# Banco BTG Pactual (BPAC11.SA)

Canonical: https://gigainvestors.com/s/BPAC11.SA

Analysis as of: 2026-10-16T07:33:55.497Z. Financial observations: FY2008–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 77.13 per share; close as of 2026-10-15.

Estimated value: low BRL 29.12 per share, central BRL 31.11 per share, high BRL 33.40 per share. Buy at or below the central value BRL 31.11 per share. Valuation as of 2026-10-16T07:33:55.497Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 2.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.24×

- FY2018: 10.43×

- FY2019: 0.66×

- FY2020: 0.67×

- FY2021: 0.49×

- FY2022: 0.54×

- FY2023: 0.47×

- FY2024: 0.20×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 62.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: 62.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 38.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 10.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.7%

- FY2017: 1.9%

- FY2018: 7.8%

- FY2019: 15.5%

- FY2020: 3.9%

- FY2021: 4.1%

- FY2022: 7.2%

- FY2023: 15.9%

- FY2024: 25.2%

- FY2025: 17.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 49B

- Net income, five-year total: BRL 52B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -670.4 pp

- Working capital / revenue, change between three-year averages: -7399.9 pp

- Working capital / revenue, final three-year average: 75.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.41×

- FY2022: 1.00×

- FY2023: 1.05×

- FY2024: 1.04×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.8% vs 17.6%

- Per-share earnings: 0.06 to 2.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -12.7%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: BRL 429B

- Cumulative retained earnings: BRL -5.3B

- Diluted shares, 10-year annual growth: -12.7%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 55.3%

- Per-share value change: BRL 2.06

- Per-share value, starting three-year median: BRL 0.06

- Per-share value, ending three-year median: BRL 2.12

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 9.3B

- Cumulative net income, 10 years: BRL 70B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 17.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.10

- FY2017: BRL 0.06

- FY2018: BRL 0.13

- FY2019: BRL 0.20

- FY2020: BRL 0.36

- FY2021: BRL 0.55

- FY2022: BRL 1.66

- FY2023: BRL 2.12

- FY2024: BRL 2.52

- FY2025: BRL 1.38

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 5.0%

- Receivables to sales index (DSRI): 0.03×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.1%

- FY2017: -9.2%

- FY2018: -0.4%

- FY2019: 10.2%

- FY2020: 0.7%

- FY2021: 6.4%

- FY2022: -3.1%

- FY2023: 5.8%

- FY2024: 1.4%

- FY2025: 5.0%

## Holders

## Price story

Price needs cash profits to grow 14.2% a year for ten years · sales +42.9%

Story as of 2026-10-16T09:59:58.327Z; price observation 2026-10-15.

Price needs cash profits to grow 14.2% a year for ten years

### Sales · FY2024–2025

sales +42.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 9.9B 

- FY2017: BRL 5.4B 

- FY2018: BRL 112M 

- FY2019: BRL 8.4B 

- FY2020: BRL 9.6B 

- FY2021: BRL 17B 

- FY2022: BRL 29B 

- FY2023: BRL 33B 

- FY2024: BRL 80B 

- FY2025: BRL 115B 

### Gross margin · FY2025

gross margin 38%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 99.9% 

- FY2023: 99.1% 

- FY2024: 44.4% 

- FY2025: 38.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are BRL 114.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2025: revenue 114524168000; grossProfit 43482185000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BPAC11.SA: Banco BTG Pactual S.A. provides financial products and services regarding commercial, investments, credit, financing, capital lease, insurance, and foreign exchange portfolios in Brazil and internationally. The company also offers personal investment services for a customized investment portfolio; international banking account services, including debit card, transfer, payment and receipt, and customer support services. It also provides wealth management services, such as execution, market research, educational resources and analytics, and relationship management; family wealth management; checking and savings accounts, certificates of deposit, retirement accounts, and money market accounts; real estate financing; as well as corporate loans, term loans, lines of credit, and lender financing. Banco BTG Pactual S.A. was founded in 1983 and is headquartered in Rio de Janeiro, Brazil. Banco BTG Pactual S.A. operates as a subsidiary of BTG Pactual Holding Financeira Ltda.

