XP Inc. (XP) stock analysis
Close on Nov 11, 2026Market cap $7.98BP/E 8.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
XP passes 11 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 5/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 23.7% over the last twelve months and averaged 23.8% over five years.
No debt
XP has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 20.0% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 10.3% a year over the last three fiscal years.
What to watch
Earnings growth not accelerating
Net income grew 14.5% over the last twelve months, against a 5-year average of 20.0% a year.
Growing slower than the industry
Revenue grew 7.3% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 16.2%.
No dividend
XP has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 10.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 15.9% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 14.5% over the last twelve months, against a 5-year average of 20.0% a year.
Growing slower than the industry
Revenue grew 7.3% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 16.2%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity over 15%
Return on equity was 23.7% over the last twelve months and averaged 23.8% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
XP's return on equity of 23.7% is above the Security Brokers, Dealers, and Flotation median of 17.9%.
Earnings grew over 5 years
Net income grew 20.0% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 64.9% over the last twelve months, against a 5-year average of 60.7%.
Net margin above the industry
XP's net margin of 64.9% is above the Security Brokers, Dealers, and Flotation median of 14.4%.
Financial health4/6
No debt
XP has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
XP has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for XP. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $403.63M
- Value traded per 1% price move
- $68.14M
Downside
High risk
- Typical loss in a bad month
- 45.0%
- Volatility (annualized)
- 75%
- Sharpe ratio, 1 year
- -0.31
- Beta to the S&P 500 (5Y)
- 1.11
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2016 to 2025
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.3% | +10.3% | +9.7% | – | |
| Net income | +14.5% | +13.0% | +20.0% | – | |
| EPS, diluted | +18.1% | +15.9% | +21.2% | – | |
| Free cash flow | +7.3% | +88.8% | +54.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 23.0% | 23.7% | |
| Return on assets | – | 3.0% | 1.4% | |
| Capex to revenue | – | 2.9% | 2.6% | |
| Diluted shares | – | 559M | 532M |
Where the cash went
Fiscal 2021 to 2025, five years combined
XP generated 37.18B BRL from operations and spent 6.67B BRL on capital expenditure, dividends and share buybacks. 9% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 64.9% | 0.02× | 17.07× | 23.7% |
| FY2024 | 60.8% | 0.02× | 15.10× | 22.9% |
| FY2023 | 59.7% | 0.03× | 12.09× | 21.4% |
| FY2022 | 60.2% | 0.04× | 10.54× | 22.8% |
| FY2021 | 57.9% | 0.05× | 9.30× | 28.4% |
| FY2020 | 41.4% | 0.07× | 7.74× | 23.0% |
| FY2019 | 30.0% | 0.12× | 6.64× | 23.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero5.17B BRL
- Cash generatingOperating cash flow above zero12.04B BRL
- Return on assets improvedROA up on the prior year1.8% → 1.5%
- Earnings backed by cashOperating cash flow above net income12.04B BRL vs 5.17B BRL
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise548M → 532M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.03 → 0.02
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