Stonex Group Inc
🔔 Watch stock
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
Whoever buys today bets that the first half's profit surge holds, that the RJO integration keeps delivering, and that neither rate cuts nor a large client default hit the thin margin — and pays four times book value after a 136 percent run for it. Whoever waits checks three lines in every quarterly report (10-Q): interest and fee income on client balances (does the engine hold despite Fed cuts?), bad debts (does the $12.4 million spike remain an outlier?) and organic growth excluding the RJO contribution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
StoneX is a highly profitable financial toll-booth operator in top form: record profits, a half-year above the entire prior year, broad momentum and an acquisition that strengthens the network. But the most eye-catching screener metric — the 0.07 price-to-sales ratio — is an optical illusion built from $128 billion of pass-through commodities, the net margin on it is paper-thin, profit hangs noticeably on U.S. interest rates, and $53.6 billion in assets rest on roughly 5 percent equity. Whoever invests here buys a very well-run, highly leveraged network business at four times book — not the bargain from the screener. Not investment advice.
Growth & earnings power
Net income of $238.5, $260.8 and $305.9 million in fiscal years 2023 through 2025, return on equity of 15.6 percent — and $313.3 million already earned in the first half of fiscal year 2026, more than in the entire prior year; operating revenues up 64 percent in the January-through-March 2026 quarter (10-Q as of 03/31/2026).
Revenue optics & margin
Of the $132.4 billion in fiscal 2025 total revenues, $128.5 billion is pass-through physical commodities; management itself calls operating revenues ($4,126.9 million) the more useful measure (10-K, Item 7). Screener values like a 0.07 price-to-sales or 1.4 price-to-cash-flow ratio are artifacts here, not buy arguments — the net margin on the flow-through is 0.2 to 0.4 percent.
Interest rate dependence
$1,734.3 million of interest income in fiscal year 2025, largely earned on client balances on deposit; the company's own risk factors warn that declining short-term rates or shrinking deposits "may have a material adverse effect" on profitability (10-K, Item 1A). The RJO deal enlarged the interest engine — and with it this flank.
Credit/counterparty risk & leverage
Bad debts in the January-through-March 2026 quarter: $12.4 million after $0.1 million a year earlier, $8.0 million of it in the metals business (10-Q, Item 2); $53.6 billion in total assets on roughly $2.7 billion of equity (about a 5 percent ratio) — industry-standard, but with no tolerance for one big failure.
Acquisition strategy
Five acquisitions in fiscal year 2025 alone (including R.J. O'Brien for $651.9 million in cash plus 3,085,554 shares, and Benchmark), goodwill up $238.0 million, new $625 million of 6.875% notes due 2032, diluted share count up about 10 percent — the integration is delivering so far (RJO: $414.5 million in half-year operating revenues), but the interest burden and dilution will remain even when the momentum fades.
Momentum & valuation
24 scanner hits, a stage-2 uptrend, an RS rating of 95, plus 136 percent in twelve months and two 3-for-2 splits — set against a trailing P/E around 24, four times book value, 13 insider sales versus 1 purchase (including the CEO) and just two analyst estimates (data as of July 10, 2026).
Worth Noting
SNEX reached the research list through the momentum/stage-2 run of our in-house stock scanner on July 17, 2026, with 24 hits; the underlying metrics carry a data cut-off of July 10, 2026.
Scanner metrics (P/S, P/CF, P/E, Piotroski, fundamental grade) are computed on trailing twelve-month figures and treat the gross revenues of the physical commodities business like ordinary revenue — which is exactly why StoneX appears in cheapness rankings although the real price-to-revenue ratio sits around 2.7.
Price and valuation figures are dated July 10, 2026 (about $137.30, about $10.9 billion in market value); analyses are evergreen, daily prices are not a buy argument. The fiscal year ends September 30; share counts and earnings per share are comparable only on a split-adjusted basis after the 3-for-2 splits of 03/21/2025 and 03/20/2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SNEX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 64.70 $ to 139.00 $ · Last price: 66.10 $ (As of: September 17, 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 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
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: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Stonex Group Inc SNEX | 7.9 | 17.7 | 10.6 | 1.7 | 0.5 | 32.5 | 57.9 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 19.5 | 3.4 | 82.1 | 38.5 | 11.5 | 22.2 |
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 $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 14,755 | 444 | 55 | 2.94 | -28 | 35 | 2,095 |
| 2017 | 29,424 | 493 | 6 | 0.15 | 1,037 | 450 | 6,243 |
| 2018 | 27,623 | 582 | 56 | 1.30 | -474 | 505 | 7,825 |
| 2019 | 32,897 | 653 | 85 | 2.98 | 196 | 475 | 2,748 |
| 2020 | 54,140 | 868 | 170 | 3.93 | 1,951 | 768 | 13,475 |
| 2021 | 42,534 | 1,150 | 116 | 3.94 | 2,123 | 881 | 3,309 |
| 2022 | 66,036 | 1,476 | 207 | 3.06 | -230 | 1,070 | 19,860 |
| 2023 | 60,856 | 1,621 | 239 | 3.43 | 161 | 1,379 | 21,939 |
| 2024 | 99,888 | 1,767 | 261 | 3.67 | 507 | 1,709 | 27,466 |
