Detailed financial statements for StoneX Group Inc. (SNEX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
StoneX Group Inc. operates as a global financial services provider, connecting a diverse range of entities, including corporations, organizations, traders, and investors, to the worldwide market ecosystem.
Analysis Summary
StoneX Group Inc. reported revenue of $132.38B in the most recent fiscal year, growing at a 5-year CAGR of 19.6%. Net income reached $305.9M, with a 12.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 2.6%, operating margin 1.7%, net margin 0.3%. Free cash flow grew at 17.5% CAGR over 5 years.
At $54.92 (closing price, October 29, 2026), SNEX trades at a P/E of 9.49 and an ROE of 20.18%. Market capitalisation stands at $6.6B.
Balance sheet quality for SNEX: current ratio of 1.6, net debt of $16.91B. 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 $4.32B represents 1413% 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 | $14.75B | $29.42B | $27.62B | $32.90B | $54.14B | $42.53B | $66.04B | $60.86B | $99.89B | $132.38B |
| Cost of Revenue | $14.55B | $29.18B | $27.30B | $32.48B | $53.69B | $41.97B | $65.17B | $59.24B | $97.88B | $129.80B |
| Gross Profit | $208.3M | $239.0M | $324.6M | $414.8M | $451.9M | $561.8M | $861.3M | $1.61B | $2.01B | $2.58B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $39.2M | $42.1M | $48.8M | $55.6M | $82.3M | $131.8M | $176.2M | $184.0M | $201.0M | $370.2M |
| Operating Expenses | -$235.6M | -$253.6M | -$257.0M | -$238.4M | -$416.1M | -$588.2M | -$614.6M | -$8.9M | $241.1M | $530.0M |
| Operating Income | $443.9M | $492.6M | $581.6M | $653.2M | $868.0M | $1.15B | $1.48B | $1.62B | $1.77B | $2.05B |
| EBITDA | $109.2M | $67.1M | $193.8M | $279.7M | $340.3M | $293.7M | $517.7M | $1.25B | $1.61B | $1.99B |
| Interest Expense | $28.3M | $42.1M | $80.7M | $154.7M | $104.0M | $90.9M | $180.2M | $859.7M | $1.18B | $1.48B |
| Pre-tax Income | $72.7M | $15.2M | $101.5M | $111.0M | $206.7M | $154.1M | $277.2M | $323.0M | $354.1M | $408.8M |
| Income Tax | $18.0M | $8.8M | $46.0M | $25.9M | $37.1M | $37.8M | $70.1M | $84.5M | $93.3M | $102.9M |
| Net Income | $54.7M | $6.4M | $55.5M | $85.1M | $169.6M | $116.3M | $207.1M | $238.5M | $260.8M | $305.9M |
| EPS | $1.31 | $0.14 | $1.30 | $1.98 | $3.90 | $2.62 | $3.04 | $3.42 | $3.66 | $4.15 |
| EPS (Diluted) | $1.29 | $0.14 | $1.28 | $1.95 | $3.83 | $2.55 | $2.97 | $3.31 | $3.54 | $3.93 |
| Shares Outstanding (Diluted) | 41.9 M | 42.0 M | 42.6 M | 42.8 M | 43.2 M | 44.3 M | 67.7 M | 69.6 M | 71.2 M | 75.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $32.72B | $39.03B | $45.76B | $40.19B |
| Gross Profit | $741.3M | $895.3M | $1.26B | $1.23B |
| Operating Income | $547.5M | $677.1M | $717.4M | $698.6M |
| EBITDA | $579.2M | $704.8M | $744.9M | $739.7M |
| Net Income | $85.7M | $139.0M | $174.3M | $127.9M |
| EPS | $1.11 | $1.77 | $2.21 | $1.07 |
