AGI Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Agibank is profitable and solidly capitalized at an 18.7 percent capital ratio, but it is unclear whether its earnings power will return: pre-tax profit fell from R$367.9 million in Q2 2025 to R$115.0 million in Q2 2026, net income holds up only thanks to a tax benefit, and 73.2 percent of the loan book depends on agreements with the INSS whose termination would change this assessment.
What the thesis turns on
Assessment: Opportunities & Risks
Agibank is growing strongly and is well capitalized, but pre-tax profit fell by more than two-thirds in Q2 2026, and net income held up thanks to a tax benefit. Three-quarters of its loans depend on agreements with the INSS, which were partially suspended twice in 2025, and the founder holds 94.5 percent of the votes. Not investment advice.
Growth & market position
Loan book of R$37,075.8 million (up 21.2 percent), 7.6 million active customers (up 36.4 percent), INSS market share of 9.60 percent as of June 30, 2026; 2025 net income of R$1,046.6 million.
Earnings power
Q2 2026 pre-tax profit down 68.7 percent to R$115.0 million; net interest margin after provisions of 6.8 instead of 9.9 percent; net income held steady only by an R$85.3 million tax benefit.
Capital & funding
Capital adequacy ratio of 18.7 percent against a 10.5 percent minimum, equity of R$4,799.2 million (June 30, 2026); ratings raised to the AA level on the national scale in 2026. Retail deposits, however, fell from 54.4 to 38.5 percent of funding.
Dependence on the INSS
73.2 percent of loans are INSS payroll loans (June 30, 2026); two partial suspensions by the agency in 2025 (August, December), lifted by settlements on Nov. 12, 2025, and Jan. 12, 2026, under enhanced supervision.
Credit quality
90-day delinquency ratio of 3.3 percent (prior quarter 3.6, prior year 2.7), provision coverage of 182.6 percent (prior year 240.4); 88 percent of loans secured, mostly by payroll or pension deduction.
Governance
Founder Marciano Testa holds 94.5 percent of the votes (Class B with ten votes each); controlled company under NYSE rules; 16.9 million shares registered for equity plans (S-8 of Apr. 29 and Sept. 21, 2026).
Worth Noting
AGI Inc made our research list through the Reddit hype scan of Oct. 24, 2026. AGI Inc is a foreign private issuer (Cayman Islands): annual report on Form 20-F instead of 10-K, quarterly figures as an earnings release and unaudited IFRS interim statements on Form 6-K. The most recent periodic report is the interim statements as of June 30, 2026 (6-K of Aug. 5, 2026); all filings through Oct. 2, 2026, were reviewed (6-K reports on ratings, bonds, FIDC funds and the new CTO, S-8 of Sept. 21, 2026, Form 4 insider reports through Sept. 2, 2026, Schedule 13G/A of July 21, 2026); no further filing was made between Oct. 2 and Oct. 24, 2026. Until September 2025, the EDGAR name was spelled "Agi, Inc."
Market value = 160,135,072 shares (Class A and B, interim statements as of June 30, 2026) × $7.58 (close on Oct. 23, 2026) = about $1.214 billion; × 4.9654 reais per dollar = about R$6,027 million. The market value in the fundamental data (about $1.90 billion on Oct. 24, 2026) does not fit the closing price, deviates by more than a fifth and is not used.
Net income for the last four quarters = 210.5 + 214.9 + 186.5 + 200.3 = R$812.2 million; pre-tax profit = 219.2 + 238.1 + 216.1 + 115.0 = R$788.4 million; × (1 − 0.294) = about R$557 million (first-half 2025 tax rate per the Q2 2026 earnings release). 2025 quarterly figures from the Q4 2025 and Q1 2026 earnings releases. Our calculations.
Possible confusion: the holding company is AGI Inc, the operating bank Banco Agibank S.A.; the Agiplan brand was the origin of the business (1999). Figures through Q4 2025 come from the predecessor holding company Agi Financial Holding, from 2026 on from AGI Inc; the capital ratio through year-end 2025 refers to Banco Agibank S.A.
