Xp 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
The core business holds up: revenue of R$18,399 million and net income of R$5,169 million in 2025, a net margin of 28.1 percent, R$1,491 billion in client assets under custody and 4.76 million active clients. Nothing supports red: no loss, no going-concern doubt, no regulatory question, no filing backlog. Three things rule out green. First, momentum: net inflow fell for a second year to R$94.3 billion and the take rate from 1.29 to 1.25 percent — client assets grew about 16 percent while revenue grew only 8 percent. Second, voice: Class B shares carry ten votes and 71.09 percent of the voting power sits with 13 people; outside shareholders decide nothing on a takeover, a capital increase or the dividend. Third, currency and country risk: the business earns reais while the share is quoted in dollars, so a weaker real depresses any dollar result regardless of operating performance. And the hook on our own list does not hold: the displayed ratio of 0.6 is a currency error, about 3.0 when calculated cleanly.
What the thesis turns on
Assessment: Opportunities & Risks
XP is a profitable, growing financial company with a strong position in Brazil — but the reason it sits near the top of our list does not survive recalculation. The displayed price-to-cash-flow ratio of 0.6 mixes U.S. dollars and Brazilian reais; in a single currency it is about 3.0. And even then the metric measures client money rather than distributable surplus. Buying XP means buying an ordinary company at an ordinary price — not the bargain the number promises. Not investment advice.
The hook does not hold
The displayed price-to-free-cash-flow ratio of 0.6 comes from dividing a market capitalization in U.S. dollars ($8.29bn) by a cash flow in Brazilian reais (R$15,049m). Using the rate from the 20-F itself (R$5.502 per U.S. dollar, December 31, 2025), the ratio is about 3.0. Rank 10 in the U.S. selection is an artifact (measured July 27, 2026).
The metric measures client money
Even on a single-currency basis the denominator does not hold: in the 20-F for 2025 (Item 5.B) XP names securities balances, float balances and retirement plan balances as the key drivers of operating cash flow of R$12,045m. The figure was negative in two of four quarters in 2025.
Operating business
Revenue of R$18,399m (up 8 percent) and net income of R$5,169m (up 14 percent) in 2025, a net margin of 28.1 percent and earnings per share of R$9.80. Brazil's largest independent investment platform with R$1,491bn in client assets (December 31, 2025).
Fading momentum
Net inflow fell from R$108.8bn (2024) to R$94.3bn (2025) and the take rate from 1.29 to 1.25 percent. Client assets grew about 16 percent while revenue grew only 8 percent — that gap is the open question for the coming years.
Voice and balance sheet
Class B shares carry ten votes; directors and executive officers hold 71.09 percent of the voting power (20-F 2025, Item 7.A). The equity ratio is 5.9 percent (equity R$23,548m against total assets of R$396,528m) — normal for a broker and banking group, but no cushion for surprises.
Worth Noting
Hook: in-house stock scanner, price-to-free-cash-flow ranking, U.S. selection (545 hits), rank 10 at a displayed value of 0.6 — measured July 27, 2026, identically on both brands. The lists are recalculated daily.
All income and balance sheet figures are in Brazilian reais (reporting currency per 20-F 2025, Note 2), the market capitalization in U.S. dollars. The two are never mixed in this article; wherever a conversion is made, the rate of R$5.502 per U.S. dollar (Central Bank, December 31, 2025) is stated alongside it.
No Altman Z as a solvency verdict: the formula is built for industrial companies and says nothing meaningful about a broker and banking group. Our data set carries 2.72; the value is deliberately not used.
Risk of confusion: XP Inc. (Cayman Islands, Nasdaq: XP) is not its Brazilian subsidiary XP Investimentos S.A., nor the operating entity XP CCTVM, which is reported separately in the annual report.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at XP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 14.90 $ to 23.00 $ · Last price: 20.20 $ (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
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: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Xp Inc XP | 10.6 | 10.9 | 15.1 | 69.2 | 30.0 | -8.2 | 3.6 |
| 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 | 9.8 | 15.1 |
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 | 1,176 | 354 | 177 | 0.32 | 5 | 1,045 | 4,240 |
| 2017 | 1,997 | 685 | 429 | 0.78 | 262 | 1,144 | 7,136 |
| 2018 | 3,157 | 807 | 489 | 0.89 | -457 | 2,085 | 17,724 |
| 2019 | 5,167 | 1,607 | 1,048 | 2.05 | 1,527 | 7,153 | 43,623 |
| 2020 | 8,596 | 2,591 | 2,093 | 3.74 | 1,511 | 10,895 | 96,029 |
| 2021 | 12,974 | 4,154 | 3,731 | 6.50 | -4,020 | 14,417 | 139,340 |
| 2022 | 14,180 | 4,049 | 3,707 | 6.47 | 1,804 | 17,036 | 192,035 |
| 2023 | 14,817 | 4,545 | 3,836 | 7.05 | 8,127 | 19,449 | 249,041 |
| 2024 | 19,870 | 6,596 | 5,177 | 9.44 | 11,179 | 20,044 | 347,457 |
| 2025 | 18,238 | 5,914 | 5,068 | 9.53 | 12,045 | 23,547 | 396,528 |
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 | 2.18 | 18.00 | 4,244 | 3.60 | 27.80 | 3,820 | 3,793 |
| 2025: Q1 | 2.25 | 17.60 | 4,319 | 3.30 | 28.20 | -2,634 | -2,654 |
| 2025: Q2 | 2.38 | 9.50 | 4,382 | -6.00 | 29.10 | 4,756 | 4,650 |
| 2025: Q3 | 2.42 | 13.50 | 4,592 | 5.50 | 28.10 | 12,307 | 12,146 |
| 2025: Q4 | 2.53 | 15.80 | 5,063 | 19.30 | 26.00 | -2,385 | -2,441 |
| 2026: Q1 | 2.45 | 8.50 | 4,616 | 6.90 | 27.80 | 746 | 694 |
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 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
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 |
|---|---|---|---|---|---|
| 12/31/2026 | 10.79 | 10.44 – 11.08 | 20,051 | 9.9% | 7 |
| 12/31/2027 | 12.18 | 11.45 – 13.18 | 22,430 | 12.9% | 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.
