BP
BPAC11.SA
—
B3 (São Paulo)
Unclassified
Banco BTG Pactual SA
Last 30 days
1D5D1M3M6MYTD1Y5YMax
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Mcap
182,4B BRL
P/E
9,4x
EV / Rev
6,1x
Div yield
2,50 %
Op margin
24,0 %
ROE
28,1 %
Net margin
20,7 %
Debt / equity
5,59
Beta
—
52w range
—
Volume
—
Day range
—
Prev close
—
Open
—
Next earnings
—
Ex-dividend
—
TR 1Y
—
About
Banco BTG Pactual SA is a Brazilian financial institution operating in the Capital Markets industry within the Financials sector, generating revenue through banking and investment services.
Business. Banco BTG Pactual SA is a Brazilian financial institution operating in the Capital Markets industry within the Financials sector, generating revenue through banking and investment services.
Classification20 %
SectorUnclassified
Generated · model-assisted
Sell-side consensus
BUY10 analysts
7 buy3 hold0 sell
Avg 12m price target66,00
Analyst recommendations
10 analysts · consensus BuyBuy7
Hold3
Sell0
12-month price target
66,00
Consensus of sell-side coverage.
At a glance
Score
—
not yet scored
Valuation→
9,4x
P/E
Analysts→
Buy
10 analysts · indicative
Ownership
—
not yet wired
Profitability→
28,1 %
return on equity
Quality
—
not yet scored
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
— missing data
News & coverage
0Sector rotation
Sector1D1Mvs mkt
Materials+2,3 %+6,6 %+1,7 %
Communication Services+2,2 %−5,5 %+1,6 %
Energy+0,6 %+3,3 %+0,0 %
Health Care+0,6 %−0,8 %+0,0 %
Information Technology+0,6 %+6,7 %+0,0 %
Consumer Discretionary+0,4 %+7,6 %−0,2 %
Financials−0,3 %−2,8 %−0,9 %
Consumer Staples−0,4 %+2,5 %−1,0 %
Real Estate−0,7 %+10,9 %−1,3 %
Industrials−1,9 %−3,1 %−2,5 %
Utilities−1,9 %+28,2 %−2,5 %
Developing storylines
No tracked sagas currently linked to BPAC11.SA. Browse all sagas →
Analysis
AI analysis
Generated · analysis pipeline · tier hybrid · as of 2026-08-04
↑ At a glance
Opportunity
— missing data
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
— missing data
Signals & dispatch
peak dispatch · —
Composite-score breakdown
Synthesis
Business
Banco BTG Pactual SA is a Brazilian financial institution operating in the Capital Markets industry within the Financials sector, generating revenue through banking and investment services.
Classification20 %
SectorUnclassified
AI synthesis
GENERATEDBanco BTG Pactual SA maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 5.59 and long-term debt totaling BRL 391.19 billion against total equity of BRL 69.97 billion. The company reports total assets of BRL 805.97 billion and total liabilities of BRL 735.99 billion. Liquidity risk is assessed as medium, with a key flag noting that net cash is negative after subtracting total debt. Despite negative operating cash flow of BRL -24.67 billion, the company reports positive free cash flow of BRL 17.62 billion, driven by minimal capital expenditures of BRL -0.26 billion.
Profitability metrics indicate strong returns on equity, with an ROE of 28.15% and an ROA of 2.44%. The company generates net income of BRL 19.69 billion on revenue of BRL 99.50 billion, resulting in a net margin of approximately 19.8%. Operating income stands at BRL 23.26 billion, reflecting efficient cost management relative to gross profit of BRL 47.93 billion. These returns are supported by a valuation multiple of 9.45x P/E and 2.66x P/B, suggesting the market prices the stock at a premium to book value but with reasonable earnings multiples.
Key takeaways
- High leverage with a debt-to-equity ratio of 5.59 and negative net cash position.
- Strong profitability with an ROE of 28.15% and net margin of ~19.8%.
- Positive free cash flow of BRL 17.62 billion despite negative operating cash flow.
- Analyst consensus suggests upside potential with a mean price target of BRL 66.00.
- Low dilution risk with stable share count of 3.36 billion.
- Medium liquidity risk requires monitoring of cash flow and debt management.
Bull / Bear case
Generated · model-assistedBULL CASE · 3
Net income surged to BRL 19.7 billion in FY2026, reflecting strong profitability growth over the four-year period.
Analysts project 21.5% upside to a mean price target of BRL 66.00, signaling positive market sentiment.
Free cash flow reached BRL 17.6 billion in FY2026, demonstrating robust cash generation capabilities.
