StoneX Group (SNEX) AI Stock Analysis

• Market Cap: $5.44B
• Dividend Yield: N/A
• Average Volume (3M): 423.14K
• Price to Earnings (P/E): 8.7
• Beta (1Y): 1.06
• Revenue Growth: 32.53%
• EPS Growth: 13.38%
• Country: US
• Employees: 4,709
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.50
• Shares Outstanding: 52,463,318
• 10 Day Avg. Volume: 438,987
• 30 Day Avg. Volume: 423,144
• PEG Ratio: 1.18
• Price to Book (P/B): 2.01
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 1.11
• Enterprise Value/Market Cap: 4.43
• Enterprise Value/Revenue: 0.17
• Enterprise Value/Gross Profit: 8.37
• Enterprise Value/Ebitda: 10.96
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.39
• Revenue Forecast (FY): $4.82B

• Rating: 64 Neutral
• Price Target: $111.00 ▲(4.41% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by decent but riskier financial quality (high leverage and thin margins) and weak technicals, partly offset by an attractive earnings multiple and a strong, upbeat earnings call emphasizing record results and synergy-led improvement.

Positive Factors

Strong cash generation

Consistent TTM operating and free cash flow of several billion provides durable internal funding for growth, acquisitions, capital needs and shareholder actions. Strong cash conversion reduces reliance on external financing and cushions the firm versus episodic market volatility.

Scale from acquisitions

Acquisitions meaningfully increased client equity, fee and interest income, and product depth. Larger client balances boost recurring interest/fee streams and cross-sell potential, improving structural revenue diversity and enabling cost synergies as integration progresses.

Diversified segment momentum

Strong, broad-based growth across commercial and institutional segments and outperformance in physical contracts and listed derivatives indicate diversified revenue drivers. Diversification lowers single-market dependency and supports more stable long‑term cash flows.

Negative Factors

High leverage

Very high debt-to-equity materially increases financial risk over the medium term. Elevated leverage reduces flexibility for opportunistic investment, amplifies earnings volatility from funding-cost moves, and heightens refinancing and liquidity stress in tighter markets.

Thin net margins

Very low net margins imply small revenue or spread compression or incremental expenses can sharply depress profitability. The business remains highly sensitive to trading volumes, spread retention and fee mix, limiting durable earnings resilience.

Integration timing & expense pressure

Near-term legal, integration and compensation costs are elevating the expense base while synergies are phased. Prolonged integration timing or higher-than-expected costs would delay targeted cost savings and constrain margin uplift from recent acquisitions.

StoneX Group Business Overview & Revenue Model

Company Description

StoneX Group Inc. operates as a global financial services network that connects companies, organizations, traders, and investors to market ecosystem worldwide. Its Commercial segment provides risk management and hedging, exchange-traded and OTC products execution and clearing, voice brokerage, market intelligence, physical trading, and commodity financing and logistics services. The company's Institutional segment provides equity trading services to institutional clients; and originates, structures, and places debt instruments in capital markets worldwide. Its services cover foreign securities, including unlisted American Depository Receipts, Global Depository Receipts, and foreign ordinary shares. This segment also operates as an institutional dealer in fixed income securities to serve asset managers, commercial bank trust and investment departments, broker-dealers, and insurance companies; engages in asset management business; and offers clearing and execution services in futures exchanges, brokerage foreign exchange services for the financial institutions and professional traders, and OTC products. The company's Retail segment provides trading services and solutions in the global financial markets, including spot foreign exchange, precious metals trading, and contracts for differences; and wealth management and investment services, as well as offers physical gold and other precious metals in various forms and denominations through coininvest.com and silver-to-go.com. Its Global Payments segment provides foreign exchange and treasury services to banks and commercial businesses, charities, and non-governmental and government organizations; and payments services. The company was formerly known as INTL FCStone Inc. and changed its name to StoneX Group Inc. in July 2020. StoneX Group Inc. was founded in 1924 and is headquartered in New York, New York.

