olivLaw · US equity research
StoneX Group Inc. SNEX
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
StoneX Group is a global financial services network connecting companies, investors and traders to commodity, currency and securities markets, with clearing, execution and payments operations. The company reported net operating revenues of 719.7 million USD in the third quarter of fiscal 2026, up 47%, after the RJO acquisition, which makes it relevant to investors following sector consolidation.
At the close of 04 Nov 2026, StoneX Group Inc. (SNEX) stock was 56.83 USD (+0.94% on the day), with market capitalisation 6.9 bn USD, P/E 9.6 on diluted EPS of 5.89 USD over the last 12 months, beta 1.11, 52-week range 37.20–92.67 USD. Latest reported quarter (Q3 2026): revenue of 40.2 bn USD (+15.4% YoY), net income of 127.9 m USD (+101.7% YoY), diluted EPS 1.00 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)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 52.83 – 61.80
- in the lower half of the band · %B 0.45 · band width 15.7%
- SMA 50 / 200
- 63.44 / 66.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.48 / -2.71
- MACD above 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 | −15.7% | −1.1% | −14.6 pp | — |
| 3 months | −25.2% | −0.5% | −24.8 pp | — |
| 6 months | −19.9% | +4.4% | −24.3 pp | — |
| Year to date | +34.4% | +12.3% | +22.1 pp | — |
| 1 year | +50.2% | +13.5% | +36.7 pp | +9.5% |
| 3 years | +195.3% | +76.4% | +118.9 pp | +40.1% |
| 5 years | +301.1% | +63.7% | +237.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31.1 bn | 27.9 bn | 36.9 bn | 34.8 bn | 32.7 bn | 39.0 bn | 45.8 bn | 40.2 bn |
| Cost of revenue | 30.2 bn | 27.0 bn | 35.9 bn | 33.8 bn | 31.5 bn | 37.6 bn | 44.2 bn | 38.7 bn |
| Gross profit | 920.1 m | 944.3 m | 956.0 m | 1.0 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.5 bn |
| Operating income | -9.4 m | -21.1 m | -8.6 m | -10.9 m | — | — | — | — |
| Depreciation & amortisation | 17.3 m | 15.7 m | 15.6 m | 14.9 m | 21.3 m | 25.0 m | 26.9 m | 26.9 m |
| Pre-tax income | 98.1 m | 116.9 m | 97.1 m | 85.6 m | 109.2 m | 184.9 m | 227.1 m | 159.8 m |
| Income tax | 21.4 m | 31.8 m | 25.4 m | 22.2 m | 23.5 m | 45.9 m | 52.8 m | 31.9 m |
| Net income | 76.7 m | 85.1 m | 71.7 m | 63.4 m | 85.7 m | 139.0 m | 174.3 m | 127.9 m |
| Diluted EPS | 1.60 ≈ | 1.69 | 0.94 | 0.54 | — | 2.50 | 2.07 | 1.00 |
| Operating cash flow | 192.6 m | -477.8 m | -154.5 m ≈ | 1.5 bn ≈ | 3.5 bn | -1.3 bn | 2.8 bn ≈ | -1.2 bn ≈ |
| Capex | 16.7 m | 13.6 m | 15.3 m ≈ | 16.0 m ≈ | 20.5 m | 15.2 m | 21.3 m ≈ | 16.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
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.
