Stonex Group Inc. (SNEX)
NASDAQ:SNEX
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StoneX Group
(NASDAQ:SNEX)
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Rating:78Outperform
Price Target:
$128.00
▲(22.70% Upside)
Action:Reiterated
Date:05/27/26
The score is driven primarily by improving fundamentals (strong revenue scale and a major TTM jump in cash generation) and supportive technical uptrend signals. A low P/E adds valuation support, while the main offset is balance-sheet leverage and earnings-call-flagged near-term risks (higher expenses, bad debt, and some moderation in activity).
Positive Factors
Improved Cash Generation
TTM operating and free cash flow improved markedly and now track net income closely, providing durable internal funding for integration costs, working capital, and reinvestment. Strong cash conversion reduces reliance on external financing and supports capital allocation over the next several quarters.
Negative Factors
High Financial Leverage
Material debt relative to equity reduces financial flexibility and amplifies downside in stressed markets. With cyclical cash conversion and exposure to interest-rate moves, elevated leverage constrains capital allocation choices and increases vulnerability to credit and funding shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Cash Generation
TTM operating and free cash flow improved markedly and now track net income closely, providing durable internal funding for integration costs, working capital, and reinvestment. Strong cash conversion reduces reliance on external financing and supports capital allocation over the next several quarters.
Read all positive factors
StoneX Group (SNEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.88B
Dividend YieldN/A
Average Volume (3M)615.61K
Price to Earnings (P/E)18.8
Beta (1Y)1.17
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. Volume551,355
30 Day Avg. Volume615,611
Financial Highlights & Ratios
PEG Ratio1.17
Price to Book (P/B)2.01
Price to Sales (P/S)0.04
P/FCF Ratio1.11
Enterprise Value/Market Cap2.94
Enterprise Value/Revenue0.17
Enterprise Value/Gross Profit7.36
Enterprise Value/Ebitda10.46
Forecast
1Y Price Target
$107.00Price Target Upside2.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.76
Revenue Forecast (FY)$5.33B
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: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
Positive
104.32
Price Trends
100.15
Positive
88.27
Positive
75.93
Positive
Market Momentum
3.05
Positive
58.91
Neutral
54.03
Neutral
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 below the 20-day moving average (MA) of 112.90, above the 50-day MA of 100.15, and above the 200-day MA of 75.93, indicating a bullish trend. The MACD of 3.05 indicates Positive momentum. The RSI at 58.91 is Neutral, neither overbought nor oversold. The STOCH value of 54.03 is Neutral, 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 | $8.88B | 18.75 | 19.31% | ― | 23.83% | 45.00% | |
76 Outperform | $5.63B | 18.89 | 21.56% | 1.63% | 30.99% | 32.50% | |
74 Outperform | $7.57B | 7.84 | 35.67% | 2.88% | 28.84% | 73.53% | |
73 Outperform | $5.44B | 22.95 | 42.00% | 3.69% | 19.19% | 26.01% | |
73 Outperform | $4.02B | 21.49 | 76.40% | 0.58% | 21.44% | 17.50% | |
69 Neutral | $4.82B | 16.97 | 33.24% | 4.06% | 9.04% | -13.29% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
SNEX
StoneX Group
113.35
56.91
100.85%
LAZ
Lazard
47.33
5.62
13.46%
PIPR
Piper Sandler
78.41
17.14
27.97%
MC
Moelis
67.29
12.40
22.60%
VIRT
Virtu Financial
50.15
10.68
27.07%
PJT
PJT Partners
152.90
3.18
2.13%
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...
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.