XP Inc.

NasdaqGS:XP Stock Report

Market Cap: US$10.1b

XP Valuation

Is XP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of XP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: XP ($19.86) is trading below our estimate of future cash flow value ($24.3)

Significantly Below Future Cash Flow Value: XP is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XP?

Key metric: As XP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for XP. This is calculated by dividing XP's market cap by their current earnings.
What is XP's PE Ratio?
PE Ratio9.7x
EarningsR$5.32b
Market CapR$51.64b

Price to Earnings Ratio vs Peers

How does XP's PE Ratio compare to its peers?

The above table shows the PE ratio for XP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.5x
HLI Houlihan Lokey
23.5x13.44%US$9.5b
SF Stifel Financial
13.1x13.31%US$12.0b
JEF Jefferies Financial Group
14.9x8.81%US$12.0b
VIRT Virtu Financial
10.4x18.65%US$9.4b
XP XP
9.7x10.24%US$10.1b

Price-To-Earnings vs Peers: XP is good value based on its Price-To-Earnings Ratio (9.7x) compared to the peer average (15.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does XP's PE Ratio compare vs other companies in the US Capital Markets Industry?

21 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GAM General American Investors Company
4.3xn/aUS$1.56b
ASA ASA Gold and Precious Metals
1.5xn/aUS$1.11b
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
CRRC.F Cohn Robbins Holdings
4.3xn/aUS$283.01m
XP 9.7xIndustry Avg. 39.6xNo. of Companies67PE020406080100+
21 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: XP is good value based on its Price-To-Earnings Ratio (9.7x) compared to the US Capital Markets industry average (39.6x).

Price to Earnings Ratio vs Fair Ratio

What is XP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

XP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.7x
Fair PE Ratio16x

Price-To-Earnings vs Fair Ratio: XP is good value based on its Price-To-Earnings Ratio (9.7x) compared to the estimated Fair Price-To-Earnings Ratio (16x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst XP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$19.86
US$23.40
+17.82%
7.35%US$26.37US$20.37n/a11
Sep ’27US$18.72
US$22.97
+22.73%
7.38%US$25.89US$20.01n/a11
Aug ’27US$17.06
US$23.23
+36.16%
8.78%US$26.46US$19.56n/a11
Jul ’27US$16.18
US$23.41
+44.70%
8.65%US$26.01US$18.99n/a13
Jun ’27US$16.60
US$24.52
+47.69%
10.16%US$28.72US$19.01n/a13
May ’27US$19.06
US$25.22
+32.33%
8.27%US$29.12US$22.17n/a13
Apr ’27US$18.71
US$24.60
+31.46%
6.20%US$26.40US$22.21n/a13
Mar ’27US$21.53
US$23.92
+11.09%
6.98%US$26.86US$21.03n/a13
Feb ’27US$19.51
US$23.92
+22.60%
7.52%US$27.56US$21.26n/a13
Jan ’27US$16.37
US$22.67
+38.47%
7.80%US$25.93US$20.03n/a12
Dec ’26US$19.69
US$23.17
+17.67%
7.04%US$26.20US$20.77n/a12
Nov ’26US$18.22
US$23.15
+27.04%
6.61%US$26.29US$20.89n/a12
Oct ’26US$18.23
US$23.50
+28.93%
6.60%US$26.45US$21.02n/a12
Sep ’26US$18.14
US$23.06
+27.14%
8.13%US$26.21US$19.31US$18.7212
Aug ’26US$16.36
US$22.39
+36.90%
8.43%US$25.41US$18.72US$17.0612
Jul ’26US$19.80
US$22.10
+11.63%
12.15%US$25.80US$15.51US$16.1812
Jun ’26US$19.36
US$20.26
+4.66%
14.37%US$24.83US$14.93US$16.6012
May ’26US$15.97
US$18.43
+15.41%
18.70%US$25.15US$12.96US$19.0612
Apr ’26US$14.15
US$18.18
+28.46%
18.99%US$25.01US$13.48US$18.7112
Mar ’26US$14.15
US$17.51
+23.74%
20.43%US$24.56US$13.24US$21.5310
Feb ’26US$13.65
US$18.54
+35.82%
26.22%US$28.29US$12.93US$19.5110
Jan ’26US$11.85
US$21.31
+79.82%
20.10%US$30.28US$15.39US$16.3710
Dec ’25US$13.54
US$23.57
+74.09%
16.98%US$32.77US$18.87US$19.6911
Nov ’25US$16.77
US$24.42
+45.61%
16.37%US$32.85US$19.92US$18.2211
Oct ’25US$18.03
US$24.81
+37.63%
18.08%US$34.18US$18.94US$18.2311
Sep ’25US$18.41
US$24.12
+31.03%
17.99%US$33.12US$18.35US$18.1411
US$23.4
Fair Value
15.1% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/13 02:13
End of Day Share Price 2026/09/11 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

XP Inc. is covered by 14 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mario Lucio PierryBofA Global Research
Marcelo MizrahiBradesco S.A. Corretora de Títulos e Valores Mobiliários
Eric ItoBradesco S.A. Corretora de Títulos e Valores Mobiliários