Today's P/E sits at the 91 percentile of its own 34-quarter history (min 1.2, median 2.3, max 42.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.6 bn | 32.9 bn | 54.1 bn | 42.5 bn | 66.0 bn | 60.9 bn | 99.9 bn | 132.4 bn |
| Revenue YoY | −6.1% | +19.1% | +64.6% | −21.4% | +55.3% | −7.8% | +64.1% | +32.5% |
| Net income | 55.5 m | 85.1 m | 169.6 m | 116.3 m | 207.1 m | 238.5 m | 260.8 m | 305.9 m |
| Net income YoY | +767.2% | +53.3% | +99.3% | −31.4% | +78.1% | +15.2% | +9.4% | +17.3% |
| Diluted EPS | 2.87 | 4.39 | 8.61 | 5.74 | 6.67 | 4.97 | 5.31 | 5.89 |
| Diluted EPS YoY | +825.8% | +53.0% | +96.1% | −33.3% | +16.2% | −25.5% | +6.8% | +10.9% |
| net % | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% |
| Free cash flow | -486.1 m | 183.7 m | 1.9 bn | 2.1 bn | -279.0 m | -70.6 m | 441.7 m | 4.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 1.6 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.4 bn USD
- Total assets
- 45.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.0%
- ROA
- 0.8%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 54.1 bn | 42.5 bn | 66.0 bn | 60.9 bn | 99.9 bn | 132.4 bn | SEC (XBRL)· 28 Nov 2025verified |
| Cost of revenue | 52.8 bn | 40.9 bn | 63.9 bn | 57.9 bn | 96.5 bn | 128.3 bn | SEC (XBRL)· 28 Nov 2025verified |
| Gross profit | 1.3 bn | 1.7 bn | 2.1 bn | 2.9 bn | 3.4 bn | 4.1 bn | SEC (XBRL)· 28 Nov 2025verified |
| Operating income | — | — | -59.5 m | -62.9 m | -64.7 m | — | SEC (XBRL)· 29 Nov 2024verified |
| Depreciation & amortisation | 19.7 m | 36.5 m | 44.4 m | 51.0 m | 53.1 m | 67.5 m | SEC (XBRL)· 28 Nov 2025verified |
| EBITDA | — | — | -15.1 m ≈ | -11.9 m ≈ | -11.6 m ≈ | — | SEC (XBRL)· 29 Nov 2024derived |
| Interest expense | 80.4 m | 49.6 m | 135.5 m | 802.2 m | — | — | SEC (XBRL)· 24 Nov 2023verified |
| Pre-tax income | 206.7 m | 154.1 m | 277.2 m | 323.0 m | 354.1 m | 408.8 m | SEC (XBRL)· 28 Nov 2025verified |
| Income tax | 37.1 m | 37.8 m | 70.1 m | 84.5 m | 93.3 m | 102.9 m | SEC (XBRL)· 28 Nov 2025verified |
| Net income | 169.6 m | 116.3 m | 207.1 m | 238.5 m | 260.8 m | 305.9 m | SEC (XBRL)· 28 Nov 2025verified |
| Diluted EPS | 8.61 | 5.74 | 6.67 | 4.97 | 5.31 | 5.89 | SEC (XBRL)· 28 Nov 2025verified |
| Weighted average diluted shares | 19.2 m | 19.7 m | 30.1 m | 46.4 m | 47.4 m | 50.1 m | SEC (XBRL)· 28 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 952.6 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 28 Nov 2025verified |
| Inventories | 281.1 m | 447.5 m | 513.5 m | 537.3 m | 681.1 m | 917.5 m | SEC (XBRL)· 28 Nov 2025verified |
| Property, plant & equipment, net | 62.1 m | 93.3 m | 112.9 m | 123.5 m | 143.1 m | 166.6 m | SEC (XBRL)· 28 Nov 2025verified |
| Goodwill | 54.7 m | 58.1 m | 58.2 m | 59.3 m | 61.0 m | 298.3 m | SEC (XBRL)· 28 Nov 2025verified |
| Intangibles (excl. goodwill) | 54.8 m | 42.7 m | 28.0 m | 23.1 m | 19.6 m | 437.9 m | SEC (XBRL)· 28 Nov 2025verified |
| Total assets | 13.5 bn | 18.8 bn | 19.9 bn | 21.9 bn | 27.5 bn | 45.3 bn | SEC (XBRL)· 28 Nov 2025verified |
| Total liabilities | 12.7 bn | 17.9 bn | 18.8 bn | 20.6 bn | 25.8 bn | 42.9 bn | SEC (XBRL)· 28 Nov 2025verified |
| Equity | 767.5 m | 904.0 m † | 1.1 bn † | 1.4 bn † | 1.7 bn † | 2.4 bn † | SEC (XBRL)· 28 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 2.1 bn | -229.5 m | -23.7 m | 506.9 m | 4.4 bn | SEC (XBRL)· 28 Nov 2025verified |
| Capex | 16.6 m | 62.1 m | 49.5 m | 46.9 m | 65.2 m | 65.4 m | SEC (XBRL)· 28 Nov 2025verified |
| Free cash flow | 1.9 bn ≈ | 2.1 bn ≈ | -279.0 m ≈ | -70.6 m ≈ | 441.7 m ≈ | 4.3 bn ≈ | SEC (XBRL)· 28 Nov 2025derived |
| Investing cash flow | -241.6 m | -59.8 m | -49.5 m | -53.0 m | -63.7 m | -465.5 m | SEC (XBRL)· 28 Nov 2025verified |
