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Friday 6 November 2026
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StoneX Group Inc.
SNEX Financial Capital Markets
StoneX Group Inc.’s revenue for fiscal 2025 (year ended September 2025) was $132.4 billion, up 32.5% from fiscal 2024.
- Revenue
- +15.4%
- EPS
- +86.6%
- Free cash flow
- −183.0%
- Total debt
- +59.8%
Quarter to June 2026, against a year earlier
55.28
1.66
+3.10%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 14,755 | 29,424 | 27,623 | 32,897 | 54,140 | 42,534 | 66,036 | 60,856 | 99,888 | 132,378 | 157,707 | +27.6% | 124,984 | 124,984 | 124,984 | (1.9%) | |
| Gross margin, % | 3.20 | 1.82 | 2.40 | 2.46 | 1.80 | 2.92 | 2.51 | 4.08 | 2.95 | 2.67 | 3.03 | (0.5) pt | ||||||
| EBT | 73 | 15 | 102 | 111 | 207 | 154 | 277 | 323 | 354 | 409 | 681 | +21.2% | ||||||
| EBT margin, % | 0.49 | 0.05 | 0.37 | 0.34 | 0.38 | 0.36 | 0.42 | 0.53 | 0.35 | 0.31 | 0.43 | (0.2) pt | ||||||
| Net income | 55 | 6 | 56 | 85 | 170 | 116 | 207 | 239 | 261 | 306 | 527 | +21.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 158.30 | 315.94 | 294.16 | 346.77 | 568.11 | 439.18 | 666.52 | 602.33 | 969.13 | 1,240.41 | 1,361.22 | +25.7% | |||||
| Earnings | 0.58 | 0.06 | 0.58 | 0.88 | 1.73 | 1.17 | 2.03 | 2.28 | 2.44 | 2.76 | 4.47 | +18.9% | ||||||
| Cash flow | (0.30) | 11.14 | (5.04) | 2.06 | 20.47 | 21.92 | (2.32) | (0.23) | 4.92 | 41.12 | 33.30 | n/m | ||||||
| Capex | (0.17) | (0.17) | (0.13) | (0.13) | (0.17) | (0.61) | (0.50) | (0.46) | (0.64) | (0.61) | (0.63) | +15.6% | ||||||
| Free cash flow | (0.46) | 10.96 | (5.18) | 1.94 | 20.29 | 21.31 | (2.82) | (0.70) | 4.27 | 40.51 | 32.67 | n/m | ||||||
| Book value | 4.65 | 4.83 | 5.38 | 6.26 | 8.05 | 9.33 | 10.80 | 13.65 | 16.58 | 22.28 | 24.55 | +19.0% | ||||||
| Shares, m | 93 | 93 | 94 | 95 | 95 | 97 | 99 | 101 | 103 | 107 | 113 | +1.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 13.21 | 123.38 | 16.55 | 9.21 | 5.83 | 11.17 | 8.07 | 8.35 | 9.94 | 16.22 | 12.01 | 22.2 | |||||
| P/S | 0.05 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 | 0.0 | ||||||
| P/B | 1.65 | 1.62 | 1.78 | 1.29 | 1.26 | 1.39 | 1.52 | 1.39 | 1.46 | 2.01 | 2.19 | 1.5 | ||||||
| EV/Sales | (0.09) | (0.02) | 0.02 | (0.06) | (0.06) | (0.09) | (0.06) | (0.07) | (0.06) | (0.09) | — | (0.1) | ||||||
| EV/FCF | 29.41 | (0.48) | (1.28) | (10.79) | (1.60) | (1.87) | 14.66 | 59.50 | (14.34) | (2.65) | — | 7.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (28) | 1,037 | (474) | 196 | 1,951 | 2,123 | (229) | (24) | 507 | 4,388 | 3,858 | n/m | |||||
| Capex | (15) | (16) | (12) | (12) | (17) | (59) | (49) | (47) | (66) | (65) | (73) | +17.3% | ||||||
| Free cash flow | (43) | 1,021 | (486) | 184 | 1,934 | 2,064 | (279) | (71) | 441 | 4,323 | 3,785 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,498 | 1,806 | 2,921 | 4,822 | 5,639 | 7,623 | 5,499 | 7,004 | 11,963 | 18,351 | 23,542 | +32.1% | |||||
| Net debt | (2,018) | (1,216) | (277) | (2,741) | (4,052) | (5,126) | (5,729) | (6,184) | (8,815) | (16,235) | (23,176) | +26.1% | ||||||
| Shareholders’ equity | 434 | 450 | 505 | 594 | 768 | 904 | 1,070 | 1,379 | 1,709 | 2,377 | 2,844 | +20.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.97 | 0.10 | 0.78 | 0.94 | 1.41 | 0.70 | 1.04 | 1.10 | 1.02 | 0.81 | 1.16 | (0.2) pt | |||||
| ROIC | 0.00 | 0.00 | 27.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 12.93 | 1.43 | 11.43 | 15.21 | 24.32 | 13.50 | 20.36 | 18.81 | 16.30 | 14.46 | 21.15 | +1.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,464 | 1,607 | 1,700 | 2,012 | 2,950 | 3,242 | 3,600 | 4,000 | 4,500 | 5,400 | — | +15.6% | |||||
| Revenue/emp, $m | 10.08 | 18.31 | 16.25 | 16.35 | 18.35 | 13.12 | 18.34 | 15.21 | 22.20 | 24.51 | — | +10.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Commercial | 129,257 | 97.64% |
|---|---|---|
| Institutional | 2,499 | 1.89% |
| Self-Directed/Retail | 406 | 0.31% |
| Payments | 214 | 0.16% |
| Gross margin | 2.67% | |
| Operating margin | 1.41% | |
