Stonex Group Inc. (SNEX)
NASDAQ:SNEX
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StoneX Group
(NASDAQ:SNEX)
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Rating:74Outperform
Price Target:
$119.00
▲(14.07% Upside)
Action:UpgradedDate:04/10/26
Score is driven by strong technical momentum and an attractive low P/E, reinforced by a very positive earnings call featuring record results and synergy progress. The main constraint is financial risk from high leverage and thin margins, with additional near-term headwinds from FX/CFD softness and elevated integration/legal costs.
Positive Factors
Acquisitions driving scale
Recent acquisitions meaningfully increased client balances and fee/interest income, creating scale and cross‑sell opportunities. Larger client equity pools and higher interest/fee contributions provide structural revenue durability and diversification across institutional and commercial channels.
Negative Factors
High leverage
Meaningful leverage amplifies returns but raises refinancing and liquidity risk if funding conditions tighten. High debt relative to equity limits strategic flexibility, increases interest expense sensitivity and makes the firm more vulnerable to revenue or margin shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Acquisitions driving scale
Recent acquisitions meaningfully increased client balances and fee/interest income, creating scale and cross‑sell opportunities. Larger client equity pools and higher interest/fee contributions provide structural revenue durability and diversification across institutional and commercial channels.
Read all positive factors
StoneX Group (SNEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.33B
Dividend YieldN/A
Average Volume (3M)903.00K
Price to Earnings (P/E)5.8
Beta (1Y)1.11
Revenue Growth32.54%
EPS Growth22.72%
CountryUS
Employees4,709
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)7.11
Shares Outstanding78,694,980
10 Day Avg. Volume848,813
30 Day Avg. Volume903,005
Financial Highlights & Ratios
PEG Ratio0.78
Price to Book (P/B)1.34
Price to Sales (P/S)0.02
P/FCF Ratio0.74
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit2.17
Enterprise Value/Ebitda2.84
Forecast
1Y Price Target
$107.00Price Target Upside2.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.5
Revenue Forecast (FY)$5.27B
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 pr...
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...
StoneX Group Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive quarter driven by record net income, EPS and revenues, significant contribution from the R.J. O'Brien and Benchmark acquisitions, outstanding performance in precious metals and listed derivatives, and improved interest income. Material growth was offset by notable softness in FX/CFD and self-directed retail revenues, near-term expense increases (including legal and integration costs), and the need to fully realize acquisition synergies over time. On balance, the positive operational and financial momentum and scale benefits from acquisitions outweigh the headwinds.Positive Updates
Record Net Income, EPS and Revenues
Net income of $139 million (record) and diluted EPS of $2.50 for the quarter; net income up 63% year-over-year and EPS up 48% year-over-year. Operating revenues just over $1.4 billion, up 52% versus prior year; net operating revenues up 47% versus prior year.
Negative Updates
FX/CFD Revenue and Rate Compression
FX/CFD revenues declined 30% year-over-year (from a near-record prior year quarter); rate per million declined ~30% and average daily volume declined 4% year-over-year, driven by lower spread retention in self-directed business and muted FX volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Net Income, EPS and Revenues
Net income of $139 million (record) and diluted EPS of $2.50 for the quarter; net income up 63% year-over-year and EPS up 48% year-over-year. Operating revenues just over $1.4 billion, up 52% versus prior year; net operating revenues up 47% versus prior year.
Read all positive updates
Company Guidance
Management said the R.J. O'Brien integration remains on track (U.K. entity migration completed, releasing $20M of capital; U.S. consolidation targeted by year‑end) and reaffirmed expected cost synergies of $50M to be realized across fiscal 2026–27 while expanding OTC products (power in Australia, carbon in Europe), opening Madrid and Paris offices and advancing digitization. They reiterated strong financial positioning after a record Q1 — net income $139M, diluted EPS $2.50 (up 63% and 48% YoY), operating revenues just over $1.4B (up 52% YoY), net operating revenues up 47% YoY, ROE 22.5% (32.4% return on tangible book), trailing‑12‑month net income $359.8M, diluted EPS $6.70 and ROE 16.9% — and highlighted product performance (listed derivatives op rev +141% YoY, physical contracts +69% YoY including $75M precious metals segment income, OTC +72%, securities +43%, FX/CFD down 30%). On the balance‑sheet and interest sensitivity front they noted book value per share $48.17, average client equity +100% (RJO added $5.8B), entry into $1.2B of fixed‑rate SOFR swaps (2‑yr duration, avg rate 3.32%), and that a 100‑bp short‑term rate move would change annualized net income by $43.2M (≈$0.80/sh); the Board also approved a three‑for‑two stock split (record Mar 10, distribution Mar 20, trading Mar 23).StoneX Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| 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
Positive
104.32
Price Trends
82.32
Positive
74.50
Positive
68.97
Positive
Market Momentum
7.30
Negative
85.24
Negative
94.49
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 104.32 is above the 20-day moving average (MA) of 86.75, above the 50-day MA of 82.32, and above the 200-day MA of 68.97, indicating a bullish trend. The MACD of 7.30 indicates Negative momentum. The RSI at 85.24 is Negative, neither overbought nor oversold. The STOCH value of 94.49 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $5.54B | 19.90 | 22.08% | 1.63% | 31.21% | 32.50% | |
75 Outperform | $3.67B | 15.14 | 76.40% | 0.58% | 21.44% | 17.50% | |
74 Outperform | $7.66B | 5.19 | 35.67% | 2.88% | 28.84% | 73.53% | |
74 Outperform | $8.33B | 5.77 | 16.43% | ― | 32.54% | 22.72% | |
73 Outperform | $5.02B | 27.97 | 42.00% | 3.69% | 19.19% | 26.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $4.11B | 10.47 | 33.24% | 4.06% | 9.04% | -13.29% |
* Financial Sector Average
SNEX
StoneX Group
105.88
43.11
68.69%
LAZ
Lazard
43.76
4.25
10.75%
PIPR
Piper Sandler
77.67
16.81
27.62%
MC
Moelis
62.32
10.92
21.24%
VIRT
Virtu Financial
49.55
8.92
21.96%
PJT
PJT Partners
151.72
10.30
7.28%
StoneX Group Corporate Events
Legal Proceedings
StoneX Group Receives Favorable Outcome in BTIG Arbitration
Positive
Mar 13, 2026
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...
Executive/Board ChangesShareholder Meetings
StoneX Group Shareholders Back Board and Leadership Changes
Positive
Mar 12, 2026
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 indepen...
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.