At a glance
Stonex Group Inc is worth $6.76B, about 21 times its fiscal 2025 earnings. Revenue grew 32.5% to $132.38B in fiscal 2025, with 0.2% kept as profit; over 5 years it has grown 19.6% a year. It pays no dividend; it spent $11.7M buying back its shares over FY2021–FY2025. The stock returned −12.5% over the past year with dividends reinvested and +22.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 16.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month after the low.
The business in plain English
StoneX, formerly INTL FCStone, links businesses, institutions and individual traders to markets worldwide, handling each trade from placing the order to final settlement. Its network reaches over 40 derivatives exchanges, about 185 foreign exchange markets and more than 18,000 over-the-counter markets, where two parties deal directly rather than on an exchange. Its fiscal 2025 annual report counted more than 80,000 commercial, institutional and payments clients and over 400,000 self-directed/retail accounts in more than 180 countries.
It earns commissions and spreads (the gap between purchase and sale prices) on client trades, interest and fees on client deposits, and consulting fees for risk management advice. It runs two of the largest US futures commission merchants not owned by banks; these firms handle clients' futures trades and collateral. It trades physical commodities, mainly precious metals, on its own account and handles payments in more than 140 currencies.
It reports four segments: Commercial, which helps businesses protect against swings in grain, energy and metal prices, exchange rates and interest rates; Institutional; Self-Directed/Retail; and Payments. The 10-K assigned 91.3% of fiscal 2025 revenue to the Middle East and Asia, 5.9% to the United States and 2.3% to Europe. Revenue of $132.4 billion dwarfed net income of $305.9 million, partly because commodities it trades on its own account typically count at full value.
Price history
The interactive chart needs JavaScript.
SNEX -12.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Middle East and Asia | $120.92B | 91.3% |
| United States | $7.76B | 5.9% |
| Europe | $3.11B | 2.3% |
| South America | $564.0M | 0.4% |
| Other | $23.6M | 0% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $40.19B, up 15.4% from a year earlier, and net income was $127.9M (+101.7%).
- For fiscal 2025, revenue was $132.38B (+32.5% year over year; +19.6% a year from FY2020 to FY2025) with a 0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.6% good |
|---|---|
| Free cash flow margin | 3.3% watch |
| Return on equity (FY2025) | 12.9% watch |
| Return on assets (FY2025) | 0.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $54.14B | $169.6M | $1.93B |
| FY2021 | $42.53B | $116.3M | $2.06B |
| FY2022 | $66.04B | $207.1M | $-279.0M |
| FY2023 | $60.86B | $238.5M | $-70.6M |
| FY2024 | $99.89B | $260.8M | $441.7M |
| FY2025 | $132.38B | $305.9M | $4.32B |
Valuation snapshot
| Market value | $6.76B |
|---|---|
| P/E ratio | 21.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Stonex Group’s market value went from $1.83B at the end of 2021 to $6.76B on Oct 28, 2026, about 3.7 times as much; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.76B | -9.3% |
| 2025 | $7.45B | +58.9% |
| 2024 | $4.69B | +35.3% |
| 2023 | $3.47B | +18.9% |
| 2022 | $2.92B | +59.1% |
| 2021 | $1.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SNEX price data to Oct 28, 2026 | -11.6% | -12.5% | +27.1% | +22.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.6% |
| 2025 | +45.6% |
| 2024 | +32.7% |
| 2023 | +16.2% |
| 2022 | +55.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 36.4% over that stretch · deepest drop along the way 16.3%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($161K) and 14 sales ($37.1M), 14 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 14, 2026 | William J Dunaway Chief Financial Officer | sell (plan) | $6.4M |
| Oct 12, 2026 | Sean Michael Oconnor Executive Vice-Chairman-Board, Director | sell (plan) | $4.6M |
| Sep 28, 2026 | Philip Andrew Smith Chief Executive Officer, Director | sell (plan) | $3.7M |
| Sep 14, 2026 | Mark Lowry Maurer Chief Risk Officer | sell (plan) | $3.6M |
| Aug 7, 2026 | Mark Lowry Maurer Chief Risk Officer | sell (plan) | $3.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.6% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.14% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 4.4% | Mar 31, 2026 |
ETFs with the most weight in SNEX
| TMFM Motley Fool Mid-Cap Growth ETF | 6.47% |
| TMFS Motley Fool Small-Cap Growth ETF | 5.05% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 3.65% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 3.01% |
| TMFG Motley Fool Global Opportunities ETF | 2% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 1.87% |
| KCE SPDR S&P Capital Markets ETF | 1.82% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.64% |
What could go wrong
- Profits rise and fall with market activity. Client trading tends to grow when commodity prices are volatile or rising. Long calm spells or lower prices could mean fewer trades, smaller client deposits and lower revenue, and results may swing into losses.
- Lower interest rates would squeeze profits. StoneX earns significant interest and fees on client money on deposit. Lower short-term rates or smaller balances could materially hurt profits, and a recession could bring low rates and calm markets together.
- Trading on its own account can backfire. Acting as principal, StoneX trades with its own money, taking the other side of client deals, including customized hedging contracts. In prolonged extreme volatility it may fail to offset those positions and take losses.
- Clients or trading partners may not pay. If clients lose more than they deposited, StoneX may not recover the shortfall yet may still have to cover their positions with its own funds. Banks holding its and clients' money could also fail.
- Needs ready access to cash and credit. StoneX can face margin calls (collateral demands) on short notice. It relies on credit lines that might not be renewed, and its debt ($1.8 billion as of June 30, 2026) carries restrictive terms.
- Strict regulation and capital rules. Several subsidiaries must hold significant minimum capital. Falling short could bring suspension or limits on products, and rule changes could restrict operations or its ability to pay dividends or repay debt.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
StoneX does not pay a dividend and paid none from fiscal 2021 through fiscal 2025, so there is no dividend growth or payout history to assess. Buybacks (repurchases of its own stock) totaled $11.7 million over those five years. The split-adjusted share count rose about 20% between August 2021 and August 2026, spreading profits across more shares. All returns come from the share price, so an income investor would have to trim shares to raise cash, possibly after a fall.
In the year to October 28, 2026, the shares fell as much as 39.8% from their high and were down 12.5% over the period. The price history examined here starts too late to show 2008 or 2020. While the broad market fell from January 3 to October 12, 2022, StoneX shares rose 36.4%, despite a 16.3% drop from August 12 to September 23 that was recovered by October 28. A single stock carries more risk than a diversified fund.
Questions investors ask
How does StoneX make money?
StoneX makes money from client trading and from the cash clients keep with it. It earns commissions and spreads (the gap between purchase and sale prices) as clients trade across its network, interest and fees on client balances, and consulting fees for market intelligence and risk management. It also trades physical commodities, mainly precious metals, on its own account and handles payments in more than 140 currencies. Clients find it through sites such as StoneX.com, FOREX.com and StoneXBullion.com.
Does StoneX pay a dividend?
No. StoneX paid no dividends from fiscal 2021 through fiscal 2025 (its fiscal year ends September 30), so it offers no regular income. It returned $11.7 million through buybacks over those five years, a small amount for a company with a market value of about $6.8 billion as of October 28, 2026. Its 10-K also warns that changes in net capital rules, which require some subsidiaries to hold minimum capital, could limit its ability to pay dividends.
Why is StoneX's revenue so high but its profit margin so thin?
Largely because of how its trading is counted. When a firm trades physical commodities such as precious metals as a principal, meaning on its own account, the full sale value is typically booked as revenue, while profit is a thin slice. In fiscal 2025 StoneX reported $132.4 billion of revenue and net income of $305.9 million, a net margin of about 0.2%. Return on equity, profit measured against shareholders' capital, was 12.9%, a more useful gauge for this kind of business.
How volatile is StoneX stock?
Quite volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 60.5%, and its beta was 1.13, meaning it has tended to move a little more than the overall market. The shares fell as much as 39.8% from their high over that year and were down 12.5%. Over longer periods the price did better: it rose about 175% over five years, or 22.4% a year on average.
Are StoneX insiders selling stock?
Yes, insider sales far outweighed purchases. Of 25 insider filings reviewed among 91 made between October 29, 2025 and October 29, 2026, there were 20 sales worth about $62.1 million and one purchase of about $161,000. All 20 sales were under pre-arranged trading plans, which set terms in advance. The largest included about $7.8 million by Executive Vice-Chairman Sean O'Connor and $7.1 million by Chief Financial Officer William Dunaway, both on July 22, 2026.