How the Company Makes Money

StoneX primarily makes money by earning transaction-based and service-based fees, interest and financing-related income, and spreads/commissions associated with facilitating customer trading and hedging activity across multiple asset classes. Key revenue streams typically include: - Commissions and clearing/execution fees: Fees and commissions generated when clients trade futures and options on futures (listed derivatives), foreign exchange, equities, fixed income, and other instruments. StoneX earns per-transaction revenue for executing trades and providing clearing services (including services delivered via introducing brokers and institutional channels). - Spread-based revenue and trading services: In certain products (commonly FX and some OTC/market-access offerings), revenue can include bid/ask spreads or markups embedded in the price provided to customers, reflecting StoneX’s role in facilitating liquidity and execution. - Interest and financing income: Income earned on customer cash balances and margin collateral, and from financing activities tied to brokerage and clearing operations (e.g., interest on segregated cash where permitted, client margin financing, and other secured financing structures). The level of this income is sensitive to interest rates, client balances, and trading-related margin levels. - Advisory and commercial hedging services (including physical commodities): Revenue from providing risk management solutions and advisory services to commercial clients, which may include structured hedging programs and execution tied to physical commodity exposure. Depending on the service, StoneX may earn advisory fees, transaction fees, and/or margins associated with facilitating commodity-related transactions. - Account, platform, and other service fees: Fees for value-added services such as custody/settlement-related services, technology/platform access, market data or research products, and other ancillary brokerage and clearing services. Factors that significantly influence earnings include trading volumes and market volatility (which drive client activity and commission/spread revenue), interest-rate levels (which affect interest income on client balances and financing), the mix of institutional/commercial versus retail flow, and the scale of client assets and margin balances cleared through StoneX’s regulated entities. Specific partnership details: null.

StoneX Group Financial Statement Overview

Summary

Solid revenue growth and strong recent operating/free cash flow support the business, but structurally thin net margins and a highly leveraged balance sheet (debt-to-equity ~7.8x) materially raise risk in weaker market/funding conditions.

Income Statement

Revenue has expanded meaningfully over the period and is up 8.4% in TTM (Trailing-Twelve-Months), showing solid top-line momentum. Profitability is steady but thin: net margin is ~0.23% in TTM (Trailing-Twelve-Months), and operating profitability is modest (~1.4% EBIT margin). Overall, the business is growing, but earnings power is sensitive to small changes in spreads/expenses given the very low net margin.

Balance Sheet

Leverage is the main constraint: debt-to-equity is high (~7.8x in the latest periods), which can amplify returns but increases risk if market/financing conditions tighten. Equity has grown versus earlier years, and returns on equity are solid (~15% in TTM (Trailing-Twelve-Months)), but the balance sheet remains meaningfully leveraged relative to the equity base.

Cash Flow

Cash generation is strong in TTM (Trailing-Twelve-Months) with operating cash flow of ~$3.62B and free cash flow of ~$3.55B, with free cash flow roughly in line with reported earnings (free cash flow to net income ~1.0x). However, cash flow has been volatile in prior annual periods (including negative operating/free cash flow in some years) and TTM (Trailing-Twelve-Months) free cash flow is down ~18%, suggesting working-capital and business-cycle sensitivity.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	143.47B	132.38B	99.89B	60.86B	66.04B	42.53B
Gross Profit	2.88B	2.58B	2.01B	1.61B	861.30M	561.80M
EBITDA	2.20B	1.99B	1.61B	1.25B	517.70M	293.70M
Net Income	359.80M	305.90M	260.80M	238.50M	207.10M	116.30M
Balance Sheet
Total Assets	47.78B	45.27B	27.47B	21.94B	19.86B	18.84B
Cash, Cash Equivalents and Short-Term Investments	1.59B	1.61B	1.27B	1.11B	1.11B	1.11B
Total Debt	20.24B	18.52B	11.32B	6.48B	5.35B	7.40B
Total Liabilities	45.26B	42.89B	25.76B	20.56B	18.79B	17.94B
Stockholders Equity	2.52B	2.38B	1.71B	1.38B	1.07B	904.00M
Cash Flow
Free Cash Flow	3.55B	4.32B	441.70M	-70.60M	-279.00M	2.06B
Operating Cash Flow	3.62B	4.39B	506.90M	-23.70M	-229.50M	2.12B
Investing Cash Flow	-488.70M	-840.00M	-63.70M	-53.00M	-49.50M	-59.80M
Financing Cash Flow	426.80M	914.80M	188.00M	-169.30M	65.80M	-35.60M

StoneX Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 106.31
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNEX, the sentiment is Negative. The current price of 106.31 is below the 20-day moving average (MA) of 117.43, below the 50-day MA of 114.58, and above the 200-day MA of 98.99, indicating a neutral trend. The MACD of -3.69 indicates Positive momentum. The RSI at 37.29 is Neutral, neither overbought nor oversold. The STOCH value of 22.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNEX.

