Detailed financial statements for Inter & Co, Inc. (INTR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Inter & Co, Inc., a Brazilian enterprise established in 1994 and headquartered in Belo Horizonte, conducts a broad array of operations through its subsidiary companies. Its diverse business model encompasses banking, investment services, insurance intermediation, e-commerce, asset administration, and various support services.
Analysis Summary
Inter & Co, Inc. reported revenue of $14.38B in the most recent fiscal year, growing at a 5-year CAGR of 66.6%. Net income reached $1.31B, with a 136.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.4%, operating margin 11.3%, net margin 9.2%. Free cash flow grew at 1.2% CAGR over 5 years.
At the current price of $5.78, INTR trades at a P/E of 8.03 and an ROE of 15.20%. Market capitalisation stands at $2.6B.
Balance sheet quality for INTR: current ratio of 0.5, net debt of $18.63B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.00B represents 228% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $593.5M | $571.9M | $688.8M | $1.01B | $1.12B | $2.77B | $5.54B | $7.64B | $9.71B | $14.38B |
| Cost of Revenue | $407.0M | $301.7M | $243.0M | $362.7M | 0 | $1.14B | $3.06B | $4.43B | $5.11B | $8.39B |
| Gross Profit | $186.5M | $270.2M | $445.9M | $646.6M | $1.12B | $1.63B | $2.48B | $3.21B | $4.60B | $5.98B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $143.1M | $156.4M | $261.5M | $451.2M | $781.5M | $1.59B | $2.20B | $2.21B | $2.66B | $3.23B |
| Operating Expenses | $157.4M | $210.5M | $352.0M | $563.5M | $1.04B | $1.86B | $2.66B | $2.77B | $3.40B | $4.36B |
| Operating Income | $29.1M | $59.8M | $93.9M | $83.1M | $78.5M | -$231.1M | -$178.6M | $439.8M | $1.21B | $1.62B |
| EBITDA | $30.3M | $61.2M | $96.5M | $97.2M | 0 | -$172.7M | -$14.6M | $600.3M | $1.41B | $1.96B |
| Interest Expense | $320.8M | $276.1M | $217.3M | $255.7M | $172.3M | $543.2M | $1.97B | $2.89B | $3.31B | $5.98B |
| Pre-tax Income | $29.1M | $59.8M | $93.9M | $83.1M | -$7.0M | -$231.1M | -$178.6M | $439.8M | $1.21B | $1.62B |
| Income Tax | $3.2M | $6.0M | $24.0M | $1.5M | -$37.7M | -$176.0M | -$164.5M | $87.6M | $232.7M | $226.9M |
| Net Income | $25.4M | $48.2M | $69.8M | $78.9M | $17.9M | -$72.7M | -$11.1M | $302.3M | $907.1M | $1.31B |
| EPS | $0.12 | $0.04 | $0.04 | $0.04 | $0.02 | $-0.28 | $-0.03 | $0.75 | $2.08 | $2.90 |
| EPS (Diluted) | $0.12 | $0.04 | $0.04 | $0.04 | $0.02 | $-0.28 | $-0.03 | $0.75 | $2.07 | $2.90 |
| Shares Outstanding (Diluted) | $214.3M | $1.29B | $1.65B | $2.11B | $764.4M | $266.2M | $401.2M | $403.1M | $439.0M | $440.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.82B | $4.12B | $4.19B | $4.58B |
| Gross Profit | $1.52B | $1.71B | $1.66B | $1.87B |
| Operating Income | $417.9M | $465.2M | $477.1M | $522.4M |
| EBITDA | $502.4M | $577.3M | $570.5M | $522.4M |
| Net Income | $336.3M | $374.4M | $394.8M | $430.7M |
| EPS | $0.75 | $0.88 | $0.88 | $0.98 |
| EPS (Diluted) | $0.75 | $0.88 | $0.88 | $0.98 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $532.1M | $564.1M | $1.79B | $3.76B | $4.39B | $4.92B | $5.85B | $6.28B | $6.84B | $11.00B |
