XP Inc XP

FinancialsInvestment Banking & Investment ServicesCayman Islands

Last close 14.29 USD on Nov 1, 2026, −11.5% year to date

Quant rating

Quant rating A Rank 40 of 304 in Financials

Growth A 34 of 304
Valuation A 11 of 304
Quality A 37 of 304
Revisions A 15 of 304
Momentum D 267 of 304

Wall Street consensus Buy (2.27)Average target 27.09 USD +89.6%

Historical valuation

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

Key data

Market cap: 7.4B
Enterprise value: 44.1B
52-week range: 13.78 – 32.73
3-year range: 11.05 – 32.73
Dividend yield: 1.40%
Beta (5 years): 1.20
Shares outstanding: 517M
Next earnings: Nov 17, 2026

About the company

XP Inc. is a financial holding company. The Company operates as a technology-driven platform and a provider of low-fee financial products and services. It offers a range of financial services, developing new financial products and technology applications for its clients. It provides customers with two principal types of offerings, which include financial advisory services for retail clients in Brazil, international clients and corporate and institutional clients, and an open financial product platform providing access to over 800 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others. Its other lines of products include retirement plans, collateralized credit cards, international investments, life insurance, foreign exchange (FX), and digital accounts, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,359	2,757	3,063	2,525	2,168	–
Revenue growth	21.9%	−10.0%	21.3%	16.5%	38.1%	16.4%
EPS (basic, normalized)	1.87	1.46	1.57	1.36	1.33	–
EPS growth	28.2%	−7.1%	15.0%	2.7%	–	–
Gross margin	–	–	–	–	–	–
Net margin	28.1%	26.5%	26.2%	26.8%	29.7%	27.5%
ROE	–	23.0%	23.1%	25.9%	31.6%	25.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,546
Current ratio	–
Long-term debt (mil)	5,736
Net debt (mil)	38,146
Total equity (mil)	4,811
Net debt / equity	7.93x

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	3,359	+21.9%	13.1x	8.71	+30.5%	1.6x	1.87	+28.2%	7.7x
2026	3,775	+12.4%	11.7x	9.23	+6.0%	1.5x	2.03	+9.0%	7.0x
2027	4,249	+12.5%	10.4x	10.15	+10.0%	1.4x	2.34	+14.9%	6.1x
2028	4,828	+13.6%	9.1x	11.30	+11.3%	1.3x	2.60	+11.1%	5.5x

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	3,775	+0.1%	+0.1%	−3.6%	2.03	+1.3%	+2.9%	+1.1%
2027	4,249	+0.3%	−0.6%	−4.4%	2.34	+2.3%	+3.8%	+1.2%
2028	4,828	+1.7%	+1.1%	−2.4%	2.60	+2.6%	+3.8%	−0.5%

Earnings surprises EPS beat in 3 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)	4,053	4,219	4,319	4,440	4,345	4,455	4,661	4,951	4,674	4,849
Sales mean (mil)	4,028	4,145	4,357	4,445	4,474	4,537	4,628	4,786	4,893	4,868
Surprise	+0.6%	+1.8%	−0.9%	−0.1%	−2.9%	−1.8%	+0.7%	+3.5%	−4.5%	−0.4%
EPS reported	2.16	2.04	2.19	2.23	2.29	2.46	2.46	2.56	2.49	2.67
EPS mean	2.03	1.95	2.18	2.20	2.19	2.34	2.42	2.52	2.56	2.62
Surprise	+6.4%	+4.7%	+0.5%	+1.3%	+4.5%	+4.9%	+1.5%	+1.7%	−2.7%	+2.0%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
XP XP Inc	7.4B	29.87x	28.1%	1.59x	7.0x	6.1x	34.9x	30.8x
BPAC11 Banco BTG Pactual SA	39.8B	18.29x	16.0%	7.50x	9.1x	8.1x	24.8x	21.2x
B3SA3 B3 SA Brasil Bolsa Balcao	12.6B	−0.22x	45.5%	3.59x	11.1x	10.1x	8.4x	7.6x
FRHC Freedom Holding Corp	11.9B	–	7.5%	7.48x	–	–	–	–
EVR Evercore Inc.	11.9B	−1.77x	15.3%	6.01x	15.0x	13.4x	8.8x	7.8x
HLI Houlihan Lokey, Inc.	9.6B	−1.06x	16.3%	4.15x	19.1x	15.8x	13.4x	9.6x
Mean		9.02x	21.4%	5.05x	12.3x	10.7x	18.1x	15.4x
Median		−0.22x	16.1%	5.08x	11.1x	10.1x	13.4x	9.6x