| Financing cash flow | 312.3 m | -35.6 m | 65.8 m | -169.3 m | 188.0 m | 914.8 m | SEC (XBRL)· 28 Nov 2025verified |
| Share repurchases | 7.5 m | 11.7 m | 0 | 0 | — | — | SEC (XBRL)· 24 Nov 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.9 bn USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 79.60 – 120.01 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E79.60 – 120.01 (Mid 107.16)9 companies used · median multiple 24.5x · quartiles 18.2x – 27.5xBGC, CBOE, CME, GSIW, ICE, LPLA, MRX, NDAQ, TW
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.3% | 43 (vs peers) | 13% |
| FCF conversion · Quality | 718.3% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 26.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -4.1% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.0x | 89 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 55.2% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · 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
- Growth50/100 · 2/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation94/100 · 2/3 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
StoneX Group Inc. (SNEX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 132.4 bn USD in 2025; YoY growth 32.5%; net margin 0.3%; ROE 21.9%.
The estimated value range is 79.60–120.01 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 107.16 USD, the price of 56.83 USD leaves a potential of 88.6% (value / price − 1) and a margin of safety of 47.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 718.3%
- Revenue CAGR 3Y: 26.1%
- P/E (TTM): 13.0x
- FCF yield: 55.2%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -4.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 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 | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.8 bn | 23.9 | 14.2% | 29.6% | +7.5% | +11% / +54% |
| NDAQNasdaq, Inc. | 60.9 bn | 30.0 | 17.4% | 22.8% | +11.6% | +21% / +96% |
| CBOECboe Global Markets, Inc. | 36.0 bn | 24.5 | 27.4% | 28.0% | +15.1% | +34% / +89% |
| LPLALPL Financial Holdings Inc. | 24.3 bn | 17.9 | 25.7% | 6.8% | +37.2% | −13% / +40% |
| SNEXStoneX Group Inc. | 6.9 bn | 13.0 | 21.9% | 0.3% | +32.5% | +50% / +195% |
| MRXMarex Group Ltd | 5.1 bn | 18.2 | 28.7% | 14.5% | +26.9% | +102% / unavailable |
| TOPTop Financial Group Limited | 401.2 m | — | -1.0% | -23.3% | +41.9% | +95% / −51% |
| EBONEbang International Holdings Inc. | 199.5 m | — | -5.6% | -215.6% | +11.4% | −48% / −73% |
| GSIWGarden Stage Limited | 164.1 m | 7.6 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 95.5 m | — | -87.9% | -136.7% | +48.8% | −40% / unavailable |
| STEXStreamex Corp. | 42.0 m | — | -705.4% | — | +122.2% | −92% / −86% |
| SOSSOS Limited | 23.4 m | — | -22.7% | -63.1% | −33.3% | −84% / −100% |
| CMECme Group Inc. | — | 25.2 | 16.1% | 63.3% | +6.4% | +10% / +41% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −63% / unavailable |
| TWTradeweb Markets Inc. | 0 | 29.8 | 14.1% | 39.8% | +18.9% | +17% / +31% |
| BGCBGC Group, Inc. | — | 27.5 | 19.5% | 6.0% | +30.0% | +30% / +73% |
1- and 3-year price returns: for SNEX 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 37.14 Total return -35% · Per year -35% | 65.35 Total return 15% · Per year 15% | 98.03 Total return 73% · Per year 73% |
| 3 years | 44.05 Total return -22% · Per year -8% | 86.43 Total return 52% · Per year 15% | 141.17 Total return 148% · Per year 35% |
| 5 years | 52.25 Total return -8% · Per year -2% | 114.31 Total return 101% · Per year 15% | 203.28 Total return 258% · Per year 29% |
- Exit P/E± 21.61
- Net margin± 15.13
- Annual revenue growth± 11.28
- Annual dilution± 1.27
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.
