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StoneX Group
(NASDAQ:SNEX)
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Rating:66Neutral
Price Target:
$71.00
▼(-4.39% Downside)
Action:Reiterated
Date:08/10/26
The score is driven mainly by solid underlying financial performance (strong revenue/EBIT and improved cash generation) and supportive valuation (low P/E), partially offset by very thin margins and a historically leveraged balance sheet profile. Near-term technicals are the biggest drag, with the stock trading below key short-to-mid-term moving averages and weak momentum indicators. Earnings call factors are moderately positive due to above-target ROE and visible cost synergies, but tempered by sequential softness and rate/segment headwinds.
Positive Factors
Global Prime Services Scale
Rapid, multi-year expansion of Global Prime to 700+ accounts and >$16B of client balances creates a durable recurring revenue base and client stickiness. Large AUM supports fee income, cross-sell opportunity into clearing/prime services, and reduces per-client operating leverage risks over a 2–6 month horizon.
Negative Factors
Structurally Thin Net Margins
A very low TTM net margin (~0.3%) leaves the company with minimal buffer against revenue shocks or cost increases. Even with strong dollar operating profit, thin margins make long-term profitability sensitive to modest adverse moves in volumes, spreads, or expense inflation across 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Global Prime Services Scale
Rapid, multi-year expansion of Global Prime to 700+ accounts and >$16B of client balances creates a durable recurring revenue base and client stickiness. Large AUM supports fee income, cross-sell opportunity into clearing/prime services, and reduces per-client operating leverage risks over a 2–6 month horizon.
Read all positive factors
StoneX Group (SNEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.94B
Dividend YieldN/A
Average Volume (3M)1.50M
Price to Earnings (P/E)10.7
Beta (1Y)1.05
Revenue Growth20.57%
EPS Growth50.19%
CountryUS
Employees5,307
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)6.16
Shares Outstanding120,616,740
10 Day Avg. Volume1,191,134
30 Day Avg. Volume1,501,906
Financial Highlights & Ratios
PEG Ratio0.81
Price to Book (P/B)1.34
Price to Sales (P/S)0.02
P/FCF Ratio0.74
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$133.28Price Target Upside79.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.15
Revenue Forecast (FY)$5.63B
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:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 30, 2026
Earnings Call Sentiment Positive
The call presented a strong set of year-over-year financial results driven by acquisitions (RJO, Benchmark), broad product-level growth, higher interest income and ramping Global Prime and Payments businesses. These positives were tempered by the sequential pullback in revenue and earnings due to moderation in market volatility, notable weakness in Self-Directed Retail and FX/CFD, and acquisition-related expense increases and one-time items. Integration synergies from RJO are tracking positively and management highlighted substantial runway for growth across the ecosystem.Positive Updates
Strong Year-over-Year Revenue and Earnings Growth
Total net operating revenues of $719.7M, up 47% year-over-year; net income of $127.9M, up 102% year-over-year; diluted EPS of $1.00, up 85% year-over-year; trailing 12-month net income of $526.9M, up 77% and trailing 12-month operating revenues nearly $5.7B, up 48%.
Negative Updates
Sequential Revenue and Earnings Pullback
Net operating revenues were down 13% versus the immediately preceding quarter and net income was 27% lower than the record Q2, reflecting moderation in market volatility and normalization after an elevated prior quarter.
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Q3-2026 Updates
Positive
Negative
Strong Year-over-Year Revenue and Earnings Growth
Total net operating revenues of $719.7M, up 47% year-over-year; net income of $127.9M, up 102% year-over-year; diluted EPS of $1.00, up 85% year-over-year; trailing 12-month net income of $526.9M, up 77% and trailing 12-month operating revenues nearly $5.7B, up 48%.
