XP Inc.

XP Financial Capital Markets

XP Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 4.36% from fiscal 2024. In the quarter to June 2026, revenue grew 22.0%, EPS grew 23.3%, free cash flow fell 127.1% and total debt fell 30.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

29.18 0.86 −2.86%
Market cap
$15.5B
P/E
15.1×
Fwd P/E
7.5×
Dividend yield
1.30%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
Piotroski F-Score
6 5 5 5 3 4 — — — —
P/E ratio
9.41 7.65 17.76 11.15 24.15 55.10 226.59 61.54 61.54 61.54
P/S ratio
2.62 2.03 4.64 2.97 7.18 13.85 0.00 0.00 0.00 0.00
P/FCF ratio
4.17 3.19 8.79 23.63 0.00 92.63 0.00 0.00 0.00 0.00
P/Operating CF
(17.54) 8.61 17.07 26.07 74.88 153.27 0.00 0.00 0.00 0.00
P/B ratio
2.05 1.73 3.54 2.33 6.01 10.36 0.00 0.00 0.00 0.00
Price to Tangible BV
2.32 1.99 4.07 2.45 6.38 11.09 0.00 0.00 0.00 0.00
EV/Sales
2.07 1.80 4.52 2.84 7.13 13.72 0.00 0.00 0.00 0.00
EV/EBITDA
5.72 4.89 13.19 9.12 20.11 41.84 0.00 0.00 0.00 0.00
EV/Operating CF
3.16 2.74 8.27 21.03 (21.43) 74.01 0.00 0.00 0.00 0.00
EV/FCF
3.30 2.83 8.57 22.63 (19.70) 91.71 0.00 0.00 0.00 0.00
Quick Ratio
4.02 2.75 1.83 2.21 1.27 1.32 0.74 0.00 0.00 —
Current Ratio
5.36 4.50 3.50 4.38 2.91 2.03 0.82 — — —
Net Debt/EBITDA
(1.52) (0.63) (0.34) (0.41) (0.13) (0.42) 0.79 0.00 0.00 —
Debt/Assets
0.06% 0.48% 0.88% 0.97% 1.38% 0.86% 3.38% 49.49% 0.00% —
Debt/Equity
0.01 0.08 0.11 0.11 0.13 0.08 0.21 4.21 1.83 —
Asset Turnover
0.05 0.06 0.07 0.08 0.10 0.11 0.17 0.36 0.18 0.00
Operating CF/Net income
2.33 2.48 2.08 0.50 (1.12) 0.73 (3.53) 1.09 0.94 1.89
Capex/Depreciation
(1.61) (1.21) (0.78) (0.62) (1.52) (2.03) (1.78) — — —
Interest Coverage
10.15 7.71 7.84 9.83 29.85 48.01 19.30 — — —
ROE
23.34% 21.98% 21.70% 23.22% 27.79% 20.51% 23.29% 28.54% 29.45% 0.00%
ROA
1.37% 1.46% 1.79% 2.20% 2.99% 2.71% 3.50% 5.51% 3.87% 0.00%
ROIC
29.56% 23.31% 17.09% 16.09% 18.26% 16.18% 11.95% 0.00% 0.00% —
Return on Tangible Assets
37.83% 49.26% 55.64% 51.78% 72.29% 93.39% (1,880.81%) 484.62% 928.57% 0.00%
Average Days of Receivables
35.89 26.39 22.75 20.81 18.81 28.39 50.21 0.00 0.00 0.00
Research and Development Expense of Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Selling, General and Administrative Expense of Revenue
36.49% 36.11% 37.89% 43.30% 40.74% 38.62% 39.91% 0.00% 0.00% 0.00%
Intangible Assets out of Total Assets
0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.03 0.00 —
Share Based Compensation of Revenue
2.13% 2.45% 2.46% 4.38% 4.65% 2.86% 0.10% 0.00% 0.00% 0.00%
Graham Net Nets
(7.40) (9.13) (3.20) (4.20) (1.36) (0.72) 0.00 0.00 0.00 0.00
Graham Number
17.70 15.47 15.29 12.88 11.31 7.87 0.00 0.00 0.00 0.00
Earnings Yield
10.63% 13.08% 5.63% 8.97% 4.14% 1.81% 0.44% 1.63% 1.63% 1.63%
Free Cash Flow Yield
23.97% 31.36% 11.38% 4.23% (5.04%) 1.08% 0.00% 0.00% 0.00% 0.00%
Revenue per Share
6.25 5.83 5.51 4.65 4.00 2.86 2.54 1.47 1.09 0.65
Operating CF per Share
4.09 3.83 3.02 0.63 (1.33) 0.53 (1.89) 0.25 0.22 0.19
Capex per Share
(0.17) (0.11) (0.07) (0.04) (0.12) (0.10) (0.08) 0.00 0.00 0.00
Free Cash Flow per Share
3.92 3.72 2.94 0.58 (1.45) 0.43 (1.97) 0.25 0.22 0.19
Cash per Share
3.52 1.92 1.46 1.24 0.82 0.69 0.05 0.03 0.08 0.00
Shareholders Equity per Share
8.00 6.86 7.22 5.94 4.78 3.83 3.55 0.97 0.63 0.00
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
8.00 6.86 7.22 5.94 4.78 3.83 3.55 0.97 0.63 0.00
Free Cash Flow
2,069.55 2,013.21 1,588.59 324.82 (810.38) 236.52 (1,007.38) 137.74 121.87 102.10
Working Capital
2,364.23 1,615.43 1,328.79 1,279.09 861.91 391.78 (50.66) — — —
Capital Expenditures
(87.68) (59.37) (39.30) (24.60) (65.41) (56.56) (40.91) (37.38) (15.97) (9.08)
Net Current Asset Value
(63,894.17) (58,624.27) (44,126.46) (32,239.05) (21,833.90) (15,742.95) (9,011.37) (4,033.00) (1,804.00) —
EV/EBIT
6.00 5.11 13.88 9.60 21.26 44.21 0.00 0.00 0.00 0.00
Capex to Sales
0.03 0.02 0.01 0.01 0.03 0.04 0.03 0.00 0.00 0.00
Price to Operating Income
7.59 5.76 14.24 10.02 21.40 44.66 0.00 0.00 0.00 0.00
Other line items
Depreciation/Fixed assets
0.66 0.59 0.68 0.66 0.74 0.70 0.64 0.00 0.00 —
Cash ROIC
33.84% 39.74% 30.99% 7.47% (23.22%) 8.91% (45.49%) 4.89% 11.92% 0.00%
Accounts Receivable Turnover
11.93 15.26 17.88 19.68 18.78 10.48 8.61 0.00 0.00 0.00
Accounts Payable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Days of Payables
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Receivables
276.18 206.94 166.50 131.38 119.16 150.86 150.86 — — —
Average Payables
143.32 165.74 154.76 140.17 163.75 117.18 42.42 9.11 4.79 4.79
Average Assets
67,718.36 57,150.67 43,539.98 31,508.45 22,224.72 14,841.84 7,813.51 2,286.50 3,362.00 —
Average Common Equity
3,967.08 3,806.38 3,598.54 2,986.52 2,393.05 1,963.73 1,175.66 441.50 441.50 —

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Columns are period end dates