Latest Ratios: P/E Ratio 5.7x · EV/EBITDA 2.9x · ROE 19.6%. (2016–2025 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 | $2.2B | $4.0B | $2.4B | $5.8B | $2.9B | $5.2B | $24.7B | $11.1B | $5.1B | — | — |
| Enterprise Value | $4.7B | $16.8B | $10.1B | $9.1B | $7.0B | $9.1B | $28.3B | $12.5B | $7.7B | — | — |
| P/E Ratio → | 5.70 | 1.78 | — | 3.61 | — | — | 28.84 | 13.76 | 16.76 | — | — |
| P/S Ratio | 0.82 | 0.29 | 0.19 | 0.51 | 0.33 | 1.14 | 7.78 | 4.63 | 3.34 | — | — |
| P/B Ratio | 1.10 | 0.34 | 0.20 | 0.39 | 0.23 | 0.38 | 1.64 | 7.45 | 1.00 | — | — |
| P/FCF | — | — | — | 13.16 | 3.07 | 2.26 | — | — | — | — | — |
| P/OCF | 17.40 | 6.10 | — | 3.49 | 1.75 | 1.44 | 436.41 | — | — | — | — |
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 | — | 1.19 | 0.79 | 0.80 | 0.77 | 1.98 | 8.93 | 5.23 | 5.00 | — | — |
| EV / EBITDA | 2.94 | 2.03 | 1.53 | 1.55 | 1.62 | 6.34 | 17.31 | 8.45 | 9.62 | — | — |
| EV / EBIT | 3.34 | 3.56 | 1.76 | 1.73 | 2.05 | 10.67 | 21.21 | 9.50 | 11.37 | — | — |
| EV / FCF | — | — | — | 20.80 | 7.27 | 3.93 | — | — | — | — | — |
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 | 76.2% | 76.2% | 73.4% | 73.8% | 70.4% | 62.6% | 75.7% | 82.1% | 78.9% | 69.8% | 68.5% |
| Operating Margin | 51.4% | 51.4% | 46.2% | 46.1% | 38.8% | 20.2% | 43.5% | 55.1% | 45.9% | 33.8% | 31.8% |
| Net Profit Margin | 16.4% | 16.4% | -11.9% | 14.0% | -5.8% | -29.7% | 27.0% | 33.6% | 19.7% | -14.7% | -28.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.6% | 19.6% | -11.4% | 11.5% | -3.9% | -9.5% | 10.4% | 24.4% | 10.8% | -20.3% | -20.4% |
| ROA | 4.0% | 4.0% | -2.9% | 3.5% | -1.2% | -3.7% | 4.7% | 8.8% | 3.0% | -2.1% | -3.1% |
| ROIC | 24.7% | 24.7% | 23.5% | 22.5% | 15.2% | 3.8% | 9.6% | 18.7% | 11.0% | 15.8% | 22.0% |
| ROCE | 33.7% | 33.7% | 28.6% | 28.4% | 19.2% | 4.9% | 13.6% | 28.7% | 14.0% | 14.2% | 18.7% |
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 | 1.49 | 1.49 | 1.09 | 0.38 | 0.43 | 0.61 | 0.41 | 1.13 | 0.56 | 4.31 | 0.07 |
| Debt / EBITDA | 2.12 | 2.12 | 1.96 | 0.94 | 1.29 | 5.84 | 3.72 | 1.13 | 3.57 | 6.76 | 0.23 |
| Net Debt / Equity | — | 1.08 | 0.65 | 0.23 | 0.31 | 0.28 | 0.24 | 0.97 | 0.50 | 2.98 | -0.22 |
| Net Debt / EBITDA | 1.54 | 1.54 | 1.17 | 0.57 | 0.94 | 2.70 | 2.23 | 0.97 | 3.19 | 4.68 | -0.73 |
| Debt / FCF | — | — | — | 7.64 | 4.20 | 1.68 | — | — | — | — | — |
| Interest Coverage | 2.45 | 2.45 | 5.41 | 7.55 | 3.65 | 1.70 | 3.92 | 3.72 | 2.23 | 0.49 | 0.33 |
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 | 1.30 | 1.30 | 1.37 | 1.29 | 1.22 | 1.31 | 2.19 | 1.55 | 2.05 | 1.57 | 1.06 |
| Quick Ratio | 1.30 | 1.30 | 1.37 | 1.29 | 1.22 | 1.31 | 2.19 | 1.55 | 2.05 | 1.62 | 1.06 |
| Cash Ratio | 0.15 | 0.15 | 0.43 | 0.42 | 0.35 | 0.39 | 0.84 | 0.33 | 0.51 | 0.22 | 0.08 |
| Asset Turnover | — | 0.23 | 0.23 | 0.23 | 0.21 | 0.11 | 0.10 | 0.49 | 0.12 | 0.11 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 8283.05 | — | — |
| Days Sales Outstanding | — | 1139.17 | 884.96 | 793.71 | 863.49 | 1626.03 | 2049.30 | 545.51 | 2216.63 | 2533.34 | 2654.51 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.6% | 56.3% | — | 27.7% | — | — | 3.5% | 7.3% | 6.0% | — | — |
| FCF Yield | — | — | — | 7.6% | 32.6% | 44.3% | — | — | — | — | — |
| Buyback Yield | 25.4% | 72.4% | 66.0% | 5.1% | 0.0% | 19.0% | 0.3% | 0.0% | 2.8% | — | — |
| Total Shareholder Yield | 25.4% | 72.4% | 66.0% | 5.1% | 0.0% | 19.0% | 0.3% | 0.0% | 2.8% | — | — |
| Shares Outstanding | — | $273M | $302M | $319M | $312M | $309M | $294M | $277M | $277M | $277M | $205M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying STNE stock.
