Nu Holdings Ltd. NU

FinancialsBanking ServicesBrazil

Last close 11.61 USD on Nov 1, 2026, −30.6% year to date

Quant rating

Quant rating B Rank 86 of 304 in Financials

Growth A 4 of 304
Valuation C 165 of 304
Quality A 7 of 304
Revisions C 190 of 304
Momentum D 243 of 304

Wall Street consensus Buy (2.16)Average target 18.36 USD +58.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 56.1B
Enterprise value: 97.4B
52-week range: 11.21 – 18.98
3-year range: 7.85 – 18.98
Dividend yield: –
Beta (5 years): 0.96
Shares outstanding: 4,831M
Next earnings: Nov 12, 2026

About the company

Nu Holdings Ltd is a Brazil-based holding company, which engages in the provision of digital banking services. The Company offers its customers products across the five financial seasons: spending, saving, investing, borrowing, and protecting. Its spending solutions are designed to help customers pay for goods and services in their everyday lives with a customized credit line or instantly through a mobile phone, while collecting loyalty points and rewards on applicable transactions. Its savings solutions are designed to help customers deposit, manage, and save their money in interest-earning accounts with complementary debit cards. Its investing solutions are designed to help customers invest their money in investment products and services. Its borrowing solutions are designed to provide customers with unsecured loans that are easy to receive, manage, and pay back. Its protecting solutions are designed to help customers secure life insurance and funeral benefits.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,775	11,517	8,029	4,792	1,698	–
Revenue growth	37.0%	43.4%	67.5%	182.2%	130.4%	84.5%
EPS (basic, normalized)	0.59	0.41	0.22	−0.08	−0.04	–
EPS growth	44.2%	89.2%	–	–	–	–
Gross margin	42.0%	45.6%	43.5%	34.7%	43.2%	41.8%
Net margin	18.2%	17.1%	12.8%	−7.6%	−9.7%	6.2%
ROE	33.8%	31.4%	21.2%	2.9%	0.3%	17.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	9,844
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	1,923
Net debt (mil)	41,294
Total equity (mil)	13,250
Net debt / equity	3.12x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	15,775	+37.0%	6.2x	2.33	+34.4%	5.0x	0.63	+40.0%	18.4x
2026	19,666	+24.7%	5.0x	3.23	+39.0%	3.6x	0.87	+37.9%	13.4x
2027	25,501	+29.7%	3.8x	4.33	+34.0%	2.7x	1.13	+29.8%	10.3x
2028	31,711	+24.4%	3.1x	5.59	+29.0%	2.1x	1.47	+30.3%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	19,666	−4.8%	−5.9%	+2.1%	0.87	−0.1%	+0.8%	+0.7%
2027	25,501	−0.2%	+1.9%	+9.3%	1.13	−0.4%	+0.3%	−1.3%
2028	31,711	−0.4%	−2.9%	+16.6%	1.47	−0.7%	−1.4%	+1.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,736	2,849	2,943	2,989	3,248	3,668	4,173	4,561	4,968	5,513
Sales mean (mil)	2,494	2,918	2,854	3,291	3,140	3,775	3,805	3,763	4,758	5,227
Surprise	+9.7%	−2.4%	+3.1%	−9.2%	+3.4%	−2.8%	+9.7%	+21.2%	+4.4%	+5.5%
EPS reported	0.09	0.12	0.12	0.12	0.12	0.14	0.17	0.19	0.18	0.22
EPS mean	0.09	0.10	0.11	0.12	0.12	0.13	0.16	0.19	0.20	0.20
Surprise	+5.9%	+25.9%	+9.2%	+0.4%	−3.7%	+7.3%	+6.7%	−1.6%	−10.1%	+6.6%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
NU Nu Holdings Ltd.	56.1B	–	18.2%	–	13.4x	10.3x	3.6x	2.7x
GFNORTEO Grupo Financiero Banorte, S.A.B. de C.V.	32.0B	21.1%	15.1%	0.95x	9.3x	8.5x	2.2x	2.0x
ITUB4 Itau Unibanco Holding SA	83.9B	14.0%	17.6%	1.08x	7.9x	7.2x	1.9x	1.7x
BBDC4 Banco Bradesco S.A.	27.6B	13.7%	11.1%	1.15x	5.3x	4.9x	0.8x	0.8x
BBAS3 Banco Do Brasil SA	17.5B	13.3%	5.8%	0.83x	5.3x	3.6x	0.5x	0.5x
BAP Credicorp Ltd	27.7B	–	34.7%	1.20x	12.1x	10.9x	2.3x	2.1x
Mean		15.5%	17.1%	1.04x	8.9x	7.6x	1.9x	1.6x
Median		13.9%	16.3%	1.08x	8.6x	7.9x	2.0x	1.8x

