12 years of historical data (2013–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
XP Inc. trades at 13.5x earnings, 196% above its 5-year average of 4.6x, sitting at the 83rd percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.8x. On a free-cash-flow basis, the stock trades at 4.3x P/FCF, 34% below the 5-year average of 6.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.9B | $6.5B | $14.2B | $8.8B | $16.5B | $22.2B | $19.7B | — | — | — | — |
| Enterprise Value | $30.2B | $116.0B | $78.8B | $40.8B | $42.2B | $52.3B | $36.7B | — | — | — | — |
| P/E Ratio → | 13.51 | 1.44 | 3.64 | 2.45 | 4.59 | 10.69 | 18.26 | — | — | — | — |
| P/S Ratio | 2.32 | 0.33 | 0.96 | 0.62 | 1.27 | 2.58 | 3.81 | — | — | — | — |
| P/B Ratio | 3.04 | 0.32 | 0.73 | 0.52 | 1.14 | 2.04 | 2.75 | — | — | — | — |
| P/FCF | 4.26 | 0.60 | 1.79 | 5.24 | — | 18.19 | — | — | — | — | — |
| P/OCF | 4.13 | 0.58 | 1.75 | 4.87 | — | 14.68 | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.84 | 5.32 | 2.87 | 3.25 | 6.09 | 7.11 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | 221.60 | — | — | — | — |
| EV / EBIT | — | 20.12 | 17.30 | 10.60 | 10.68 | 21.16 | 22.54 | — | — | — | — |
| EV / FCF | — | 10.69 | 9.94 | 24.31 | — | 42.94 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
XP Inc. earns an operating margin of -19.7%, below the Financial Services sector average of 21.9%. Operating margins have expanded from -25.1% to -19.7% over the past 3 years, signaling improving operational efficiency. ROE of 22.9% indicates solid capital efficiency, compared to the sector median of 9.1%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.5% | 9.5% | 10.9% | 7.8% | 15.9% | 17.7% | 22.8% | 28.5% | 28.5% | 26.7% | 100.0% |
| Operating Margin | -19.7% | -19.7% | -26.1% | -25.1% | -14.8% | -7.2% | 1.5% | -5.7% | 0.8% | -15.9% | 28.0% |
| Net Profit Margin | 22.7% | 22.7% | 26.3% | 25.2% | 27.7% | 24.2% | 20.9% | 14.6% | 20.7% | 20.7% | 11.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.9% | 22.9% | 21.4% | 22.8% | 28.4% | 23.0% | 23.4% | 28.5% | 36.8% | 28.5% | 13.7% |
| ROA | 1.5% | 1.5% | 1.8% | 2.2% | 3.0% | 3.0% | 3.5% | 3.7% | 7.3% | 6.3% | 2.5% |
| ROIC | -2.6% | -2.6% | -4.1% | -5.6% | -3.4% | -1.4% | 0.3% | -2.2% | 0.6% | -16.4% | 25.2% |
| ROCE | -2.8% | -2.8% | -3.7% | -4.7% | -3.9% | -2.3% | 0.6% | -4.2% | 0.4% | -5.0% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $109.5B ($115.1B total debt minus $5.6B cash).
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.74 | 5.74 | 3.52 | 2.08 | 1.96 | 2.95 | 2.39 | 3.59 | 1.20 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 103.29 | — | 32.52 | — | — |
| Net Debt / Equity | — | 5.46 | 3.32 | 1.88 | 1.78 | 2.77 | 2.38 | 3.56 | 1.07 | -0.01 | -0.04 |
| Net Debt / EBITDA | — | — | — | — | — | — | 102.62 | — | 28.91 | — | — |
| Debt / FCF | — | 10.10 | 8.15 | 19.06 | — | 24.74 | — | — | 5.81 | — | -0.15 |
| Interest Coverage | -5.02 | -5.02 | -6.26 | -8.86 | -14.18 | -11.68 | 0.89 | -2.49 | 0.25 | — | — |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.81x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.6B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.72x to 0.81x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.81 | 0.81 | 0.96 | 0.72 | 0.83 | 0.57 | 0.53 | 0.71 | 0.51 | 0.11 | 0.25 |
| Quick Ratio | 0.81 | 0.81 | 0.96 | 0.72 | 0.83 | 0.57 | 0.53 | 0.71 | 0.51 | 0.11 | 0.25 |
| Cash Ratio | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.00 | 0.01 | 0.04 | 0.11 | 0.25 |
| Asset Turnover | — | 0.06 | 0.06 | 0.07 | 0.09 | 0.09 | 0.12 | 0.18 | 0.28 | 0.28 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
XP Inc. returns 6.3% to shareholders annually — split between a 3.3% dividend yield and 2.9% buyback yield. A payout ratio of 45.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 7.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 31.4% | 25.0% | — | — | — | 2.5% | — | — | — | — |
| Payout Ratio | 45.1% | 45.1% | 90.9% | — | — | — | 46.3% | 70.4% | 45.9% | 71.5% | 108.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 69.5% | 27.5% | 40.7% | 21.8% | 9.4% | 5.5% | — | — | — | — |
| FCF Yield | 23.5% | 167.0% | 55.9% | 19.1% | — | 5.5% | — | — | — | — | — |
| Buyback Yield | 2.9% | 20.8% | 6.5% | 20.6% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 6.3% | 52.2% | 31.4% | 20.6% | 0.0% | 0.0% | 2.5% | — | — | — | — |
| Shares Outstanding | — | $548M | $544M | $573M | $573M | $559M | $512M | $552M | $552M | $552M | $246M |
Compare XP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| XPYou | $9B | 13.5 | — | 4.3 | 9.5% | -19.7% | 22.9% | -2.6% | — |
| SCHW | $169B | 31.8 | 18.9 | 82.5 | 75.4% | 29.6% | 13.3% | 6.0% | 4.9 |
| HOOD | $67B | 48.6 | 62.0 | — | 82.9% | 35.8% | 19.2% | 6.2% | 6.6 |
| FUTU | $53B | 30.0 | 60.4 | 13.4 | 82.0% | 48.7% | 20.7% | 14.8% | 1.3 |
| RJF | $30B | 14.9 | 4.9 | 13.5 | 88.2% | 28.7% | 17.7% | 20.9% | 1.0 |
| LPLA | $24B | 27.5 | 10.4 | — | 25.6% | 13.4% | 20.9% | 16.1% | 2.5 |
| SF | $8B | 11.8 | 7.3 | 18.1 | 82.9% | 15.8% | 13.3% | 8.4% | 2.7 |
| ETOR | $1B | 3.5 | -7.3 | 5.4 | 5.4% | 2.1% | 26.9% | 26.8% | 0.2 |
| OPY | $899M | 13.5 | 4.5 | — | 32.7% | 21.3% | 8.7% | 15.7% | 2.0 |
| TIGR | $763M | 21.7 | 3.7 | 0.9 | 65.0% | 35.6% | 10.5% | 13.8% | 1.2 |
| SIEB | $77M | 5.8 | 2.7 | 9.1 | 43.4% | 21.7% | 17.1% | 15.4% | 0.4 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 12 years · Updated daily
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Start ComparisonXP Inc.'s current P/E ratio is 13.5x. The historical average is 6.8x. This places it at the 83th percentile of its historical range.
XP Inc.'s return on equity (ROE) is 22.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.3%.
Based on historical data, XP Inc. is trading at a P/E of 13.5x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
XP Inc.'s current dividend yield is 3.34% with a payout ratio of 45.1%.
XP Inc. has 9.5% gross margin and -19.7% operating margin.