StoneCo (STNE)
Market Price (8/13/2026): $10.05 | Market Cap: $2.5 BilSector: Information Technology | Industry: Systems Software
StoneCo (STNE)
Market Price (8/13/2026): $10.05Market Cap: $2.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 142%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 138%, FCF Yield is 89% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 3.4 Bil, FCF LTM is 2.2 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% Stock buyback supportStock Buyback 3Y Total is 5.4 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -86% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 192% Key risksSTNE key risks include [1] its heavy dependence on Brazil's volatile macroeconomic and political environment, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 142%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 138%, FCF Yield is 89% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 3.4 Bil, FCF LTM is 2.2 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% |
| Stock buyback supportStock Buyback 3Y Total is 5.4 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -86% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 192% |
| Key risksSTNE key risks include [1] its heavy dependence on Brazil's volatile macroeconomic and political environment, Show more. |
Qualitative Assessment
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StoneCo (STNE) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Q1 2026 Revenue Miss and Negative Analyst Sentiment.
StoneCo reported its fiscal Q1 2026 earnings on May 13, 2026, with revenue of $141.16 million, significantly missing the consensus estimate of $675.11 million. This performance, despite meeting EPS estimates of $0.42, led to a re-evaluation of the company's prospects by analysts. Several firms downgraded the stock or cut price targets: Citigroup cut its rating from "buy" to "neutral" and lowered its price objective from $18.00 to $11.00 on May 15, 2026, while BTIG Research decreased its target price from $22.00 to $15.00 on the same day. Goldman Sachs also downgraded StoneCo from "buy" to "neutral" with a price target cut from $20 to $14 on April 29, 2026. Overall, analyst sentiment became more cautious, resulting in a consensus "Hold" rating and an average price target of $14.59.
2. Persistent High Interest Rates and Economic Slowdown in Brazil.
Brazil's benchmark interest rate, the Selic, remained high at 14% as of August 6, 2026, following cuts from 14.50% in April 2026 and 14.25% in June 2026. These elevated interest rates put pressure on StoneCo's credit margins and increased funding costs and credit loss provisions. The broader Brazilian economy experienced a slowdown, with domestic demand declining due to the effects of monetary tightening. This challenging macroeconomic environment included a rise in household non-performing loans, reaching 6.9% in December 2025, up from 5.2% in December 2024, indicating a tougher credit landscape. Brazil's GDP growth for 2026 was projected at a modest 2.5%.
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StoneCo (STNE) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Q1 2026 Revenue Miss and Negative Analyst Sentiment.
StoneCo reported its fiscal Q1 2026 earnings on May 13, 2026, with revenue of $141.16 million, significantly missing the consensus estimate of $675.11 million. This performance, despite meeting EPS estimates of $0.42, led to a re-evaluation of the company's prospects by analysts. Several firms downgraded the stock or cut price targets: Citigroup cut its rating from "buy" to "neutral" and lowered its price objective from $18.00 to $11.00 on May 15, 2026, while BTIG Research decreased its target price from $22.00 to $15.00 on the same day. Goldman Sachs also downgraded StoneCo from "buy" to "neutral" with a price target cut from $20 to $14 on April 29, 2026. Overall, analyst sentiment became more cautious, resulting in a consensus "Hold" rating and an average price target of $14.59.
2. Persistent High Interest Rates and Economic Slowdown in Brazil.
Brazil's benchmark interest rate, the Selic, remained high at 14% as of August 6, 2026, following cuts from 14.50% in April 2026 and 14.25% in June 2026. These elevated interest rates put pressure on StoneCo's credit margins and increased funding costs and credit loss provisions. The broader Brazilian economy experienced a slowdown, with domestic demand declining due to the effects of monetary tightening. This challenging macroeconomic environment included a rise in household non-performing loans, reaching 6.9% in December 2025, up from 5.2% in December 2024, indicating a tougher credit landscape. Brazil's GDP growth for 2026 was projected at a modest 2.5%.
