# Stonex Group (SNEX.US)

Canonical: https://gigainvestors.com/s/SNEX

Analysis as of: 2026-10-16T07:32:00.611Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## 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: $59.92 per share; close as of 2026-10-15.

Estimated value: low $38.66 per share, central $43.99 per share, high $51.09 per share. Buy at or below the central value $43.99 per share. Valuation as of 2026-10-16T07:32:00.611Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: pass

- ROIC, median of available years: 15.8%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 1.3%

- Recent gross margin (lower of latest and 3-year median): 2.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.9%

- FY2017: 17.6%

- FY2018: 14.1%

- FY2019: 10.0%

- FY2020: 13.5%

- FY2021: >100%

- FY2022: 21.0%

- FY2023: 17.9%

- FY2024: 11.1%

- FY2025: 8.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.2B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: -3.0%

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

- FY2021: 0.88×

- FY2022: 1.05×

- FY2023: 1.20×

- FY2024: 1.04×

- FY2025: 1.11×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.6% vs 11.1%

- Per-share earnings: 1.31 to 3.67 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.8%

- Ordinary dilution, 5-year annual growth: 11.7%

- Market cap gain: $6.3B

- Cumulative retained earnings: $1.4B

- Diluted shares, 10-year annual growth: 5.8%

- Diluted shares, 5-year annual growth: 11.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: $2.36

- Per-share value, starting three-year median: $1.31

- Per-share value, ending three-year median: $3.67

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 6.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $687M

- Cumulative net income, 10 years: $1.5B

- ROIC, first three-year median: 17.6%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.31

- FY2017: $0.15

- FY2018: $1.30

- FY2019: $1.99

- FY2020: $3.93

- FY2021: $2.63

- FY2022: $3.06

- FY2023: $3.43

- FY2024: $3.67

- FY2025: $4.07

### accounting: pass

- Sloan accruals: -9.0%

- Receivables to sales index (DSRI): 1.29×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 14.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.9%

- FY2017: -16.5%

- FY2018: 6.8%

- FY2019: -4.0%

- FY2020: -13.2%

- FY2021: -60.6%

- FY2022: 2.2%

- FY2023: 0.4%

- FY2024: -0.9%

- FY2025: -9.0%

## Holders

## Price story

Down 53% since Feb 2026 · sales +32.5%

Story as of 2026-10-16T09:59:36.392Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

- 2025-08-06: StoneX Q3 2025 presentation: Revenue up 12%, completes strategic acquisitions ([investing.com](https://www.investing.com/news/company-news/stonex-q3-2025-presentation-revenue-up-12-completes-strategic-acquisitions-93CH-4173426))

- 2026-02-05: SNEX Q4 Deep Dive: Acquisitions and Volatility Drive Revenue Growth, Margin Pressures Persist ([finance.yahoo.com](https://finance.yahoo.com/news/snex-q4-deep-dive-acquisitions-223046366.html))

### Sales · FY2024–2025

sales +32.5%; source https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm; observed 2025-11-28.

- FY2016: $15B 

- FY2017: $29B 

- FY2018: $28B 

- FY2019: $33B 

- FY2020: $54B 

- FY2021: $43B 

- FY2022: $66B 

- FY2023: $61B 

- FY2024: $100B 

- FY2025: $132B 

### Gross margin · FY2025

gross margin 2%; source https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm; observed 2025-11-28.

- FY2016: 1.4% 

- FY2017: 0.8% 

- FY2018: 1.2% 

- FY2019: 1.3% 

- FY2020: 0.8% 

- FY2021: 1.3% 

- FY2022: 1.3% 

- FY2023: 2.6% 

- FY2024: 2.0% 

- FY2025: 2.0% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are USD 132.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm#000091376025000196 (filed 2025-11-28); FY2025: revenue 132378200000.00002; grossProfit 2582800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNEX.US: StoneX Group Inc. operates as a global financial services network that connects companies, organizations, traders, and investors to a market ecosystem in the United States, Europe, South America, the Middle East, Asia, and internationally. The company operates through four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. The Commercial segment provides risk management and hedging, voice brokerage, market intelligence, physical trading, and commodity financing, marketing, procurement, logistics, and price management services; and engages in the risk management and hedging services, execution and clearing of exchange-traded and OTC products. This segment also acts as an institutional dealer in fixed income securities to serve asset managers, commercial bank trust and investment departments, broker-dealers, and insurance companies; and engages in asset management business. The Self-Directed/Retail segment provides trading services and solutions in the global financial markets, including spot foreign exchange, precious metals trading, contracts for differences, and spread bets; and wealth management services, as well as offering physical gold and other precious metals in various forms and denominations through Stonexbullion.com. The company was formerly known as INTL FCStone Inc. and changed its name to StoneX Group Inc. in July 2020. StoneX Group Inc. was founded in 1924 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 2% to 2.6% during 2023–25; it earns 15.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2023: grossProfit / revenue = 2.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2024: grossProfit / revenue = 2%.