| EPS (Diluted) | $1.05 | $1.67 | $2.07 | $1.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $316.2M | $314.9M | $342.3M | $471.3M | $952.6M | $1.11B | $1.11B | $1.11B | $1.27B | $1.61B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $214.5M | $243.7M | $292.1M | $430.4M | $429.7M | $493.8M | $7.43B | $8.16B | $8.32B | $14.27B |
| Inventory | $123.8M | $124.8M | $222.5M | $229.3M | $281.1M | $447.5M | $513.5M | $537.3M | $681.1M | $917.5M |
| Total Current Assets | $4.16B | $4.32B | $5.60B | $7.57B | $10.35B | $14.02B | $15.20B | $16.34B | $19.97B | $35.13B |
| Property, Plant & Equipment | $29.4M | $38.7M | $42.4M | $43.9M | $163.6M | $218.6M | $234.7M | $245.6M | $300.1M | $328.5M |
| Goodwill | $47.5M | $47.1M | $48.4M | $51.2M | $54.7M | $58.1M | $58.2M | $59.3M | $61.0M | $298.3M |
| Intangible Assets | $9.1M | $12.3M | $11.4M | $15.0M | $54.8M | $42.7M | $28.0M | $23.1M | $19.6M | $437.9M |
| Total Assets | $5.95B | $6.24B | $7.82B | $9.94B | $13.47B | $18.84B | $19.86B | $21.94B | $27.47B | $45.27B |
| Accounts Payable | $3.02B | $3.21B | $3.79B | $3.75B | $5.96B | $8.14B | $10.29B | $10.51B | $10.87B | $20.63B |
| Short-term Debt | $182.8M | $230.2M | $2.21B | $202.3M | $268.1M | $248.6M | $485.1M | $341.0M | $338.8M | $782.0M |
| Total Current Liabilities | $3.47B | $3.57B | $4.24B | $4.23B | $6.79B | $9.02B | $11.45B | $11.33B | $11.96B | $22.40B |
| Long-term Debt | $182.8M | $230.2M | $355.2M | $369.9M | $5.11B | $7.00B | $4.72B | $5.99B | $10.78B | $17.52B |
| Total Liabilities | $5.52B | $5.79B | $7.32B | $9.34B | $12.71B | $17.94B | $18.79B | $20.56B | $25.76B | $42.89B |
| Retained Earnings | $255.1M | $261.5M | $317.0M | $402.1M | $572.4M | $682.5M | $889.6M | $1.13B | $1.39B | $1.69B |
| Total Equity | $433.8M | $449.9M | $505.3M | $594.2M | $767.5M | $904.0M | $1.07B | $1.38B | $1.71B | $2.38B |
| Total Debt | $1.39B | $1.73B | $2.57B | $4.60B | $5.50B | $7.40B | $5.35B | $6.48B | $11.32B | $18.52B |
| Net Debt | $1.08B | $1.42B | $2.23B | $4.13B | $4.55B | $6.29B | $4.24B | $5.37B | $10.05B | $16.91B |
| Working Capital | $696.3M | $748.8M | $1.36B | $3.34B | $3.56B | $5.00B | $3.75B | $5.01B | $8.01B | $12.73B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.61B | $1.59B | $2.12B | $2.19B |
| Total Assets | $45.27B | $47.78B | $53.63B | $54.05B |
| Total Liabilities | $42.89B | $45.26B | $50.93B | $51.20B |
| Total Equity | $2.38B | $2.52B | $2.70B | $2.84B |
| Total Debt | $18.52B | $20.24B | $19.32B | $20.04B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $54.7M | $6.4M | $55.5M | $85.1M | $169.6M | $116.3M | $207.1M | $238.5M | $260.8M | $305.9M |
| Depreciation & Amortization | $7.8M | $9.8M | $11.6M | $14.0M | $29.6M | $48.7M | $60.3M | $65.0M | $74.6M | $99.0M |
| Stock-based Compensation | $5.1M | $6.3M | $6.6M | $8.1M | $10.3M | $13.9M | $17.8M | $28.0M | $37.2M | $49.0M |
| Change in Working Capital | -$94.3M | $972.1M | -$574.4M | $88.9M | $1.79B | $1.93B | -$534.6M | -$351.9M | $16.7M | $3.92B |
| Operating Cash Flow | -$27.8M | $1.04B | -$473.6M | $195.6M | $1.95B | $2.12B | -$229.5M | -$23.7M | $506.9M | $4.39B |
| Capital Expenditure | -$15.4M | -$16.1M | -$12.5M | -$11.9M | -$16.6M | -$62.1M | -$49.5M | -$46.9M | -$65.2M | -$65.4M |
