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StoneX Group (SNEX)
NASDAQ:SNEX
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StoneX Group
(NASDAQ:SNEX)
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Rating:58Neutral
Price Target:
$107.00
▲(2.71% Upside)
StoneX Group's overall stock score reflects a combination of strong revenue growth and successful acquisitions, tempered by weak profitability margins and cash flow challenges. The technical indicators suggest caution, while the valuation is reasonable. The earnings call provided positive insights, but highlighted some segment-specific challenges.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust demand for StoneX's services and effective market penetration, supporting long-term business expansion.
Successful Acquisitions
Strategic acquisitions enhance StoneX's market position and operational capabilities, providing synergies and growth opportunities.
Expansion in European Markets
Expanding into Europe's agricultural markets diversifies StoneX's portfolio and strengthens its competitive position in a key region.
Negative Factors
Weak Profitability Margins
Low profitability margins suggest operational inefficiencies, which could hinder long-term profitability and competitiveness.
Cash Flow Challenges
Inconsistent cash flow conversion limits StoneX's ability to fund operations and growth, posing a risk to financial stability.
Rising Debt Levels
Increased leverage can strain financial resources and limit flexibility, impacting StoneX's long-term financial health.
StoneX Group (SNEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.42B
Dividend YieldN/A
Average Volume (3M)307.70K
Price to Earnings (P/E)17.7
Beta (1Y)0.97
Revenue Growth32.53%
EPS Growth13.38%
CountryUS
Employees4,709
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.57
Shares Outstanding52,243,893
10 Day Avg. Volume210,602
30 Day Avg. Volume307,705
Financial Highlights & Ratios
PEG Ratio0.89
Price to Book (P/B)2.01
Price to Sales (P/S)0.04
P/FCF Ratio-193.02
Enterprise Value/Market Cap3.99
Enterprise Value/Revenue0.16
Enterprise Value/Gross Profit0.16
Enterprise Value/Ebitda10.72
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
StoneX Group Business Overview & Revenue Model
Company DescriptionStoneX 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 MoneyStoneX Group generates revenue through multiple key streams, primarily by acting as a broker and market maker in various financial markets. The company earns commissions and fees from executing trades for clients in commodities, foreign exchange, and other securities. Additionally, StoneX profits from spreads in the market-making process, where it buys and sells assets at different prices. The firm also provides advisory and risk management services, charging fees for these tailored solutions. Significant partnerships with major exchanges and financial institutions further enhance its trading capabilities and access to liquidity, contributing to its overall earnings.
StoneX Group Earnings Call Summary
Earnings Call Date:Nov 24, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 11, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted robust financial performance with record-breaking net income and significant contributions from recent acquisitions like R.J. O'Brien. However, challenges in the FX/CFD and self-directed retail segments, along with a decline in precious metals revenue, presented areas of concern.Q4-2025 Updates
Positive Updates
Record-Breaking Net Income
Fourth quarter net income reached a record $85.7 million, with a 12% growth in net income year-over-year. The net income was up 35% compared to the preceding third quarter.
Strong Revenue Performance
Operating revenues surpassed $1.2 billion, marking a 31% increase versus the prior year and a 17% increase versus the immediately preceding quarter.
Successful Acquisitions
The acquisition of R.J. O'Brien and Benchmark contributed significantly to financial results, with RJO contributing $22.1 million and Benchmark $2.4 million in pretax net income for the quarter.
Growth in Client Assets
Client equity balances reached a high of $13.7 billion by the end of September 2025, with significant contributions from the RJO acquisition.
Institutional Segment Success
The institutional segment saw record net operating revenues and segment income with growth of 67% and 73% respectively versus the prior year.
Negative Updates
FX/CFD Revenue Decline
FX/CFD revenues declined by 34% year-over-year, primarily driven by a 7% decline in average daily volumes and a 32% decline in rate per million due to low volatility in FX markets.
Challenges in Self-Directed Retail Segment
Net operating revenues in the self-directed retail segment declined 35%, and segment income was down 51%, primarily driven by a 4% decline in average daily volumes and a 31% decline in rate per million.
Precious Metals Revenue Decrease
Operating revenues from precious metals declined by $6.8 million, impacted by a dislocation in the CME metals price and tariffs which affected hedging strategies.