3. Concerns Over PIX Payment System and Slowing Transaction Growth.
Investors expressed concerns about slowing transaction growth and the disruptive impact of Brazil's government-backed PIX instant payment system on StoneCo's revenue outlook. This competitive pressure on payment solutions contributed to a cautious view of the company's future growth trajectory.
4. Broader Software Sector Weakness.
StoneCo's stock decline also occurred amidst a broader selloff in the software sector. This sector-wide downturn was triggered by weak guidance from industry peers, such as Datadog and HubSpot, which raised concerns about potential AI-driven pricing pressures. Although StoneCo's fintech and payments business is only loosely connected to these specific software themes, the negative sentiment across the broader technology and software industries contributed to the downward pressure on its stock.
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Stock Movement Drivers
Fundamental Drivers
The -8.9% change in STNE stock from 4/30/2026 to 8/12/2026 was primarily driven by a -41.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.98 | 10.00 | -8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,581 | 13,798 | 1.6% |
| Net Income Margin (%) | 17.1% | 25.5% | 48.9% |
| P/E Multiple | 1.2 | 0.7 | -41.3% |
| Shares Outstanding (Mil) | 254 | 248 | 2.6% |
| Cumulative Contribution | -8.9% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| STNE | -8.9% | |
| Market (SPY) | 7.5% | 31.1% |
| Sector (XLK) | 18.4% | 21.1% |
Fundamental Drivers
The -25.0% change in STNE stock from 1/31/2026 to 8/12/2026 was primarily driven by a -32.7% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.33 | 10.00 | -25.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,225 | 13,798 | 4.3% |
| P/S Multiple | 0.3 | 0.2 | -32.7% |
| Shares Outstanding (Mil) | 265 | 248 | 6.9% |
| Cumulative Contribution | -25.0% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| STNE | -25.0% | |
| Market (SPY) | 11.9% | 43.0% |
| Sector (XLK) | 31.4% | 33.9% |
Fundamental Drivers
The -5.3% change in STNE stock from 7/31/2025 to 8/12/2026 was primarily driven by a -25.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.56 | 10.00 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,267 | 13,798 | 12.5% |
| P/S Multiple | 0.2 | 0.2 | -25.4% |
| Shares Outstanding (Mil) | 280 | 248 | 12.9% |
| Cumulative Contribution | -5.3% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| STNE | -5.3% | |
| Market (SPY) | 23.3% | 43.3% |
| Sector (XLK) | 44.3% | 34.1% |
Fundamental Drivers
The -16.5% change in STNE stock from 7/31/2023 to 8/12/2026 was primarily driven by a -99.6% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.97 | 10.00 | -16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,633 | 13,798 | 43.2% |
| Net Income Margin (%) | 0.2% | 25.5% | 11906.1% |
| P/E Multiple | 183.1 | 0.7 | -99.6% |
| Shares Outstanding (Mil) | 313 | 248 | 26.2% |
| Cumulative Contribution | -16.5% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| STNE | -16.5% | |
| Market (SPY) | 74.7% | 39.7% |
| Sector (XLK) | 115.8% | 33.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STNE Return | -80% | -44% | 91% | -56% | 86% | -18% | -86% |
| Peers Return | -40% | -36% | 26% | 20% | -3% | -7% | -47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| STNE Win Rate | 42% | 50% | 67% | 25% | 67% | 50% | |
| Peers Win Rate | 38% | 44% | 54% | 52% | 48% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STNE Max Drawdown | -84% | -63% | -34% | -57% | -27% | -35% | |
| Peers Max Drawdown | -53% | -57% | -39% | -36% | -36% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAGS, TOST, FOUR, GPN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/12/2026 (YTD)
How Low Can It Go
| Event | STNE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.8% | -9.5% |
| % Gain to Breakeven | 38.4% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.5% | -6.7% |
| % Gain to Breakeven | 17.0% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.5% | -24.5% |
| % Gain to Breakeven | 166.9% | 32.4% |
| Time to Breakeven | 1227 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.7% | 50.9% |
| Time to Breakeven | 115 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.7% | -19.2% |
| % Gain to Breakeven | 87.6% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
In The Past
StoneCo's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.