- Source: https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm (filed 2025-11-28); FY2025: grossProfit / revenue = 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); 10-year return on capital observations [[2016,0.26861310525627585],[2017,0.1757065247215058],[2018,0.14082849053792282],[2019,0.1000852719375383],[2020,0.13540278868517047],[2021,1.015693911949905],[2022,0.20980374609291783],[2023,0.17897220918048917],[2024,0.11129186583622228],[2025,0.08088105621379901]]; median 0.1582675076297143. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 1% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm (filed 2025-11-28); Gross margin observations: [[2021,0.013208194817346981],[2022,0.013042885698709795],[2023,0.026490360046075908]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2016: growth capex 0; upkeep 15400000; cash acquisitions 20000000; owner earnings 47100000. Growth capex plus acquisitions / owner earnings = 0.42462845010615713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2017: growth capex 6300000; upkeep 9800000; cash acquisitions 6000000; owner earnings 6400000. Growth capex plus acquisitions / owner earnings = 1.921875.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2018: growth capex 0; upkeep 12500000; cash acquisitions 3700000; owner earnings 54600000. Growth capex plus acquisitions / owner earnings = 0.06776556776556776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2019: growth capex 0; upkeep 11900000; cash acquisitions 28900000; owner earnings 87200000. Growth capex plus acquisitions / owner earnings = 0.33142201834862384.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2020: growth capex 0; upkeep 16600000; cash acquisitions 225000000; owner earnings 182600000. Growth capex plus acquisitions / owner earnings = 1.2322015334063527.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2021: growth capex 0; upkeep 62100000; cash acquisitions 2400000; owner earnings 102900000. Growth capex plus acquisitions / owner earnings = 0.023323615160349854.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2022: growth capex 0; upkeep 49500000; cash acquisitions 200000; owner earnings 217900000. Growth capex plus acquisitions / owner earnings = 0.0009178522257916476.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2023: growth capex 0; upkeep 17900000; cash acquisitions 6100000; owner earnings 285600000. Growth capex plus acquisitions / owner earnings = 0.021358543417366947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); FY2024: growth capex 0; upkeep 65200000; cash acquisitions 2300000; owner earnings 270200000. Growth capex plus acquisitions / owner earnings = 0.008512213175425611.

- Source: https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm (filed 2025-11-28); FY2025: growth capex 0; upkeep 65400000; cash acquisitions 392100000; owner earnings 339500000. Growth capex plus acquisitions / owner earnings = 1.1549337260677466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,1195400000],[2020,5500000],[2021,125000000],[2022,9600000],[2023,12700000],[2024,48100000],[2025,178100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNEX.US SharesStats.PercentInsiders = 9.234 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual growth was 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-28); Ten-year compound average after fade. Initial solved rate 0.05530868624437815. Price 59.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2690820050287581 → FY2025 4.5154230825741335. Closing-price date 2026-10-15.

