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StoneX Group
(NASDAQ:SNEX)
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Rating:73Outperform
Price Target:
$129.00
▲(23.66% Upside)
Action:Reiterated
Date:06/30/26
The score is driven primarily by strong fundamentals—especially the sharp TTM improvement in operating/free cash flow and solid income-statement momentum—reinforced by a constructive earnings call emphasizing record results and on-track acquisition synergies. Offsetting this are balance-sheet leverage risk and limited available technical data, with valuation appearing mid-range rather than a clear bargain.
Positive Factors
Cash generation
TTM operating and free cash flow strengthened materially, with FCF tracking net income closely. This durable cash conversion supports ongoing integration funding, deleveraging optionality, and reinvestment in technology and product delivery, improving financial flexibility over the medium term.
Negative Factors
High leverage
The company’s capital structure features materially higher debt versus equity, which limits financial flexibility and raises refinancing and stress‑scenario risk. In adverse markets or with rising funding costs, leverage could force tighter capital allocation, constrain buybacks/dividends, or increase refinancing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
TTM operating and free cash flow strengthened materially, with FCF tracking net income closely. This durable cash conversion supports ongoing integration funding, deleveraging optionality, and reinvestment in technology and product delivery, improving financial flexibility over the medium term.
Read all positive factors
StoneX Group (SNEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.72B
Dividend YieldN/A
Average Volume (3M)987.75K
Price to Earnings (P/E)20.1
Beta (1Y)1.15
Revenue Growth23.83%
EPS Growth45.00%
CountryUS
Employees4,709
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)5.95
Shares Outstanding79,251,495
10 Day Avg. Volume1,121,807
30 Day Avg. Volume987,752
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)2.01
Price to Sales (P/S)0.04
P/FCF Ratio1.11
Enterprise Value/Market Cap2.85
Enterprise Value/Revenue0.18
Enterprise Value/Gross Profit7.82
Enterprise Value/Ebitda11.12
Forecast
1Y Price Target
$107.00Price Target Upside2.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)6.16
Revenue Forecast (FY)$5.33B
StoneX Group Business Overview & Revenue Model
Company Description
StoneX Group Inc. operates as a global financial services provider, connecting a diverse range of entities, including corporations, organizations, traders, and investors, to the worldwide market ecosystem. Its Commercial division offers a comprehe...
How the Company Makes Money
StoneX primarily earns revenue by intermediating customer trading and hedging activity and by providing clearing, execution, and related services across multiple asset classes. Key revenue streams include: (1) Commissions and fees: The company cha...
StoneX Group Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented a strong, largely positive performance driven by the RJ O’Brien acquisition and broad product strength: record net income, EPS, and ROE, substantial YoY revenue and volume gains across listed and OTC derivatives, physical contracts, and securities, material increases in client assets and interest income, progress on integration synergies, and the end of major litigation. Offsetting items include elevated operating expenses (compensation, severance, acquisition-related costs), higher bad debt expense, some rate compression in securities and payments, mark-to-market adjustments, and early signs of moderation in activity entering April. On balance, the favorable drivers—large revenue/volume growth, acquisition contribution, margin expansion in many products, realized synergies trajectory, and reduced legal overhang—materially outweigh the headwinds.Positive Updates
Record Net Income, EPS and Returns
Second-quarter net income of $174.3 million (record) up 143% year-over-year; diluted EPS of $2.07, up 120% year-over-year. Quarterly return on equity of 26.5% and return on tangible equity of 37% for the quarter; trailing twelve‑month ROE of 19.8%.
Negative Updates
Rising Operating Expenses and Compensation
Total fixed compensation and other expenses increased 44% versus prior year, with $56.9 million attributable to acquisitions (RJ O’Brien, Benchmark). Fixed compensation and benefits were up 32% YoY and up 13% sequentially, including a $10 million increase in employee benefits and $8.5 million in higher severance and retention costs tied to integration.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Net Income, EPS and Returns
Second-quarter net income of $174.3 million (record) up 143% year-over-year; diluted EPS of $2.07, up 120% year-over-year. Quarterly return on equity of 26.5% and return on tangible equity of 37% for the quarter; trailing twelve‑month ROE of 19.8%.
Read all positive updates
Company Guidance
Management guided that the RJ O’Brien integration remains on track to be substantially completed later this fiscal year with no change to expected synergies, noting just shy of $76.9M of synergies reflected in Q2 and an exit run‑rate a little over $8M/month (~$32M annualized), with a target of ~$45M by year‑end and ~$50M when fully realized (remaining carry‑over into 2027). They also increased hedges this year by $600M of fixed‑rate SOFR swaps, bringing aggregate swap protection to $1.8B with an average duration of ~2 years and an average rate of 3.38%, and estimate a 100‑basis‑point move in short‑term rates would change annualized net income by ~$47.6M (≈$0.58/share); management said they may add floors and will actively manage interest‑rate exposure. Looking ahead, they expect to continue scaling volumes and global reach (including APAC and EMEA), deepen market‑making (Reg NMS volumes have grown at a >130% CAGR since 2022), and accelerate product delivery via AI (citing development time improvements of roughly 2–4x) while maintaining disciplined risk controls.StoneX Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 152.34B | 132.38B | 99.89B | 60.86B | 66.04B | 42.53B |
| Gross Profit | 3.54B | 2.58B | 2.01B | 1.61B | 861.30M | 561.80M |
| EBITDA | 2.49B | 1.99B | 1.61B | 1.25B | 517.70M | 293.70M |
| Net Income | 462.40M | 305.90M | 260.80M | 238.50M | 207.10M | 116.30M |
Balance Sheet | ||||||
| Total Assets | 53.63B | 45.27B | 27.47B | 21.94B | 19.86B | 18.84B |
| Cash, Cash Equivalents and Short-Term Investments | 2.12B | 1.61B | 1.27B | 1.11B | 1.11B | 1.11B |
| Total Debt | 19.32B | 18.52B | 11.32B | 6.48B | 5.35B | 7.40B |
| Total Liabilities | 50.93B | 42.89B | 25.76B | 20.56B | 18.79B | 17.94B |
| Stockholders Equity | 2.70B | 2.38B | 1.71B | 1.38B | 1.07B | 904.00M |
Cash Flow | ||||||
| Free Cash Flow | 7.90B | 4.32B | 441.70M | -70.60M | -279.00M | 2.06B |
| Operating Cash Flow | 7.97B | 4.39B | 506.90M | -23.70M | -229.50M | 2.12B |
| Investing Cash Flow | -1.88B | -465.50M | -63.70M | -53.00M | -49.50M | -59.80M |
| Financing Cash Flow | 713.10M | 914.80M | 188.00M | -169.30M | 65.80M | -35.60M |
StoneX Group Technical Analysis
Neutral
104.32
Price Trends
119.22
Negative
102.36
Positive
84.34
Positive
Market Momentum
0.04
Positive
44.24
Neutral
23.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNEX, the sentiment is Neutral. The current price of 104.32 is below the 20-day moving average (MA) of 128.35, below the 50-day MA of 119.22, and above the 200-day MA of 84.34, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 44.24 is Neutral, neither overbought nor oversold. The STOCH value of 23.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $10.36B | 10.47 | 35.67% | 2.88% | 28.84% | 73.53% | |
76 Outperform | $5.22B | 17.31 | 21.56% | 1.63% | 30.99% | 32.50% | |
73 Outperform | $9.72B | 20.08 | 19.31% | ― | 23.83% | 45.00% | |
71 Outperform | $5.32B | 21.56 | 42.00% | 3.69% | 19.19% | 26.01% | |
69 Neutral | $4.10B | 18.44 | 76.40% | 0.58% | 21.44% | 17.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.10B | 14.87 | 33.24% | 4.06% | 9.04% | -13.29% |
* Financial Sector Average
SNEX
StoneX Group
117.72
56.76
93.11%
LAZ
Lazard
41.41
-8.49
-17.02%
PIPR
Piper Sandler
72.10
-1.56
-2.12%
MC
Moelis
63.75
-3.02
-4.52%
VIRT
Virtu Financial
65.80
22.84
53.16%
PJT
PJT Partners
156.92
-17.89
-10.23%
StoneX Group Corporate Events
Stock Split
StoneX Group Announces Three-for-Two Common Stock Split
Positive
May 26, 2026
On May 26, 2026, StoneX Group Inc. announced that its board had approved a three-for-two split of the company’s common stock, to be executed as a stock dividend granting shareholders one additional share for every two held. The additional sh...
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.