StoneX Group Inc.
- Open
- 68.66
- Day high
- 69.00
- Day low
- 65.73
- Prev close
- 67.81
- Volume
- 614K
- Mkt cap
- $8.1B
- P/E (TTM)
- 10.9
- EPS (TTM)
- $6.16
- P/B
- 2.8
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$69.3M over the last 3 months (1 open-market buy, 21 sales)
- 🏛Institutions accumulating (13F)
StoneX Group Inc. (SNEX) is a Financial Services company listed on NASDAQ. The stock is up 43% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 21 sales (SEC Form 4). Drillr has 1 published research article covering SNEX.
StoneX Group Inc. (SNEX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SNEX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.86 | $1.00 | +16.7% | $1.5B | +11.1% |
| May 7, 2026 | $1.60 | $2.07 | +29.4% | $1.6B | +14.6% |
| Feb 4, 2026 | $2.06 | $2.50 | +21.4% | $39.0B | +3037.7% |
| Nov 24, 2025 | $1.45 | $1.57 | +8.3% | $32.7B | +3058.8% |
| May 7, 2025 | $1.32 | $1.41 | +6.8% | $36.9B | +3966.0% |
| Feb 5, 2025 | $1.45 | $1.69 | +16.6% | $27.9B | +2952.4% |
| Nov 19, 2024 | $2.05 | $2.34 | +14.1% | $31.1B | +3460.0% |
| Feb 6, 2024 | $1.70 | $2.13 | +25.2% | $19.6B | +4784.1% |
| Nov 15, 2023 | $1.52 | $1.62 | +6.4% | $16.6B | +3986.7% |
| Aug 2, 2023 | $1.63 | $2.24 | +37.4% | $1.2B | +195.4% |
| May 3, 2023 | $1.50 | $1.37 | -8.7% | $1.2B | +237.2% |
| Feb 7, 2023 | $1.42 | $1.72 | +21.1% | $1.2B | +230.3% |
SNEX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 17, 2026 | Dunaway William Jofficer: Chief Financial Officer | Option | 126,562 | $8.90 |
| Aug 17, 2026 | Dunaway William Jofficer: Chief Financial Officer | Sell | 96,490 | $66.35 |
| Aug 11, 2026 | Thamodaran Dhamu R.director | Buy | 2,500 | $64.48 |
| Aug 11, 2026 | Maurer Mark Lowryother: Chief Risk Officer | Sell | 52,648 | $66.25 |
| Aug 11, 2026 | Maurer Mark Lowryother: Chief Risk Officer | Option | 69,372 | $8.90 |
| Aug 11, 2026 | Perkins Abigail Hofficer: Chief Information Officer | Sell | 4,500 | $64.81 |
| Aug 11, 2026 | Perkins Abigail Hofficer: Chief Information Officer | Option | 4,500 | $12.26 |
| Aug 6, 2026 | FOWLER JOHN MOOREdirector | Sell | 1,575 | $75.41 |
| Aug 5, 2026 | Cooper Diane L.director | Grant | 116 | — |
| Aug 5, 2026 | RADZIWILL JOHNdirector, officer: Chairman of the Board | Grant | 219 | — |
| Aug 5, 2026 | FOWLER JOHN MOOREdirector | Tax | 197 | $77.62 |
| Aug 3, 2026 | Thamodaran Dhamu R.director | Grant | 142 | — |
| Aug 3, 2026 | FOWLER JOHN MOOREdirector | Grant | 174 | — |
| Aug 3, 2026 | FOWLER JOHN MOOREdirector | Tax | 230 | $77.62 |
| Aug 3, 2026 | KASS STEVEN Adirector | Grant | 174 | — |
Source: SNEX SEC Form 4 filings, latest Aug 17, 2026. For informational purposes only — not investment advice.
See the full SNEX insider & 13F page →StoneX Group Inc. company profile
Overview
StoneX Group Inc. (NASDAQ:SNEX) is a global financial services network that has evolved from its founding in 1924 into a comprehensive financial ecosystem connecting companies, organizations, traders, and investors to global markets. Originally known as INTL FCStone Inc., the company rebranded to StoneX Group in July 2020 to reflect its expanded scope beyond traditional commodity trading. Headquartered in New York, StoneX operates through four primary business segments serving diverse client bases from commercial enterprises to retail traders, providing risk management, trading, clearing, and payment services across multiple asset classes and geographic markets.
Business
StoneX operates as a financial intermediary and service provider across multiple segments of the global financial markets. The company functions as a bridge between market participants and various financial markets, offering execution, clearing, risk management, and advisory services. The Commercial segment represents the company's largest revenue generator, providing risk management and hedging services primarily to agricultural, energy, and metals producers and consumers. This segment offers exchange-traded and over-the-counter (OTC) derivatives execution and clearing, voice brokerage services, market intelligence, physical commodity trading, and commodity financing and logistics services. Commercial clients include farmers, mining companies, energy producers, and food processors who need to hedge against price volatility in their underlying commodities. The Institutional segment serves large financial institutions, asset managers, and professional traders. It provides equity trading services, debt capital markets origination and placement, fixed income securities dealing, foreign securities trading including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), futures and foreign exchange brokerage, and asset management services. This segment has shown strong growth, with recent acquisitions expanding its capabilities in investment banking and fixed income trading. The Retail segment (also called Self-Directed Retail) offers trading platforms and services to individual investors and smaller institutional clients. Services include spot foreign exchange trading, precious metals trading, contracts for differences (CFDs), and wealth management. The segment also operates e-commerce platforms like coininvest.com and silver-to-go.com for physical precious metals sales. The Global Payments segment provides foreign exchange and treasury services, processing payments in 140 currencies across 180 countries. Clients include banks, commercial businesses, charities, non-governmental organizations, and government entities that need cross-border payment solutions and currency exchange services. Revenue distribution varies by quarter, but typically the Commercial segment generates the largest portion of operating revenues, followed by Institutional, with Retail and Payments contributing smaller but significant portions.
Revenue model
StoneX generates revenue through multiple complementary business models across its four segments. The company primarily operates as a financial intermediary, earning money through spreads, commissions, fees, and interest income rather than taking significant proprietary trading positions. In the Commercial segment, revenue comes from execution and clearing fees on exchange-traded derivatives, bid-ask spreads on OTC derivatives, brokerage commissions, financing charges on commodity loans, and logistics fees for physical commodity handling. The company also earns spreads on foreign exchange transactions and market-making activities in agricultural, energy, and metals markets. The Institutional segment generates revenue through equity trading commissions, debt underwriting and placement fees, fixed income trading spreads, foreign exchange spreads, futures and options commissions, and asset management fees. Recent acquisitions have expanded fee-based investment banking capabilities. The Retail segment earns revenue primarily through bid-ask spreads on foreign exchange and CFD trading, precious metals trading margins, and fees on physical precious metals sales. The segment also generates wealth management fees and platform access fees. The Global Payments segment profits from foreign exchange spreads on currency conversions and transaction fees for payment processing services. A significant portion of StoneX's profitability comes from interest income earned on client deposits and cash balances, which has become increasingly important as interest rates have risen from near-zero levels. The company benefits from higher interest rates as it earns more on the substantial client funds it holds. Factors that increase margins include higher market volatility (which drives trading volumes and wider spreads), rising interest rates (which boost interest income on client balances), market dislocations that create trading opportunities, and successful cross-selling of services to existing clients. Conversely, margins face pressure from increased competition, regulatory changes that limit certain activities, extremely low volatility periods, declining interest rates, and technology investments required to maintain competitive platforms.
Competitive moat
StoneX's competitive moat is moderate and primarily built around its comprehensive ecosystem approach, regulatory licenses, and client relationships rather than technological advantages or network effects. The company's main competitive advantages include its global regulatory footprint with licenses in multiple jurisdictions, which creates barriers to entry for competitors wanting to serve multinational clients. The breadth of its service offerings allows for cross-selling opportunities and makes it more difficult for clients to replicate the full suite of services elsewhere. The company benefits from the ongoing retreat of major banks from certain trading and market-making activities following post-2008 regulatory changes, creating opportunities for non-bank financial intermediaries like StoneX. Its established relationships with commercial clients in agriculture, energy, and metals provide some stickiness, as these relationships often involve complex, customized risk management solutions. However, StoneX's moat is not particularly strong. The financial services industry is highly competitive, with numerous well-capitalized competitors including other non-bank financial intermediaries, remaining bank trading desks, and specialized fintech companies. Many of StoneX's services are commoditized, and the company faces ongoing pressure from electronic trading platforms and algorithmic trading that can compress spreads. The retail trading segment faces intense competition from discount brokers and fintech platforms offering zero-commission trading. The company's technology platforms, while functional, do not appear to offer significant competitive advantages over well-funded competitors. Client relationships, while valuable, can be disrupted by better pricing, superior technology, or regulatory changes. The payments business operates in a crowded field with established players and emerging fintech disruptors.
Risks & safety
StoneX presents moderate financial risk with several areas of concern regarding margin of safety. • Solvency and Leverage: The company maintains a very high debt-to-equity ratio of 7.42x as of Q2 2025, indicating significant leverage. However, this is typical for financial services firms where much of the "debt" represents client liabilities rather than traditional borrowings. • Cash Flow Volatility: Free cash flow has been highly volatile and recently negative, with -$169.8 million in Q2 2025 and -$491.4 million in Q1 2025, though this improved from -$640.5 million in Q3 2024. The negative cash flows are partly due to working capital changes related to client activity fluctuations. • Liquidity Position: The company maintains adequate liquidity with $1.31 billion in cash and short-term investments and a current ratio of 1.83x, providing reasonable short-term financial flexibility. • Valuation Metrics: Trading at a P/E ratio of 12.46x and EV/EBITDA of 9.0x, the stock appears reasonably valued but not deeply discounted. Price-to-book ratio of 1.90x suggests the market values the business above its stated book value. • Profitability: Return on equity of 3.8% in Q2 2025 was below historical levels, though this varies significantly with market conditions and represents a single quarter. • Other Considerations: The business is inherently cyclical and dependent on market volatility. Regulatory changes could impact profitability, and the company faces ongoing technology investment requirements to remain competitive.
Recent development
StoneX has pursued an aggressive growth strategy over the past few years, focusing on strategic acquisitions, geographic expansion, and technology investments to build a comprehensive financial ecosystem. The most significant recent development is the announced acquisition of R.J. O'Brien, a leading futures commission merchant, which is expected to add $6 billion in client float and $50 million in identified cost synergies with potential for significant revenue synergies. The company has expanded its metals business substantially, obtaining CME approval for a New York metals vault, acquiring JBR Recovery (a silver recycler), and establishing a presence in India's GIFT City financial center. These moves position StoneX to capitalize on growing precious metals trading demand and expand its physical commodities capabilities. Technology investments have been a key focus, with the launch of XPay, a new in-house payment system with increased capacity, and continued development of digital trading platforms across all segments. The company has also made strategic acquisitions to enhance its capabilities, including The Benchmark Company (investment banking), Plantureux (Paris-based agricultural commodities brokerage), and Oktop Finance (fixed-income trading). Geographic expansion has included establishing operations in new markets and obtaining regulatory approvals, such as becoming a virtual asset service provider in Ireland. The company has also formed strategic partnerships, including an investment in Bamboo Payment Systems to expand Latin American payment services capabilities. Leadership changes have occurred with Sean O'Connor transitioning to Executive Vice Chairman, Philip Smith becoming Group CEO, and Charles Lyons appointed as President, representing a generational transition in management while maintaining strategic continuity.
SNEX company profile · for informational purposes only — not investment advice.
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