StoneX Navigates Global Markets with $2.8B Non-Affiliate Market Value

TL;DR

**StoneX is a well-capitalized, diversified financial services powerhouse poised for continued growth by strategically acquiring smaller firms and expanding its global reach.**

AI Summary

StoneX Group Inc. (SNEX) reported a market value of common stock held by non-affiliates at approximately $2,838.7 million as of March 31, 2025, with 52,243,891 shares outstanding as of November 21, 2025. The company operates a global financial services network, connecting over 80,000 commercial, institutional, and payments clients, and more than 400,000 self-directed/retail accounts across 180+ countries. StoneX offers a vertically integrated product suite including execution, clearing, OTC/market-making, payments, advisory services, market intelligence, and physical trading in commodities like precious metals. Key business changes include expanding services in new geographic locations and pursuing small- to medium-sized acquisitions to increase market share or enter new asset classes. Risks include market risk exposure, which StoneX aims to mitigate through a centralized and disciplined process for capital allocation and risk management. The strategic outlook emphasizes leveraging key trends like increased regulation on banking institutions and consolidation in financial services, while maintaining a client-first approach and a global infrastructure of over 5,400 employees as of September 30, 2025.

Why It Matters

StoneX's robust global financial services network, serving over 80,000 commercial and institutional clients, positions it as a significant player outside of traditional bulge bracket banks. For investors, its diversified revenue streams across asset classes, client types, and geographies offer stability, while its strategic focus on acquisitions and geographic expansion signals growth potential in a consolidating market. Employees benefit from a company embracing an entrepreneurial approach supported by strong controls, and customers gain access to a broad array of financial and physical products with high-touch service. The company's role as one of the largest non-bank FCMs, with $7.4 billion and $6.3 billion in client segregated assets as of September 30, 2025, provides competitive leverage against larger banking institutions and smaller, sub-scale financial service providers.

Risk Assessment

Risk Level: medium — The company operates in highly volatile financial markets, exposing it to significant market risk, as explicitly stated in its strategy to mitigate such exposure. While StoneX emphasizes a disciplined process for capital allocation and risk management, the inherent nature of its business across over 40 derivatives exchanges and 185 foreign exchange markets means it is constantly exposed to price fluctuations and counterparty risks. The filing also mentions the need for adequate liquidity to maintain daily operations, indicating ongoing capital management challenges in a dynamic financial landscape.

Analyst Insight

Investors should consider StoneX's strategic acquisitions and geographic expansion as potential catalysts for future growth, but remain vigilant about its exposure to market volatility. Monitor the effectiveness of its centralized risk management and capital allocation processes, especially given its significant client segregated assets of $7.4 billion and $6.3 billion as of September 30, 2025, as these are critical to maintaining stability and competitive advantage.

Financial Highlights

debt To Equity

N/A

revenue

$7.4 billion

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $2,838.7 million — aggregate market value of common stock held by non-affiliates (as of March 31, 2025, indicating significant public float)
• 52,243,891 — shares of common stock outstanding (as of November 21, 2025, reflecting the company's share count)
• 5,400 — employees (as of September 30, 2025, demonstrating the company's operational scale)
• 80,000 — commercial, institutional, and payments clients (highlighting a broad client base)
• 400,000 — self-directed/retail accounts (indicating significant retail presence)
• 180 — countries served (demonstrating global reach)
• $7.4 billion — required client segregated assets for a U.S. FCM subsidiary (as of September 30, 2025, positioning it as one of the largest non-bank FCMs)
• $6.3 billion — required client segregated assets for another U.S. FCM subsidiary (as of September 30, 2025, further solidifying its market position)
• 140 — currencies offered for payments services (showcasing extensive payment capabilities)
• 375 — correspondent banking relationships (supporting its global payments network)

Key Players & Entities

• StoneX Group Inc. (company) — registrant
• SEC (regulator) — Securities and Exchange Commission
• Nasdaq Stock Market LLC (company) — exchange where SNEX is registered
• London Metals Exchange (company) — LME, where StoneX's U.K. subsidiary is a Category One ring dealing member
• Private Securities Litigation Reform Act of 1995 (regulator) — governing forward-looking statements
• Sarbanes-Oxley Act (regulator) — governing internal control over financial reporting
• 5,400 (dollar_amount) — number of employees as of September 30, 2025
• 80,000 (dollar_amount) — number of commercial, institutional, and payments clients
• 400,000 (dollar_amount) — number of self-directed/retail accounts
• March 10, 2026 (date) — date of Annual Meeting of Stockholders

FAQ

Risk Factors

• Market Risk Exposure [high — market]: StoneX is exposed to market risk, which can arise from fluctuations in interest rates, foreign currency exchange rates, commodity prices, and equity prices. Adverse movements in these markets could negatively impact the company's financial condition and results of operations. The company aims to mitigate this through a centralized and disciplined process for capital allocation and risk management.
• Operational Failures and System Disruptions [high — operational]: The company relies heavily on its technology platforms and global infrastructure, which includes over 5,400 employees as of September 30, 2025. Any failure, disruption, or security breach in these systems could lead to significant financial losses, reputational damage, and regulatory scrutiny.
• Regulatory Compliance and Changes [high — regulatory]: Operating in over 180 countries and across various financial services necessitates adherence to a complex and evolving regulatory landscape. Non-compliance or significant changes in regulations could result in fines, sanctions, or restrictions on business activities, impacting profitability and operations.
• Credit Risk [medium — financial]: As a financial services provider, StoneX is exposed to credit risk from its clients and counterparties. Defaults or failures of these entities could lead to substantial financial losses, particularly given the scale of its operations, including managing significant client segregated assets like $7.4 billion for one U.S. FCM subsidiary.
• Reliance on Key Personnel [medium — operational]: The company's success depends on its experienced management team and skilled employees. The loss of key personnel or an inability to attract and retain talent could hinder strategic execution and operational effectiveness.
• Commodity Price Volatility [medium — market]: StoneX's involvement in physical trading of commodities, such as precious metals, exposes it to price volatility. Significant swings in commodity prices can impact trading revenues and inventory valuations.
• Liquidity Risk [medium — financial]: The company must maintain sufficient liquidity to meet its obligations, including client asset requirements and trading activities. Inadequate liquidity could impair its ability to conduct business and meet regulatory requirements.
• Litigation and Legal Proceedings [low — legal]: StoneX is subject to various legal proceedings and potential litigation inherent in the financial services industry. Adverse outcomes could result in significant financial liabilities and reputational damage.

Industry Context

StoneX operates in the highly competitive global financial services industry, characterized by increasing regulation on banking institutions and consolidation. The company differentiates itself from large banks through a client-first approach and a vertically integrated offering. Key trends include the growth of digital platforms, demand for comprehensive clearing and execution services, and expansion into new geographic markets and asset classes.

Regulatory Implications

As a global financial services provider, StoneX faces significant regulatory oversight across multiple jurisdictions. Compliance with evolving regulations, particularly concerning client asset protection (e.g., FCM requirements) and market conduct, is critical. Changes in regulatory frameworks could impact operational costs, business models, and profitability.

What Investors Should Do

1. Monitor regulatory developments
2. Analyze client acquisition and retention metrics
3. Assess the impact of market volatility
4. Evaluate the success of geographic and product expansion

Key Dates

• 2025-03-31: Market value of common stock held by non-affiliates reported — Indicates a market capitalization of approximately $2,838.7 million, reflecting the public float and investor valuation.
• 2025-09-30: Employee count reported — Company employed over 5,400 individuals, demonstrating its operational scale and global reach.
• 2025-09-30: Required client segregated assets for U.S. FCM subsidiaries reported — Managed $7.4 billion and $6.3 billion in segregated assets, positioning StoneX as a major non-bank FCM.
• 2025-11-21: Shares of common stock outstanding reported — 52,243,891 shares outstanding, providing a key metric for per-share calculations and market capitalization.

Glossary

FCM

Futures Commission Merchant. A firm that solicits or accepts orders to buy or sell futures contracts or options on futures, and accepts money or other property to margin such trades. (StoneX operates significant FCM subsidiaries, managing substantial client assets, highlighting its role in derivatives markets.)

OTC

Over-the-Counter. A decentralized market where participants trade assets directly with each other, rather than through a centralized exchange. (StoneX offers OTC trading and market-making services, indicating its involvement in less standardized and directly negotiated financial transactions.)

Vertically Integrated

A business strategy where a company controls multiple stages of its production process or supply chain, from raw materials to final product delivery. (StoneX's vertically integrated product suite, from execution to clearing and advisory, allows it to offer end-to-end services and capture value across the trade lifecycle.)

Client Segregated Assets

Funds and securities held by a broker or FCM on behalf of its clients, kept separate from the firm's own assets to protect clients in case of the firm's insolvency. (The large amounts of segregated assets managed by StoneX ($7.4B and $6.3B) underscore its significant client trust and regulatory responsibilities.)

