Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 11.5x · ROE 15.0%. (1996–2025 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 | $7.8B | $3.4B | $1.7B | $1.3B | $1.1B | $576M | $436M | $347M | $407M | $318M | $321M |
| Enterprise Value | $24.7B | $20.3B | $11.8B | $6.7B | $5.4B | $6.9B | $5.0B | $4.5B | $2.6B | $1.7B | $1.4B |
| P/E Ratio → | 16.75 | 11.41 | 6.85 | 5.79 | 5.52 | 5.11 | 2.64 | 4.16 | 7.46 | 54.07 | 5.95 |
| P/S Ratio | 0.06 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| P/B Ratio | 2.08 | 1.42 | 1.01 | 0.97 | 1.04 | 0.64 | 0.57 | 0.58 | 0.81 | 0.71 | 0.74 |
| P/FCF | 1.81 | 0.78 | 3.91 | — | — | 0.28 | 0.23 | 1.89 | — | 0.31 | — |
| P/OCF | 1.78 | 0.77 | 3.41 | — | — | 0.27 | 0.22 | 1.77 | — | 0.31 | — |
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 | — | 0.15 | 0.12 | 0.11 | 0.08 | 0.16 | 0.09 | 0.14 | 0.10 | 0.06 | 0.10 |
| EV / EBITDA | 11.50 | 9.43 | 6.39 | 3.97 | 3.48 | 5.73 | 5.55 | 6.71 | 4.44 | 3.42 | 3.10 |
| EV / EBIT | 12.05 | 10.74 | 7.66 | 5.67 | 11.70 | 28.01 | 16.04 | 16.86 | 14.46 | 29.96 | 13.86 |
| EV / FCF | — | 4.69 | 26.65 | — | — | 3.33 | 2.58 | 24.38 | — | 1.68 | — |
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 | 2.0% | 2.0% | 2.0% | 2.6% | 1.3% | 1.3% | 0.8% | 1.3% | 1.2% | 0.8% | 1.4% |
| Operating Margin | 1.6% | 1.6% | 1.8% | 2.7% | 2.2% | 2.7% | 1.6% | 2.0% | 2.1% | 1.7% | 3.0% |
| Net Profit Margin | 0.2% | 0.2% | 0.3% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.0% | 0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | 16.9% | 19.5% | 21.0% | 13.9% | 24.9% | 15.5% | 11.6% | 1.4% | 13.2% |
| ROA | 0.8% | 0.8% | 1.1% | 1.1% | 1.1% | 0.7% | 1.4% | 1.0% | 0.8% | 0.1% | 1.0% |
| ROIC | 9.1% | 9.1% | 12.7% | 17.0% | 15.0% | 11.8% | 11.4% | 11.8% | 16.6% | 18.4% | 20.1% |
| ROCE | 10.7% | 10.7% | 13.5% | 17.0% | 16.2% | 13.9% | 14.0% | 14.1% | 18.6% | 19.1% | 19.7% |
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 | 7.79 | 7.79 | 6.62 | 4.70 | 5.00 | 8.18 | 7.17 | 7.75 | 5.09 | 3.86 | 3.21 |
| Debt / EBITDA | 8.61 | 8.61 | 6.14 | 3.84 | 3.48 | 6.17 | 6.13 | 6.90 | 4.33 | 3.45 | 3.09 |
| Net Debt / Equity | — | 7.11 | 5.88 | 3.89 | 3.97 | 6.95 | 5.92 | 6.95 | 4.41 | 3.11 | 2.49 |
| Net Debt / EBITDA | 7.86 | 7.86 | 5.45 | 3.18 | 2.76 | 5.24 | 5.07 | 6.19 | 3.76 | 2.78 | 2.39 |
| Debt / FCF | — | 3.91 | 22.75 | — | — | 3.05 | 2.35 | 22.49 | — | 1.37 | — |
| Interest Coverage | 1.28 | 1.28 | 1.30 | 1.38 | 2.54 | 2.70 | 2.99 | 1.72 | 2.26 | 1.36 | 3.57 |
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 | 1.57 | 1.57 | 1.67 | 1.44 | 1.33 | 1.56 | 1.52 | 1.79 | 1.32 | 1.21 | 1.20 |
| Quick Ratio | 1.57 | 1.57 | 1.67 | 1.44 | 1.33 | 1.56 | 1.52 | 1.79 | 1.32 | 1.21 | 1.20 |
| Cash Ratio | 0.07 | 0.07 | 0.11 | 0.10 | 0.10 | 0.12 | 0.14 | 0.11 | 0.08 | 0.09 | 0.09 |
| Asset Turnover | — | 2.92 | 3.64 | 2.77 | 3.33 | 2.26 | 4.02 | 3.31 | 3.53 | 4.71 | 2.48 |
| 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 | — | — | 2.8% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 18.4% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 8.8% | 14.6% | 17.3% | 18.1% | 19.6% | 37.9% | 24.0% | 13.4% | 1.8% | 16.8% |
| FCF Yield | 55.3% | 128.2% | 25.6% | — | — | 357.5% | 443.3% | 52.9% | — | 320.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | 1.7% | 1.1% | 0.0% | 0.0% | 6.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.8% | 0.0% | 0.0% | 2.0% | 1.7% | 1.1% | 0.0% | 0.0% | 6.1% |
| Shares Outstanding | — | $75M | $71M | $70M | $68M | $44M | $43M | $43M | $43M | $42M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SNEX stock.