Stock Watch
This analysis is as of October 24, 2026. Stock Watch will tell you what's changed at AGBK since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.70 $ to 12.00 $ · Last price: 6.30 $ (As of: November 13, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/14/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Banks - Regional
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| AGI Inc AGBK | 1.0 | 5.9 | 0.0 | 63.7 | 11.1 | 47.1 | – |
| HDFC Bank Limited HDB | 132.4 | 17.9 | 0.0 | 100.0 | 33.3 | 24.3 | -25.3 |
| Mizuho Financial Group Inc. MFG | 126.0 | 16.2 | 0.0 | 100.0 | 46.7 | 10.4 | 55.1 |
| ICICI Bank Limited IBN | 123.6 | 21.4 | 0.0 | 100.0 | 38.5 | 6.0 | 12.4 |
| U.S. Bancorp USB | 93.7 | 13.0 | 0.0 | 100.0 | 37.8 | 0.4 | 33.9 |
| PNC Financial Services Group Inc PNC | 92.5 | 13.5 | 0.0 | 100.0 | 36.7 | -7.0 | 30.4 |
| Itau Unibanco Banco Holding SA ITUB | 82.7 | 9.0 | 0.0 | 100.0 | 39.1 | 18.0 | 10.5 |
| Deutsche Bank AG DB | 68.8 | 9.6 | 0.0 | 100.0 | 33.4 | -8.3 | 2.9 |
| Nu Holdings Ltd NU | 64.3 | 20.8 | 0.0 | 100.0 | 48.2 | 43.0 | -15.2 |
| Median of companies shown | 92.5 | 13.5 | 0.0 | 100.0 | 37.8 | 10.4 | 11.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year R$M
Revenue Operating income Net income
| Fiscal Year | Revenue (R$M) | EBIT (R$M) | Net Income (R$M) | EPS (R$) | Operating Cash Flow (R$M) | Equity (R$M) | Total Assets (R$M) |
|---|---|---|---|---|---|---|---|
| 2022 | 3,322 | 244 | 169 | 2.88 | 610 | – | – |
| 2023 | 4,988 | 582 | 422 | 7.19 | -33 | 1,308 | 19,359 |
| 2024 | 7,273 | 1,041 | 791 | 13.48 | 487 | 2,362 | 29,515 |
| 2025 | 10,694 | 1,337 | 1,038 | 6.49 | -410 | 3,277 | 47,761 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (R$M) | Sales YoY (%) | Net Margin (%) | OCF (R$M) | FCF (R$M) |
|---|---|---|---|---|---|---|---|
| 2025: Q4 | 1.34 | – | 2,959 | 39.20 | 7.30 | 102 | 62 |
| 2026: Q1 | 1.39 | – | 2,997 | 23.60 | 6.20 | 29 | -60 |
| 2026: Q2 | 0.28 | – | 3,171 | 26.30 | 6.30 | -1,561 | -1,619 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (R$) | EPS Range (R$) | Revenue Estimate (R$M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 6.53 | 5.93 – 7.58 | 6,137 | -0.3% | 7 |
| 12/31/2027 | 9.09 | 8.32 – 10.56 | 8,285 | 39.3% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
AGI Inc (Agibank) verkauft keine KI-Produkte; die brasilianische Bank lebt von Lohnkrediten an Rentner und Pensionäre der Sozialversicherung INSS (73,2 Prozent des Kreditbuchs zum 30.06.2026), Kontoführung und Gebühren. KI setzt Agibank im eigenen Betrieb ein: Laut Jahresbericht 20-F für 2025 laufen KI-Modelle direkt in Kundenservice, Vertrieb, Betrugsabwehr und Betrieb, und für die Kreditentscheidung nutzt die Bank generative KI, um aus unstrukturierten Daten zusätzliche Merkmale für ihre Risikomodelle zu gewinnen. In der Ergebnismitteilung zum zweiten Quartal 2026 (6-K vom 05.08.2026) beschreibt Gründer Marciano Testa den Umstieg von regelbasierten Chatbots auf eine Architektur aus mehreren KI-Agenten über WhatsApp; am 23.09.2026 wurde ein neuer Technikchef mit dem Auftrag berufen, die KI-Strategie zu beschleunigen. Als Bedrohung des Geschäftsmodells nennt der 20-F KI nicht, nur als Regulierungs- und Haftungsrisiko. Nach der Vorrangregel (verkauft > bedroht > nutzt > neutral) ergibt das „nutzt“. Ein Umsatz- oder Ergebnisbeitrag der KI ist nicht beziffert. AGI Inc ist Foreign Private Issuer (Form 20-F/6-K).