In brief
StoneX Group is a global financial services network connecting companies, investors and traders to commodity, currency and securities markets, with clearing, execution and payments operations. The company reported net operating revenues of 719.7 million USD in the third quarter of fiscal 2026, up 47%, after the RJO acquisition, which makes it relevant to investors following sector consolidation.
SWOT
Strengths
- Global reach, an integrated model from execution to clearing, and a diversified base of clients and revenues.
- A predominantly variable cost structure that helps protect profitability when volatility is low.
- A stronger position in futures clearing after the RJO acquisition, which broadened the client base and introducing broker network.
Weaknesses
- Dependence on market volatility and traded volumes makes revenues uneven from quarter to quarter.
- The Self-Directed/Retail segment has declined in recent quarters, indicating pressure on individual client revenues.
- Higher debt after acquisitions and the senior secured notes issuance raise interest costs.
Opportunities
- Large banks stepping back from smaller and mid-sized clients may open opportunities for non-bank brokers.
- Integrating RJO and Benchmark could generate synergies in clearing, research and investment banking.
- Expanding digital platforms could bring new clients and lower the cost of acquiring them.
Threats
- Lower short-term interest rates could reduce revenue from client balances.
- Tariffs, geopolitical conflicts and sanctions can raise volatility and counterparty risk.
- Competition from banks and digital platforms could compress margins on standard transactions.
Risks
- Market volatilityhigh
Trading revenue depends on volatility; calm periods can reduce volumes and revenues.
- Counterparty riskhigh
If clients or counterparties fail to meet their obligations, the company can suffer direct losses.
- Margin callsmedium
Sudden price moves can require rapid margin deposits, and available funding may not be sufficient.
- Acquisition integrationmedium
Integrating RJO and Benchmark could delay synergies and raise fixed costs.
- Regulationlow
Changes in regulation can alter compliance costs and limit activities in some jurisdictions.
Investment thesis
What would need to be true (bull case)
- Rapid growth in net operating revenues and profit after the RJO acquisition suggests integration can deliver tangible benefits.
- A large non-bank FCM position may attract clients that global banks do not serve.
- A variable cost structure helps the company maintain margins as volumes rise.
What would break the thesis
- Revenues depend on market volatility, which could fall during a prolonged period of stability.
- Lower short-term rates could reduce interest income on client balances.
- Higher debt after acquisitions could limit financial flexibility if results weaken.
What to watch
- Revenue trend in the Self-Directed/Retail segmentQ4 2026
- Contribution of RJO and Benchmark to net operating revenuesQ4 2026
- Movement in short-term rates and client balances2027
- Next annual report and guidance on acquisition synergiesnext 10-K
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.