Technical analysis

1M−5.1%
3M−20.9%
1Y−27.1%
3Y+44.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nu Holdings Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	15,775	11,517	8,029	4,792	1,698	737
Total interest expense	–	–	–	–	–	–
Net interest income	15,775	11,517	8,029	4,792	1,698	737
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	3,868	2,795	1,539	−309	−170	−193
Provision for taxes	997	823	509	55.7	−4.8	−21.7
Minority interest & equity in affiliates	−2.8	0	0	0.1	0.3	–
Other	0	0	0	0	0	0
Net income before extraordinary items	2,869	1,972	1,031	−365	−165	−171
Extraordinary items	–	–	–	–	–	–
Net income	2,869	1,972	1,031	−365	−165	−171
Basic weighted average shares (mil)	4,833	4,792	4,739	4,677	4,610	4,609
Diluted weighted average shares (mil)	4,907	4,889	4,858	4,677	4,610	4,609
Basic EPS excluding extraordinary items	0.59	0.41	0.22	−0.08	−0.04	−0.04
Basic EPS, normalized	0.59	0.41	0.22	−0.08	−0.04	−0.04

Balance sheet in millions of USD, fiscal years

Balance sheet, Nu Holdings Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	49.8	46.2	69.8	46.5	20.5	20.5
Goodwill	409	414	398	397	402	0.8
Intangibles	602	348	296	182	72.3	12.4
Long-term investments	30,408	20,846	17,713	13,509	12,465	6,545
Other long-term assets	2,840	2,037	1,769	968	437	150
Other assets	201	113	120	114	198	139
Total assets	74,894	49,931	43,345	29,935	19,859	10,154
Liabilities
Accounts payable	13,634	9,334	9,755	7,055	4,882	3,331
Payable/accrued	–	–	–	–	–	–
Accrued expenses	237	180	167	90.6	97.9	25.8
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	2,525	414	114	38.3	–	–
Long-term debt	1,902	1,342	1,060	568	165	518
Minority interest	30.6	0.8	–	–	1.5	–
Other liabilities	45,274	31,014	25,843	17,293	10,271	5,841
Total liabilities	63,603	42,285	36,939	25,044	15,418	9,716
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0
Additional paid-in capital	5,062	5,054	4,973	4,964	4,679	638
Retained earnings (accumulated deficit)	6,413	3,421	1,277	64.6	−128	−102
Treasury stock	–	–	–	–	–	–
Other equity	−184	−828	156	−138	−109	−97.5
Total equity	11,291	7,646	6,406	4,891	4,441	438
Total liabilities & shareholders' equity	74,894	49,931	43,345	29,935	19,859	10,154

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nu Holdings Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,872	1,972	1,031	−365	−165	−171
Depreciation, depletion & amortization	98.0	77.1	62.9	35.6	17.3	7.4
Deferred taxes	−427	−713	−676	−418	−225	−44.0
Non-cash items	5,331	3,984	2,860	1,752	666	314
Changes in working capital	−4,373	−2,921	−2,011	−250	−3,218	871
Cash from operations	3,500	2,399	1,266	756	−2,924	977
Investing activities
Capital expenditures	−341	−175	−177	−114	−28.5	−8.0
Other investing cash flows	−1.5	−156	0	−12.8	−126	−8.3
Cash from investing	−342	−331	−177	−127	−154	−16.3
Financing activities
Financing cash flow items	–	0	0	−4.0	−47.5	−2.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,290	728	425	658	3,384	240
Cash from financing	2,290	728	425	654	3,336	237
Foreign exchange effects	370	466	237	184	104	−101
Net change in cash	5,818	3,262	1,751	1,467	362	1,097
Free cash flow	3,160	2,224	1,089	641	−2,953	969

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.