Banco BTG Pactual S.A.

BPAC11.SA

Financial - Capital Markets · Financial Services

Price

R$51.85

+1.99 (+3.99%)

Market Cap

R$146.83B

Exchange

B3 S.A.

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Mixed

Stability

Weak

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+143.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.76B (2021) → 11.59B (2025)

Winston Score History

The full picture

Banco BTG Pactual is Brazil's largest investment bank. It helps big companies, governments, and wealthy individuals manage money, raise capital, and make investments. Its main services include investment banking, asset management, wealth management, and trading — all focused on financial markets rather than everyday banking for regular consumers.

BTG Pactual makes money through fees on deals it arranges, commissions on trades, and a percentage of the assets it manages for clients. It operates mainly in Brazil but also has a presence across Latin America and some international offices. Its strong brand among large corporations and high-net-worth clients in Brazil gives it a competitive edge that smaller rivals struggle to match. The main risk the company faces is exposure to Brazil's volatile economy and interest rate swings, which can quickly reduce deal activity and hurt trading revenues when market conditions turn unfavorable.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

15.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$840.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Banco BTG Pactual S.A. is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

41.0%

Healthy — 41.0% gross margin

Profit after running costs

Operating Margin

21.2%

Excellent — 21.2% operating margin

Return on the money invested

ROCE

4.8%

Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+10.4%

Steady sales growth (+10.4% YoY)

Profit growth

EPS YoY

+15.2%

Earnings growing fast (+15.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

62%

Modest — 62% of profit becomes cash

Spare cash per sale

FCF Margin

3.3%

Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

5.55

Heavy debt load (5.55)

Covers its interest

Interest Cover

0.35x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.5x

Attractive valuation — P/E 6.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.23%

Moderate income — 2.23% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-34.6%

Dividend cut (-34.6% YoY) — warning sign

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