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Asset Allocation
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| Event | STNE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.8% | -9.5% |
| % Gain to Breakeven | 38.4% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.5% | -24.5% |
| % Gain to Breakeven | 166.9% | 32.4% |
| Time to Breakeven | 1227 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.7% | 50.9% |
| Time to Breakeven | 115 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.7% | -19.2% |
| % Gain to Breakeven | 87.6% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
In The Past
StoneCo's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About StoneCo (STNE)
StoneCo Ltd. (STNE) is a financial technology (fintech) company that provides solutions enabling merchants to conduct electronic commerce in Brazil. The company's core offering focuses on facilitating digital payment processing across various channels, including in-store point-of-sale systems, online platforms, and mobile applications, specifically catering to the vibrant Brazilian market.
StoneCo's main products and services encompass a comprehensive suite of fintech tools designed for secure and efficient electronic transactions. These solutions are distributed through a dual approach: proprietary "Stone Hubs" offer hyper-local sales and support services, while dedicated sales and technical personnel reach digital merchants, brick-and-mortar businesses, and software vendors directly.
The company primarily serves small and medium-sized businesses (SMBs) in Brazil, representing the vast majority of its client base. Beyond SMBs, StoneCo also partners with a network of integrated partners, such as global payment service providers, digital marketplaces, and integrated software vendors, expanding its ecosystem and reach within the Brazilian electronic commerce landscape.
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- The Square (Block Inc.) of Brazil
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- Payment Processing Services: StoneCo provides the underlying technology and infrastructure for merchants to accept electronic payments from their customers.
- In-store Payment Solutions: The company offers hardware and software to facilitate payment acceptance for brick-and-mortar businesses, including point-of-sale systems.
- Online and Mobile Commerce Solutions: StoneCo provides digital tools, platforms, and integrations that enable online businesses and mobile applications to process payments.
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StoneCo (STNE) primarily provides financial technology solutions to other companies in Brazil.
Due to the nature of its business serving a large and fragmented customer base, specific named major customer companies are not individually identified in the provided information. Instead, its customers can be categorized as follows:
- Small-and-Medium-Sized Businesses (SMBs): These are merchants across in-store, online, and mobile channels that utilize StoneCo's fintech solutions for electronic commerce. As of December 31, 2020, the company served approximately 652,600 clients primarily in this category.
- Integrated Partners: This category includes entities such as global payment service providers, digital marketplaces, and integrated software vendors that integrate StoneCo's technology and solutions. As of December 31, 2020, the company served 260 integrated partners.
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Major Suppliers:
- Visa Inc. (V)
- Mastercard Incorporated (MA)
- Worldline S.A. (WLN.PA)
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Mateus Scherer, Chief Executive Officer (effective March 2026)
Mateus Scherer, currently the Chief Financial Officer and Investor Relations Officer, will assume the role of Chief Executive Officer of StoneCo, effective March 2026. He has been with StoneCo since its early days and has played a central role in capital allocation, financial strategy, risk management, and the execution of the company's banking and credit initiatives. Scherer previously assumed the CFO role in 2023.
Diego Salgado, Chief Financial Officer (effective March 2026)
Diego Salgado, currently StoneCo's Treasury Officer and a member of the executive committee, will expand his responsibilities to include the company's broader finance agenda and will assume the role of Chief Financial Officer and Investor Relations Officer, effective March 2026.
Pedro Zinner, Chief Executive Officer (until March 2026)
Pedro Zinner has served as the Chief Executive Officer of StoneCo since approximately March 2023, and will resign from this position effective March 2026 for personal reasons. He is expected to be nominated for election to the Board of Directors and, if approved, appointed as Chairman of the Board. Prior to joining StoneCo's board in March 2022, Zinner was the CEO of Eneva, a leading power-generation company in Brazil, from 2017 to November 2022. He brings over 25 years of management and leadership experience in strategy, risk management, and finance from his time at Eneva, BG Group, and Vale. During his tenure at StoneCo, Zinner led a strategic pivot that included divesting non-core assets such as Linx, implementing streamlining initiatives, establishing a disciplined capital allocation framework, and expanding the company's financial services platform.
Thiago Piau, Board Member
Thiago Piau was the Chief Executive Officer of StoneCo from the end of 2017 until March 2023, and is now a Board member of the company. He joined StoneCo as a partner in 2013. Under his leadership, StoneCo significantly grew its annualized revenue and expanded its client base from 103,000 to over 2 million clients. Piau also oversaw the launch of banking solutions and established StoneCo as a leading retail software provider in Brazil through the acquisition of Linx.
Augusto Lins, Senior Advisor
Augusto Lins is a co-founder and former president of StoneCo, currently serving as a senior advisor in a part-time capacity since May 2023. He played a crucial role in the company's early development, contributing to sales and operations initiatives and fostering a client-centric culture. Before StoneCo, Lins co-founded a software development company in the mid-1980s. His extensive career includes serving as Commercial Director at Redecard (2011-2013), and various director positions at Itaú Unibanco, Hipercard Banco Múltiplo, and Cartão Unibanco (2001-2011). He also held roles as Corporate Finance Director at ING Bank (1993-2001) and worked in corporate finance at N M Rothschild & Sons. Lins has authored a book detailing Stone's approach to customer service.
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Here are the key risks to StoneCo's business:
-
Macroeconomic and Political Instability in Brazil
StoneCo's operations are heavily concentrated in Brazil, making it highly susceptible to the country's macroeconomic and political conditions. Economic fluctuations, such as high inflation, shifts in interest rates, and slow GDP growth, can significantly impact consumer spending and small business activity, directly affecting StoneCo's transaction volumes and overall revenue. Political instability and government policy changes can also introduce uncertainty and negatively affect the business environment. Elevated interest rates in Brazil, for instance, can increase StoneCo's financial expenses and squeeze profit margins.
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Intense Competition and Pricing Pressure
The Brazilian fintech market is highly competitive, with StoneCo facing significant rivals including PagSeguro, Mercado Pago, Cielo, and traditional banks. The widespread adoption of Pix, Brazil's instant payment system, while beneficial for the economy, also poses a competitive challenge to StoneCo's traditional card transaction volumes and fee-based revenue, potentially leading to increased pricing pressure and erosion of profit margins. This competitive environment necessitates continuous innovation and differentiation to maintain market share.
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Credit Quality and Loan Portfolio Risks
StoneCo has expanded its offerings to include credit solutions, particularly for its micro, small, and medium-sized business (MSMB) clients. Lending to this segment in an emerging market like Brazil carries inherently higher default risks. Historical challenges with credit quality and loan loss provisions have impacted StoneCo's profitability in the past, leading to significant write-offs and net income losses. A worsening economic outlook could further exacerbate credit quality pressures, increasing loan loss provisions and negatively affecting the company's profit margins and cash flow generation.
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The addressable markets for StoneCo's main products and services in Brazil are substantial and growing across several key areas:
- Fintech Market (Brazil): The Brazilian fintech market was valued at approximately USD 5.5 billion in 2025. It is projected to grow to USD 19.1 billion by 2034, with a compound annual growth rate (CAGR) of 14.92% from 2026 to 2034. Another estimate indicates the market was USD 5.75 billion in 2025 and is expected to reach USD 33.58 billion by 2035, exhibiting a CAGR of 19.30% during the period of 2026-2035.
- Payment Processing Solutions Market (Brazil): The market for payment processing solutions in Brazil generated USD 1,336.6 million in revenue in 2023. This market is projected to reach USD 3,955.5 million by 2030, growing at a CAGR of 16.8% from 2024 to 2030. Another report states the market size was USD 1,553.6 million in 2024 and is anticipated to grow to USD 1,799.6 million by 2035, with a CAGR of 15.83% during the forecast period 2025-2035.