Technical analysis

1M−29.4%
3M−14.9%
1Y−18.1%
3Y−21.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, XP Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,359	2,757	3,063	2,525	2,168	1,570
Cost of revenue	–	–	–	–	–	–
Gross profit	3,359	2,757	3,063	2,525	2,168	1,570
Selling, general & administrative expenses	1,170	953	1,108	1,054	842	579
Research & development	–	–	–	–	–	–
Depreciation/amortization	55.5	42.9	52.0	38.9	41.6	27.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.3	4.8	16.1	1.3	0.8	10.0
Other operating expenses	1,041	831	963	700	573	477
Operating income	1,088	926	923	730	711	476
Net interest income (expense)	−93.0	−119	−112	−78.4	−25.8	−10.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	995	807	811	652	685	466
Provision for taxes	51.0	76.3	7.6	−25.6	40.0	65.4
Minority interest	0.1	−0.2	−0.1	−0.2	−0.5	−1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	944	731	804	677	644	400
Extraordinary items	–	–	–	–	–	–
Net income	944	731	804	677	644	400
EBIT, normalized	1,092	930	939	731	711	486
EBITDA, normalized	1,148	973	991	770	753	514
Basic EPS, normalized	1.87	1.46	1.57	1.36	1.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, XP Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,891	908	813	672	446	376
Receivables	330	199	191	144	112	122
Total inventory	–	–	–	–	–	–
Prepaid expenses	742	706	911	802	715	268
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	147	124	135	108	107	74.5
Goodwill	–	–	–	–	–	–
Intangibles	505	426	516	160	147	137
Long-term investments	53,382	40,307	36,961	27,985	18,944	15,193
Note receivable	–	–	–	–	–	–
Other long-term assets	18,365	15,386	13,715	8,077	5,816	3,085
Total assets	72,399	56,243	51,326	36,329	25,015	18,490
Liabilities
Accounts payable	148	124	195	117	156	165
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	24,733	20,280	12,538	9,847	6,495	6,130
Current portion of long-term debt	6,616	3,976	5,828	3,663	818	477
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	5,498	5,460	5,610	3,726	2,649	285
Minority interest	0.2	0.6	0.3	1.2	0.5	0.6
Other liabilities	62,602	47,538	41,708	29,379	19,778	16,106
Total liabilities	68,100	52,998	47,318	33,106	22,427	16,392
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	4,384	3,390	3,955	3,624	2,679	2,053
Treasury stock	−22.8	−36.0	−24.1	−376	−30.9	–
Other equity	−61.6	−109	77.6	−25.3	−60.1	44.4
Total equity	4,299	3,244	4,008	3,223	2,588	2,098
Total liabilities & shareholders' equity	72,399	56,243	51,326	36,329	25,015	18,490

Cash flow statement in millions of USD, fiscal years

Cash flow statement, XP Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	995	807	811	652	685	466
Depreciation, depletion & amortization	55.5	42.9	52.0	38.9	41.6	27.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	62.2	428	194	169	247	81.1
Changes in working capital	1,087	531	618	−518	−1,695	−284
Cash from operations	2,199	1,810	1,675	341	−722	291
Investing activities
Capital expenditures	−89.4	−53.5	−40.4	−24.0	−63.4	−56.1
Other investing cash flows	−41.3	−216	151	−46.2	−143	−55.9
Cash from investing	−131	−270	111	−70.2	−207	−112
Financing activities
Financing cash flow items	−0.1	−0.2	−1.2	0.3	−0.6	−1.0
Cash dividends paid	−90.3	−330	−730	–	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−809	−606	−174	−38.2	1,192	153
Cash from financing	−900	−936	−906	−37.9	1,192	152
Foreign exchange effects	−16.5	−4.6	−5.8	−3.2	−67.6	10.6
Net change in cash	1,152	599	874	230	196	341
Free cash flow	2,110	1,756	1,635	317	−785	235

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.