Market Ecosystem

The interconnected network of participants, products, services, and infrastructure that facilitate financial market activities. (StoneX positions itself as a connector within this ecosystem, providing access and services to a diverse range of clients.)

Year-Over-Year Comparison

The provided text does not contain comparative data from a previous filing, making it impossible to assess year-over-year changes in revenue growth, margin shifts, or the emergence of new risks. Key metrics such as employee count (5,400 as of Sept 30, 2025) and client numbers (80,000 commercial/institutional/payments, 400,000 retail) are presented as current figures.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value SNEX The Nasdaq Stock Market
• $7.4 billion — egregated and foreign secured assets of $7.4 billion and $6.3 billion, respectively, as of S
• $6.3 b — eign secured assets of $7.4 billion and $6.3 billion, respectively, as of September 30
• $37 billion — ondent clearing relationships with over $37 billion in assets under management or administr
• $6.3 billion — our two U.S. FCMs held $7.4 billion and $6.3 billion in required client segregated and forei

Filing Documents

• intl-20250930.htm (10-K) — 4519KB
• snex2025exh41q4roll.htm (EX-4.1) — 9KB
• fourthamendment-creditagre.htm (EX-10.22) — 716KB
• stonex-secondamendmenttoth.htm (EX-10.26) — 55KB
• barclays_stonex-arfa2025.htm (EX-10.28) — 994KB
• rjosrunsecloanagrmt2025.htm (EX-10.29) — 519KB
• snex2025exh211q4roll.htm (EX-21.1) — 52KB
• snex2025exh231q4roll.htm (EX-23.1) — 2KB
• snex2025exh311q4roll.htm (EX-31.1) — 10KB
• snex2025exh312q4roll.htm (EX-31.2) — 9KB
• snex2025exh321q4roll.htm (EX-32.1) — 5KB
• snex2025exh322q4roll.htm (EX-32.2) — 5KB
• image_6a.jpg (GRAPHIC) — 3KB
• intl-20250930_g1.jpg (GRAPHIC) — 94KB
• intl-20250930_g2.jpg (GRAPHIC) — 70KB
• 0000913760-25-000196.txt ( ) — 25681KB
• intl-20250930.xsd (EX-101.SCH) — 134KB
• intl-20250930_cal.xml (EX-101.CAL) — 216KB
• intl-20250930_def.xml (EX-101.DEF) — 741KB
• intl-20250930_lab.xml (EX-101.LAB) — 1448KB
• intl-20250930_pre.xml (EX-101.PRE) — 1155KB
• intl-20250930_htm.xml (XML) — 4362KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Reserved

Item 6. Reserved 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 68

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 71

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 134

Controls and Procedures

Item 9A. Controls and Procedures 134

Other Information

Item 9B. Other Information 135

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 135 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 136

Executive Compensation

Item 11. Executive Compensation 136

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 136

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 136 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 137

Form 10-K Summary

Item 16. Form 10-K Summary 140

Signatures

Signatures 141 Table of C ontents Throughout this document, unless the context otherwise requires, the terms "Company", "we", "us" and "our" refer to StoneX Group Inc. and its consolidated subsidiaries. Cautionary Statement about Forward-Looking Statements Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled "Risk Factors" (refer to Part I, Item 1A). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. PART I

Business

Item 1. Business Overview of Business and Strategy We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. We strive to be the one trusted partner to our clients, providing our network, products and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. Our businesses are supported by our global infrastructure of regulated operating subsidiaries, advanced technology platforms and team of more than 5,400 employees as of September 30, 2025. We believe our client-first approach differentiates us from large banking institutions, engenders trust and has enabled us to establish market leading positions in a number of complex fields in financial markets around the world. We offer a vertically integrated product suite, beginning with high-touch and electronic access to nearly all major financial markets worldwide, as well as numerous liquidity venues. We deliver this access through the entire lifecycle of a trade, from deep market expertise and on-the-ground intelligence to best execution and post-trade clearing, custody and settlement services. We believe this is a unique product offering outside of bulge bracket banks, which creates long-term relationships with our clients. Our business model has created a revenue stream diversified by asset class, client type and geography, earning commissions and spreads as clients execute transactions across our global network, monetizing non-trading client activity including interest and fee earnings on client balances as well as earning consulting fees for our market intelligence and risk management services. We currently serve more than 80,000 commercial, institutional, and payments clients, and over 400,000 self-directed/retail account

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View this 10-K filing on SEC EDGAR