Company Guidance
During the StoneX Group Inc. Q4 FY 2025 earnings call, CFO Bill Dunaway reported a record net income of $85.7 million and diluted earnings per share (EPS) of $1.57, marking a 12% growth in net income but only a 1% increase in EPS due to additional shares issued for the R.J. O'Brien acquisition. The company achieved a 15.2% return on equity despite a 72% increase in book value over two years. Operating revenues were $1.2 billion, up 31% year-over-year. Notably, the acquisitions of R.J. O'Brien and Benchmark contributed significantly, with RJO alone adding $22.1 million in pretax net income. The Institutional segment witnessed record growth, with net operating revenues up 67% and segment income increasing by 73%. Despite some declines in the self-directed retail segment, the company ended the fiscal year with a robust book value per share of $45.56. StoneX's M&A strategy, highlighted by the R.J. O'Brien acquisition, is expected to yield $50 million in cost synergies and significant capital synergies, with the integration process well underway.StoneX Group Financial Statement Overview
Summary
StoneX Group's financial performance is mixed. While revenue growth is strong, profitability margins are weak, and the company faces challenges with high leverage and cash flow management. These factors suggest potential risks in financial stability and operational efficiency.Income Statement
StoneX Group has shown a steady increase in revenue over the years, with a notable revenue growth rate of 21.1% in the latest year. However, the gross profit margin is extremely low, indicating high costs relative to revenue. The net profit margin is also low, suggesting limited profitability. The EBIT and EBITDA margins have declined, reflecting potential operational inefficiencies.Balance Sheet
The company's debt-to-equity ratio has been volatile, with a significant increase in debt levels, suggesting higher financial leverage and potential risk. Return on equity has decreased, indicating reduced profitability for shareholders. The equity ratio is low, which may imply a higher reliance on debt financing.Cash Flow
StoneX Group's cash flow situation is concerning, with negative free cash flow growth and operating cash flow in the latest year. The free cash flow to net income ratio has been inconsistent, indicating challenges in converting net income into cash. This could impact the company's ability to fund operations and growth.| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 132.38B | 132.38B | 99.89B | 60.86B | 66.04B | 42.53B |
| Gross Profit | 131.27B | 131.27B | 2.01B | 1.61B | 861.30M | 561.80M |
| EBITDA | 2.02B | 2.02B | 1.61B | 1.25B | 517.70M | 293.70M |
| Net Income | 305.90M | 305.90M | 260.80M | 238.50M | 207.10M | 116.30M |
Balance Sheet | ||||||
| Total Assets | 45.27B | 45.27B | 27.47B | 21.94B | 19.86B | 18.84B |
| Cash, Cash Equivalents and Short-Term Investments | 1.61B | 1.61B | 1.27B | 1.11B | 1.11B | 1.11B |
| Total Debt | 18.52B | 18.52B | 11.32B | 6.48B | 5.35B | 7.40B |
| Total Liabilities | 42.89B | 42.89B | 25.76B | 20.56B | 18.79B | 17.94B |
| Stockholders Equity | 2.38B | 2.38B | 1.71B | 1.38B | 1.07B | 904.00M |
Cash Flow | ||||||
| Free Cash Flow | 4.34B | -24.80M | 441.70M | -70.60M | -279.00M | 2.06B |
| Operating Cash Flow | 4.41B | -13.40M | 506.90M | -23.70M | -229.50M | 2.12B |
| Investing Cash Flow | -482.20M | -751.40M | -63.70M | -53.00M | -49.50M | -59.80M |
| Financing Cash Flow | 914.80M | 753.90M | 188.00M | -169.30M | 65.80M | -35.60M |
StoneX Group Technical Analysis
Positive
104.18
Price Trends
93.28
Positive
95.90
Positive
91.69
Positive
Market Momentum
2.66
Negative
66.18
Neutral
92.08
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNEX, the sentiment is Positive. The current price of 104.18 is above the 20-day moving average (MA) of 98.82, above the 50-day MA of 93.28, and above the 200-day MA of 91.69, indicating a bullish trend. The MACD of 2.66 indicates Negative momentum. The RSI at 66.18 is Neutral, neither overbought nor oversold. The STOCH value of 92.08 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNEX.
StoneX Group Risk Analysis
StoneX Group disclosed 41 risk factors in its most recent earnings report. StoneX Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
StoneX Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $6.01B | 24.96 | 51.98% | 3.69% | 51.19% | 456.59% | |
71 Outperform | $8.73B | 27.60 | 91.85% | 0.58% | 23.16% | 64.04% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $6.39B | 27.20 | 19.30% | 1.63% | 12.77% | 36.43% | |
66 Neutral | $4.89B | 20.45 | 36.41% | 4.06% | 1.58% | 1.93% | |
64 Neutral | $5.07B | 7.18 | 29.43% | 2.88% | 27.66% | 131.25% | |
58 Neutral | $5.42B | 17.67 | 14.47% | ― | 32.53% | 13.38% |
* Financial Sector Average
SNEX
StoneX Group
103.14
34.98
51.32%
LAZ
Lazard
51.32
6.36
14.15%
PIPR
Piper Sandler
357.61
69.03
23.92%
MC
Moelis
73.61
3.67
5.25%
VIRT
Virtu Financial
34.05
-0.49
-1.42%
PJT
PJT Partners
177.23
21.71
13.96%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.