XTB S.A.

XTB.WA

Financial - Capital Markets · Financial Services

Exchange

Warsaw Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Mixed

Track this stock — start free trial

Winston Score History

The full picture

XTB S.A. is a Polish online brokerage that lets everyday people trade financial instruments like stocks, ETFs, currencies, and contracts for difference (CFDs) through its own trading platform called xStation. The company serves retail investors — mostly individuals who want to invest or speculate on financial markets without going through a traditional bank. XTB is one of the largest CFD and forex brokers listed on a public stock exchange in the world.

XTB makes money primarily by earning the spread — the small difference between the buy and sell price on each trade — as well as overnight financing fees and, more recently, interest on client cash deposits. The company operates across Europe and Latin America, with a growing presence in markets like Poland, Spain, Germany, and Turkey. Its proprietary xStation platform and strong brand recognition in retail trading give it a competitive edge, but the business is heavily exposed to trading volume, which tends to fall sharply when financial markets are calm and volatility is low.

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

+66.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+127.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

35.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

3.0B PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

XTB S.A. grew revenue 66% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

91.9%

Premium pricing power — 91.9% gross margin

Profit after running costs

Operating Margin

57.7%

Excellent — 57.7% operating margin

Return on the money invested

ROCE

58.4%

Exceptional — 58.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+41.1%

Fast-growing sales (+41.1% YoY)

Profit growth

EPS YoY

+56.9%

Earnings growing fast (+56.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

208%

Turns 208% of profit into real cash

Spare cash per sale

FCF Margin

85.0%

Converts sales into free cash efficiently (85.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

89.49x

Comfortably covers interest (89.5x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

15.3x

no trend

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

2.31%

no trend

Moderate income — 2.31% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial