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what it is
StoneX moves money, hedges risk, clears trades, and sells market access to banks, traders, and companies.
how it gets paid
Last year Stonex made $132.4B in revenue. Clearing and execution was the main engine at $34B, or 34% of sales.
what just happened
StoneX posted $1.2B of quarterly revenue and $2.50 EPS, with a n/a gross margin.
At a glance
B balance sheet — gets the job done, barely
55/100 earnings predictability — expect surprises
16.9x trailing p/e — the market's not buying it — or you found a deal
45.4% return on capital — every dollar works hard here
$5.31 fy2024 eps est
xvary composite: 54/100 — below average
What they do
StoneX moves money, hedges risk, clears trades, and sells market access to banks, traders, and companies.
StoneX sits on 40+ derivatives exchanges. Your order has to pass through those pipes. Clearing → finishing trades for clients → so what: the firm gets paid for being in the middle. A retail broker lives on one screen. StoneX lives on 40+ exchanges and 5,430 employees.
How they make money
$132.4B
annual revenue
Clearing and execution
$34B
+29.9%
Risk management and hedging
$22B
+17.5%
FX, metals and CFDs
$18B
+18.0%
Wealth management and investment services
$14B
+20.5%
Payments and treasury services
$12B
+81.0%
The products that matter
trade clearing and execution
Clearing & Execution
$39.0B segment revenue · +12%
It connects clients to 40+ global exchanges and generated $39.0B in the snapshot, which tells you access is one of the real products here.
market access
commercial risk management
Commercial Hedging
$68.1B segment revenue · largest piece
This is the biggest revenue line at $68.1B. Clients use it to manage commodity and price risk, which makes StoneX more useful when markets get messy.
48% mix
securities and foreign exchange
Securities & FX
$34.7B segment revenue · +5%
A $34.7B line growing 5% gives the company another fee stream beyond commodities, but it does not change the basic reality: you still own a spread-and-volume business.
diversifier
Key numbers
$1.2B
quarterly revenue
EDGAR says StoneX pulled in $1.2B last quarter, which is a lot of money for a $5B stock.
$2.50
quarterly EPS
EPS → profit per share → so what: $2.50 tells you the quarter turned real sales into real earnings.
n/a
gross margin
Prior margin KPI failed sanity check — verify in filings. Gross margin → revenue left after direct costs → so what: n/a means finance accounting is not a coffee shop ledger.
$2.1B
long-term debt
Debt → borrowed money → so what: $2.1B matters because higher rates bite harder when the stack is already tall.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $2.1B (28% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SNEX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
StoneX posted $1.2B of quarterly revenue and $2.50 EPS, with a n/a gross margin.
Revenue rose 81% vs. prior year and EPS rose 48% vs. prior year in the latest quarter. The margin number is the weird one, because finance income does not behave like a normal product shelf.
$1.2B
revenue
$2.50
eps
n/a
gross margin
the number that mattered
n/a gross margin mattered most because it shows the quarter was powered by finance math, not store math.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is operating on a 0.3% net margin while legal and regulatory costs stay live.
high
$200M BTIG trade secrets lawsuit
BTIG sued StoneX in 2023 and is seeking at least $200M in damages. On a company with a roughly $5B market cap, that is not existential, but it is too large to shrug off.
impact: $200M equals about 4% of the current market cap.
med
regulatory and enforcement exposure
The annual report already flags civil litigation and regulatory enforcement as recurring realities of the business. That comes with the territory when you operate across commodities, securities, FX, and derivatives.
impact: compliance costs matter more when the company keeps only 0.3 cents of net profit on each revenue dollar.
med
margin compression
StoneX produced $141.8B in revenue and a 0.3% net margin. That spread tells you almost the whole bear case. A small cost miss can eat a large share of earnings.
impact: this is a business where a little friction goes a long way.
low
data opacity on what really drives growth
The snapshot has thin institutional data and inconsistent revenue presentation across fields. When the inputs are messy, valuation confidence drops with them.
impact: the stock can stay misunderstood for good reasons, not just because the market is asleep.
A $200M legal hit plus even modest cost pressure would matter more here than at a normal 10% margin company, because SNEX is running a 0.3% net margin on a $141.8B revenue base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
eps needs to keep outrunning the margin problem
Q1 2026 EPS came in at $2.50, up 48%. If earnings momentum fades while net margin stays at 0.3%, the cheap-looking narrative gets weaker fast.
calendar
3-for-2 stock split in march 2026
It changes the share count, not the business. Watch trading behavior after the split, but do not confuse lower share price optics with better fundamentals.
trend
digital assets expansion is a story, not a proven driver yet
The jan 8, 2026 partnership adds to the platform narrative. What matters next is whether it shows up in segment economics, not headlines.
risk
follow the BTIG case and any fresh compliance costs
At least $200M in claimed damages is real money for a $5B company. In this business model, legal drag can do more damage than investors expect.
Analyst rankings
earnings predictability
55 / 100
In human-speak, analysts see a business where quarterly numbers can move around more than a plain-vanilla bank or asset manager.
risk rank
3
That puts SNEX around the middle of the safety spectrum. Not fragile, not sleepy.
source: institutional data
Institutional activity
institutional ownership data for SNEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$102
current price
n/a
target midpoint · n/a from current
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