| Pre-tax margin | 0.31% |
StoneX Group Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| VIRT Virtu Financial, Inc. | $8.4B | 8.9× | 8.2× | +19.05% (above 0%: growing) | −1.21% (below 0%: shrinking) | +78.56% (above 0%: growing) | 78.24% | 46.04% | Compare |
| XP XP Inc. | $7.6B | 7.7× | 7.1× | +22.04% (above 0%: growing) | +23.26% (above 0%: growing) | −127.08% (below 0%: shrinking) | 100.00% | 34.50% | Compare |
| IREN IREN Limited | $7.3B | — (loss-making) | — (loss-making) | −26.73% (below 0%: shrinking) | n/m | +705.74% (above 0%: growing) | 75.71% | (585.97%) | Compare |
| SNEX StoneX Group Inc. | $6.5B | 12.0× | 12.1× | +15.40% (above 0%: growing) | +86.64% (above 0%: growing) | −183.02% (below 0%: shrinking) | 3.06% | 1.67% | |
| MKTX MarketAxess Holdings Inc. | $5.8B | 19.5× | 21.3× | −0.48% (below 0%: shrinking) | +1.05% (above 0%: growing) | −83.73% (below 0%: shrinking) | 100.00% | 41.15% | Compare |
| HUT Hut 8 Corp. | $5.7B | — (loss-making) | — (loss-making) | −14.90% (below 0%: shrinking) | +122.92% (above 0%: growing) | +173.77% (above 0%: growing) | 0.00% | 447.73% | Compare |
| RIOT Riot Platforms, Inc. | $5.5B | — (loss-making) | — (loss-making) | +0.66% (above 0%: growing) | −96.67% (below 0%: shrinking) | −276.72% (below 0%: shrinking) | 0.00% | 0.67% | Compare |
| GLXY Galaxy Digital Inc. | $5.0B | — (loss-making) | 205× | −0.99% (below 0%: shrinking) | n/m | +80.14% (above 0%: growing) | 0.86% | (1.21%) | Compare |
| WULF TeraWulf Inc. | $5.0B | — (loss-making) | — (loss-making) | −6.02% (below 0%: shrinking) | n/m | −695.25% (below 0%: shrinking) | 72.30% | (313.74%) | Compare |
| Median of peers | $5.7B | 8.9× | 14.7× | −0.74% | +1.05% | −2.59% | 74.01% | 17.58% |
From the latest earnings call
- CEO Philip Smith said StoneX completed the vast majority of R.J. O’Brien’s remaining U.S. client migration and was pursuing cross-selling opportunities.
- Smith said higher-volume payments were lifting average daily volume while reducing revenue per trade, a trend he expected to continue for the foreseeable future.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
55.82%
Held by the ten largest
31.69%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 11.34m | 9.45% | +328.28k |
| Vanguard | 7.84m | 6.53% | +467.26k |
| T. Rowe Price | 5.46m | 4.55% | −524.77k |
| American Century | 2.96m | 2.47% | −435.81k |
| State Street | 2.90m | 2.42% | +119.49k |
| Geode Capital Management | 2.08m | 1.73% | +88.29k |
| Dimensional Fund Advisors | 1.65m | 1.38% | −454.89k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | 1.30m | 1.08% | +951.09k |
| AltraVue Capital, LLC | 1.26m | 1.05% | −204.23k |
| Norges Bank | 1.23m | 1.03% | +1.23m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 26 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.00m | 24.84m | 444.00 |
| 2024 | 18.53m | 26.54m | 240.00 |
| 2023 | 6.52m | 8.68m | 189.00 |
| 2022 | 5.95m | 8.24m | 162.00 |
| 2021 | 4.75m | 7.47m | 129.00 |
Ownership
Directors and executive officers, together
11.79%
BlackRock, Inc.
12.54%
The Vanguard Group, Inc.
7.68%
Sean O'Connor
6.27%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
StoneX Group Inc. (SNEX) Latest News
20 Oct
1 Oct
3 Sep
12 Aug
7 Aug
6 Aug
SNEX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
StoneX Group runs a financial services network connecting businesses, institutions and individual investors to financial and physical markets. Its services span a transaction’s life: helping clients understand markets and manage risk, executing trades, and handling clearing, custody and settlement afterward. Philip Smith is chief executive officer.
A commercial client, such as a producer or a company buying commodities, can use StoneX to manage exposure to changes in commodity prices, foreign exchange rates or interest rates. StoneX also buys and sells physical commodities, including precious metals and agricultural products, and can combine a physical contract with a hedge against price movements.