StoneX Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIRT	73 Outperform	$6.12B	6.06	30.48%	2.88%	27.66%	131.25%
PIPR	72 Outperform	$5.27B	20.11	21.69%	1.63%	12.77%	36.43%
MC	71 Outperform	$4.31B	22.13	44.30%	3.69%	51.19%	456.59%
PJT	71 Outperform	$3.16B	23.93	84.45%	0.58%	23.16%	64.04%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SNEX	64 Neutral	$5.44B	8.65	16.43%	―	32.53%	13.38%
LAZ	60 Neutral	$3.74B	19.99	30.96%	4.06%	1.58%	1.93%

StoneX Group Corporate Events

StoneX Group Receives Favorable Outcome in BTIG Arbitration

In November 2023, BTIG, LLC filed a civil complaint in San Francisco Superior Court against StoneX Group Inc. and StoneX Financial Inc., alleging various claims tied to StoneX’s hiring of former BTIG employees, with the matter later moved to FINRA arbitration under applicable rules. On March 12, 2026, a FINRA arbitration panel issued an award resolving all claims and counterclaims, finding BTIG liable to StoneX Financial for about $1.0 million, StoneX Group and StoneX Financial jointly liable to BTIG for $2.9 million—resulting in a net payment obligation of roughly $1.8 million by StoneX entities to BTIG, and otherwise ruling in favor of StoneX on the remaining issues, which limits the financial and legal impact relative to BTIG’s original demand of up to $842.0 million.

The most recent analyst rating on (SNEX) stock is a Hold with a $111.00 price target. To see the full list of analyst forecasts on StoneX Group stock, see the SNEX Stock Forecast page.

StoneX Group Shareholders Back Board and Leadership Changes

At its annual meeting held on March 10, 2026, StoneX Group Inc. shareholders re-elected ten directors to serve until the 2027 annual meeting, with all nominees receiving strong majority support, and approved KPMG LLP as the company’s independent registered public accounting firm for the 2026 fiscal year. Investors also backed the advisory say-on-pay resolution for the compensation of named executive officers, and at a board meeting held the same day, directors elevated John Radziwill to chairman of the board and appointed Sean M. O’Connor as executive vice-chairman, signaling continuity in leadership and governance.

The most recent analyst rating on (SNEX) stock is a Buy with a $117.00 price target. To see the full list of analyst forecasts on StoneX Group stock, see the SNEX Stock Forecast page.

StoneX Group Announces Three-for-Two Stock Split Plan

For the fiscal 2026 first quarter ended December 31, 2025, StoneX Group Inc. reported record net operating revenues of $724.4 million, up 47% year-on-year, and record net income of $139.0 million, translating into diluted earnings per share of $2.50 and a quarterly return on equity of 22.5%. Management attributed the strong performance to robust results in its Commercial and Institutional segments—particularly Global Metals and Securities—as well as the first full-quarter contribution from the acquired RJO and Benchmark businesses, underscoring the benefits of its expanding global ecosystem. On February 3, 2026, StoneX’s board approved a three-for-two stock split to be effected as a stock dividend, with additional shares to be distributed after the close of trading on March 20, 2026, to shareholders of record on March 10, 2026; the move is set to increase share liquidity, with trading on a split-adjusted basis expected to begin on March 23, 2026, potentially broadening the investor base and reinforcing confidence in the company’s growth trajectory.

The most recent analyst rating on (SNEX) stock is a Hold with a $117.00 price target. To see the full list of analyst forecasts on StoneX Group stock, see the SNEX Stock Forecast page.