Last 26 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
XP Inc.'s quarterly P/E stands at 1.9x, down 8.0% year-over-year.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.51 | 1.90 | 2.05 | 1.50 | 1.36 | 2.07 | 2.17 | 3.41 | 3.47 | 2.94 | 3.20 | 2.01 | 2.76 |
| — | -8.0% | -5.2% | -56.0% | -60.8% | -29.7% | -32.4% | +70.2% | +25.7% | +11.4% | +16.3% | -59.2% | -32.0% | |
| P/S Ratio | 2.32 | 0.56 | 0.62 | 0.43 | 0.34 | 0.56 | 0.52 | 0.84 | 0.88 | 0.74 | 0.88 | 0.51 | 0.62 |
| — | -1.1% | +18.6% | -48.9% | -61.9% | -24.2% | -41.0% | +64.6% | +43.5% | +2.0% | +29.2% | -65.7% | -45.7% | |
| P/B Ratio | 3.04 | 0.42 | 0.49 | 0.35 | 0.32 | 0.46 | 0.49 | 0.69 | 0.74 | 0.64 | 0.68 | 0.37 | 0.51 |
| — | -7.4% | +0.0% | -48.8% | -56.9% | -28.0% | -28.1% | +84.2% | +46.3% | +2.1% | +9.5% | -65.5% | -54.5% | |
| P/FCF | 4.26 | 0.21 | 0.58 | — | 0.42 | 0.54 | 0.41 | — | 0.86 | — | 1.78 | 0.47 | 1.50 |
| — | -61.4% | +42.5% | — | -51.1% | — | -77.1% | — | -42.6% | — | — | -87.9% | -64.3% | |
| EV / EBITDA | — | — | — | 10.52 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | 11.91 | 12.20 | 10.52 | 19.35 | 9.98 | 9.53 | 12.10 | 17.01 | 9.86 | 9.86 | 7.92 | 11.44 |
| — | +19.4% | +28.0% | -13.1% | +13.8% | +1.2% | -3.3% | +52.7% | +48.7% | +5.2% | -9.2% | -27.3% | +28.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
XP Inc.'s operating margin was -25.2% in Q3 2025, up 2.2 pp QoQ and down 3.0 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. Gross margin expanded 744.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.5% | 68.2% | 8.4% | 8.5% | 16.7% | 8.1% | 16.9% | -1.0% | 29.4% | 7.2% | 1.8% | 2.6% | 4.0% |
| — | +744.8% | -50.3% | +919.8% | -43.3% | +12.9% | +849.9% | -140.0% | +634.6% | +34.4% | -57.0% | +459.3% | -79.3% | |
| Operating Margin | -19.7% | -25.2% | -27.4% | -29.2% | -22.3% | -22.1% | -15.5% | -27.9% | -23.8% | -23.9% | -27.2% | -26.6% | -21.0% |
| — | -13.7% | -76.3% | -4.8% | +6.2% | +7.3% | +42.8% | -5.0% | -13.3% | +6.2% | -7.5% | +19.9% | -43.4% | |
| Net Margin | 22.7% | 29.2% | 30.1% | 28.6% | 24.8% | 27.2% | 24.0% | 24.6% | 25.5% | 25.3% | 27.6% | 25.5% | 22.3% |
| — | +7.2% | +25.5% | +16.2% | -2.7% | +7.8% | -13.1% | -3.4% | +14.4% | -8.2% | +11.5% | -15.6% | -20.2% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.9% | 5.7% | 6.1% | 6.0% | 5.7% | 5.7% | 5.5% | 5.2% | 5.3% | 5.6% | 5.5% | 4.7% | 4.5% |
| — | +0.1% | +10.1% | +16.4% | +8.0% | +1.7% | +0.7% | +10.8% | +16.4% | -7.5% | -4.0% | -18.2% | -36.2% | |
| ROA | 1.5% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.5% | 0.5% | 0.4% | 0.4% |
| — | -11.7% | -6.1% | -9.2% | -17.7% | -17.4% | -15.5% | -5.2% | +4.2% | -19.2% | -16.1% | -27.2% | -43.7% | |
| ROIC | -2.6% | -0.9% | -1.0% | -0.9% | -0.8% | -1.0% | -0.7% | -1.1% | -1.0% | -1.3% | -1.5% | -1.3% | -1.1% |
| — | +8.8% | -37.3% | +20.6% | +21.1% | +27.3% | +50.2% | +14.2% | +9.2% | +5.3% | +3.2% | +23.8% | -18.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 11.6% YoY to 0.82x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.74 | 3.06 | 3.33 | 2.92 | 5.74 | 2.39 | 2.83 | 2.51 | 3.52 | 2.10 | 1.88 | 1.63 | 2.08 |
| — | +27.9% | +17.8% | +16.1% | +62.9% | +14.0% | +50.6% | +54.4% | +69.1% | +10.0% | -10.6% | -2.0% | +6.5% | |
| Debt / EBITDA | — | — | — | 42.62 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 0.81 | 0.82 | 0.79 | 0.79 | 0.81 | 0.93 | 0.91 | 1.03 | 0.96 | 0.79 | 0.89 | 0.92 | 0.72 |
| — | -11.6% | -13.0% | -23.9% | -16.3% | +18.2% | +1.8% | +12.7% | +33.4% | -0.0% | +18.1% | +18.8% | -13.1% | |
| Quick Ratio | 0.81 | 0.82 | 0.79 | 0.79 | 0.81 | 0.93 | 0.91 | 1.03 | 0.96 | 0.79 | 0.89 | 0.92 | 0.72 |
| — | -11.6% | -13.0% | -23.9% | -16.3% | +18.2% | +1.8% | +12.7% | +33.4% | -0.0% | +18.1% | +18.8% | -13.1% | |
| Interest Coverage | -5.02 | -8.01 | -6.83 | -7.13 | -5.41 | -4.86 | -3.56 | -6.43 | -5.82 | -7.58 | -6.30 | -5.09 | -4.93 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 26 years · Updated daily
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Start ComparisonXP Inc.'s current P/E is 13.5x. The average P/E over the last 4 quarters is 1.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
XP Inc.'s current operating margin is -19.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking XP Inc.'s business trajectory between earnings reports.