| Acquisitions | -$20.0M | -$6.0M | -$3.7M | -$28.9M | -$225.0M | -$2.4M | -$200,000 | -$6.1M | -$2.3M | -$400.1M |
| Stock Repurchased | -$19.5M | 0 | 0 | -$3.8M | -$7.5M | -$11.7M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$48.1M | 0 |
| Free Cash Flow | -$43.2M | $1.02B | -$486.1M | $183.7M | $1.93B | $2.06B | -$279.0M | -$70.6M | $441.7M | $4.32B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.53B | -$1.26B | $4.21B | -$1.34B |
| Capital Expenditure | -$20.5M | -$15.2M | -$21.3M | -$16.2M |
| Free Cash Flow | $3.51B | -$1.28B | $4.19B | -$1.35B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13.8M | $14.3M | $13.7M | $14.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +99.4% | -6.1% | +19.1% | +64.6% | -21.4% | +55.3% | -7.8% | +64.1% | +32.5% | |
| Net Income Growth (YoY) | -88.3% | +767.2% | +53.3% | +99.3% | -31.4% | +78.1% | +15.2% | +9.4% | +17.3% | |
| EPS Growth (YoY) | -89.3% | +828.6% | +52.3% | +97.0% | -32.8% | +16.0% | +12.5% | +7.0% | +13.4% | |
| Shares Change (YoY) | +0.3% | +1.3% | +0.4% | +0.9% | +2.6% | +53.0% | +2.7% | +2.3% | +5.7% | |
| FCF Growth (YoY) | +2,464.1% | -147.6% | +137.8% | +952.8% | +6.5% | -113.5% | +74.7% | +725.6% | +878.7% | |
| Gross Margin | 1.4% | 0.8% | 1.2% | 1.3% | 0.8% | 1.3% | 1.3% | 2.6% | 2.0% | 2.0% |
| Operating Margin | 3.0% | 1.7% | 2.1% | 2.0% | 1.6% | 2.7% | 2.2% | 2.7% | 1.8% | 1.6% |
| EBITDA Margin | 0.7% | 0.2% | 0.7% | 0.9% | 0.6% | 0.7% | 0.8% | 2.1% | 1.6% | 1.5% |
| Net Margin | 0.4% | 0.0% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% |
| FCF Margin | -0.3% | 3.5% | -1.8% | 0.6% | 3.6% | 4.8% | -0.4% | -0.1% | 0.4% | 3.3% |
| Effective Tax Rate | 24.8% | 57.9% | 45.3% | 23.3% | 17.9% | 24.5% | 25.3% | 26.2% | 26.3% | 25.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.03 | $24.29 | $-11.41 | $4.29 | $44.81 | $46.54 | $-4.12 | $-1.01 | $6.21 | $57.50 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.68 | $0.00 |
| Shares Outstanding (Basic) | 41.4 M | 41.4 M | 41.7 M | 42.2 M | 42.4 M | 43.0 M | 66.1 M | 67.4 M | 68.7 M | 71.1 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 20.18% |
| Return on Invested Capital | 12.89% |
| Return on Assets | 0.97% |
| Gross Margin | 2.62% |
| Operating Margin | 1.67% |
| Net Margin | 0.33% |
Financial Health
| Debt / Equity | 7.05 |
| Current Ratio | 0.82 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 5.85 | 54.07 | 7.37 | 4.10 | 2.59 | 4.97 | 5.39 | 5.60 | 6.63 | 10.81 |
| P/B | 0.73 | 0.70 | 0.79 | 0.58 | 0.56 | 0.62 | 1.01 | 0.94 | 0.98 | 1.34 |
| P/S | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 |
| Gross Margin | 1.4% | 0.8% | 1.2% | 1.3% | 0.8% | 1.3% | 1.3% | 2.6% | 2.0% | 2.0% |
| Operating Margin | 3.0% | 1.7% | 2.1% | 2.0% | 1.6% | 2.7% | 2.2% | 2.7% | 1.8% | 1.6% |
| Net Margin | 0.4% | 0.0% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% |
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Explore sector: Financial Services · Financial - Capital Markets
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