StoneX Group Inc.'s current P/E ratio is 16.7x. The historical average is 10.8x. This places it at the 84th percentile of its historical range.
StoneX Group Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.4x.
StoneX Group Inc.'s return on equity (ROE) is 15.0%. The historical average is 8.7%.
Based on historical data, StoneX Group Inc. is trading at a P/E of 16.7x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
StoneX Group Inc. has 2.0% gross margin and 1.6% operating margin.
StoneX Group Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative NII and high provisions
Metrics are mathematically derived from official filings.
Premium Multiple, Thin Equity Base
StoneX trades at 2.05x book and 16.5x trailing earnings, per recent filings, implying the market prices its franchise above tangible book despite thin equity and volatile earnings.
The P/B of 2.05 is above the peer median of roughly 2.0, but the tangible book value per share has swung from $30.97 to $16.94 over ten quarters, indicating that the premium is not backed by stable book growth. The forward P/E of 15.45 suggests investors expect earnings normalization, yet the negative NIM and provision volatility may warrant a discount to peers like IBKR, which trades at 40x earnings but with more stable returns.
Fee-Driven ROE, Thin Leverage
ROE averaged 4.5% over the last ten quarters, with non-interest income contributing 100% of revenue, as per financial statements, indicating profitability hinges on fee generation rather than interest income.
The DuPont decomposition shows ROE is driven by asset utilization from fees, not NIM, which has been negative for most quarters. Equity-to-assets of 0.05 implies high leverage, but the low ROA of 0.2% suggests that the fee income is not translating into strong returns on equity. The 2026Q2 ROE spike to 6.7% appears tied to a one-off NII positive quarter, but the trend remains sub-10%, which is below the cost of equity for most financial firms.
Negative NIM, Misleading Efficiency
StoneX's NIM has been negative for nine of ten quarters, ranging from -0.9% to -1.2%, while the efficiency ratio averaged 0.7%, per company filings, reflecting a fee-heavy model that masks interest income weakness.
The negative NIM suggests that interest expense exceeds interest income, likely due to high-cost funding or low-yielding assets, which is unusual for a financial firm. The efficiency ratio is artificially low because non-interest income dominates, but this does not indicate cost efficiency; rather, it highlights the reliance on fee income. Investors should monitor whether the negative NIM persists, as it may indicate structural funding challenges.
Thin Equity Cushion, No Returns
Equity-to-assets declined from 0.06 to 0.05 over ten quarters, and StoneX paid no dividends or buybacks, according to SEC filings, suggesting capital is being retained to absorb provision shocks.
The equity base of $2.8B against $54B in assets implies a leverage ratio of 20x, which is high for a financial institution. The lack of capital return, despite positive net income in most quarters, indicates that management may be preserving capital to meet regulatory requirements or to offset potential credit losses. The provision of $38.5B in 2026Q3, which dwarfs net income, underscores the need for a larger capital buffer.
Provision Spike Signals Credit Stress
Loan loss provisions reached $38.5B in 2026Q3, exceeding net income by 300 times, as reported in financial statements, suggesting severe credit deterioration that may not be fully reflected in the loan book.
The provision amount is staggering relative to the loan book of $38.5B, implying a 100% provision rate, which is unsustainable. This may indicate that the loan portfolio is of poor quality or that the company is aggressively reserving for expected losses. The negative NIM and high provisions together suggest that the balance sheet is under stress, and investors should question the adequacy of the equity cushion.
P/E Misleads on Earnings Quality
The P/E ratio of 16.47 is misleading for StoneX because earnings are volatile and heavily influenced by provisions and non-interest income, as per financial data, obscuring the true earning power.
For banks, P/E is often distorted by provision volatility, and StoneX is a prime example: net income swung from $174.3M in 2026Q2 to $127.9M in 2026Q3, with provisions of $38.5B in the latter. A more appropriate metric is P/TBV, which at 2.05x reflects the market's view of the franchise value, but even that is complicated by the thin equity base. Investors should adjust earnings for provision normalization and focus on pre-provision net revenue to assess core profitability.