Stock fact sheet · data as of
XP Inc. (XP): fair value, margin of safety and Wheel Score
Ticker symbol XP · Financial Services · Financial - Capital Markets · Cayman Islands · Class A common stock · Value
XP is XP Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is XP undervalued?
At 15.17 (close of 5 Nov 2026), XP trades 78% below the GLS average fair value of 70.40. That average comes from 9 models run on the latest filings, and 8 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns XP Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The 9 models disagree widely: DDM gives 5.74 while Payback Time gives 187.61. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, XP is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 75, growth score 47, out of 100).
Nine valuation models for XP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 25.91 | +71% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 18.83 | +24% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 69.80 | +360% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 27.64 | +82% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 116.02 | +665% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 161.04 | +962% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 187.61 | +1137% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 5.74 | -62% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 21.06 | +39% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -115.32 | -860% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 26.33 | +74% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - XP passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 7.9 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
Returns on capital are thin or negative - ROIC 4.7%, ROE 21.5%, ROA 1.3% - with debt at 3.62 times equity and a free-cash-flow yield of 50.2%. Debt of 3.62 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 2.57% at a payout ratio of 19%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 8/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 4.7% |
|---|---|---|---|
| GLS Moat | 7.9 / 10 | ROE | 21.5% |
| Debt / equity | 3.62 | ROA | 1.3% |
| Free-cash-flow yield | 50.2% | Payout ratio | 19% |
| Institutions | 8 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 55: Fair
XP scores 55 out of 100 on the Wheel Score (Fair band, 50-69) because it fails filter 4, financially healthy - Piotroski 5/9 (under 6). A stock must pass all 9 Wheel Trade Filters to reach 70. Otherwise the parts read: value strong, premium strong, moat good, health fair, red flags fair, option trading strong, stability good.
Implied volatility is 57% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. The option chain is deep: 235,713 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 13.8M shares a day on a market cap of $7.9B, with a beta of 1.03; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 78% below fair value | |
| Premium | Strong | implied volatility 57% | |
| Moat | Good | moat 7.9/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Strong | 6,366 contracts a day, 235,713 open interest | |
| Stability | Good | beta 1.03, $7.9B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
XP Inc. reports earnings on 16 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
In the last 30 days analysts logged 1 upgrade and 2 downgrades on XP; the latest action was a downgrade by Santander on 29 Oct 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Financial - Capital Markets
The 12 companies below are the closest to XP Inc. by market cap within the Financial - Capital Markets industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| SNEX StoneX Group Inc. | 56.83 | 712.67 | +92% | 79Good | $6.9B |
| JEF Jefferies Financial Group Inc. | 51.17 | 141.57 | +64% | 81Good | $9.7B |
| HUT Hut 8 Corp. | 48.94 | - | - | 14Weak | $6.0B |
| WULF TeraWulf Inc. | 11.70 | - | - | 14Weak | $5.8B |
| MKTX MarketAxess Holdings Inc. | 165.61 | 115.27 | -44% | 23Weak | $5.8B |
| RIOT Riot Platforms, Inc. | 15.37 | - | - | 20Weak | $5.8B |
| SF Stifel Financial Corp | 72.94 | 97.45 | +25% | 79Good | $10.9B |
| BGC BGC Group, Inc | 11.27 | 9.43 | -19% | 42Weak | $5.3B |
| EVR Evercore Inc. | 311.03 | 355.42 | +12% | 75Good | $12.0B |
| MRX Marex Group Limited | 70.34 | 295.28 | +76% | 82Good | $5.1B |
| BMNR Bitmine Immersion Technologies, Inc. | 21.73 | 0.7947 | -2635% | 29Weak | $12.4B |
| BMNP Bitmine Immersion Technologies, Inc. | 98.10 | 1.63 | -5908% | 13No options | $13.0B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about XP
What kind of share is XP?
XP is XP Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is XP undervalued right now?
By the GLS models, yes: at 15.17 the stock is 78% below the average fair value of 70.40 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of XP and what does it mean?
XP scores 55 out of 100 (Fair) - it fails Wheel Trade Filter 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for XP?
70.40 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does XP Inc. report earnings next?
The next earnings report is due on 16 Nov 2026 (after the close), 11 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does XP have listed options, and how liquid are they?
Yes. The nightly snapshot found 236 listed contracts with 235,713 open interest across all expiries and implied volatility of 57% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.