| Short-term Investments | $248.3M | $314.4M | 0 | $428.4M | $5.29B | $11.14B | $9.70B | $14.23B | $20.91B | 0 |
| Receivables | $32.8M | $102.9M | $359.0M | $773.2M | $2.00B | $342.9M | $469.0M | $834.9M | $1.19B | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $872.3M | $1.01B | $2.17B | $4.99B | $11.77B | $16.62B | $16.36B | $21.73B | $29.48B | $11.00B |
| Property, Plant & Equipment | $5.2M | $5.5M | $13.8M | $22.5M | $29.9M | $163.5M | $188.0M | $167.5M | $369.9M | $381.2M |
| Goodwill | 0 | 0 | 0 | 0 | $37.3M | $90.7M | $632.8M | $635.7M | $798.3M | $785.2M |
| Intangible Assets | 0 | $958000 | $26.4M | $79.2M | $187.2M | $339.8M | $605.8M | $709.6M | $1.04B | $1.24B |
| Total Assets | $3.19B | $3.58B | $5.64B | $10.02B | $19.80B | $36.63B | $46.34B | $60.35B | $76.46B | $98.56B |
| Accounts Payable | $42.7M | $56.3M | 0 | 0 | 0 | $4.13B | $5.48B | $7.18B | $9.23B | 0 |
| Short-term Debt | 0 | $1.4M | $1.3M | $167.7M | $98.9M | $973.5M | $1.90B | $1.01B | $1.73B | $20.15B |
| Total Current Liabilities | $1.52B | $1.61B | $2.67B | $5.80B | $14.15B | $23.68B | $31.55B | $42.18B | $54.12B | $20.15B |
| Long-term Debt | $37.4M | $621.9M | $597.0M | $1.76B | $1.76B | $3.60B | $6.24B | $8.20B | $10.02B | $9.37B |
| Total Liabilities | $2.84B | $3.19B | $4.69B | $7.82B | $16.45B | $28.18B | $39.25B | $52.76B | $67.39B | $88.17B |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | $353.2M | $383.1M | $948.8M | $2.20B | $3.30B | $2.66B | $6.99B | $7.47B | $8.90B | $10.16B |
| Total Debt | $37.4M | $623.3M | $598.4M | $1.93B | $1.86B | $4.71B | $8.29B | $9.33B | $11.86B | $29.63B |
| Net Debt | -$743.0M | -$255.2M | -$1.19B | -$2.26B | -$7.83B | -$11.35B | -$7.26B | -$11.18B | -$15.90B | $18.63B |
| Working Capital | -$648.0M | -$606.5M | -$498.5M | -$807.8M | -$2.38B | -$7.06B | -$15.19B | -$20.45B | -$24.65B | -$9.15B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.90B | $11.00B | $9.63B | $10.40B |
| Total Assets | $91.81B | $98.56B | $97.86B | $102.75B |
| Total Liabilities | $82.00B | $88.17B | $87.57B | $92.13B |
| Total Equity | $9.68B | $10.16B | $10.07B | $10.51B |
| Total Debt | $16.52B | $29.63B | $31.19B | $32.60B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $25.8M | $53.8M | $69.8M | $81.6M | $30.7M | -$55.1M | -$14.1M | $352.3M | $972.8M | $1.29B |
| Depreciation & Amortization | $1.3M | $1.4M | $2.6M | $14.1M | $43.7M | $58.3M | $164.0M | $160.4M | $208.8M | 0 |
| Stock-based Compensation | 0 | 0 | $1.3M | $103000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $362.8M | -$96.3M | $462.5M | $664.1M | $2.73B | $572.8M | $1.34B | $5.90B | $1.25B | -$294.4M |
| Operating Cash Flow | $441.5M | $19.7M | $604.3M | $859.5M | $2.98B | $91.6M | $2.10B | $7.54B | $3.76B | $3.11B |
| Capital Expenditure | -$1.4M | -$2.7M | -$29.6M | -$76.2M | -$152.9M | -$288.0M | -$279.1M | -$274.1M | -$509.7M | -$107.4M |
| Acquisitions | 0 | 0 | 0 | 0 | -$24.9M | -$93.8M | -$546.0M | -$62.4M | -$81.7M | 0 |
