I Found a new 10x Compounder

Wide moats. 57% revenue growth. 44% EBITDA margins. And trading at a fraction of its peers.

Every decade or so, a company emerges that checks all the boxes quality investors dream about:

✅ Structural tailwinds that could last 20+ years
✅ Proprietary technology competitors can't easily replicate
✅ Network effects that strengthen with scale
✅ Operating leverage that's just beginning to show up
✅ A massive valuation gap versus nearly identical competitors

I've spent the last week digging into a company that trades at roughly $4 billion market cap—while its three direct competitors trade at $27 billion, $57 billion, and $91 billion respectively.

Same industry. Same business model. Same customers.

Yet this company is growing revenue 3-4x faster than the incumbents. It's gaining market share every single month. And it just posted EBITDA margin expansion from 27% to 44% in twelve months.

The kicker? The industry itself is experiencing a structural boom. Volume hit all-time records in 2025—up 26% year-over-year—and shows no signs of slowing. Retail participation is exploding. New products are launching. Regulatory tailwinds are emerging.

This isn't a speculative bet on an unproven business model. This is a quality compounder operating in a oligopolistic industry with high barriers to entry, recurring revenue characteristics, and margins that would make most software companies jealous.

The question I set out to answer: How long until this $4B company catches its $40B rivals?

The answer surprised me. And let me to start a position, now 7.62% of the Steady Compounders portfolio. And you know how rarely we start new positions in that portfolio. Let’s look at the company and the valuation.

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