- E-commerce Market (Brazil): In 2023, the e-commerce market in Brazil generated approximately US$33.4 billion in revenue. It is projected to reach US$48.26 billion in 2025 and is expected to increase to US$71.01 billion by 2029, with an annual growth rate (CAGR) of 10.14% from 2025 to 2029. Another source estimates the market size at USD 69.21 billion in 2026, with a projection to reach USD 150.91 billion by 2031, at a CAGR of 16.87%.
- Fintech Online Lending and Credit Market (Brazil): The Brazil FinTech Online Lending & Credit Platforms Market is currently valued at approximately USD 10 billion. For lending specifically to small and medium-sized enterprises (SMEs) in Brazil, the opportunity has been identified as a 200 billion reais market.
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- Expansion of Credit and Banking Solutions: StoneCo is strategically transitioning its growth from being primarily dependent on Total Payment Volume (TPV) to focusing on credit and banking services. This shift is anticipated to enhance earnings and foster more sustainable profitability. The company's credit portfolio has been scaling rapidly, with credit revenues showing significant sequential growth. Additionally, its banking active client base has expanded, and client deposits have grown considerably, indicating progress in bundling payments and banking into an integrated value proposition.
- Growth in Client Base and Deeper Engagement: StoneCo continues to increase its client base, particularly within the small and medium-sized business (MSMB) segment. The company aims to deepen client engagement and increase wallet share through cross-selling end-to-end financial solutions, including payments, digital banking, and working capital credit. This strategy is demonstrated by growing deposit balances and credit portfolio expansion, which supports higher recurring revenue.
- AI-Driven Productivity and Operational Efficiency: Management has highlighted new AI-driven productivity initiatives as a multi-year priority. These efforts are geared towards enhancing cost efficiency and improving margins, which can indirectly contribute to revenue growth by allowing for competitive pricing and reinvestment into growth areas. Strategic cost efficiency measures are noted as key drivers of anticipated earnings growth.
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Share Repurchases
- StoneCo announced and completed a share repurchase program in late 2025, buying back 21,872,021 Class A shares for approximately R$1.95 billion. This program was authorized on May 8, 2025, for up to R$2.00 billion with no fixed end date.
- In December 2025, StoneCo's Board of Directors authorized a new share repurchase program, replacing the previous one, allowing the company to repurchase up to R$2 billion in outstanding Class A common shares without a fixed expiration date.
- During the fourth quarter of 2025, StoneCo made R$1.3 billion in share repurchases. The company also plans to return over BRL 2 billion to shareholders in 2026 through a new share repurchase program.
Capital Expenditures
- In a recent quarter, StoneCo reported capital expenditures totaling 426.26 million BRL.
- StoneCo's capital allocation includes investments in a scalable credit business and AI-powered productivity initiatives.
Peer Outperformance in Systems Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| STNE | StoneCo | 12.8% | 0.7x | -20.3% | -11.0% | -77.3% | — |
| FTNT | Fortinet | 14.7% | 55.6x | 105.0% | 169.5% | 160.0% | +237pp |
| CVLT | CommVault Systems | 15.8% | 85.8x | -26.4% | 103.4% | 84.6% | +162pp |
| MSFT | Microsoft | 16.1% | 27.3x | -6.2% | 57.0% | 75.2% | +152pp |
| NTNX | Nutanix | 16.3% | 64.9x | -6.8% | 119.2% | 70.9% | +148pp |
| QLYS | Qualys | 10.3% | 31.7x | 44.6% | 24.0% | 69.3% | +147pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.4% | 248.2% | 442.9% | TTMI 881% · FLEX 831% · FN 531% |
| Semiconductor Materials & Equipment | 27 | 166.0% | 98.9% | 147.0% | AEHR 2179% · AXTI 718% · KLAC 566% |
| Technology Distributors | 9 | 24.6% | 64.3% | 80.2% | CLMB 344% · AVT 170% · SNX 118% |
| Communications Equipment | 35 | 40.1% | 117.4% | 70.0% | AAOI 1861% · LITE 1086% · FEIM 892% |
| Electronic Components | 26 | 60.7% | 73.7% | 68.3% | CLS 3788% · BELFA 1493% · LPTH 576% |
| Semiconductors | 54 | 56.2% | 46.1% | 42.0% | POET 2078% · MU 1218% · NVDA 1014% |
| Technology Hardware, Storage & Peripherals | 22 | 38.9% | 67.0% | 19.3% | STX 1028% · DELL 958% · SMCI 936% |
| Internet Services & Infrastructure | 6 | 15.8% | 34.7% | 17.2% | DOCN 149% · VRSN 37% · GDDY 29% |
| Electronic Equipment & Instruments | 27 | 9.7% | 15.6% | -0.8% | PI 259% · OSIS 130% · SOTK 127% |
| IT Consulting & Other Services | 30 | -23.4% | -19.0% | -25.8% | CHRN 547005% · APLD 2048% · TSSI 1001% |
| Application Software | 124 | -18.3% | -19.8% | -42.5% | VIDA 234900% · PLTR 587% · RDVT 164% |
| Systems Software ← | 72 | -15.7% | 0.5% | -47.6% | QNC 939% · PANW 521% · ZETA 391% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| StoneCo (STNE) Stock: 37% of days in last 3 months had 1% or greater fluctuation | 08/10/2024 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.06 |
| Mkt Cap | 3.5 |
| Rev LTM | 10,231 |
| Op Inc LTM | 990 |
| FCF LTM | 823 |
| FCF 3Y Avg | 426 |
| CFO LTM | 1,658 |
| CFO 3Y Avg | 502 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.0% |
| Rev Chg 3Y Avg | 12.8% |
| Rev Chg Q | 23.1% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Inc Chg LTM | 21.7% |
| Op Inc Chg 3Y Avg | 19.6% |
| Op Mgn LTM | 9.7% |
| Op Mgn 3Y Avg | 17.9% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 16.2% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 7.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 13,400 | 11,551 | |||
| Financial Services | 10,495 | 8,084 | 4,091 | ||
| Non allocated | 67 | 86 | 46 | ||
| Other financial income | -691 | -573 | -247 | ||
| Software | 1,492 | 1,420 | 686 | ||
| Total | 13,400 | 11,551 | 11,364 | 9,016 | 4,576 |
| $ Mil | 2021 | 2020 |
|---|---|---|
| StoneCo (ex-Linx) | 230 | 958 |
| Tax effect on adjustments | 61 | 45 |
| Gain on previously held interest in associate | 16 | 3 |
| Linx | -26 | |
| Share-based compensation expenses | -67 | -121 |
| Amortization of fair value adjustment | -89 | -17 |
| Other expenses | -118 | -31 |
| Mark-to-market and cost of funds related to the investment in Banco Inter | -1,383 | |
| Total | -1,377 | 837 |
| $ Mil | 2021 |
|---|---|
| StoneCo (ex-Linx) | 38,879 |
| Linx | 1,962 |
| Non allocated | 1,216 |
| Total | 42,057 |
Price Behavior
| Market Price | $10.00 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 10/25/2018 | |
| Distance from 52W High | -37.8% | |
| 50 Days | 200 Days | |
| DMA Price | $10.92 | $12.15 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -8.4% | -17.7% |
| 3M | 1YR | |
| Volatility | 38.4% | 48.2% |
| Downside Capture | 80.39 | 197.23 |
| Upside Capture | 80.06 | 127.62 |
| Correlation (SPY) | 29.8% | 42.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.70 | 1.04 | 1.07 | 1.63 | 1.70 | 1.22 |
| Up Beta | 1.90 | 0.92 | 1.51 | 1.49 | 1.69 | 1.08 |
| Down Beta | 2.13 | 1.54 | 1.66 | 1.97 | 1.71 | 0.87 |
| Up Capture | 192% | 89% | 71% | 132% | 206% | 255% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 30 | 59 | 125 | 367 |
| Down Capture | 112% | 88% | 71% | 165% | 144% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 32 | 66 | 126 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STNE | |
|---|---|---|---|---|
| STNE | -15.4% | 48.5% | -0.18 | - |
