SNEX

StoneX is a global financial-services intermediary in securities, commodities and FX. Its headline 'revenue' of $132B (+32.5%) reflects gross transactional flow, not economic margin, so the relevant figures are net income $306M (+17.3%), diluted EPS $5.89 (+10.9%), and a 12.9% return on equity. What stands out is consistency: net income has risen every year for five years — $116M, $207M, $239M, $261M, $306M — a rare track record of compounding through varied market environments, reflecting the diversification of its execution and clearing franchise.

The balance-sheet structure is typical of a broker-dealer and should not be read as risk in the usual sense: liabilities/equity of 18.04x and total assets of $45.3B (+64.8%) largely represent client and counterparty positions that are matched, not directional leverage. Operating cash flow surged to $4.39B, but for a broker this figure is dominated by working-capital swings in client balances rather than recurring earnings. Equity grew 39.1% to $2.38B and retained earnings rose 22.0% to $1.69B, evidence the franchise is building capital as it scales.