olivLaw · US equity research
Inter&Co, Inc. INTR
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Inter&Co is a Brazilian digital bank operating as a financial SuperApp, with over 43 million clients at the end of 2025. The company extends its activity from accounts and credit to commerce, investments, insurance and global products, and in 2025 its revenues grew 31.3%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Inter&Co, Inc. (INTR) stock was 3.96 USD (+1.28% on the day), with beta 1.04, 52-week range 3.91–10.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.4
- weak (30–45)
- Bollinger (20, 2)
- 2.97 – 8.94
- in the lower half of the band · %B 0.17 · band width 100.3%
- SMA 50 / 200
- 5.74 / 6.74
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.60 / -0.28
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.6% | −1.1% | −38.5 pp | — |
| 3 months | −30.6% | −0.5% | −30.2 pp | — |
| 6 months | −49.5% | +4.4% | −53.9 pp | — |
| Year to date | −53.3% | +12.3% | −65.6 pp | — |
| 1 year | −57.0% | +13.5% | −70.5 pp | +23.0% |
| 3 years | −18.9% | +76.4% | −95.3 pp | +132.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | 712.2 m | 1.0 bn | 2.2 bn | 3.6 bn | 4.8 bn | 6.4 bn |
| Revenue YoY | unavailable | +42.0% | +119.6% | +60.4% | +33.4% | +34.7% |
| Net income | 27.7 m | 17.9 m | -72.7 m | -11.1 m | 302.3 m | 907.1 m |
| Net income YoY | unavailable | −35.3% | −505.7% | unavailable | unavailable | +200.0% |
| Diluted EPS | 0.01 | 0.00 | -0.01 | -0.03 | 0.75 | 2.07 |
| Diluted EPS YoY | unavailable | −14.0% | −332.6% | unavailable | unavailable | +176.0% |
| net % | 3.9% | 1.8% | -3.3% | -0.3% | 6.4% | 14.2% |
| Free cash flow | 780.2 m | 3.0 bn | 59.4 m | 2.1 bn | 7.5 bn | 3.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.1 bn BRL
- Financial debt
- unavailable BRL
- Net debt
- unavailable BRL
- Equity
- 9.1 bn BRL
- Total assets
- 76.5 bn BRL
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.9%
- ROA
- 1.3%
- FCF margin
- 57.5%
Financial statements (source on every figure)
Revenue and net income (BRL)
Income statement · BRL
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 684.0 k | -7.0 m | -231.1 m | -178.6 m | 439.8 m | 1.2 bn | SEC (XBRL)· 30 Apr 2025verified |
| Net income | 27.7 m | 17.9 m | -72.7 m | -11.1 m | 302.3 m | 907.1 m | SEC (XBRL)· 30 Apr 2025verified |
| Diluted EPS | 0.01 | 0.00 | -0.01 | -0.03 | 0.75 | 2.07 | SEC (XBRL)· 30 Apr 2025verified |
| Dividend per share | — | — | 0.09 | — | — | — | SEC (XBRL)· 02 May 2022derived |
Balance sheet · BRL
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 bn | 2.2 bn | 500.4 m | 1.3 bn | 4.3 bn | 1.1 bn | SEC (XBRL)· 30 Apr 2025verified |
| Total assets | — | 19.9 bn | 36.6 bn | 46.3 bn | 60.4 bn | 76.5 bn | SEC (XBRL)· 30 Apr 2025verified |
| Total liabilities | — | 16.6 bn | 28.2 bn | 39.3 bn | 52.8 bn | 67.4 bn | SEC (XBRL)· 30 Apr 2025verified |
| Equity | 2.2 bn | 3.3 bn | 8.4 bn | 7.1 bn | 7.6 bn | 9.1 bn | SEC (XBRL)· 30 Apr 2025verified |
| Shares outstanding at year end | — | — | 228.5 m | — | — | — | SEC (XBRL)· 02 May 2022verified |
Cash flow · BRL
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 43.6 m | 37.9 m | 19.7 m | 75.9 m | 23.6 m | 82.1 m | SEC (XBRL)· 30 Apr 2025verified |
| Share repurchases | — | 153.1 m | 29.3 m | 0 | 16.4 m | 19.0 m | SEC (XBRL)· 30 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 28.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
28% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 28.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 11.1% | 42 (vs peers) | 57% |
| ROA · Quality | 1.3% | 66 (on a fixed band) | 21% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 42.3% | 100 (on a fixed band) | 21% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality49/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTER & Co, INC. (INTR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: YoY growth 34.7%; net margin 14.2%; ROE 11.1%.
