Banco BTG Pactual S.A.

BPAC11.SA

Financial - Capital Markets · Financial Services

Price

R$49.60

-0.53 (-1.06%)

Market Cap

R$140.45B

Exchange

B3 S.A.

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+143.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.76B (2021) → 11.59B (2025)

Banco BTG Pactual is Brazil's largest investment bank. It helps big companies, governments, and wealthy individuals manage money, raise capital, and make investments. Its main services include investment banking, asset management, wealth management, and trading — all focused on financial markets rather than everyday banking for regular consumers.

BTG Pactual makes money through fees on deals it arranges, commissions on trades, and a percentage of the assets it manages for clients. It operates mainly in Brazil but also has a presence across Latin America and some international offices. Its strong brand among large corporations and high-net-worth clients in Brazil gives it a competitive edge that smaller rivals struggle to match. The main risk the company faces is exposure to Brazil's volatile economy and interest rate swings, which can quickly reduce deal activity and hurt trading revenues when market conditions turn unfavorable.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+41.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

15.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$766.4B cash & investments at current burn rate

Strong grower

Banco BTG Pactual S.A. is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

38.9%

Modest — 38.9% gross margin

Operating Margin

20.6%

Excellent — 20.6% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+34.4%

Fast-growing sales (+34.4% YoY)

EPS YoY

+21.1%

Earnings growing fast (+21.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

-95%

Weak — only -95% of profit becomes cash

FCF Margin

-20.8%

Burning cash (-20.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

5.37

Heavy debt load (5.37)

Interest Cover

0.34x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 9.9)

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Dividends

Dividend Yield

2.23%

Moderate income — 2.23% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-34.6%

Dividend cut (-34.6% YoY) — warning sign

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