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StoneX Group

SNEX
35
Financial - Capital Markets · Financial Services
Price
$102.99
-7.89 (-7.12%)
Market Cap
$8.16B
Exchange
NASDAQ
Winston Score
35
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+69.8% over 4y

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

Diluted shares outstanding: 44.3M (2021) → 75.2M (2025)

StoneX Group Inc. operates as a global financial services network that connects companies, organizations, traders, and investors to market ecosystem worldwide. Its Commercial segment provides risk management and hedging, exchange-traded and OTC products execution and clearing, voice brokerage, market intelligence, physical trading, and commodity financing and logistics services. The company's Institutional segment provides equity trading services to institutional clients; and originates, structu

Winston Score History

Growth Profile

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

Revenue Growth

+24.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+123.2% 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

12.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

StoneX Group is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
2.7%
Thin — 2.7% gross margin
Operating Margin
1.6%
Thin — 1.6% operating margin
ROCE
3.3%
Weak — 3.3% 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
+25.9%
Fast-growing sales (25.9% YoY)
EPS YoY
-10.9%
Earnings shrinking (-10.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
2298%
Turns 2298% of profit into real cash
FCF Margin
6.0%
Thin free cash flow (6.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
7.08
Heavy debt load (7.08)
Interest Cover
1.32x
Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
19.9x
Fair value — P/E 19.9

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

P/E vs Forward
-2.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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