The results are impressive: eToro Group reported record net contribution of $868 million for full-year 2025, a 10% rise year-on-year, with GAAP net income climbing 12% to $216 million. Funded accounts grew from 3.5 million to 3.8 million throughout the year. By most conventional measures, this was a company firing on all cylinders. But the stock tells a different story.In early February, eToro shares were traded at approximately $24.74 (since then it's recovered a bit). That same month, Plus500 reached an all-time high of £4,930. Both platforms target almost the same mass-market retail traders. Both operate in a similar regulatory and macroeconomic environment. Yet the market narrative around each company could not be more different.The Q1 2026 paradox in retail brokerageSince its Nasdaq debut at $67 in May 2025, eToro has lost nearly 50% of its value while Plus500 gained 34% over the same period. The question is no longer whether eToro is profitable. It clearly is. The deeper question is what the market sees, or fails to see, in eToro's growth story that it appears to find convincingly in Plus500.Is this post-IPO hype fading as reality sets in? A structural difference in how each platform generates and retains revenue? Investor concerns over eToro's heavy reliance on retail sentiment and crypto-driven activity, where Q4 2025 already showed year-on-year softness? Or something else entirely?The full analysis, including charts and deeper insights comparing eToro and Plus500, is available on our Finance Magnates Intelligence portal. Register for FREE to access the full report.This article was written by Sylwester Majewski at www.financemagnates.com.