XP (XP)
Market Price (3/30/2026): $17.7 | Market Cap: $9.3 BilSector: Financials | Industry: Diversified Capital Markets
XP (XP)
Market Price (3/30/2026): $17.7Market Cap: $9.3 BilSector: FinancialsIndustry: Diversified Capital Markets
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 76%, Dividend Yield is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 72%, FCF Yield is 191% | Weak multi-year price returns2Y Excs Rtn is -47% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -62% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -68% | Short seller reportGrizzly Reports report on 3/12/2025. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 245%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 239%, CFO LTM is 18 Bil, FCF LTM is 18 Bil | Key risksXP key risks include [1] its heavy concentration in Brazil's volatile macroeconomic and political landscape, Show more. | |
| Low stock price volatilityVol 12M is 46% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Online Banking & Lending, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 76%, Dividend Yield is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 72%, FCF Yield is 191% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -68% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 245%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 239%, CFO LTM is 18 Bil, FCF LTM is 18 Bil |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Wealth Management Technology, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -47% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -62% |
| Short seller reportGrizzly Reports report on 3/12/2025. |
| Key risksXP key risks include [1] its heavy concentration in Brazil's volatile macroeconomic and political landscape, Show more. |
Qualitative Assessment
AI Analysis | Feedback
XP (XP) stock has lost about 10% since 11/30/2025 because of the following key factors:
1. Weak Brazilian Economic Growth and Persistent High Interest Rates. Brazil's economy experienced a significant slowdown, with its Gross Domestic Product (GDP) growing by a mere 0.1% quarter-on-quarter in Q4 2025, contributing to a full-year growth of 2.3% in 2025, a deceleration from 3.4% in the previous year. This subdued economic environment, coupled with the Central Bank's Selic rate remaining at a high 15% as of December 2025, continued to suppress investment and consumer spending, directly impacting financial services companies such as XP.
2. Regulatory Concerns and Client Outflows. XP faced increased "regulatory and market noise" linked to the Banco Master revelations, which led to a notable decline in its Net Promoter Score (NPS) to approximately 65. This negative sentiment contributed to BRL 3 billion in outflows from small and medium businesses (SMBs) during Q4 2025, introducing uncertainty regarding future net new money inflows.
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1. Weak Brazilian Economic Growth and Persistent High Interest Rates. Brazil's economy experienced a significant slowdown, with its Gross Domestic Product (GDP) growing by a mere 0.1% quarter-on-quarter in Q4 2025, contributing to a full-year growth of 2.3% in 2025, a deceleration from 3.4% in the previous year. This subdued economic environment, coupled with the Central Bank's Selic rate remaining at a high 15% as of December 2025, continued to suppress investment and consumer spending, directly impacting financial services companies such as XP.
2. Regulatory Concerns and Client Outflows. XP faced increased "regulatory and market noise" linked to the Banco Master revelations, which led to a notable decline in its Net Promoter Score (NPS) to approximately 65. This negative sentiment contributed to BRL 3 billion in outflows from small and medium businesses (SMBs) during Q4 2025, introducing uncertainty regarding future net new money inflows.