| 2025 | 132,378 | 2,053 | 306 | 4.07 | 4,388 | 2,377 | 45,268 |
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 ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.17 | -20.90 | 27,935 | 42.70 | 0.30 | -478 | -491 |
| 2025: Q1 | 0.97 | -13.90 | 36,891 | 66.90 | 0.20 | -155 | -170 |
| 2025: Q2 | 0.85 | -34.90 | 34,829 | 28.70 | 0.20 | 1,491 | 1,475 |
| 2025: Q3 | 1.09 | -32.00 | 32,723 | 5.10 | 0.30 | 3,529 | 3,509 |
| 2025: Q4 | 1.73 | 48.20 | 39,030 | 39.70 | 0.40 | -1,262 | -1,277 |
| 2026: Q1 | 2.14 | 121.00 | 45,763 | 24.00 | 0.40 | 4,212 | 4,191 |
| 2026: Q2 | 1.00 | 17.60 | 40,193 | 15.40 | 0.30 | -1,208 | -1,225 |
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 22 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Power Screen
- Dan Zanger: Leader
- EPS Acceleration
- Martin Zweig: Growth with Reason
- Patrick Walker: 40, 40 Screen
- Quality Growth
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Doublers
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Value & GARP
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. 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 ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2026 | 4.63 | 4.63 – 4.63 | 84,791 | 73.0% | 1 |
| 09/30/2027 | 4.73 | 4.73 – 4.73 | 0 | 2.2% | 1 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $5.07B |
|---|---|
| Market cap | $7.91B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 17.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 17.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2025 (eingereicht 28.11.2025) und 2024 (29.11.2024) sowie die vier jüngsten Quartalsberichte (10-Q, zum 31.03.2026, 31.12.2025, 30.06.2025 und 31.03.2025): In den ausgewerteten SEC-Filings der StoneX Group Inc. findet sich kein einziger Treffer zu „artificial intelligence“, „machine learning“, „generative“ oder „AI“ — weder als Umsatzquelle noch als operativer Einsatz noch als konkretes Geschäftsrisiko. Der Finanzdienstleister (Broker, Clearing, Zahlungsverkehr, physischer Rohstoffhandel) beschreibt seine Technologie-Plattformen ohne jeden KI-Bezug. Dokumentierter Negativ-Befund → „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2026-02-04 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2025-11-28 · 10-K 2024-11-29
Rated on July 17, 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 26.1%
- More than 10% revenue growth is expected for the coming year -100.0%
- Share count grows by less than 3% a year 3.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 35.8%
- Gross margin at 40% or higher and without meaningful erosion 2.0%
- Goodwill from acquisitions does not grow faster than revenue 0.7%
- Net debt below twice EBITDA 8.5 x EBITDA
- Operating cash flow covers the profits of the last three years 4,251 m
- Return on capital at 15% or higher, or up versus two years ago 9.0%
- Insiders hold at least 10% or are net buyers 9.3%
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
7/10The 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% 27.6%
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% 18.5%
- Exp. EBIT growth 3Y > 5% 7.8%
- Net debt < 4x EBIT 8.2x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 18.6%
- ROCE > 15% 9.0%
- Expected return > 10% 66.8%
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 |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Rotsztain Diego | Chief Governance/Legal Officer | Sell | 20,298 | 67.13 | 1,362,593 |
| Sep 15, 2026 | Maurer Mark Lowry | Chief Risk Officer | Sell | 50,528 | 67.02 | 3,386,629 |
| Sep 14, 2026 | Perkins Abigail H | Chief Information Officer | Sell | 8,924 | 68.83 | 614,218 |
| Sep 14, 2026 | Rotsztain Diego | Chief Governance/Legal Officer | Sell | 30,327 | 68.83 | 2,087,474 |
| Sep 14, 2026 | Rotsztain Diego | Chief Governance/Legal Officer | Other | 50,625 | 12.26 | 620,663 |
| Sep 14, 2026 | Maurer Mark Lowry | Chief Risk Officer | Sell | 52,564 | 68.83 | 3,617,864 |
| Sep 14, 2026 | Maurer Mark Lowry | Chief Risk Officer | Other | 69,372 | 8.90 | 617,411 |
| Sep 10, 2026 | Lyon Charles M | President | Other | 500 | 0.00 | – |
| Aug 14, 2026 | Dunaway William J | Chief Financial Officer | Sell | 96,490 | 66.35 | 6,401,803 |
| Aug 14, 2026 | Dunaway William J | Chief Financial Officer | Other | 126,562 | 8.90 | 1,126,402 |
The company
About the Company
StoneX Group Inc. ist ein globales Finanzdienstleistungsnetzwerk, das Unternehmen, Organisationen, Trader und Anleger mit einem Marktökosystem in den USA, Europa, Südamerika, dem Nahen Osten, Asien und international verbindet.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 5,251
- Headquarters
- New York, NY
- Address
- 230 Park Avenue, 10169 New York, United States
- Phone
- 212 485 3500
- Website
- stonex.com
- IPO Date
- 11/15/1996
- ISIN
- US8618961085
- Stock Split
- 3:2 on 07/20/2026
- Stock Split
- 3:2 on 03/23/2026
- Stock Split
- 3:2 on 03/24/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Philip Andrew Smith | Group CEO & Director | 1972 |
| Sean Michael O'Connor | Executive Vice-Chairman | 1962 |
| William John Dunaway | Chief Financial Officer | 1972 |
| Stuart Andrew Sam Davison | Chief Operating Officer | 1985 |
| Gregory Kallinikos | Chief Executive Officer of the Asia Pacific | 1979 |
| Charles Martin Lyon | Group President & Director | 1976 |
| Aaron M. Schroeder | Chief Accounting Officer | 1976 |
| Abigail Hannah Perkins | Chief Information Officer | 1970 |
| Kevin T. Murphy | Group Treasurer & Investor Relation | – |
| Diego Andres Rotsztain J.D. | Chief Governance & Legal Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.