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what it is
Nu is a digital bank in Latin America that sells you cards, loans, savings, insurance, and investing through one app.
how it gets paid
Last year Nu made $11.5B in revenue. interest income was the main engine at $6.3B, or 55% of sales.
what just happened
Last quarter, NU posted $0.16 EPS versus a $0.15 estimate, a 6.67% beat.
At a glance
B+ balance sheet — decent shape, but not bulletproof
31.9x trailing p/e — you're paying up for this one
xvary composite: 59/100 — below average
$1.00 fy2027 eps est
1.6 beta
What they do
Nu is a digital bank in Latin America that sells you cards, loans, savings, insurance, and investing through one app.
Nu had 95.0 million customers and $29.0 billion in deposits at 12/31/24. Digital banking platform → branch-light bank → lower costs. So what: you get cheaper, easier banking on your phone, and Nu scales without paying for a giant branch network. Once your card, savings, and borrowing live in one app, moving gets annoying.
How they make money
$11.5B
annual revenue
interest income
$6.3B
fee and interchange income
$2.7B
gains on financial instruments
$1.5B
insurance and marketplace
$0.6B
other operating income
$0.4B
The products that matter
digital account and deposits
NuConta
114M customers across 3 countries
it sits in front of the whole 114M-customer base and gives nu the deposits and daily activity that make the rest of the model cheaper to run.
front door
cards and revolving credit
credit cards
feeds the $8.1B interest pool
cards do two jobs at once: they keep customers active and they feed both interest income and part of the $3.4B fee stream. that is why this product matters more than the app interface.
core monetization
unsecured consumer lending
personal loans
ties growth to credit quality
this is where cross-sell turns into higher revenue per customer, but it is also where a weaker consumer can hit losses fast. with 70% of the mix in interest income, you should care.
credit risk
Key numbers
95.0M
customers
That is the machine. A digital bank with 95.0 million customers can spread app and compliance costs across a huge base.
$29.0B
deposits
Deposits are funding. More funding means more room to lend and earn without begging capital markets for help.
34%
return on equity
Return on equity → profit generated from shareholder money → so what: NU is squeezing a lot of earnings from its capital base.
75.0%
voting control
One person controls most votes. That can speed decisions, but it also means your influence is tiny.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- return on equity 34% — $0.34 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NU right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Last quarter, NU posted $0.16 EPS versus a $0.15 estimate, a 6.67% beat.
Revenue was reported at $4.86 billion, up 62.5% vs. prior year from the cited market data. The broad story stayed the same: customer growth kept feeding a wider product set.
$4.86B
revenue
$0.16
eps
45.6%
gross margin
the number that mattered
The 6.67% EPS beat matters because this stock trades on future earnings faith, and even small beats help keep that faith alive.
-
br.nu holdings probably closed out 2025 with solid results. (the company was set to report results just after we published this report).
-
for the full year 2025, total revenues probably rose almost 30%, to over $10.0 billion, while profits likely reached $0.55 per diluted share.
-
for 2026, we have added $0.05 to our earnings forecast, which now stands at $0.80 per share.
-
too, we have introduced projections for 2027, suggesting further progress.
-
business has been expanding at a healthy clip.
source: company earnings report, 2026
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What could go wrong
your #1 risk is consumer credit stress in brazil, mexico, and colombia.
high
three-country concentration
nu's reported customer base and revenue are tied to brazil, mexico, and colombia. that is 114M customers and effectively 100% of the story in three markets. if consumer credit weakens in any one of them, growth and losses move in the wrong direction together.
the direct exposure is the whole business, not a side segment.
high
interest-income dependence
70.4% of the revenue mix shown here is interest income. that makes lending growth powerful when credit is clean, and painful when delinquencies rise or funding costs bite.
if the loan book stops compounding, the multiple stops making sense fast.
med
premium multiple compression
31.9x earnings is rich for a financial stock. that valuation is the whole reason a 45% revenue quarter still was not enough to lift the shares. the market is pricing in a long runway, not one good print.
you can be right on the company and still lose money if the multiple cools.
med
regulatory pressure
digital banking grows fast until regulators decide it needs more capital, more compliance, or slower product expansion. in latin american consumer finance, that is not a theoretical risk.
higher compliance spend would pressure margins before it showed up in customer growth.
100% of the current country footprint and 70.4% of the revenue mix sit on credit conditions staying healthy enough to justify a 31.9x p/e.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
the next update is estimated for may 14, 2026. after a 45% revenue quarter, the question is not growth versus last year. it is whether growth is staying high enough to carry the multiple.
metric
return on equity
33–34% is the number that lets nu argue it deserves fintech treatment. if that slides while valuation stays rich, the thesis weakens fast.
trend
mexico and colombia scale
brazil is the base. the next leg of the story is whether newer markets start contributing enough to diversify what is still a three-country bet.
risk
credit quality versus funding costs
with 70.4% of revenue tied to interest income, small moves in losses or funding costs matter more than another marketing campaign ever will.
Analyst rankings
street view
$25–$35
the current 3–5 year target band implies upside from $17.55, but not without execution. in human-speak, analysts still like the story more than the price.
valuation stance
31.9x
that is a growth multiple on a financial stock. you are being asked to believe customer growth and credit performance keep working at the same time.
risk profile
1.6 beta
beta measures how much a stock swings versus the market. at 1.6, nu has a habit of making ordinary market days feel less ordinary.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 447 buyers vs. 320 sellers in 3q2025. total institutional holdings: 2.8B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$12
$33
$18
current price
$23
target midpoint · +31% from current · 3-5yr high: $35 (+100% · 18% ann'l return)
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