The business
StoneX offers commercial, institutional, retail and payments clients access to more than 40 derivatives exchanges, foreign exchange markets and over 18,000 OTC markets, combining digital platforms with high-touch advisory. It links execution, clearing, custody and settlement in one chain, earning commissions, spreads and interest on client balances. The company had more than 5,400 employees as of September 30, 2025 and positions itself as a non-bank alternative for smaller and mid-sized clients.
The business model is vertically integrated, running from market intelligence and risk management through to clearing and settlement. Revenues are diversified by asset class, client type and geography, which limits dependence on any single segment. A large share of expenses is variable, so costs can be adjusted to activity levels.
In July 2025 StoneX completed the acquisition of RJO, the oldest futures brokerage in the US, and of Benchmark, an investment bank with trading and research activities. These deals broadened the client base and the introducing broker network, and in the third quarter of fiscal 2026 RJO's contribution to net operating revenues was significant.
Segments
Institutional
The Institutional segment provides equity trading, prime brokerage, clearing and investment banking services. In the third quarter of fiscal 2026 operating revenues were 875.3 million USD and segment income 129.9 million USD, the largest of the segments.
Self-Directed/Retail
The Self-Directed/Retail segment serves individual investors through digital platforms such as FOREX.com. Revenues fell 13% in the third quarter of fiscal 2026 and segment income fell 36%, indicating pressure in this segment.
Market context
The company operates in global derivatives, securities and currency markets, where volumes and price volatility drive trading revenue. The sector benefits from consolidation among smaller financial providers and from tighter regulation of large banks, which reduces services offered to smaller clients and leaves room for non-bank brokers.
Net interest income depends on short-term rates and client balances. Commodity and currency trading is sensitive to volatility, and a prolonged calm period could reduce volumes and trading revenue.
Trends
- Sector consolidationtailwind
Large banks are raising minimum client thresholds, and non-bank brokers can take on smaller and mid-sized clients. This trend supports the company's market share gains.
- Falling short-term ratesheadwind
Lower short-term rates reduce interest income on client balances, which could weigh on profitability if the decline continues.
- Commodity volatilitymixed
Volatility in energy and agricultural prices raises hedging needs and trading volumes, but periods of stability can reduce revenues.
- Tariffs and geopolitical tensionsmixed
New tariffs and geopolitical conflicts can raise volatility and costs, but they can also reduce traded volumes and increase operational uncertainty.
Competitive position
The company competes with global banks, FCMs affiliated with large commodity producers and other non-bank brokers. Banks hold most client segregated assets but focus on large clients, leaving room for smaller providers.
In securities and clearing, competition comes from large clearing and prime brokerage providers. The company's advantage lies in its global reach and in combining advisory services with execution.
- Interactive BrokersIBKR
Electronic broker with global access, competing in retail and institutional business.
- Marex
Commodity broker and financial services provider, competing in the Commercial segment.
- Goldman SachsGS
Investment bank with prime brokerage and trading activities, competing in the Institutional segment.
- JPMorgan ChaseJPM
Global bank with clearing and financing services for large clients.
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.
Loading the links…
News & filings
In the press
- SoFi has lost nearly half of its value in 2026. StoneX sees recovery aheadCNBC — Top News · 13 Oct 2026 · EN
- StoneX (SNEX) Turns Mortgage Bond Complexity Into New RevenueYahoo Finance — News · 17 Sept 2026 · EN
- StoneX (SNEX) Doubled From Its Lows as Trading Activity Surged — Can the Growth Continue?Yahoo Finance — News · 01 Sept 2026 · EN
- StoneX: Too Far Too Fast?Yahoo Finance — News · 25 Aug 2026 · EN
- StoneX Plans to Deepen India Presence Beyond First Trading DeskBloomberg Markets · 09 Jun 2026 · EN
SEC filings
- Current report28 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report13 Mar 2026Other events
- Current report12 Mar 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Feb 2026
- Current report04 Feb 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / StoneX Group Inc. · 28 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / StoneX Group Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / StoneX Group Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.