ValueScreener company report

XP Inc. (XP)

Name: XP Inc. (XP) filed financial figures
Creator: ValueScreener

NASDAQ / Financial Services / Financial - Capital Markets

Share price

30.04 USD Market dataClose of Oct 15, 2026

Market capitalisation

15.53B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2024, filed Apr 24, 2025
Ratios computed: Oct 15, 2026
Filed years: 8, FY2017 to FY2024

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

22.5% Computed

From the FY2024 filing

Read quality

Financial strength

Debt to equity

0.10 Computed

From the FY2024 filing

Read financial strength

Valuation

Price to earnings

17.54x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2024 accounts, priced at the latest close

Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

Read cash generation

Revenue and net income, by fiscal year

Revenue Net income9 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 17.54x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Financial - Capital Markets industry (36 companies), 17.54x sits at the 55th percentile; the middle half of that group runs from 12.68x to 23.09x.

Is it good

Return on equity was 22.5% in FY2024, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Financial - Capital Markets industry (64 companies), 22.5% sits at the 86th percentile; the middle half of that group runs from -23.4% to 16.4%.

Is it safe

Debt to equity was 0.10 in FY2024, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Financial Services sector (80 companies), 0.10 sits at the 18th percentile; the middle half of that group runs from 0.21 to 1.42.

Year by year against peers: Whether XP Inc.'s return on equity stayed above the median of the Financial - Capital Markets industry, year by year. (FY2018 to FY2024, 7 fiscal years of XP Inc. with a comparable figure)
The direction: Which way XP Inc.'s return on equity has moved, and how steadily. (FY2013 to FY2024, 8 filed years of XP Inc.)
What could explain it: What in XP Inc.'s filed statements could explain the movements. (2 readings drawn from the statement lines XP Inc. filed)
What to check next: What to check next on XP Inc., and where in its filings. (1 question for XP Inc.)
In one paragraph: One paragraph on XP Inc.'s returns, cash, balance sheet and price. (4 of sixteen figures read for XP Inc.)

These are XP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research XPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 24, 2025, accession 0001628280-25-019508.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

XP Inc: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/m Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.	n/m ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Return on equity	22.5% ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Return on capital employed, pre-tax Why n/m Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.	n/m ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Return on assets	1.3% ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Gross margin Why n/a Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Operating margin Why n/a No operating income line is filed for this year.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Net margin	60.8% ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508

XP 60.8%

12.9%60.8%

Net margin: XP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

XP Inc: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity	0.10 ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Current ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Quick ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Interest coverage Why n/a No operating income line is filed for this year.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Altman Z-score Why n/m Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Net debt	-10.93B ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What XP Inc owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 24, 2025, 0001628280-25-019508).

XP Inc: balance sheet position
Total assets	347.46B FiledFY2024 20-F, filed Apr 24, 2025
Total liabilities	327.41B FiledFY2024 20-F, filed Apr 24, 2025
Shareholders' equity	20.04B FiledFY2024 20-F, filed Apr 24, 2025
Cash	12.91B FiledFY2024 20-F, filed Apr 24, 2025
Total debt	1.98B FiledFY2024 20-F, filed Apr 24, 2025
Net debt	-10.93B
Current ratio	n/a
Debt to equity	0.10

Current ratio: FY2024: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Interest cover: FY2024: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

XP Inc: what the market charges, each with its source
Figure	Value, source and document
Price to earnings	17.54x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
P/E on trailing twelve months Why n/a A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.	n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	3.95x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Price to sales	10.66x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Enterprise value to EBIT Why n/m Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Enterprise value to EBITDA Why n/m Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Price to earnings over growth	0.56 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Diluted earnings per share Why n/a The FY2024 filing carries no diluted earnings per share we could read.	n/a FiledFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Graham number Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508

We publish no fair value or price target of our own. Value XP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for XP Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

XP Inc: valuation
Share price	30.04 USD
Market capitalisation	15.53B USD
Enterprise value to EBITDA	n/m
Graham number	n/a
Diluted earnings per share, FY2013	n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like XP Inc

Same industry (Financial - Capital Markets) and size band (Large, 10B to 200B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

XP Inc: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield Why n/m For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Free cash flow	11.03B BRL ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Free cash flow margin Why n/m For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.	n/m ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Dividend yield Why n/a The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Payout ratio	45.1% ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

XP Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	17.54x	FY2024	Oct 15, 2026
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	3.95x	FY2024	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Apr 24, 2025
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2024. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	0.10	FY2024	Apr 24, 2025
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2024. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/a	FY2024	Apr 24, 2025
n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2024. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	10.66x	FY2024	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	0.56	FY2024	Oct 15, 2026
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Apr 24, 2025
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2024. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab
	n/m	FY2024	Apr 24, 2025
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2024. Form20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itIncome statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tabForm20-FFiledApr 24, 2025PeriodFY2024Accession0001628280-25-019508What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001628280-25-019508, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 8 filed fiscal years on record, FY2017 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

9 fiscal years, FY2013 to FY2024. 8 read from the annual reports XP Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in BRL, as reported.

XP Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2024	7.42B	n/a	4.51B	n/a	11.03B	n/a	22.5%	20-F, Apr 24, 20250001628280-25-019508
FY2023	6.53B	n/a	3.90B	n/a	8.06B	n/a	20.1%	20-F, Apr 26, 20240001628280-24-018424
FY2022	5.94B	n/a	3.58B	n/a	1.76B	n/a	21.0%	20-F, Apr 27, 20230001628280-23-013297
FY2021	6.20B	n/a	3.59B	n/a	-4.16B	n/a	24.9%	20-F, Apr 13, 20220001628280-22-009080
FY2020	5.02B	n/a	2.08B	n/a	1.37B	n/a	19.1%	20-F, Apr 29, 20210001628280-21-008199
FY2019	3.60B	n/a	1.08B	n/a	-3.89B	n/a	15.1%	20-F/A, May 22, 20200000950103-20-010060
FY2018	2.05B	n/a	461.4M	n/a	-539.9M	n/a	22.1%	20-F/A, May 22, 20200000950103-20-010060
FY2017	1.28B	n/a	413.9M	n/a	232.0M	n/a	n/a	20-F/A, May 22, 20200000950103-20-010060
FY2013	31.9M	31.9M	31.9M	0.13	-47.0K	100.0%	12.3%	Market data, supplied Oct 15, 2026accession n/a

Revenue, compound annual growth FY2013 to FY2024: 64.1%
Earnings, compound annual growth FY2013 to FY2024: 56.9%
Earnings per share: Fewer than two filed years carry earnings per share.
Free cash flow: Free cash flow was not positive in both 2013 and 2024, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

XP Inc: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/m The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.	n/m ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Piotroski F-score Why n/m 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.	n/m ComputedFY2024 20-F, filed Apr 24, 2025, 0001628280-25-019508
Named tests met	0 of 30 Computed
Beta	1.21 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 14 not met, 16 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: None of the named tests.
Does not: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured: Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(21)

Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Interest Coverage: No operating income line is filed for this year.
Dividend Yield: The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Price To Graham: We do not hold this figure for this company, so there is nothing to show.
Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

21 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 16 named tests come back incomplete because of them, which is neither met nor missed.
We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, by fiscal year

The reading, in brief

Financial health

Valuation

Companies like XP Inc

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes