Banco BTG Pactual S.A. (BPAC11.SA) stock analysis

In our weekly check, Banco BTG Pactual S.A. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 1, red flags: 11.

About Banco BTG Pactual S.A.

Banco BTG Pactual S.A. is a Financial Services company (Investment - Banking & Investment Services) based in Brazil, listed on SAO as BPAC11.SA.

What our checks show for BPAC11.SA

Red flags

• The net margin fell by 20.4 points over 5 years, to 17.2%: the company keeps less of each sale as profit.
• The gross margin fell by 48.2 points, to 53%: costs are rising faster than prices.
• Operating cash flow is negative while the company reports a profit: the profit does not arrive as cash.
• Analysts expect revenue to shrink about 22.1% a year.
• Free cash flow is negative (-25% of revenue): the business spends more cash than it brings in.
• The stock has fallen as much as 68% from a peak. Would you have held through that?
• The share count grew by 143% in 2 years: each shareholder owns a smaller slice.
• Return on capital (ROCE) is only 4%.
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• The price swings a lot: 38.3% annual volatility. Expect large ups and downs.

Strengths

• Analysts expect earnings per share to grow about 35.6% a year over the next years.
• Analysts expect the net margin to improve by 40.3 points from today's 17.2%.
• Revenue grew 53.3% a year over the last 3 years.
• Earnings per share grew 25.5% a year over the last 3 years.
• Net profit grew 32.4% a year over the last 3 years.
• The dividend takes 26% of profit: there is a cushion.

Similar companies

IBKR · BNY · MQG.AX

Questions

What grade does Banco BTG Pactual S.A. (BPAC11.SA) have?

In our weekly check, Banco BTG Pactual S.A. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 1, red flags: 11. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of BPAC11.SA stock?

This week's biggest flags for Banco BTG Pactual S.A.: Margins falling, Gross margin falling, Profits not backed by cash. In total 12 of 25 checks show a warning or a red flag.

What does Banco BTG Pactual S.A. do?

Banco BTG Pactual S.A. is a Financial Services company (Investment - Banking & Investment Services) based in Brazil, listed on SAO as BPAC11.SA.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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