### Why customers stay

Margins ranged from 38% to 99.1% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2023: grossProfit / revenue = 99.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2024: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2025: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); 10-year return on capital observations [[2016,0.0969127658574396],[2017,0.019428350981137495],[2018,0.07785709487891597],[2019,0.1547589382501857],[2020,0.038934366753072866],[2021,0.04119609338521678],[2022,0.07244166313140922],[2023,0.15913460104536328],[2024,0.25239930057055293],[2025,0.17618117061488153]]; median 0.0873849303681778. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3.3% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2016: growth capex 0; upkeep 10916000; owner earnings 5662971000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2017: growth capex 0; upkeep 3532000; owner earnings 2611568000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2018: growth capex 0; upkeep 43021000; owner earnings 2391193000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2019: growth capex 0; upkeep 20898000; owner earnings 3882079000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2020: growth capex 87658743.9253559; upkeep 125915256.0746441; owner earnings 3911177743.925356. Growth capex / owner earnings = 0.02241236519140636.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2021: growth capex 553458921.007894; upkeep 3882068078.992106; owner earnings 2573559921.007894. Growth capex / owner earnings = 0.21505577410109053.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2022: growth capex 739962000; upkeep 833666000; owner earnings 7841837000. Growth capex / owner earnings = 0.09436079836905562.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2023: growth capex 0; upkeep 534173000; owner earnings 10380853000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2024: growth capex 0; upkeep 647524000; owner earnings 12269992000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2025: growth capex 514190782.42023516; upkeep 1349888217.5797648; owner earnings 15739412782.420235. Growth capex / owner earnings = 0.03266899404243012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); Dividend observations: [[2016,992774000],[2017,1504728000],[2018,1201475000],[2019,624000000],[2020,19052632000],[2021,1746000000],[2022,2025000000],[2023,2845000000],[2024,2995000000],[2025,4019818000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); FY2025: cash repurchases 109771000 BRL.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BPAC11.SA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.2% yearly over ten years; actual growth was 57.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.497Z); Ten-year compound average after fade. Initial solved rate 0.19158075403882402. Price 77.13; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.01410395735969614 → FY2025 1.358291456072884. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2017-02: BRL 4.55 per share