The estimated value range is 29.97–37.02 BRL per share (median of 5 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 28.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 42.3%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, EPS CAGR 3Y, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −57% / −19% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
1- and 3-year price returns: for INTR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (13 Oct 2026), 6-K (16 Sept 2026), 6-K (09 Sept 2026).
In brief
Inter&Co is a Brazilian digital bank operating as a financial SuperApp, with over 43 million clients at the end of 2025 1. The company extends its activity from accounts and credit to commerce, investments, insurance and global products, and in 2025 its revenues grew 31.3% 1.
SWOT
Strengths
- A large client base and high activation support recurring revenue and efficient cross-selling.
- A full banking license allows deposit funding at a lower cost, reducing the cost of funding.
- The technology platform and data analytics support efficient underwriting and rapid product launches.
Weaknesses
- Dependence on the Brazilian market exposes the company to economic and regulatory risks from a single country.
- Rapid loan growth has brought large impairment charges on financial assets.
- Some subsidiaries do not use the same security controls as the main bank, which raises operational risk.
Opportunities
- Brazilians in the US and frequent travelers could open new revenue from global products.
- Growth in higher-margin products such as investments and cards could raise value per client.
- Expansion of marketplace commerce could increase commission revenue through partnerships.
Threats
- Competition from larger traditional banks could force higher deposit rates.
- Fintechs with lighter regulation may offer lower prices and erode margins.
- Cyberattacks and technology failures could cause financial losses and reputational damage.
Risks
- Intense competitionhigh
Traditional banks and fintechs can offer better terms, which could force the company to raise rates or spend more on marketing.
- Cybersecurityhigh
A data security breach could lead to fines, reputational damage and loss of client trust.
- Credit riskmedium
Rising unemployment or interest rates could increase loan defaults and loss provisions.
- Monetary policymedium
Changes to the basic interest rate set by the Central Bank can alter funding costs and interest margins.
- Regulation and compliancelow
Violations of anti-money laundering or data protection laws could lead to sanctions and fines.
Investment thesis
What would need to be true (bull case)
- If client engagement and product adoption keep rising, revenue per client could grow further.
- Deposit funding could remain competitive against the CDI rate, supporting margins.
- Expansion in the US could open a new market if Brazilians abroad adopt the company's products.
What would break the thesis
- Competition from banks and fintechs could compress margins and raise client acquisition costs.
- Fast loan growth could bring higher default risk if the economy slows.
- Exposure to a single economy and Brazil's monetary policy leaves the company vulnerable to local shocks.
What to watch
- Trend in net interest margin and cost of fundingQ1 2027
- Level of loss provisions on credit2027
- CVM decision on the proposed Unsponsored Level I BDR program2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (13 Oct 2026), 6-K (16 Sept 2026), 6-K (09 Sept 2026).
The business
Inter&Co, Inc. is a Cayman Islands holding company that indirectly owns Banco Inter, a multi-service bank licensed in Brazil. The company was founded in 1994 as a lender and became a digital bank after launching its 100% digital checking account in 2015 1. Class A shares trade on Nasdaq under INTR since June 2022, following the corporate reorganization 1. Active clients were around 25 million at the end of 2025, and a concentrated deposit base supports a cost of funding below the CDI rate 1.
The business model rests on a SuperApp with seven verticals: banking, credit, Inter Shop, investments, insurance brokerage, global and loyalty. Higher-margin products such as loans, investments and cards raise the value generated per client as clients become more engaged 1. In 2024 the company acquired Inter Pag, expanding acquiring services and working capital financing through card receivables 1.
The company argues its edge comes from combining a full banking license with a technology platform and behavioral data used for underwriting, cross-selling and AI tools 1. Global expansion targets Brazilians traveling to or living in the United States, and in 2025 it launched features such as 'My Piggy Bank by Savings Goals' and 'My Credit Journey' 1.
Segments
Market context
Brazil's digital banking market is in its early years and is dominated by traditional banks adapting their digital strategies 1. The average CDI rate was 14.3% in 2025 and IPCA inflation was 4.6%, factors that shape funding costs and credit demand 1. GDP grew 2.5% in 2025 and unemployment fell to 5.1% at year end 1.
Interest rates and inflation are key drivers: higher policy rates could raise deposit costs and reduce credit demand, while lower rates could reduce returns on the floating-rate loan book 1.