BEAR CASE · 5
Debt-to-equity ratio of 5.59 places the company in the bottom quartile, indicating high financial leverage risk.
Long-term debt increased to BRL 391.2 billion in FY2026, raising concerns about solvency and interest obligations.
The company faces a high credit risk flag, suggesting potential difficulties in meeting financial obligations.
Cash conversion ratio of -1.25 is in the bottom quartile, indicating poor efficiency in converting profits to cash.
Medium liquidity risk flags suggest potential challenges in meeting short-term financial obligations.
In focus — financials by report
Quarterly
Annual
QUARTERLYFiled 2026-02-09
Q4 2025 · Quarter highlights
Revenue BRL 26.93B, +54,2% YoY; Operating income +27,4% YoY.
RevenueBRL 26.93B+54,2 % YoY
Operating incomeBRL 5.79B+27,4 % YoY
Net incomeBRL 5.45B+39,0 % YoY
Free cash flowBRL 6.03B+46,3 % YoY
EPS—
Operating cash flow-BRL 24.67B−940,6 % YoY
Financials
Income statement
RevenueBRL 26.93B
Gross profitBRL 12.20B
Operating incomeBRL 5.79B
Net incomeBRL 5.45B
Margins
Gross margin45.3%
Operating margin21.5%
Net margin20.2%
FCF margin22.4%
Balance sheet
Total assetsBRL 805.97B
Total liabilitiesBRL 736.00B
Total equityBRL 69.97B
Cash & equivalents—
Long-term debtBRL 391.19B
Cash flow
Operating cash flow-BRL 24.67B
CapEx-BRL 263.4M
Free cash flowBRL 6.03B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 26.93B, +54,2% YoY
- ▍Operating income +27,4% YoY
- ▍Net income +39,0% YoY
- ▍Free cash flow +46,3% YoY
- ▍Net margin 20.2%
QUARTERLYFiled 2025-11-11
Q3 2025 · Quarter highlights
Revenue BRL 26.71B, +43,0% YoY; Operating income +44,4% YoY.
RevenueBRL 26.71B+43,0 % YoY
Operating incomeBRL 6.81B+44,4 % YoY
Net incomeBRL 5.33B+40,1 % YoY
Free cash flowBRL 3.55B+21,3 % YoY
EPS—
Operating cash flow-BRL 26.09B−624,3 % YoY
Financials
Income statement
RevenueBRL 26.71B
Gross profitBRL 13.74B
Operating incomeBRL 6.81B
Net incomeBRL 5.33B
Margins
Gross margin51.5%
Operating margin25.5%
Net margin20.0%
FCF margin13.3%
Balance sheet
Total assetsBRL 684.96B
Total liabilitiesBRL 619.35B
Total equityBRL 65.61B
Cash & equivalents—
Long-term debtBRL 293.09B
Cash flow
Operating cash flow-BRL 26.09B
CapEx-BRL 131.8M
Free cash flowBRL 3.55B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 26.71B, +43,0% YoY
- ▍Operating income +44,4% YoY
- ▍Net income +40,1% YoY
- ▍Free cash flow +21,3% YoY
- ▍Net margin 20.0%
QUARTERLYFiled 2025-08-12
Q2 2025 · Quarter highlights
Revenue BRL 24.08B, +52,2% YoY; Operating income +38,4% YoY.
RevenueBRL 24.08B+52,2 % YoY
Operating incomeBRL 5.67B+38,4 % YoY
Net incomeBRL 5.00B+44,5 % YoY
Free cash flowBRL 5.46B+49,5 % YoY
EPS—
Operating cash flow-BRL 35.90B−169,9 % YoY
Financials
Income statement
RevenueBRL 24.08B
Gross profitBRL 11.58B
Operating incomeBRL 5.67B
Net incomeBRL 5.00B
Margins
Gross margin48.1%
Operating margin23.5%
Net margin20.8%
FCF margin22.7%
Balance sheet
Total assetsBRL 656.07B
Total liabilitiesBRL 592.37B
Total equityBRL 63.70B
Cash & equivalents—
Long-term debtBRL 286.35B
Cash flow
Operating cash flow-BRL 35.90B
CapEx-BRL 100.1M
Free cash flowBRL 5.46B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 24.08B, +52,2% YoY
- ▍Operating income +38,4% YoY
- ▍Net income +44,5% YoY
- ▍Free cash flow +49,5% YoY
- ▍Net margin 20.8%
QUARTERLYFiled 2025-02-10
Q4 2024 · Quarter highlights
Revenue BRL 17.46B; Operating income BRL 4.55B.
RevenueBRL 17.46B
Operating incomeBRL 4.55B
Net incomeBRL 3.92B
Free cash flowBRL 4.12B
EPS—
Operating cash flowBRL 2.93B
Financials
Income statement
RevenueBRL 17.46B
Gross profitBRL 9.44B
Operating incomeBRL 4.55B
Net incomeBRL 3.92B
Margins
Gross margin54.0%
Operating margin26.0%
Net margin22.4%
FCF margin23.6%
Balance sheet
Total assetsBRL 646.84B
Total liabilitiesBRL 589.38B
Total equityBRL 57.47B
Cash & equivalents—
Long-term debtBRL 262.87B
Cash flow
Operating cash flowBRL 2.93B
CapEx-BRL 245.5M
Free cash flowBRL 4.12B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 17.46B
- ▍Operating income BRL 4.55B
- ▍Net margin 22.4%
QUARTERLYFiled 2024-11-12
Q3 2024 · Quarter highlights
Revenue BRL 18.68B; Operating income BRL 4.71B.
RevenueBRL 18.68B
Operating incomeBRL 4.71B
Net incomeBRL 3.80B
Free cash flowBRL 2.93B
EPS—
Operating cash flowBRL 4.98B
Financials
Income statement
RevenueBRL 18.68B
Gross profitBRL 9.83B
Operating incomeBRL 4.71B
Net incomeBRL 3.80B
Margins
Gross margin52.6%
Operating margin25.2%
Net margin20.4%
FCF margin15.7%
Balance sheet
Total assetsBRL 611.39B
Total liabilitiesBRL 555.12B
Total equityBRL 56.27B
Cash & equivalents—
Long-term debtBRL 266.24B
Cash flow
Operating cash flowBRL 4.98B
CapEx-BRL 126.7M
Free cash flowBRL 2.93B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 18.68B
- ▍Operating income BRL 4.71B
- ▍Net margin 20.4%
QUARTERLYFiled 2024-08-14
Q2 2024 · Quarter highlights
Revenue BRL 15.82B; Operating income BRL 4.10B.
RevenueBRL 15.82B
Operating incomeBRL 4.10B
Net incomeBRL 3.46B
Free cash flowBRL 3.65B
EPS—
Operating cash flow-BRL 13.30B
Financials
Income statement
RevenueBRL 15.82B
Gross profitBRL 9.04B
Operating incomeBRL 4.10B
Net incomeBRL 3.46B
Margins
Gross margin57.1%
Operating margin25.9%
Net margin21.9%
FCF margin23.1%
Balance sheet
Total assetsBRL 600.36B
Total liabilitiesBRL 547.29B
Total equityBRL 53.08B
Cash & equivalents—
Long-term debtBRL 254.11B
Cash flow
Operating cash flow-BRL 13.30B
CapEx-BRL 119.8M
Free cash flowBRL 3.65B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 15.82B
- ▍Operating income BRL 4.10B
- ▍Net margin 21.9%
ANNUALFiled 2026-02-09
FY 2026 · Full-year highlights
Revenue BRL 99.50B, +46,2% YoY; Operating income +33,6% YoY.
RevenueBRL 99.50B+46,2 % YoY
Operating incomeBRL 23.26B+33,6 % YoY
Net incomeBRL 19.69B+34,9 % YoY
Free cash flowBRL 17.62B+35,9 % YoY
EPS—
Operating cash flow-BRL 24.67B−940,6 % YoY
Financials
Income statement
RevenueBRL 99.50B
Gross profitBRL 47.93B
Operating incomeBRL 23.26B
Net incomeBRL 19.69B
Margins
Gross margin48.2%
Operating margin23.4%
Net margin19.8%
FCF margin17.7%
Balance sheet
Total assetsBRL 805.97B
Total liabilitiesBRL 736.00B
Total equityBRL 69.97B
Cash & equivalents—
Long-term debtBRL 391.19B
Cash flow
Operating cash flow-BRL 24.67B
CapEx-BRL 263.4M
Free cash flowBRL 17.62B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 99.50B, +46,2% YoY
- ▍Operating income +33,6% YoY
- ▍Net income +34,9% YoY
- ▍Free cash flow +35,9% YoY
- ▍Net margin 19.8%
ANNUALFiled 2025-02-10
FY 2025 · Full-year highlights
Revenue BRL 68.07B, −5,0% YoY; Operating income +19,9% YoY.
RevenueBRL 68.07B−5,0 % YoY
Operating incomeBRL 17.41B+19,9 % YoY
Net incomeBRL 14.60B+16,8 % YoY
Free cash flowBRL 12.97B+18,9 % YoY
EPS—
Operating cash flowBRL 2.93B+115,7 % YoY
Financials
Income statement
RevenueBRL 68.07B
Gross profitBRL 37.17B
Operating incomeBRL 17.41B
Net incomeBRL 14.60B
Margins
Gross margin54.6%
Operating margin25.6%
Net margin21.4%
FCF margin19.0%
Balance sheet
Total assetsBRL 646.84B
Total liabilitiesBRL 589.38B
Total equityBRL 57.47B
Cash & equivalents—
Long-term debtBRL 262.87B
Cash flow
Operating cash flowBRL 2.93B
CapEx-BRL 245.5M
Free cash flowBRL 12.97B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 68.07B, −5,0% YoY
- ▍Operating income +19,9% YoY
- ▍Net income +16,8% YoY
- ▍Free cash flow +18,9% YoY
- ▍Net margin 21.4%
ANNUALFiled 2024-02-05
FY 2024 · Full-year highlights
Revenue BRL 71.65B, +0,3% YoY; Operating income +24,7% YoY.
RevenueBRL 71.65B+0,3 % YoY
Operating incomeBRL 14.51B+24,7 % YoY
Net incomeBRL 12.50B+26,2 % YoY
Free cash flowBRL 10.91B+23,5 % YoY
EPS—
Operating cash flow-BRL 18.66B−185,2 % YoY
Financials
Income statement
RevenueBRL 71.65B
Gross profitBRL 32.42B
Operating incomeBRL 14.51B
Net incomeBRL 12.50B
Margins
Gross margin45.3%
Operating margin20.3%
Net margin17.4%
FCF margin15.2%
Balance sheet
Total assetsBRL 493.23B
Total liabilitiesBRL 443.85B
Total equityBRL 49.38B
Cash & equivalents—
Long-term debtBRL 208.31B
Cash flow
Operating cash flow-BRL 18.66B
CapEx-BRL 138.2M
Free cash flowBRL 10.91B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 71.65B, +0,3% YoY
- ▍Operating income +24,7% YoY
- ▍Net income +26,2% YoY
- ▍Free cash flow +23,5% YoY
- ▍Net margin 17.4%
ANNUALFiled 2023-02-13
FY 2023 · Full-year highlights
Revenue BRL 71.41B; Operating income BRL 11.64B.
RevenueBRL 71.41B
Operating incomeBRL 11.64B
Net incomeBRL 9.90B
Free cash flowBRL 8.83B
EPS—
Operating cash flowBRL 21.90B
Financials
Income statement
RevenueBRL 71.41B
Gross profitBRL 29.81B
Operating incomeBRL 11.64B
Net incomeBRL 9.90B
Margins
Gross margin41.7%
Operating margin16.3%
Net margin13.9%
FCF margin12.4%
Balance sheet
Total assetsBRL 450.61B
Total liabilitiesBRL 408.24B
Total equityBRL 42.37B
Cash & equivalents—
Long-term debtBRL 181.00B
Cash flow
Operating cash flowBRL 21.90B
CapEx-BRL 277.2M
Free cash flowBRL 8.83B
SBC—
P&L flow · revenue → net income
Highlights
- ▍Revenue BRL 71.41B
- ▍Operating income BRL 11.64B
- ▍Net margin 13.9%
Valuation TTM
Market price
$54,30
Market cap
$186.07B
Enterprise valueⓘ
$577.26B
P/Eⓘ
9.4x
Non-GAAP P/Eⓘ
—
EV / Revenueⓘ
6.1x
EV / Op incomeⓘ
25.3x
EV / OCFⓘ
—
P / Bⓘ
2.7x
P / Tangible bookⓘ
2.7x
Tangible book
$69.97B
Net cashⓘ
-$391.19B
Current ratioⓘ
—
Debt / equityⓘ
5.6
ROAⓘ
2.4%
ROEⓘ
28.1%
Cash conversionⓘ
-125.0%
CapEx / revenueⓘ
-0.3%
SBC / revenueⓘ
—
Dilution ratioⓘ
0.0%
Revenue by segment
Business relationships
— missing data
Supply chain
— missing data
Peer comparison
— missing data
Market position
Stress test
— missing data
Predictor forecast
Next quarternear-term
Earnings · next quarterconf 45 %
EPS
Consensus EPS
5,06
Predicted surprise
-0,07
Beat probability
45 %
Analysts
10
Other metrics
Revenue
—
no estimate
Segment revenue
—
no estimate
Margin
—
no estimate
Segment margin
—
no estimate
as of 2026-07-07 · Earnings Surprise V1
Period note: consensus is not fiscal-period-aligned at source — read as consensus vs the last reported actual, not a calibrated same-quarter surprise.