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Stock Movement Drivers
Fundamental Drivers
The -9.3% change in XP stock from 11/30/2025 to 3/29/2026 was primarily driven by a -9.3% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.51 | 17.70 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,447 | 7,447 | 0.0% |
| Net Income Margin (%) | 67.9% | 67.9% | 0.0% |
| P/E Multiple | 2.0 | 1.8 | -9.3% |
| Shares Outstanding (Mil) | 526 | 526 | 0.0% |
| Cumulative Contribution | -9.3% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| XP | -9.3% | |
| Market (SPY) | -5.3% | 55.3% |
| Sector (XLF) | -10.0% | 27.9% |
Fundamental Drivers
The -1.4% change in XP stock from 8/31/2025 to 3/29/2026 was primarily driven by a -4.4% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.96 | 17.70 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,297 | 7,447 | 2.1% |
| Net Income Margin (%) | 67.4% | 67.9% | 0.6% |
| P/E Multiple | 1.9 | 1.8 | -4.4% |
| Shares Outstanding (Mil) | 528 | 526 | 0.4% |
| Cumulative Contribution | -1.4% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| XP | -1.4% | |
| Market (SPY) | 0.6% | 49.2% |
| Sector (XLF) | -10.8% | 28.6% |
Fundamental Drivers
The 26.3% change in XP stock from 2/28/2025 to 3/29/2026 was primarily driven by a 14.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.01 | 17.70 | 26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,394 | 7,447 | 0.7% |
| Net Income Margin (%) | 59.2% | 67.9% | 14.7% |
| P/E Multiple | 1.7 | 1.8 | 7.3% |
| Shares Outstanding (Mil) | 536 | 526 | 2.0% |
| Cumulative Contribution | 26.3% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| XP | 26.3% | |
| Market (SPY) | 9.8% | 40.6% |
| Sector (XLF) | -7.1% | 31.2% |
Fundamental Drivers
The 59.9% change in XP stock from 2/28/2023 to 3/29/2026 was primarily driven by a 25.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.07 | 17.70 | 59.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,928 | 7,447 | 25.6% |
| Net Income Margin (%) | 63.9% | 67.9% | 6.2% |
| P/E Multiple | 1.6 | 1.8 | 13.4% |
| Shares Outstanding (Mil) | 556 | 526 | 5.6% |
| Cumulative Contribution | 59.9% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| XP | 59.9% | |
| Market (SPY) | 69.4% | 36.2% |
| Sector (XLF) | 40.5% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XP Return | -28% | -47% | 80% | -52% | 40% | 14% | -47% |
| Peers Return | -10% | -35% | 48% | 8% | 58% | -4% | 41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| XP Win Rate | 58% | 17% | 58% | 17% | 67% | 67% | |
| Peers Win Rate | 40% | 50% | 58% | 50% | 58% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| XP Max Drawdown | -30% | -51% | -31% | -53% | -7% | -1% | |
| Peers Max Drawdown | -32% | -51% | -18% | -24% | -7% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NU, PAGS, STNE, SCHW, IBKR.
[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 3/27/2026 (YTD)
How Low Can It Go
| Event | XP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -79.2% | -25.4% |
| % Gain to Breakeven | 380.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.5% | -33.9% |
| % Gain to Breakeven | 153.5% | 51.3% |
| Time to Breakeven | 85 days | 148 days |
Compare to NU, PAGS, STNE, SCHW, IBKR
In The Past
XP's stock fell -79.2% during the 2022 Inflation Shock from a high on 9/2/2021. A -79.2% loss requires a 380.5% gain to breakeven.
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About XP (XP)
XP Inc. provides financial products and services in Brazil. It offers securities brokerage, private pension plans, commercial, and investment banking products, such as loan operations and transactions in the foreign exchange markets and deposits; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; and wealth management services for high-net-worth customers and institutional clients. The company also offers Xpeed, an online financial education portal that offers seminars, classes, and learning tools to help teach individuals on topics, such as basics of investing, techniques, and investment strategies, as well as insurance brokerage services. In addition, it operates XP Platform, an open product platform that provides clients to access investment products in the market, including equity and fixed income securities, mutual and hedge funds, private equity, structured products, credit cards, loan operations, life insurance, pension plans, real-estate investment funds, and others. The company was founded in 2001 and is based in São Paulo, Brazil.
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Here are 1-3 brief analogies for XP (symbol: XP):
- A Brazilian Charles Schwab.
- A diversified financial services firm for Brazil, similar to a blend of Charles Schwab and Merrill Lynch.
- A Brazilian Fidelity Investments, with a strong focus on financial education through its Xpeed platform.
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- Securities Brokerage: Provides services for trading equities, fixed income securities, and other investment products.
- Private Pension Plans: Offers various private pension plans for retirement savings.
- Banking Products: Includes loan operations, foreign exchange transactions, and deposit services.
- Capital Markets & Product Structuring Services: Delivers services for corporate clients and issuers of fixed income products.
- Advisory Services: Offers financial advice to mass-affluent and institutional clients.
- Wealth Management: Provides comprehensive wealth management services for high-net-worth customers and institutional clients.
