StoneX: Too Far Too Fast?

StoneX: Too Far Too Fast? Written by Peter Frank | Reviewed by Clare Titus August 25, 2026

Key Points StoneX Group posted record fiscal third-quarter results, with net operating revenue up 47% and net income more than doubling to $127.9 million. Analysts maintain a consensus Buy rating on StoneX with a $112 price target, implying more than 60% upside despite recent stock declines. Acquisitions such as R.J. O'Brien, Banco Travelex, and Advanced Marketing Group are fueling growth, though insider selling and market volatility pose risks.

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StoneX Group Today SNEX StoneX Group $68.14 +0.39 (+0.58%) As of 12:50 PM Eastern This is a fair market value price provided by Massive. Learn more. 52-Week Range $36.45 ▼ $94.66 P/E Ratio 16.25 Price Target $112.00 Add to Watchlist

StoneX Group NASDAQ: SNEX should be accustomed to wild swings in the market. This New York-based financial services firm deals in everything from commodities and currencies to securities and digital assets. This year, it’s taken a wild swing of its own. It has scored remarkable revenue growth and an extraordinary earnings increase, all while its stock was suddenly punished after reaching record highs. And now analysts rate it a Buy with more than 60% upside over the next 12 months.

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A Major Force in Global Markets StoneX is hardly a household name like a bank or a brokerage app. But this firm has quietly become one of the most important internal plumbing networks in global markets, connecting farmers, exporters, hedge funds, and everyday traders. With a presence in more than 140 countries, its business offerings are extensive, from brokerage and hedging services in agricultural products, energy and metals, spot and forward currency trades, and derivatives clearing, margin financing and advisory support. That array of financial networks, it turns out, can be highly profitable, especially during times of market volatility.

For the company’s fiscal third-quarter, StoneX reported net operating revenues came in at $719.7 million, up 47% year-over-year, while net income more than doubled to $127.9 million , a 102% increase. Diluted earnings per share (EPS) reached $1 , up 85% from a year earlier, above analysts’ estimates, and return on equity hit 18.4%, comfortably above the company’s own 15% long-term target.

Commercial and Institutional Lead the Growth The Commercial segment, in particular, led much of the way. Revenue for the unit, covering hedging and physical commodities execution, jumped 97%. The Institutional segment grew 40% on record securities trading volumes tied to its recent major acquisition of the R.J. O’Brien business. The lone soft spot was Self-Directed/Retail, where revenue fell 13% as retail trading activity cooled.

StoneX Extends Its Record Results The recent growth trend is hardly confined to one quarter. For the first nine months of fiscal 2026, net income doubled to $441.2 million and diluted EPS climbed 82% to $3.49. And that’s after the previous full year, ended Sept. 30, which itself set a record. Operating revenue rose 20% to $4.13 billion, net income climbed 17% to a record $305.9 million, diluted EPS reached $5.89, and return on equity came in at 15.6%, again above management’s target.

Acquisitions Add Fuel to Expansion While much of the company’s growth is organic, it has also been fueled by acquisitions. StoneX completed a roughly $900 million purchase of R.J. O’Brien & Associates on July 31, 2025, instantly making it the largest non-bank futures commission merchant in the United States by customer assets. This year, on Aug. 12, StoneX agreed to acquire Banco Travelex S.A. , Brazil’s first bank dedicated solely to foreign exchange, to expand its Latin American payments footprint. Most recently, it disclosed a deal for Advanced Marketing Group to broaden feed-ingredien...