Full fiscal year~1 year ahead
Full fiscal year · our forecast vs guidance vs consensus
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 5,06 |
| Revenue | —no estimate | —no estimate | 40,2B BRL |
| Operating income | —no estimate | —no estimate | 24,9B BRL |
Full-year consensus mean (period as reported by source) · consensus in BRL. Company-level full-year forecast and management guidance are not yet modelled at scale — shown as "no estimate", never inferred.
Probabilistic model output — not investment advice. · generated 2026-08-04
Options
— missing data
Short squeeze
— missing data
Earnings-call key lines
— missing data
Consensus distribution
sell-side coverageRecommendation distribution10 analysts
Strong buy2
Buy5
Hold3
Sell0
Strong sell0
12-month price target$66,00 · Median $65,00
Low $55,00High $74,00
Operating income · consensus24,9B BRL
EPS surprise
−14,7 %
reported vs consensus · miss
Revenue surprise
−17,8 %
reported vs consensus · miss
Estimate revisions
consensus EPS · 26-week trend— missing data
Sell-side observations
Low$55,00
Mean$66,00
Median$65,00
High$74,00
Spot$54,30
+21.5 %implied to mean12-month sell-side price targets · ▲ spot
Themes
— missing data
ESG
— missing data
Risk factors
Dilution riskLow
Liquidity riskMedium
Filing-based flags
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Op Margin24,0 %Best in class
Net Margin20,7 %Best in class
ROE28,1 %Best in class
Capex / Rev-0,3 %Above P75
D/E5,59Bottom quartile
Cash Conv-1,25Bottom quartile
Corporate actions / M&A
— missing data
FX exposure
— missing data
Comparable transactions
— missing data
Derivatives & instruments
— missing data
Actions
Ask Handelsavisen
— missing data
Data sources
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
How metrics are computed
- Price To Earningsmarket_price / (net_income / shares_outstanding_diluted)
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Enterprise Valuemarket_cap - net_cash
- Return On Assetsnet_income / total_assets
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Market Capmarket_price * shares_outstanding_diluted
Source documents
- Banco BTG Pactual SA Market data — financials · 2026-07-07
- Banco BTG Pactual SA Market data — analyst estimates · 2026-07-07
- Banco BTG Pactual SA Market data — ESG · 2026-07-07
Ownership & reference
Leadership
- Antonio Carlos Canto Porto FilhoSenior Vice President
- Renato Monteiro dos SantosSenior Vice President
Insider activity
— missing data
Short positioning
— missing data
Geographic breakdown
— missing data
Listings · one canonical issuer
all listings resolve to the canonical
BPAC11.SACanonical
B3 (São Paulo) · BRL
Intel & risk
peak dispatch · —
OSINT findings
Dilution riskLow
Liquidity riskMedium
Net cash is negative after subtracting total debt.
Evidence & claims
From filings & derived data— missing data
The Thread
Everything we know, in order2026-06-30 03:38 UTCEARNINGSUpcomingForecast: earnings_forecast (90d)
2026-02-09 09:31 UTCEARNINGSQuarterly results — Q4 2025 Revenue BRL 26.93B · Net BRL 5.45B
2026-02-09 09:31 UTCEARNINGSAnnual results — FY 2026 Revenue BRL 99.50B · Net BRL 19.69B
2025-11-11 04:00 UTCEARNINGSQuarterly results — Q3 2025 Revenue BRL 26.71B · Net BRL 5.33B
2025-08-12 05:13 UTCEARNINGSQuarterly results — Q2 2025 Revenue BRL 24.08B · Net BRL 5.00B
2025-02-10 04:37 UTCEARNINGSQuarterly results — Q4 2024 Revenue BRL 17.46B · Net BRL 3.92B
2025-02-10 04:37 UTCEARNINGSAnnual results — FY 2025 Revenue BRL 68.07B · Net BRL 14.60B
2024-11-12 03:57 UTCEARNINGSQuarterly results — Q3 2024 Revenue BRL 18.68B · Net BRL 3.80B
2024-08-14 05:16 UTCEARNINGSQuarterly results — Q2 2024 Revenue BRL 15.82B · Net BRL 3.46B
2024-02-05 03:42 UTCEARNINGSAnnual results — FY 2024 Revenue BRL 71.65B · Net BRL 12.50B
2023-02-13 04:44 UTCEARNINGSAnnual results — FY 2023 Revenue BRL 71.41B · Net BRL 9.90B
The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.
Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04
Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data · Reference data
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