Latest Ratios: P/E Ratio 9.4x · EV/EBITDA 15.6x · ROE 13.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $3.7B | $1.9B | $2.2B | $951M | — | — | — | — | — | — |
| Enterprise Value | $5.9B | $22.4B | $6.9B | $5.3B | $3.4B | — | — | — | — | — | — |
| P/E Ratio → | 9.36 | 2.92 | 2.04 | 7.41 | — | — | — | — | — | — | — |
| P/S Ratio | 1.43 | 0.44 | 0.29 | 0.47 | 0.27 | — | — | — | — | — | — |
| P/B Ratio | 1.15 | 0.36 | 0.20 | 0.30 | 0.13 | — | — | — | — | — | — |
| P/FCF | 4.00 | 1.24 | 0.57 | 0.31 | 0.52 | — | — | — | — | — | — |
| P/OCF | 3.86 | 1.20 | 0.49 | 0.30 | 0.45 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.66 | 1.07 | 1.11 | 0.95 | — | — | — | — | — | — |
| EV / EBITDA | 15.58 | 11.38 | 4.86 | 8.82 | — | — | — | — | — | — | — |
| EV / EBIT | 18.85 | 13.77 | 5.70 | 12.04 | — | — | — | — | — | — | — |
| EV / FCF | — | 7.46 | 2.11 | 0.73 | 1.86 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.2% | 71.2% | 71.9% | 67.6% | 69.6% | 73.2% | 118.2% | 85.8% | 94.6% | 91.4% | 68.4% |
| Operating Margin | 19.3% | 19.3% | 18.8% | 9.3% | -5.0% | -10.4% | 8.3% | 11.0% | 19.9% | 20.2% | 10.7% |
| Net Profit Margin | 15.6% | 15.6% | 14.2% | 6.4% | -0.3% | -3.3% | 1.9% | 10.5% | 14.8% | 16.3% | 9.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 10.9% | 4.1% | -0.1% | -1.2% | 0.6% | 5.0% | 10.5% | 13.1% | 7.3% |
| ROA | 1.5% | 1.5% | 1.3% | 0.6% | -0.0% | -0.3% | 0.1% | 1.0% | 1.5% | 1.4% | 0.9% |
| ROIC | 4.0% | 4.0% | 4.8% | 2.0% | -0.9% | -1.9% | 1.3% | 2.2% | 5.5% | 6.4% | 5.7% |
| ROCE | 3.2% | 3.2% | 6.0% | 2.7% | -1.3% | -2.5% | 1.6% | 2.3% | 3.8% | 3.3% | 1.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.85 | 2.85 | 1.31 | 1.23 | 1.17 | 0.56 | 0.55 | 0.88 | 0.63 | 1.62 | 0.11 |
| Debt / EBITDA | 15.08 | 15.08 | 8.38 | 15.55 | — | — | 15.19 | 19.84 | 6.20 | 10.19 | 1.23 |
| Net Debt / Equity | — | 1.79 | 0.55 | 0.40 | 0.34 | -0.02 | -0.76 | -0.83 | -1.25 | 0.15 | -1.40 |
| Net Debt / EBITDA | 9.48 | 9.48 | 3.55 | 5.08 | — | — | -20.77 | -18.87 | -12.32 | 0.97 | -16.31 |
| Debt / FCF | — | 6.21 | 1.54 | 0.42 | 1.34 | — | -0.90 | -2.34 | -2.07 | 3.47 | -1.12 |
| Interest Coverage | 0.27 | 0.27 | 0.36 | 0.15 | -0.09 | -0.43 | -0.25 | 0.33 | 0.43 | 0.22 | 0.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.54 | 0.52 | 0.52 | 0.70 | 0.83 | 0.86 | 0.81 | 0.62 | 0.57 |
| Quick Ratio | 0.55 | 0.55 | 0.54 | 0.52 | 0.52 | 0.70 | 0.83 | 0.86 | 0.81 | 0.62 | 0.57 |
| Cash Ratio | 0.55 | 0.55 | 0.13 | 0.15 | 0.19 | 0.21 | 0.31 | 0.65 | 0.67 | 0.35 | 0.35 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.08 | 0.06 | 0.05 | 0.08 | 0.08 | 0.08 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 6.4% | 3.7% | — | 4.0% | — | — | — | — | — | — |
| Payout Ratio | 18.2% | 18.2% | 7.6% | — | — | — | 211.4% | — | — | — | 29.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 34.2% | 49.1% | 13.5% | — | — | — | — | — | — | — |
| FCF Yield | 25.0% | 80.3% | 175.4% | 324.4% | 191.9% | — | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.7% | 1.0% | 0.7% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 2.2% | 7.1% | 4.7% | 0.7% | 4.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $440M | $439M | $403M | $401M | $266M | $764M | $2.1B | $1.6B | $1.3B | $214M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying INTR stock.
Inter & Co, Inc.'s current P/E ratio is 9.4x. The historical average is 4.1x. This places it at the 100th percentile of its historical range.
Inter & Co, Inc.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Inter & Co, Inc.'s return on equity (ROE) is 13.5%. The historical average is 6.7%.
Based on historical data, Inter & Co, Inc. is trading at a P/E of 9.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Inter & Co, Inc.'s current dividend yield is 2.00% with a payout ratio of 18.2%.
Inter & Co, Inc. has 71.2% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
Inter & Co, Inc.'s Debt/EBITDA ratio is 15.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit cost absorption of revenue gains
P/B Premium Reflects Growth, Not Current Returns
Inter trades at a P/B of 1.25, a significant discount to Nubank's 6.80 but a premium to PagSeguro's 1.04, suggesting the market prices in its hybrid Super App model's growth potential rather than its current 4.1% quarterly ROE.
The current P/B of 1.25 implies the market is assigning value beyond tangible book, likely reflecting the optionality of the Inter Shop ecosystem and its potential to drive lower credit losses and higher ARPU over time. However, this multiple appears stretched relative to the company's recent ROE trajectory, which has only just reached 4.1% quarterly (annualized ~16.4%), well below the 20% target. The valuation gap versus Nubank suggests investors are not yet willing to pay a full premium for Inter's integrated model, possibly due to concerns about execution risk and the higher provision costs noted in prior analysis.
ROE Expansion Driven by Leverage, Not Margins
Inter's ROE has expanded from 2.3% in Q1 2024 to 4.1% in Q2 2026, but this improvement appears primarily driven by increased leverage (Equity/Assets declining from 0.14 to 0.10) rather than a sustained improvement in net interest margin or operational efficiency.
The DuPont decomposition reveals a concerning dynamic: while ROE is rising, the NIM of 1.8% in Q2 2026 is still below the 1.6% level seen in Q3 2024, and the efficiency ratio, though improved, remains near 50%. The primary driver of ROE expansion appears to be the declining equity-to-assets ratio, which indicates the company is funding its asset growth with liabilities (deposits) faster than it is building capital. This leverage-driven ROE improvement is less sustainable and more sensitive to credit quality deterioration, aligning with the prior finding that provisions are absorbing a significant portion of revenue gains.
NIM Volatility Amidst Shifting Revenue Mix
Net interest margin expanded sharply to 1.8% in Q2 2026 from 0.8% in Q1 2026, yet the extreme volatility over the past ten quarters (0.6% to 1.8%) suggests the company's asset-liability management is highly sensitive to the Brazilian rate environment and its own rapid balance sheet restructuring.
The NIM expansion in Q2 2026 is a positive development, likely reflecting higher asset yields on the growing loan book and securities portfolio. However, the prior balance sheet analysis noted that 82.6% of assets are in investment securities, which may be generating lower yields than a traditional loan book, potentially capping NIM upside. Concurrently, the efficiency ratio has improved from 54.7% in Q4 2024 to 49.2%, indicating genuine operating leverage as the digital model scales. The key risk is that NIM gains could be temporary if the SELIC rate declines, while the efficiency gains appear more structural.
Leverage Constrains Capital Return Capacity
The equity-to-assets ratio has compressed from 0.14 in Q1 2024 to 0.10 in Q2 2026, indicating that asset growth is outpacing capital generation, which may limit the company's capacity for dividends or share buybacks despite the recent 11.2% dividend yield.
While specific CET1 and Tier 1 ratios are not provided, the declining equity-to-assets ratio is a clear signal that the balance sheet is becoming more leveraged. This trend, combined with the prior finding that loan growth is outpacing deposit inflows, suggests the company may need to retain more earnings or seek external capital to support further expansion. The high dividend yield of 11.2% in Q2 2026 appears potentially unsustainable if capital adequacy ratios are approaching regulatory minimums, as maintaining dividends while growing assets at this pace would further erode the equity buffer.
Provision Growth Outpaces Loan Book Expansion
Provision for credit losses reached $864.3 million in Q2 2026, an 85.8% increase from Q1 2024, which is growing faster than the underlying loan book and suggests deteriorating asset quality or a more conservative provisioning stance as the portfolio seasons.
The rapid growth in provisions is the most critical risk factor for Inter's profitability trajectory. While the company is expanding its unsecured lending and credit card books, the provision expense is consuming a substantial portion of net interest income growth. This dynamic suggests that either the credit quality of new originations is lower than the existing book, or the company is building reserves in anticipation of a deterioration in the Brazilian consumer credit market. Investors should monitor the NPL 90+ ratio closely, as a continued rise in provisions without a corresponding improvement in asset quality could jeopardize the path to the 20% ROE target.
P/E Multiple Misleads on Earnings Quality
The P/E ratio of 10.20 appears attractive but is misleading for a bank like Inter, as it is heavily influenced by volatile credit provisions and does not reflect the underlying earnings power of the franchise or the quality of its balance sheet.
For banks, P/E is a notoriously unreliable metric because earnings are highly sensitive to provisioning decisions, which are management estimates rather than cash expenses. Inter's P/E of 10.20 is low compared to Nubank's 27.03, but this may reflect market skepticism about the sustainability of its earnings given the rising provision costs. A more appropriate valuation framework would focus on P/B and P/TBV multiples, which are less distorted by accounting choices. The current P/B of 1.25 should be evaluated in the context of the company's ROTCE, which is being pressured by the very provisions that make the P/E look cheap. Analysts should instead use the efficiency ratio and NIM trends to assess operational progress, while using P/B to gauge market sentiment on the franchise value.