| Stock Repurchased | -$646000 | 0 | -$53000 | 0 | -$153.1M | -$29.3M | 0 | -$16.4M | -$19.0M | -$26.6M |
| Dividends Paid | -$7.4M | 0 | 0 | 0 | -$37.9M | -$3.1M | -$38.1M | 0 | -$68.8M | -$238.9M |
| Free Cash Flow | $440.1M | $17.0M | $574.7M | $783.3M | $2.83B | -$196.3M | $1.82B | $7.27B | $3.25B | $3.00B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$858.9M | $1.23B | $319.7M | -$3.26B |
| Capital Expenditure | -$12.0M | -$45.8M | -$5.4M | -$16.3M |
| Free Cash Flow | -$870.9M | $1.19B | $314.4M | -$3.28B |
| Dividends Paid | -$34.8M | -$7.8M | -$288.4M | -$3.6M |
| Stock-based Compensation | $24.9M | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.6% | +20.4% | +46.5% | +11.0% | +146.7% | +100.2% | +38.0% | +27.1% | +48.0% | |
| Net Income Growth (YoY) | +89.9% | +45.0% | +12.9% | -77.3% | -505.7% | +84.7% | +2826.3% | +200.0% | +44.7% | |
| EPS Growth (YoY) | -68.7% | +15.2% | -13.4% | -37.4% | -1312.9% | +90.3% | +2817.4% | +177.3% | +39.4% | |
| Shares Change (YoY) | +504.0% | +27.3% | +28.0% | -63.8% | -65.2% | +50.7% | +0.5% | +8.9% | +0.3% | |
| FCF Growth (YoY) | -96.1% | +3271.9% | +36.3% | +261.1% | -106.9% | +1029.2% | +298.5% | -55.3% | -7.7% | |
| Gross Margin | 31.4% | 47.2% | 64.7% | 64.1% | 100.0% | 58.8% | 44.8% | 42.0% | 47.4% | 41.6% |
| Operating Margin | 4.9% | 10.4% | 13.6% | 8.2% | 7.0% | -8.4% | -3.2% | 5.8% | 12.4% | 11.3% |
| EBITDA Margin | 5.1% | 10.7% | 14.0% | 9.6% | 0.0% | -6.2% | -0.3% | 7.9% | 14.6% | 13.7% |
| Net Margin | 4.3% | 8.4% | 10.1% | 7.8% | 1.6% | -2.6% | -0.2% | 4.0% | 9.3% | 9.1% |
| FCF Margin | 74.2% | 3.0% | 83.4% | 77.6% | 252.3% | -7.1% | 33.0% | 95.2% | 33.5% | 20.9% |
| Effective Tax Rate | 11.1% | 10.0% | 25.6% | 1.9% | 536.9% | 76.2% | 92.1% | 19.9% | 19.3% | 14.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.05 | $0.01 | $0.35 | $0.37 | $3.70 | $-0.74 | $4.55 | $18.03 | $7.40 | $6.81 |
| Dividends Per Share | $0.03 | $0.00 | $0.00 | $0.00 | $0.05 | $0.01 | $0.09 | $0.00 | $0.16 | $0.54 |
| Shares Outstanding (Basic) | $214.3M | $1.29B | $1.65B | $2.11B | $764.4M | $266.2M | $401.2M | $403.1M | $438.2M | $440.2M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 15.20% |
| Return on Invested Capital | 1.59% |
| Return on Assets | 1.50% |
| Gross Margin | 40.41% |
| Operating Margin | 11.27% |
| Net Margin | 9.19% |
Financial Health
| Debt / Equity | 3.10 |
| Current Ratio | 0.33 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.23 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 94.35 | 306.95 | 312.47 | 372.63 | 772.05 | -68.29 | -453.73 | 35.97 | 12.58 | 16.02 |
| P/B | 6.87 | 38.90 | 23.45 | 13.39 | 4.18 | 1.94 | 0.72 | 1.46 | 1.29 | 2.01 |
| P/S | 4.09 | 26.05 | 32.30 | 29.14 | 12.32 | 1.87 | 0.91 | 1.42 | 1.18 | 1.42 |
| Gross Margin | 31.4% | 47.2% | 64.7% | 64.1% | 100.0% | 58.8% | 44.8% | 42.0% | 47.4% | 41.6% |
| Operating Margin | 4.9% | 10.4% | 13.6% | 8.2% | 7.0% | -8.4% | -3.2% | 5.8% | 12.4% | 11.3% |
| Net Margin | 4.3% | 8.4% | 10.1% | 7.8% | 1.6% | -2.6% | -0.2% | 4.0% | 9.3% | 9.1% |
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