- Xpeed (Financial Education): An online portal offering seminars, classes, and learning tools for financial education.
- Insurance Brokerage: Facilitates the purchase of various insurance products.
- XP Platform: An open architecture platform providing clients access to a wide range of investment products and financial services.
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Major Customers of XP Inc. (XP)
XP Inc. serves a diverse client base, primarily categorized as follows:
- Individual Investors: This category includes mass-affluent clients, high-net-worth customers, and general individuals seeking investment products, private pension plans, credit cards, loan operations, life insurance, and financial education through the XP Platform and Xpeed portal.
- Institutional Clients: These clients include various institutions that utilize XP's advisory and wealth management services.
- Corporate Clients and Issuers: This category comprises corporate clients seeking investment banking products such as loan operations and foreign exchange transactions, as well as companies and issuers of fixed income products requiring product structuring and capital market services.
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Guilherme Dias Fernandes Benchimol, Executive Chairman
Guilherme Benchimol is the founder of XP Inc., which he co-founded in 2001 with Marcelo Maisonnave. He started XP Investimentos in May 2001 at the age of 24 after being dismissed from a securities brokerage firm. Benchimol initially bootstrapped the company by selling his car and borrowing approximately $2,100. He initially focused on offering stock trading and financial education to clients. In May 2021, he transitioned from CEO to Executive Chairman, focusing on the company's long-term growth and strategic development. He holds a bachelor's degree in business economics from the Universidade Federal do Rio de Janeiro.
Thiago Maffra, Chief Executive Officer
Thiago Maffra became the CEO of XP Inc. in May 2021. He joined XP Inc. in 2015, initially as a trader, and subsequently held positions such as High Frequency & Algorithmic trader (February 2015 to April 2016) and Equity Retail Business Manager (April 2016 to September 2018). From September 2018 to May 2021, he served as the Executive Director of Technology, where he led XP's digital transformation and the development of its technology-driven financial services platform. He also co-founded XDEX, an exchange, from June 2017 to October 2018. Prior to joining XP, Maffra was a trader at Souza Barros Câmbio e Títulos from November 2010 to January 2015. He holds a bachelor's degree in Business Administration from Insper, an MBA from Columbia Business School, and is a Chartered Financial Analyst (CFA).
Victor Andreu Mansur Farinassi, Chief Financial Officer
Victor Andreu Mansur Farinassi assumed the role of Chief Financial Officer of XP Inc. on August 1, 2024. He has over 15 years of experience in financial markets and joined XP CCTVM in 2012. During his tenure at XP, he has held various senior positions, including Executive Director, Head of Treasury, and Head of Structuring, Trading, and Sales. Before joining XP, Victor gained experience at two other broker-dealer firms. He holds a bachelor's degree in business administration from Escola Superior de Propaganda e Marketing.
Renato Bereznjak Cunha, Chief Strategy, Transformation and Operating Officer
Renato Bereznjak Cunha serves as the Chief Strategy, Transformation and Operating Officer at XP Inc. Further detailed background information was not readily available in the provided search results.
Fabrício Cunha de Almeida, General Counsel
Fabrício Cunha de Almeida has been the General Counsel of XP Inc. since November 2019 and has been part of the XP group since 2011. Before joining XP, he worked as a lawyer at Barbosa, Müssnich & Aragão from 2005 to 2011. Mr. Almeida holds a bachelor's degree in law from Universidade Cândido Mendes and a postgraduate degree in corporate law and capital markets.
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Here are the key risks to XP Inc.'s business:- Brazilian Macroeconomic and Political Volatility: XP Inc.'s performance is highly sensitive to the economic and political conditions in Brazil, particularly interest rate cycles and inflation. High interest rates can lead investors to shift capital from higher-margin variable income products, such as equities, to lower-margin fixed-income instruments, directly impacting the company's client asset growth and overall profitability. Political uncertainty and governmental influence over the Brazilian economy also pose significant risks.
