Senior Notes due 2026 • NASDAQ
$17.25 ▼ -1.60% (-0.28)
Market Cap $527.80 M
52w High $21.00
52w Low $6.12
Dividend Yield 1.25%
P/E 0
Volume 15.64K
Outstanding Shares 30.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $109.119M ▲ $15.434M ▼ $41.766M ▲ 38.276% ▲ $1.37 ▲ $55.041M ▲
Q2-2025 $60.911M ▼ $42.317M ▼ $12.521M ▲ 20.556% ▲ $0.41 ▲ $16.939M ▲
Q4-2024 $267.613M ▼ $326.927M ▲ $2.892M ▲ 1.081% ▲ $0.029 ▲ $-208.747M ▼
Q3-2024 $270.782M ▼ $256.198M ▼ $-284.397M ▲ -105.028% ▲ $-9.39 ▲ $-90.157M ▲
Q2-2024 $323.947M $412.621M $-433.604M -133.85% $-14.35 $-354.287M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $55.039M ▼ $382.109M ▼ $125.658M ▼ $0 ▲
Q4-2024 $154.877M ▼ $1.783B ▼ $2.239B ▼ $-488.175M ▲
Q3-2024 $159.247M ▼ $2.157B ▼ $2.583B ▼ $-497.583M ▼
Q2-2024 $236.895M ▲ $3.236B ▼ $3.379B ▼ $-218.336M ▼
Q1-2024 $190.69M $4.998B $4.698B $228.449M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-16.567M ▼ $184K ▲ $49.216M ▼ $0 ▲ $0 ▼ $184K ▲
Q4-2024 $-5.606M ▲ $-2.743M ▼ $415.005M ▲ $-317.225M ▼ $86.828M ▲ $-3.97M ▼
Q3-2024 $-287.598M ▲ $19.455M ▼ $18.825M ▲ $-111.196M ▼ $-68.775M ▼ $18.171M ▼
Q2-2024 $-433.781M ▼ $111.482M ▼ $-11.574M ▼ $-52.593M ▲ $46.044M ▲ $106.954M ▼
Q1-2024 $-49.165M $135.357M $18.278M $-190.933M $-41.26M $134.444M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Advertising Licensing And Other
Advertising Licensing And Other
 $0 ▲$30.00M ▲$50.00M ▲$20.00M ▼
Commissions Fees And Reimbursed Expenses
Commissions Fees And Reimbursed Expenses
 $30.00M ▲$10.00M ▼$0 ▼$10.00M ▲
Corporate Finance Consulting And Investment Banking Fees
Corporate Finance Consulting And Investment Banking Fees
 $60.00M ▲$50.00M ▼$60.00M ▲$20.00M ▼
Fair Value Adjustment On Loans
Fair Value Adjustment On Loans
 $-180.00M ▲$-70.00M ▲$0 ▲$-10.00M ▼
Interest Income Securities lending
Interest Income Securities lending
 $20.00M ▲$10.00M ▼$40.00M ▲$0 ▼
Interest Income Loans
Interest Income Loans
 $20.00M ▲$10.00M ▼$0 ▼$0 ▲
Other Segments
Other Segments
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Sale Of Goods
Sale Of Goods
 $60.00M ▲$60.00M ▲$50.00M ▼$50.00M ▲
Subscription Services
Subscription Services
 $80.00M ▲$70.00M ▼$60.00M ▼$60.00M ▲
Trading Loss Income
Trading Loss Income
 $0 ▲$0 ▲$0 ▲$-20.00M ▼
Wealth And Asset Management Fees
Wealth And Asset Management Fees
 $50.00M ▲$50.00M ▲$40.00M ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have become much weaker and more volatile over the last few years. Revenue grew strongly through 2021 and 2023 but then fell sharply most recently, and profitability did not keep up with the earlier growth. Margins have compressed, and operating results have swung from healthy profits a few years ago to meaningful losses lately. Net income has been negative for three consecutive years, with the most recent year showing the largest loss in this period. This pattern suggests a business that is highly sensitive to market conditions, deal activity, and the performance of its own investments, rather than one that delivers steady, predictable earnings.

Balance Sheet

Balance Sheet The balance sheet has shifted from reasonably solid to clearly stressed. Total assets expanded significantly during the growth phase but have since come down, while debt has risen and remained high. Equity moved from positive to negative in the most recent year, meaning liabilities now exceed reported assets. That negative equity position is a notable warning sign for creditors, as it indicates limited balance sheet cushion if business conditions remain weak or worsen. Overall, the company appears heavily leveraged and dependent on maintaining asset values and cash generation to support its obligations, including its various note issues.

Cash Flow

Cash Flow Cash generation looks modest but more stable than the income statement would suggest. Despite accounting losses in recent years, operating cash flow has stayed slightly positive each year, helped by low capital spending and the nature of the financial-services business, which is not very asset‑intensive. Free cash flow is positive but thin, leaving limited room for error if markets are unfavorable or if the firm needs to absorb shocks from its investment activities or legal and regulatory matters. The key question is whether this modest, but positive, cash generation can be sustained through a full cycle given the current leverage and earnings volatility.

Competitive Edge

Competitive Edge B. Riley’s strength lies in its diversified platform across investment banking, brokerage, restructuring, liquidation, consulting, and wealth management, with a particular focus on middle‑market clients. This integrated model allows it to provide “one‑stop” solutions and cross‑sell services, which can deepen client relationships and generate multiple revenue streams from the same relationships. Its willingness to invest its own capital alongside clients can make it an attractive partner and a differentiated player compared with pure advisory firms. On the other hand, this opportunistic and investment‑heavy model also exposes the firm to market swings, deal cycles, and mark‑to‑market hits, which we see reflected in recent volatility. It competes against both large banks and specialist boutiques, so its niche positioning and reputation in the middle market are critical assets, but not an unassailable moat.

Innovation and R&D

Innovation and R&D The company is not a traditional R&D or technology-driven firm; instead, it uses technology pragmatically to enhance existing services. It leans on data analytics in investment banking and research, digital platforms for wealth management, and selective investments in fintech to stay relevant. Its focus on areas like artificial intelligence, digital assets, and other high‑growth sectors is more about sector expertise and product design than building proprietary tech. This approach can support growth and client engagement but does not create a deep, technology-based competitive barrier. The real “innovation” is more in how its different business lines work together and in its ability to structure complex, customized financial solutions rather than in heavy internal R&D spending.

Summary

Overall, the issuer behind RILYG combines a diversified, middle‑market financial platform with an opportunistic investment style, which has produced both strong periods and sharp downturns. The recent picture is one of declining revenue from prior peaks, compressed margins, and sizeable losses, alongside a balance sheet that has migrated to negative equity and elevated leverage. Cash flow from operations has stayed slightly positive, helped by low capital needs, but offers only a thin buffer. Strategically, the firm’s integrated model, sector specialization, and willingness to invest its own capital can be valuable strengths if markets cooperate and execution is disciplined. At the same time, earnings volatility, leverage, regulatory scrutiny, and sensitivity to capital‑markets cycles are key risks that matter for anyone evaluating the resilience of its 2026 senior notes and other obligations.