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

- 2016-10: $35.90 per share

- 2016-11: $41.11 per share

- 2016-12: $39.60 per share

- 2017-01: $36.88 per share

- 2017-02: $37.75 per share

- 2017-03: $37.96 per share

- 2017-04: $37.35 per share

- 2017-05: $34.56 per share

- 2017-06: $37.76 per share

- 2017-07: $39.13 per share

- 2017-08: $35.49 per share

- 2017-09: $38.32 per share

- 2017-10: $41.51 per share

- 2017-11: $43.88 per share

- 2017-12: $42.53 per share

- 2018-01: $43.50 per share

- 2018-02: $39.65 per share

- 2018-03: $42.68 per share

- 2018-04: $44.82 per share

- 2018-05: $50.00 per share

- 2018-06: $51.71 per share

- 2018-07: $53.59 per share

- 2018-08: $55.76 per share

- 2018-09: $48.32 per share

- 2018-10: $45.28 per share

- 2018-11: $38.96 per share

- 2018-12: $36.58 per share

- 2019-01: $38.23 per share

- 2019-02: $43.50 per share

- 2019-03: $38.76 per share

- 2019-04: $40.56 per share

- 2019-05: $34.76 per share

- 2019-06: $39.59 per share

- 2019-07: $40.78 per share

- 2019-08: $39.21 per share

- 2019-09: $41.06 per share

- 2019-10: $40.00 per share

- 2019-11: $40.00 per share

- 2019-12: $48.83 per share

- 2020-01: $47.66 per share

- 2020-02: $45.55 per share

- 2020-03: $36.26 per share

- 2020-04: $39.96 per share

- 2020-05: $51.01 per share

- 2020-06: $55.00 per share

- 2020-07: $52.48 per share

- 2020-08: $56.70 per share

- 2020-09: $51.16 per share

- 2020-10: $52.98 per share

- 2020-11: $61.62 per share

- 2020-12: $57.90 per share

- 2021-01: $53.52 per share

- 2021-02: $57.69 per share

- 2021-03: $65.38 per share

- 2021-04: $63.52 per share

- 2021-05: $67.70 per share

- 2021-06: $60.67 per share

- 2021-07: $64.53 per share

- 2021-08: $69.69 per share

- 2021-09: $65.90 per share

- 2021-10: $69.11 per share

- 2021-11: $56.18 per share

- 2021-12: $61.25 per share

- 2022-01: $65.61 per share

- 2022-02: $75.45 per share

- 2022-03: $74.23 per share

- 2022-04: $67.78 per share

- 2022-05: $75.07 per share

- 2022-06: $78.07 per share

- 2022-07: $87.13 per share

- 2022-08: $92.84 per share

- 2022-09: $82.94 per share

- 2022-10: $93.32 per share

- 2022-11: $101.47 per share

- 2022-12: $95.30 per share

- 2023-01: $87.88 per share

- 2023-02: $100.83 per share

- 2023-03: $103.53 per share

- 2023-04: $98.07 per share

- 2023-05: $80.29 per share

- 2023-06: $83.08 per share

- 2023-07: $92.01 per share

- 2023-08: $93.88 per share

- 2023-09: $96.92 per share

- 2023-10: $95.32 per share

- 2023-11: $61.13 per share

- 2023-12: $73.83 per share

- 2024-01: $65.75 per share

- 2024-02: $69.26 per share

- 2024-03: $70.26 per share

- 2024-04: $72.60 per share

- 2024-05: $75.07 per share

- 2024-06: $75.31 per share

- 2024-07: $83.34 per share

- 2024-08: $82.86 per share

- 2024-09: $81.88 per share

- 2024-10: $90.04 per share

- 2024-11: $103.76 per share

- 2024-12: $97.97 per share

- 2025-01: $109.52 per share

- 2025-02: $120.67 per share

- 2025-03: $76.38 per share

- 2025-04: $88.57 per share

- 2025-05: $84.66 per share

- 2025-06: $91.14 per share

- 2025-07: $97.24 per share

- 2025-08: $102.17 per share

- 2025-09: $100.92 per share

- 2025-10: $91.92 per share

- 2025-11: $90.61 per share

- 2025-12: $95.13 per share

- 2026-01: $112.26 per share

- 2026-02: $127.50 per share

- 2026-03: $80.65 per share

- 2026-04: $106.03 per share

- 2026-05: $113.35 per share

- 2026-06: $118.50 per share

- 2026-07: $76.57 per share

- 2026-08: $68.48 per share

- 2026-09: $64.64 per share

- 2026-10: $59.92 per share

## Annual estimated value (USD per share)

- FY2016: low $2.52 per share, central $2.87 per share, high $3.33 per share

- FY2017: low $5.01 per share, central $5.70 per share, high $6.62 per share

- FY2018: low $11.04 per share, central $12.57 per share, high $14.59 per share

- FY2019: low $16.61 per share, central $18.90 per share, high $21.95 per share

- FY2020: low $36.35 per share, central $41.36 per share, high $48.03 per share

- FY2021: low $25.40 per share, central $28.91 per share, high $33.57 per share

- FY2022: low $28.25 per share, central $32.14 per share, high $37.33 per share

- FY2023: low $31.54 per share, central $35.89 per share, high $41.68 per share

- FY2024: low $50.63 per share, central $57.61 per share, high $66.90 per share

- FY2025: low $52.06 per share, central $59.23 per share, high $68.79 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

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/913760/000091376025000196/intl-20250930.htm); period 2025-09-30, filed 2025-11-28.

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



# SNEX — StoneX Group Inc.

Held by 1 investor · USD 4,358,166 total · 2026 Q1 · reported price USD 53.77 (split-adjusted).
Page: https://gigainvestors.com/s/SNEX

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| William Browne (https://gigainvestors.com/TB) | USD 4,358,166 | 0.4% | add +58.86% |

## Total held by quarter

- 2025 Q3: USD 1,960,898 · 1 holder · USD 44.84
- 2025 Q4: USD 2,157,168 · 1 holder · USD 42.28
- 2026 Q1: USD 4,358,166 · 1 holder · USD 53.77
- 2026 Q2: USD 0 · 0 holders