Read all positive updates
Company Guidance
Management reiterated a 15% ROE target and said the U.S. FCM consolidation should be substantially completed later this fiscal year; R.J. O'Brien cost‑synergy run‑rate has moved from roughly $32M (exit Q2) to ~$37–38M exiting Q3 and is expected to reach mid‑$40M (~$45–46M) by the end of this fiscal year and ~$50M by end of next fiscal Q1. They added $750M of fixed‑rate SOFR swaps, bringing aggregate swaps to $2.55B (avg duration ~1.5 years, avg rate 3.51%) and estimate a 100‑bp move in short‑term rates would change net income by $46.9M (≈$0.38/share) annualized; interest & fee income (net) was $111.9M this quarter, average client equity & FDIC sweep balances were $16.2B (up 108% YoY), required client assets nearly $13B, and management expects client balances can grow at high‑single‑digit % post‑integration. They see significant cross‑sell potential (no quantified revenue synergy timetable) with Prime Services (700+ accounts, >$16B AUM, ≈$140M LTM net operating revenue, 60%+ CAGR) driving future growth.StoneX Group Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 157.71B | 132.38B | 99.89B | 60.86B | 66.04B | 42.53B |
| Gross Profit | 4.13B | 2.58B | 2.01B | 1.61B | 861.30M | 561.80M |
| EBITDA | 2.72B | 1.99B | 1.61B | 1.25B | 517.70M | 293.70M |
| Net Income | 526.90M | 305.90M | 260.80M | 238.50M | 207.10M | 116.30M |
Balance Sheet | ||||||
| Total Assets | 54.05B | 45.27B | 27.47B | 21.94B | 19.86B | 18.84B |
| Cash, Cash Equivalents and Short-Term Investments | 2.19B | 1.61B | 1.27B | 1.11B | 1.11B | 1.11B |
| Total Debt | 1.16K | 18.52B | 11.32B | 6.48B | 5.35B | 7.40B |
| Total Liabilities | 51.20B | 42.89B | 25.76B | 20.56B | 18.79B | 17.94B |
| Stockholders Equity | 2.84B | 2.38B | 1.71B | 1.38B | 1.07B | 904.00M |
Cash Flow | ||||||
| Free Cash Flow | 6.70B | 4.32B | 441.70M | -70.60M | -279.00M | 2.06B |
| Operating Cash Flow | 6.81B | 4.39B | 506.90M | -23.70M | -229.50M | 2.12B |
| Investing Cash Flow | -1.93B | -465.50M | -63.70M | -53.00M | -49.50M | -59.80M |
| Financing Cash Flow | 580.00M | 914.80M | 188.00M | -169.30M | 65.80M | -35.60M |
StoneX Group Technical Analysis
Negative
74.26
Price Trends
79.05
Negative
72.35
Negative
59.18
Positive
Market Momentum
-2.25
Positive
33.92
Neutral
32.33
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 74.26 is above the 20-day moving average (MA) of 73.66, below the 50-day MA of 79.05, and above the 200-day MA of 59.18, indicating a neutral trend. The MACD of -2.25 indicates Positive momentum. The RSI at 33.92 is Neutral, neither overbought nor oversold. The STOCH value of 32.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $8.67B | 7.07 | 41.25% | 2.88% | 27.58% | 36.35% | |
73 Outperform | $5.41B | 21.99 | 43.55% | 3.88% | 13.69% | 12.33% | |
72 Outperform | $5.29B | 16.43 | 22.90% | 2.59% | 32.10% | 40.51% | |
72 Outperform | $4.38B | 19.08 | 71.16% | 0.59% | 22.91% | 21.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $7.94B | 10.69 | 20.18% | ― | 20.57% | 50.19% | |
64 Neutral | $4.31B | 19.32 | 25.84% | 4.51% | 5.74% | -30.53% |
* Financial Sector Average
SNEX
StoneX Group
64.72
24.98
62.87%
LAZ
Lazard
42.67
-6.77
-13.69%
PIPR
Piper Sandler
74.87
-4.38
-5.52%
MC
Moelis
63.69
-4.61
-6.76%
VIRT
Virtu Financial
55.67
14.59
35.50%
PJT
PJT Partners
169.36
-7.18
-4.07%
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.