Xp Inc (XP)
🔔 Watch stock
symbol.quality_heading
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.
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.
symbol.quality_note
XP ranks 10th in the U.S. selection of our in-house stock scanner, at a price-to-free-cash-flow ratio of 0.6. That would be dirt cheap if the number were right. It is not: it divides a market capitalization in U.S. dollars by a cash flow in Brazilian reais. Put both in the same currency and the ratio is about 3.0. And even then the metric does not hold, because the money flowing through it belongs to clients. We walk through every step so you can check it yourself.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at XP since then.
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Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 17.10 $ — 27% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIXP 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.
„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.
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
Analysts & Price Target
The price target sits 35.2% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 12
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 10.74 | 10.37 – 11.20 | 20,033 | 9.5% | 6 |
| 12/31/2027 | 12.05 | 11.45 – 13.05 | 22,446 | 12.2% | 6 |
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.
Next Reporting Date
- Expected Earnings per Share
- 0.51 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
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
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.18 | 18.00 | 4,244 | 3.60 | 27.80 | 3,820 | 3,793 |
| 2025: Q1 | 2.25 | 17.60 | 4,319 | 3.30 | 28.20 | -2,634 | -2,654 |
| 2025: Q2 | 2.38 | 9.50 | 4,382 | -6.00 | 29.10 | 4,756 | 4,650 |
| 2025: Q3 | 2.42 | 13.50 | 4,592 | 5.50 | 28.10 | 12,307 | 12,146 |
| 2025: Q4 | 2.53 | 15.80 | 5,063 | 19.30 | 26.00 | -2,385 | -2,441 |
| 2026: Q1 | 2.45 | 8.50 | 4,616 | 6.90 | 27.80 | 746 | 694 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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).
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.
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).
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.
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.
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.
- 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.
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 | 11. Dec 2019 |
| ISIN | KYG982391099 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Guilherme Dias Fernandes Benchimol | Founder & Executive Chairman | 1978 |
| Thiago Maffra | Interim CFO, CEO & Director | 1985 |
| 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.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.