View the full file — quotes, sources, reviewed filings
„Agi has embedded AI models directly into production workflows across customer service, sales, fraud prevention, and operations."
Agi hat KI-Modelle direkt in die Produktionsabläufe in Kundenservice, Vertrieb, Betrugsabwehr und Betrieb eingebettet.
20-F · 2026-04-30 · View SEC filing
„A key differentiator in our approach is the use of generative artificial intelligence to create non-linear features from unstructured data."
Ein zentrales Unterscheidungsmerkmal unseres Ansatzes ist der Einsatz generativer künstlicher Intelligenz, um aus unstrukturierten Daten nichtlineare Merkmale zu erzeugen.
20-F · 2026-04-30 · View SEC filing
„we have transitioned from traditional rule-based chatbots to a multi-agent AI architecture integrated with WhatsApp, capable of managing complex, end-to-end customer journeys with greater efficiency and personalization."
wir sind von herkömmlichen regelbasierten Chatbots auf eine in WhatsApp eingebundene Architektur aus mehreren KI-Agenten umgestiegen, die komplexe Kundenanliegen von Anfang bis Ende effizienter und persönlicher bearbeiten kann.
6-K · 2026-08-05 · View SEC filing
Filings Reviewed: 20-F (Jahresbericht 2025) — KI in Kundenservice, Vertrieb, Betrugsabwehr, Kreditmodellen; KI-Regulierung als Risikofaktor 2026-04-30 · 6-K (Ergebnismitteilung 2. Quartal 2026) — Umstieg auf KI-Agenten im Kundenservice 2026-08-05 · 6-K (Zwischenabschluss IFRS zum 30.06.2026) — kein KI-Bezug 2026-08-05 · 6-K (neuer Technikchef) — Auftrag: KI-Strategie beschleunigen 2026-09-23
Rated on October 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 47.6%
- More than 10% revenue growth is expected for the coming year -42.3%
- Share count grows by less than 3% a year 39.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 41.7%
- Gross margin at 40% or higher and without meaningful erosion 44.6%
- Goodwill from acquisitions does not grow faster than revenue no data
- Net debt below twice EBITDA 2.5 x EBITDA
- Operating cash flow covers the profits of the last three years -2,207 m
- Return on capital at 15% or higher, or up versus two years ago 5.9%
- Insiders hold at least 10% or are net buyers 14.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -12.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 18.4%
- Net debt < 4x EBIT 2.9x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% 33.5%
- ROCE > 15% 5.9%
- Expected return > 10% 6.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Aloe Vinicius Birkeland | Chief Technology Officer | Sell | 406 | 5.96 | 2,420 |
| Aug 31, 2026 | Aloe Vinicius Birkeland | Chief Technology Officer | Sell | 256,386 | 11.99 | 3,074,068 |
The company
About the Company
AGI Inc provides technology-powered specialized financial services in Brazil. The company offers social security benefits; severance fund benefits; public or private sector payrolls through secured lending solutions; and complementary banking, credit, and insurance products. It provides its services through cloud-based software, AI-driven automation, and mobile applications. The company was founded in 1999 and is based in Campinas, Brazil.
- Employees
- 4,700
- Headquarters
- Campinas, SP
- Address
- Rua Sergio Fernandes Borges Soares, 13054-709 Campinas, Brazil
- Phone
- 55 19 3031 4000
- Website
- agibank.com.br
- IPO Date
- 02/11/2026
- ISIN
- KYG0118C1050
Management
| Name | Title | Birth Year |
|---|---|---|
| Marciano Testa | Founder, CEO & Chairman | 1976 |
| Marcello Winik Dubeux | Chief Financial & Investor Relations Officer | 1980 |
| Glauber Marques Correa | COO & Director | 1974 |
| Rafael Siqueira | Chief Technology Officer | – |
| Matheus Girardi | Chief Sales Officer | 1990 |
| Lucas Araujo de Aguiar | Chief People & Governance Officer | 1986 |
| Daniel Antonio Pires | Chief Data & Credit Officer | 1985 |
| Daniel Monteiro de Farias | Chief Products Officer | 1982 |
| Felipe Gaspar Oliveira | Head of Investor Relations | – |
| Rafael De Oliveira Morais | Chief Risk & Controllership Officer | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: November 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.