Trends
- Digital adoption of bankingtailwind
Clients are moving to digital channels, and Inter reports an average of 1.1 million new active clients per quarter in 2025, supporting growth of its client base 1.
- High interest ratesmixed
Sustained high rates lifted returns on government securities but also raised the cost of time deposits, which could compress net interest margin if rates stay high 1.
- Fintech competitionheadwind
Fintechs with lighter licenses can offer products at lower costs, which could pressure the company's margins 1.
- Expansion abroadtailwind
Extending services to Brazilian clients in the US could open new revenue sources if adoption follows the pattern seen in Brazil 1.
Competitive position
Competitors include traditional banks with far greater financial and marketing resources, which can offer more attractive deposit and loan rates 1. Fintechs holding direct credit or payment institution licenses can also operate at lower costs 1.
The company differentiates through free accounts, behavioral data and an integrated SuperApp, but its position depends on keeping costs under control and sustaining innovation 1.
- Traditional Brazilian banks
Established institutions with larger resources that are building their own digital strategies and can offer more favorable terms to clients.
- Direct credit fintechs
Operators with lighter regulation that can offer lower-cost products and pressure pricing.
- Payment institutions
Companies that operate without Central Bank authorization up to a transaction threshold and compete on payment pricing.
- Incumbent-affiliated competitors
Entities with access to parent bank resources that can develop new technologies and services quickly.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
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- Key findings on Bosnia and HerzegovinaEuropean Western Balkans (RS, EN) · 05 Nov 2026 · EN
- Dementia with Lewy bodies: what you should know about the little-known, progressive brain diseaseThe Conversation — Europe · 05 Nov 2026 · EN
- Cesc Fàbregas, după victoria istorică a lui Como din Liga Campionilor: „Trebuie să rămânem cu picioarele pe pământ”Mediafax · 05 Nov 2026 · RO
- Opposing microbiome-mediated axes link modifiable lifestyles to health and chronic diseasesNature Medicine · 05 Nov 2026 · EN
- Distributed EEG phase-resetting dynamics predict depressive symptom severity in untreated adultsNature Mental Health · 05 Nov 2026 · EN
- UEFA Champions League: Como, victorie istorică la Lens. Arsenal și Manchester City, învingătoareMediafax · 04 Nov 2026 · RO
- Fotbal: 'Trăiesc cele mai grele momente din viața mea', spune portarul Jesus Owono - AgerpresAgerpres · 04 Nov 2026 · RO
- Condusă de Chivu, Inter a avut un sezon financiar record! Sumele exorbitante care au ajuns în conturile clubuluiAdevărul · 04 Nov 2026 · RO
- International Conference on Combating Corruption Opens in NeumSarajevo Times (BA, EN) · 04 Nov 2026 · EN
- Viața după retragere: Gareth Bale, pe urmele lui David Beckham. A făcut ofertă pentru cumpărarea unei echipe de fotbalSpotMedia.ro · 04 Nov 2026 · RO
- Pot fi identificați copiii care vor manifesta comportamente violente sau de radicalizare? – experta Laura Visu-Petra, coordonatoarea programului masteral Psihologie Judiciară al UBBG4Media · 04 Nov 2026 · RO
- Concluzia trasă de Fabio Capello după succesul obținut de Interul lui Cristi Chivu în Liga CampionilorSpotMedia.ro · 04 Nov 2026 · RO
- Legendarul Fabio Capello, laude la adresa lui Chivu: „Inter a făcut un meci minunat”G4Media · 04 Nov 2026 · RO
- Reacția lui Cristi Chivu după ce Inter a obținut un succes categoric în Liga CampionilorSpotMedia.ro · 04 Nov 2026 · RO
- China's APEC opportunities: AI-native grid, green‑energy transitionCGTN — World · 04 Nov 2026 · EN
- Seară de foc în Liga Campionilor: PSG spulberă Villarreal, United reușește remontada, iar Bayern, Barca și Inter câștigă la zeroTV8 (MD) · 04 Nov 2026 · RO
- Inter bate Feyenoord cu 3-0, în Olanda / Chivu, după a doua victorie din Champions League: ”Am demonstrat că putem reacționa” / ”Am înțeles anumite lucruri care nu funcționau”G4Media · 04 Nov 2026 · RO
- Alegeri în SUA: Situaţia rezultatelor după ultimele date venite din statele-cheie - Ziarul ProfitSurge — Google News · 04 Nov 2026 · RO
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Inter&Co, Inc. · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.