- Regulatory and Reputational Risks from Allegations of Abusive Practices: The company faces significant regulatory and reputational risks due to active lawsuits and allegations of abusive brokerage practices. These include claims of "churning"—excessive trading to generate higher commissions—and the mis-selling of complex financial products like Structured Operations Certificates (COEs) to retail investors without adequate disclosure of risks, leading to substantial client losses. Additionally, a short-seller report accused XP Inc. of operating a "Madoff-like Ponzi scheme" related to specific funds. Such allegations can erode investor trust, attract increased regulatory scrutiny from bodies like the Brazilian Securities and Exchange Commission (CVM), and result in significant legal liabilities and reputational damage.
- Intense Competition: XP Inc. operates in a fiercely competitive Brazilian financial services market. Its competitors include major universal banks (like Itaú Unibanco and Bradesco), agile digital financial players (fintechs such as Nubank and Nu Invest), and specialized investment houses (like BTG Pactual and Genial Investimentos). This intense competition can exert downward pressure on brokerage fees and margins, potentially impacting the company's revenue and market share.
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The aggressive expansion of digitally native neobanks and fintech companies in Brazil into comprehensive investment, wealth management, and advisory services. These rapidly growing players, often with massive customer bases and lower cost structures, are increasingly offering a full suite of financial products, including brokerage, funds, and credit, leveraging superior digital user experiences. This direct competition challenges XP's established market share and its revenue model in its core areas.
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XP Inc. operates within several large and growing addressable markets in Brazil for its financial products and services.
Addressable Markets by Product or Service (Region: Brazil):
- Investment Assets (Securities Brokerage, Fixed Income, Equities, Funds): The total addressable market for investment assets in Brazil is projected to reach BRL 9.4 trillion (approximately USD 1.88 trillion at a BRL 5.00/USD exchange rate) in 2026. The online investment platform market in Brazil is anticipated to grow to US$322.6 million by 2030, with a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030.
- Wealth Management: The independent wealth management market in Brazil (B2B platform) is valued at R$600 billion (approximately USD 120 billion). Brazil accounted for 75.4% of the South America wealth management market in 2025, which itself is projected to be USD 1.9 trillion in 2026 and reach USD 2.64 trillion by 2031 at a 6.6% CAGR. The wealth management software market in Brazil is expected to reach US$254.7 million by 2030, with a CAGR of 15.2% from 2025 to 2030.
- Private Pension Plans: Assets in private pension plans in Brazil totaled R$1.4 trillion (approximately USD 280 billion) in 2023. By December 2025, the private pension market in Brazil held more than R$1.5 trillion (approximately USD 300 billion) in assets. The broader Brazilian life insurance & pension market recorded gross written premiums of $44.8 billion in 2023.
- Banking Products (Loan Operations, Credit Cards, Deposits): Adjacent markets, including credit and cards, represent an estimated BRL 600 billion (approximately USD 120 billion) in gross revenue potential for XP Inc. The Brazil Retail Banking Market is estimated at USD 156.88 billion in 2025 and is expected to reach USD 260.81 billion by 2030, growing at a CAGR of 10.7%. Another estimate puts the Brazil retail banking market size at USD 158.67 billion in 2026, forecast to reach USD 235.62 billion by 2031 at an 8.23% CAGR.
- Insurance Brokerage: The Brazilian life insurance & pension market recorded gross written premiums of $44.8 billion in 2023. Furthermore, the adjacent market for insurance represents an estimated BRL 600 billion (approximately USD 120 billion) in gross revenue potential for XP Inc.
- Financial Education (Xpeed): The Brazil AI-Powered Financial Literacy Platforms Market is valued at USD 1.2 billion based on a five-year historical analysis. More broadly, the Brazil online education market size reached USD 1.8 billion in 2025 and is expected to grow to USD 10.1 billion by 2034, at a CAGR of 20.90% during 2026-2034. The smart education and learning market in Brazil is projected to reach US$21,146.4 million by 2027.
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XP Inc. (XP) is expected to drive future revenue growth over the next 2-3 years through several key strategies aimed at expanding its market reach, diversifying its product offerings, and enhancing client engagement.
- Expansion of Client Assets and Advisory Network: XP Inc. is committed to expanding its advisory network within Brazil to increase assets under custody (AUC) and enhance product offerings. The company aims to double its client assets under custody to R$1.3 trillion by 2033, empowering its investment advisors to evolve into comprehensive wealth planners. This strategy focuses on achieving sustained double-digit AUC growth and net inflows, significantly supported by its Independent Financial Advisor (IFA) network.
- Diversification into New Verticals and Cross-selling Initiatives: XP Inc. is strategically broadening its product portfolio beyond traditional investments into non-investment related products, which already account for 15-20% of its revenue. This diversification includes credit services, cards, foreign exchange, insurance, and pension services. The company's efforts to cross-sell products such as private markets, structured notes, SME and mid-cap fixed-income origination, and insurance brokerage are expected to boost fee income and reduce reliance on trading revenue.
- Growth in Corporate & Issuer Services (Wholesale Banking): The Corporate & Issuer Services segment is anticipated to be a significant engine of revenue growth. This segment has demonstrated strong year-over-year revenue growth, largely driven by robust activity in Debt Capital Markets (DCM) and investment banking. XP Inc. is focused on enhancing its capability to deliver comprehensive solutions, particularly hedging solutions, to large corporate clients.
- Favorable Macroeconomic Environment through Monetary Easing: A potential easing of monetary policy in Brazil, with anticipated interest rate cuts starting in Q1-Q2 2026, is expected to stimulate the Brazilian economy. This improved macroeconomic environment is projected to lead to an acceleration in retail core revenue, potentially fostering higher trading activity and investment-banking revenues, thereby reducing the company's dependence on fixed income.
- Shift to Fee-Based Advisory Model and Enhanced Client Engagement: XP Inc. is actively transitioning its advisory model towards fee-based options to better align the interests of advisors and clients. This strategic shift is designed to drive higher client balances and future revenues while simultaneously strengthening the company's brand reputation. The current focus is on retaining existing clients and increasing their productivity, supported by the integration of artificial intelligence (AI) to enhance advisor efficiency and foster deeper client relationships, leading to more recurring revenue.
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Share Repurchases
- XP Inc. authorized a new share repurchase program of up to R$1.0 billion (or its USD equivalent) of its outstanding Class A common shares, effective from November 18, 2025, until November 18, 2026.
- The company approved another share repurchase program in May 2025, allowing for the buyback of up to R$1.0 billion of Class A common shares, to run until December 31, 2026.
- In November 2025, XP Inc. approved the retirement of 10,970,754 Class A common shares, representing approximately 2.1% of the company's total shares.
Share Issuance
- XP Inc. filed a shelf registration for $215.58 million in Class A shares in February 2026.
- As part of a leadership transition in February 2026, XP Control LLC (ControlCo) is expected to acquire voting equity interests from exiting partners in exchange for cash and Class A common shares of XP.
Outbound Investments
- XP Inc. acquired Modal, an investment bank, in January 2022.
- In November 2025, XP acquired Augme Capital, a diversified investment management firm.
- XP Inc. acquired a minority stake in AZ Quest, an independent asset management company, in October 2021, aligning with its strategy to develop a complete ecosystem of managers and distributors in Brazil.
Capital Expenditures
- Capital expenditures were 196.2 million BRL in 2023, and are estimated to be 330.2 million BRL in 2024 and 489.6 million BRL in 2025.
- Non-people expenses, primarily technology investments, increased by 13% for XP Inc. in 2025.
- The company emphasizes a disciplined approach to capital management, balancing growth investments with maintaining robust capital levels.
Trade Ideas
Select ideas related to XP.
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|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
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| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.65 |
| Mkt Cap | 18.9 |
| Rev LTM | 12,378 |
| Op Inc LTM | 7,022 |
| FCF LTM | 6,214 |
| FCF 3Y Avg | 5,803 |
| CFO LTM | 7,172 |
| CFO 3Y Avg | 6,209 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.4% |
| Rev Chg 3Y Avg | 16.0% |
| Rev Chg Q | 14.6% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Mgn LTM | 42.1% |
| Op Mgn 3Y Avg | 41.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 40.5% |
| CFO/Rev 3Y Avg | 36.9% |
| FCF/Rev LTM | 37.4% |
| FCF/Rev 3Y Avg | 33.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.9 |
| P/S | 2.0 |
| P/EBIT | 2.4 |
| P/E | 10.2 |
| P/CFO | 1.2 |
| Total Yield | 4.7% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 2.4 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.5% |
| 3M Rtn | -6.0% |
| 6M Rtn | -3.7% |
| 12M Rtn | 25.4% |
| 3Y Rtn | 74.4% |
| 1M Excs Rtn | -3.9% |
| 3M Excs Rtn | 2.7% |
| 6M Excs Rtn | -0.0% |
| 12M Excs Rtn | 10.9% |
| 3Y Excs Rtn | 11.3% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brokerage commission | 1,992 | 2,103 | 2,465 | 2,140 | 1,288 |
| Securities placement | 1,979 | 1,631 | 1,917 | 1,430 | 1,155 |
| Management fees | 1,628 | 1,581 | 1,490 | 1,224 | 1,035 |
| Commissions Fees | 790 | 564 | 193 | 91 | |
| Other services | 589 | 476 | 532 | 387 | 275 |
| Insurance brokerage fee | 175 | 153 | 133 | 113 | 106 |
| Sales taxes and contributions on services | -622 | -568 | -605 | -486 | -362 |
| Educational services | 71 | 118 | 98 | ||
| Total | 6,532 | 5,940 | 6,196 | 5,016 | 3,596 |
Price Behavior
Price Behavior
| Market Price | $17.70 | |
| Market Cap ($ Bil) | 9.3 | |
| First Trading Date | 12/11/2019 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $19.78 | $18.26 |
| DMA Trend | up | up |
| Distance from DMA | -10.5% | -3.0% |
| 3M | 1YR | |
| Volatility | 56.1% | 45.2% |
| Downside Capture | 1.45 | 1.01 |
| Upside Capture | 380.32 | 138.09 |
| Correlation (SPY) | 63.0% | 41.3% |
XP Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.77 | 1.64 | 1.58 | 1.39 | 0.81 | 0.99 |
| Up Beta | 1.82 | 2.48 | 3.04 | 2.34 | 0.76 | 0.84 |
| Down Beta | 2.49 | 0.08 | 0.47 | 0.89 | 0.54 | 0.84 |
| Up Capture | 415% | 385% | 217% | 166% | 133% | 158% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 23 | 34 | 66 | 130 | 386 |
| Down Capture | 224% | 91% | 136% | 119% | 96% | 104% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 18 | 27 | 58 | 120 | 358 |
[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 XP | |
|---|---|---|---|---|
| XP | 20.4% | 45.6% | 0.54 | - |
| Sector ETF (XLF) | -4.0% | 19.2% | -0.33 | 31.9% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 41.2% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 16.6% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 24.1% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 23.7% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 34.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XP | |
|---|---|---|---|---|
| XP | -11.9% | 49.6% | -0.08 | - |
| Sector ETF (XLF) | 9.1% | 18.7% | 0.37 | 33.1% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 39.0% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 10.9% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 12.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 30.5% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 23.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XP | |
|---|---|---|---|---|
| XP | -4.8% | 57.7% | 0.10 | - |
| Sector ETF (XLF) | 12.0% | 22.1% | 0.50 | 46.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 51.2% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 9.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 23.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 45.0% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 27.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| 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 |
|---|---|---|
| 09/30/2025 | 11/17/2025 | 6-K |
| 06/30/2025 | 08/19/2025 | 6-K |
| 03/31/2025 | 05/21/2025 | 6-K |
| 12/31/2024 | 04/24/2025 | 20-F |
| 09/30/2024 | 11/19/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/21/2024 | 6-K |
| 12/31/2023 | 04/26/2024 | 20-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/15/2023 | 6-K |
| 03/31/2023 | 05/16/2023 | 6-K |
| 12/31/2022 | 04/27/2023 | 20-F |
| 09/30/2022 | 11/09/2022 | 6-K |
| 06/30/2022 | 08/10/2022 | 6-K |
| 03/31/2022 | 05/04/2022 | 6-K |
| 12/31/2021 | 04/13/2022 | 20-F |
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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