StoneCo Ltd.'s current P/E ratio is 5.7x. The historical average is 12.9x. This places it at the 40th percentile of its historical range.
StoneCo Ltd.'s current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
StoneCo Ltd.'s return on equity (ROE) is 19.6%. The historical average is 1.1%.
Based on historical data, StoneCo Ltd. is trading at a P/E of 5.7x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
StoneCo Ltd. has 76.2% gross margin and 51.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
StoneCo Ltd.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage rising amid cash volatility
Deep Value Pricing Amidst Macro Uncertainty
StoneCo's forward P/E of 0.92 and EV/EBITDA of 0.87 suggest the market is pricing in severe earnings contraction or significant risk, a stark discount to peers like PagSeguro's forward P/E of 6.72, indicating deep value or a potential value trap.
The current valuation multiples are exceptionally low relative to both its own history and the peer group, implying the market expects a dramatic deterioration in future earnings. This pricing appears to reflect concerns over the sustainability of the recent margin expansion and the rising leverage on the balance sheet. Investors should investigate whether this discount is a temporary overreaction to macro headwinds or a permanent re-rating due to structural risks in the credit model.
Operating Strength Masked by Financial Drag
StoneCo's operating margin of 51.4% in Q4 2025 demonstrates strong core profitability, yet the net margin compressed to just 16.4% in the same period, indicating that non-operating costs, likely interest expense, are consuming a substantial portion of operating profits.
The significant gap between operating and net margins suggests the core payments and software business is highly profitable, but the financial structure is eroding the bottom line. This pattern is consistent with a business model where the cost of funding for prepayments and other financial services is a major expense. The sustainability of the high operating margin is key; any compression from competitive pricing or increased hub investment would directly impact the already-thin net profitability.
Low and Volatile Returns on Invested Capital
StoneCo's ROIC has fluctuated between 5.2% and 7.0% over the last ten quarters, a level that appears insufficient to generate meaningful value creation given the company's cost of capital and the inherent risks of its Brazilian market focus.
The ROIC trend shows no clear upward trajectory, suggesting the company is not yet compounding returns efficiently. The volatility, including a dip to 5.2% in Q2 2026, indicates that returns are sensitive to quarterly shifts in profitability and capital allocation. This low return profile, combined with rising leverage, raises questions about the long-term capital efficiency of the Linx acquisition and the hub expansion strategy.
Leverage Rising as Equity Erodes
StoneCo's debt-to-equity ratio has surged from 0.55 in Q1 2024 to 1.80 in Q2 2026, a rapid increase that has coincided with a decline in total equity, suggesting the balance sheet is becoming increasingly strained.
The sharp rise in leverage is a critical concern, especially as it has occurred alongside volatile free cash flow and large shareholder returns. The interest coverage ratio of 2.06 in Q2 2026, while still adequate, is down from over 5.0 in early 2024, indicating that debt service is becoming less comfortable. This trend warrants close monitoring, as a further deterioration in coverage could limit financial flexibility and increase refinancing risk.
The Misleading Net Margin Compression
The most commonly misapplied ratio for StoneCo is the net margin, which at 16.4% in Q4 2025 appears weak but obscures the strong 51.4% operating margin of the core business, as the compression is driven by non-operational financial costs.
Analysts focusing solely on the net margin may underestimate the earning power of StoneCo's payments and software platform. The true driver of value is the operating margin, which reflects the scalability of the core business. The net margin is heavily distorted by the cost of funding for the prepayment business and potential tax effects, making it a poor indicator of operational performance. A more appropriate metric would be the operating margin or a adjusted net margin that excludes the financial expenses related to the lending activity.