- 2017-03: BRL 4.75 per share

- 2017-04: BRL 4.50 per share

- 2017-05: BRL 3.54 per share

- 2017-06: BRL 3.61 per share

- 2017-07: BRL 3.80 per share

- 2017-08: BRL 4.09 per share

- 2017-09: BRL 4.71 per share

- 2017-10: BRL 5.50 per share

- 2017-11: BRL 4.75 per share

- 2017-12: BRL 4.75 per share

- 2018-01: BRL 5.29 per share

- 2018-02: BRL 5.76 per share

- 2018-03: BRL 5.75 per share

- 2018-04: BRL 5.60 per share

- 2018-05: BRL 4.86 per share

- 2018-06: BRL 4.63 per share

- 2018-07: BRL 4.95 per share

- 2018-08: BRL 5.13 per share

- 2018-09: BRL 5.33 per share

- 2018-10: BRL 4.94 per share

- 2018-11: BRL 5.54 per share

- 2018-12: BRL 5.89 per share

- 2019-01: BRL 7.40 per share

- 2019-02: BRL 8.46 per share

- 2019-03: BRL 8.97 per share

- 2019-04: BRL 10.35 per share

- 2019-05: BRL 11.68 per share

- 2019-06: BRL 12.72 per share

- 2019-07: BRL 14.94 per share

- 2019-08: BRL 14.26 per share

- 2019-09: BRL 14.64 per share

- 2019-10: BRL 16.34 per share

- 2019-11: BRL 17.38 per share

- 2019-12: BRL 18.90 per share

- 2020-01: BRL 18.57 per share

- 2020-02: BRL 16.45 per share

- 2020-03: BRL 8.41 per share

- 2020-04: BRL 10.45 per share

- 2020-05: BRL 12.21 per share

- 2020-06: BRL 19.30 per share

- 2020-07: BRL 21.61 per share

- 2020-08: BRL 20.24 per share

- 2020-09: BRL 18.21 per share

- 2020-10: BRL 18.03 per share

- 2020-11: BRL 19.71 per share

- 2020-12: BRL 23.48 per share

- 2021-01: BRL 23.54 per share

- 2021-02: BRL 25.59 per share

- 2021-03: BRL 24.26 per share

- 2021-04: BRL 26.75 per share

- 2021-05: BRL 31.01 per share

- 2021-06: BRL 30.52 per share

- 2021-07: BRL 29.15 per share

- 2021-08: BRL 28.43 per share

- 2021-09: BRL 25.00 per share

- 2021-10: BRL 22.65 per share

- 2021-11: BRL 20.66 per share

- 2021-12: BRL 20.97 per share

- 2022-01: BRL 24.04 per share

- 2022-02: BRL 25.41 per share

- 2022-03: BRL 26.04 per share

- 2022-04: BRL 23.09 per share

- 2022-05: BRL 25.12 per share

- 2022-06: BRL 22.31 per share

- 2022-07: BRL 22.62 per share

- 2022-08: BRL 25.45 per share

- 2022-09: BRL 24.81 per share

- 2022-10: BRL 28.94 per share

- 2022-11: BRL 25.04 per share

- 2022-12: BRL 23.93 per share

- 2023-01: BRL 21.68 per share

- 2023-02: BRL 20.10 per share

- 2023-03: BRL 19.65 per share

- 2023-04: BRL 23.42 per share

- 2023-05: BRL 26.30 per share

- 2023-06: BRL 31.45 per share

- 2023-07: BRL 34.01 per share

- 2023-08: BRL 32.47 per share

- 2023-09: BRL 31.07 per share

- 2023-10: BRL 29.60 per share

- 2023-11: BRL 35.54 per share

- 2023-12: BRL 37.61 per share

- 2024-01: BRL 36.02 per share

- 2024-02: BRL 36.39 per share

- 2024-03: BRL 36.43 per share

- 2024-04: BRL 33.40 per share

- 2024-05: BRL 31.59 per share

- 2024-06: BRL 30.91 per share

- 2024-07: BRL 32.61 per share

- 2024-08: BRL 35.56 per share

- 2024-09: BRL 33.27 per share

- 2024-10: BRL 32.52 per share

- 2024-11: BRL 30.28 per share

- 2024-12: BRL 27.20 per share

- 2025-01: BRL 32.57 per share

- 2025-02: BRL 31.58 per share

- 2025-03: BRL 33.70 per share

- 2025-04: BRL 38.11 per share

- 2025-05: BRL 39.55 per share

- 2025-06: BRL 42.25 per share

- 2025-07: BRL 39.13 per share

- 2025-08: BRL 44.86 per share

- 2025-09: BRL 48.26 per share

- 2025-10: BRL 48.82 per share

- 2025-11: BRL 54.00 per share

- 2025-12: BRL 52.58 per share

- 2026-01: BRL 59.95 per share

- 2026-02: BRL 61.26 per share

- 2026-03: BRL 56.29 per share

- 2026-04: BRL 59.34 per share

- 2026-05: BRL 53.75 per share

- 2026-06: BRL 54.09 per share

- 2026-07: BRL 56.80 per share

- 2026-08: BRL 54.71 per share

- 2026-09: BRL 64.10 per share

- 2026-10: BRL 80.56 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 0.47 per share, central BRL 0.50 per share, high BRL 0.54 per share

- FY2017: low BRL 0.41 per share, central BRL 0.44 per share, high BRL 0.47 per share

- FY2018: low BRL 0.02 per share, central BRL 0.02 per share, high BRL 0.02 per share

- FY2019: low BRL 1.51 per share, central BRL 1.62 per share, high BRL 1.74 per share

- FY2020: low BRL 3.00 per share, central BRL 3.89 per share, high BRL 4.21 per share

- FY2021: low BRL 4.90 per share, central BRL 6.35 per share, high BRL 6.88 per share

- FY2022: low BRL 18.28 per share, central BRL 23.71 per share, high BRL 25.67 per share

- FY2023: low BRL 16.02 per share, central BRL 20.78 per share, high BRL 22.50 per share

- FY2024: low BRL 32.96 per share, central BRL 42.76 per share, high BRL 46.29 per share

- FY2025: low BRL 9.07 per share, central BRL 9.69 per share, high BRL 10.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations