Cluenex
Log inStart free
All stocks · Financial Services · Investment Banking & Brokerage

XP Inc. XP

XP Inc. scores good on business quality (7.1 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$32.22Oct 10, 2026
Business qualityGood
Next earningsNot scheduled yet
Insiders, 90 daysSelling

Why it matters

  1. What XP Inc. does

    XP Inc operates a digital financial platform in Brazil, charging commissions and fees from retail and institutional clients for investment products, advisory services, and financial tools. The business captures market share by migrating traditional bank customers to an independent digital ecosystem.

  2. What it does best

    XP dominates independent wealth distribution in Brazil through a proprietary advisor network that locks in clients via comprehensive platform integration and diverse product access. Free cash flow reached $12.8B, funding continuous tech investments that competitors struggle to match.

  3. The main risk

    Rising debt levels present a clear vulnerability, with total debt expanding to $201.8B against a cash buffer of $10.4B. Higher interest expenses could compress margins if macroeconomic conditions in Brazil shift unfavorably.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margin sits at 31.7% and ROE reaches 22.0%, both expanding on steady scale economies where rising revenue directly lifts net income to $5.3B.

MoatFair

An operating margin sitting in the top quartile of its sector at 32% underscores its scale advantage, locking in high-net-worth clients who face high friction moving assets.

GrowthSteady

Revenue grew 8.0% to $19.1B, maintaining a steady climb from $14.9B in 2023, though top-line expansion runs at a moderate pace compared to hyper-growth tech peers.

Financial healthStrong

Interest coverage stands at 12.3x, showing manageable debt service costs alongside $12.8B in free cash flow, pointing to a resilient balance sheet getting stronger.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 sold $2.4M outside pre-planned sales.

Our sealed record on XP

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is XP a good business?

XP Inc. scores good on the Cluenex quality check (7.1 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health strong.

Are insiders buying XP?

In the last 90 days of SEC Form 4 filings: 1 sold $2.4M outside pre-planned sales.

When does XP report earnings?

Not scheduled yet.

For members

See XP today

  • Today's verdict on XP, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
Open in Cluenex Free to start. First month of Core free.

Cite this page: Cluenex, “XP Inc. (XP)”, https://cluenex.com/stocks/xp/, data as of Oct 10, 2026.