| Sector ETF (XLK) | 43.8% | 25.9% | 1.36 | 33.6% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 42.7% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 28.6% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | -8.2% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 20.7% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 26.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STNE | |
|---|---|---|---|---|
| STNE | -26.6% | 64.8% | -0.21 | - |
| Sector ETF (XLK) | 20.5% | 25.8% | 0.71 | 40.2% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 44.5% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | 7.4% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 7.7% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 29.8% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 28.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STNE | |
|---|---|---|---|---|
| STNE | -9.2% | 66.9% | 0.10 | - |
| Sector ETF (XLK) | 24.7% | 24.9% | 0.90 | 46.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 50.0% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 6.5% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 15.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 37.9% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 23.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 12/31/2025 | 04/23/2026 | 20-F |
| 09/30/2025 | 11/06/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 04/24/2025 | 20-F |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/13/2024 | 6-K |
| 12/31/2023 | 04/24/2024 | 20-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/16/2023 | 6-K |
| 03/31/2023 | 05/17/2023 | 6-K |
| 12/31/2022 | 05/01/2023 | 20-F |
| 09/30/2022 | 11/17/2022 | 6-K |
| 06/30/2022 | 08/18/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 12/31/2025 | 04/23/2026 | 20-F |
| 09/30/2025 | 11/06/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 04/24/2025 | 20-F |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/13/2024 | 6-K |
| 12/31/2023 | 04/24/2024 | 20-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/16/2023 | 6-K |
| 03/31/2023 | 05/17/2023 | 6-K |
| 12/31/2022 | 05/01/2023 | 20-F |
| 09/30/2022 | 11/17/2022 | 6-K |
| 06/30/2022 | 08/18/2022 | 6-K |
| 03/31/2022 | 06/03/2022 | 6-K |
| 12/31/2021 | 04/29/2022 | 20-F |
| 09/30/2021 | 11/16/2021 | 6-K |
| 06/30/2021 | 08/30/2021 | 6-K |
| 03/31/2021 | 06/01/2021 | 6-K |
| 12/31/2020 | 04/07/2021 | 20-F |
| 09/30/2020 | 10/29/2020 | 6-K |
| 06/30/2020 | 08/11/2020 | 6-K |
| 03/31/2020 | 05/26/2020 | 6-K |
| 12/31/2019 | 04/29/2020 | 20-F |
| 09/30/2019 | 11/21/2019 | 6-K |
| 06/30/2019 | 08/14/2019 | 6-K |
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morais, Silvio Jose | Mali Investment Holdings Ltd. | Sell | 6122026 | 11.29 | 9,000 | 101,610 | 237,090 | Form | |
| 2 | Ventura, Salgado Diego | CFO and IR Officer | Direct | Buy | 5192026 | 9.66 | 11,610 | 112,106 | 2,299,238 | Form |
| 3 | Ventura, Salgado Diego | CFO and IR Officer | Brusaltur Ltd. | Buy | 5192026 | 9.66 | 10,880 | 105,057 | 507,712 | Form |
| 4 | Morais, Silvio Jose | Mail Investment Holdings Ltd. | Sell | 3262026 | 14.33 | 6,800 | 97,462 | 429,978 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morais, Silvio Jose | Mali Investment Holdings Ltd. | Sell | 6122026 | 11.29 | 9,000 | 101,610 | 237,090 | Form | |
| 2 | Ventura, Salgado Diego | CFO and IR Officer | Direct | Buy | 5192026 | 9.66 | 11,610 | 112,106 | 2,299,238 | Form |
| 3 | Ventura, Salgado Diego | CFO and IR Officer | Brusaltur Ltd. | Buy | 5192026 | 9.66 | 10,880 | 105,057 | 507,712 | Form |
| 4 | Morais, Silvio Jose | Mail Investment Holdings Ltd. | Sell | 3262026 | 14.33 | 6,800 | 97,462 | 429,978 | Form |
Investor Activity (13F)
Updated Aug 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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