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) | $21.52B |
|---|---|
| Market cap | $10.62B |
| 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 57.6% 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
XP setzt künstliche Intelligenz im eigenen Betrieb ein — für personalisierte Kundenansprache aus dem eigenen Datenbestand und für maschinelles Erkennen von Auffälligkeiten in Kundendaten; ein KI-Produkt wird nicht verkauft und es gibt keinen ausgewiesenen KI-Umsatz.
View the full file — quotes, sources, reviewed filings
„we leverage big data analytical tools and artificial intelligence technology to help create an increasingly personalized experience that helps retain clients"
Wir nutzen Werkzeuge zur Auswertung großer Datenmengen und Technik der künstlichen Intelligenz, um ein zunehmend personalisiertes Erlebnis zu schaffen, das hilft, Kunden zu halten.
20-F · 2026-04-29 · View SEC filing
„conduct our big data analytics and artificial intelligence initiatives, such as our online customer behavior monitoring and our machine learning techniques to identify deviations in customer information"
Wir betreiben unsere Vorhaben zu Massendatenauswertung und künstlicher Intelligenz, etwa die Beobachtung des Online-Kundenverhaltens und unsere Verfahren des maschinellen Lernens, um Abweichungen in Kundendaten zu erkennen.
20-F · 2026-04-29 · View SEC filing
Filings Reviewed: 20-F 2026-04-29 · 20-F 2025-04-24 · 6-K 2026-05-29 · 6-K 2026-05-26 · 6-K 2026-05-18 · 6-K 2026-05-18
Rated on July 27, 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 8.8%
- More than 10% revenue growth is expected for the coming year 13.4%
- Share count grows by less than 3% a year -2.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 56.7%
- Gross margin at 40% or higher and without meaningful erosion 67.4%
- Goodwill from acquisitions does not grow faster than revenue 0.5%
- Net debt below twice EBITDA 12.0 x EBITDA
- Operating cash flow covers the profits of the last three years 17,269 m
- Return on capital at 15% or higher, or up versus two years ago 1.9%
- Insiders hold at least 10% or are net buyers 0.5%
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
8/10The 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% 35.6%
- Exp. sales growth 3Y > 5% 10.9%
- EBIT growth 10Y > 5% 36.7%
- Exp. EBIT growth 3Y > 5% 13.0%
- Net debt < 4x EBIT 12.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 10.3%
- Return on equity > 15% 24.4%
- ROCE > 15% 1.9%
- Expected return > 10% 139.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
XP Inc. befasst sich mit der Bereitstellung von Finanzprodukten und -dienstleistungen in Brasilien.
- Headquarters
- George Town, Cayman Islands
- Address
- 20, Genesis Close, KY1-1208 George Town, Cayman Islands
- Phone
- 55 (11) 3075-0429
- Website
- xpinc.com
- IPO Date
- 12/11/2019
- ISIN
- KYG982391099
Management
| Name | Title | Birth Year |
|---|---|---|
| Guilherme Dias Fernandes Benchimol | Founder & Executive Chairman | 1978 |
| Thiago Maffra | CEO & Director | 1985 |
| Gustavo Alejo Viviani | Chief Financial Officer | 1975 |
| Andre Parize | Chief Investor Relations Officer | – |
| Fabrício Cunha de Almeida | General Counsel | 1982 |
| Marco Goncalves | Head of M&A | – |
| Gabriel Dos Santos | Head of Recruitment & Selection | – |
| Jose de Menezes Berenguer Neto | CEO of Banco XP S.A. & Director | 1966 |
| Antonio Guimarães | Investor Relations Officer | – |
| Ygor Gomes Altero | Equity Research Analyst | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
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.