Inter & Co, Inc. (INTR)

Price$5.58Cached quoteAs of 2026-09-15 10:37 UTC

AI: Undervalued

Price checkThe shares look modestly undervalued because strong recent profits are available at a relatively low market valuation.

Using the recent quoted market value, 441.5 million shares, and the 4 September conversion rate of 5.1253 Brazilian reais per dollar, equity value is about R$12.7 billion. Against trailing four-quarter net income of roughly R$1.53 billion, that is about 8.3 times earnings; against Q2 equity of R$10.5 billion, about 1.2 times book value. These are supportive signals for a profitable growth bank. The discount is justified only if credit losses rise or earnings weaken materially.

Big pictureRevenue and profits have grown quickly, but cash-flow swings make the earnings stream less predictable.

Reported revenue climbed from R$1.0 billion in 2020 to R$8.4 billion in 2025, while net income progressed from R$30.7 million to R$1.31 billion after losses in 2021 and 2022. Quarterly earnings also rose from R$315 million in Q2 2025 to R$421 million in Q2 2026. The bank reported R$102.9 billion of assets and R$10.5 billion of equity at Q2; its 14.4% Basel capital ratio and R$2.3 billion of holding-company excess capital add protection. Operating cash flow is volatile, so earnings are the cleaner durability test.

Business strengthThe bank is growing profitably while keeping costs controlled and maintaining a solid financial cushion.

The operating case is strong: Q2 net revenue grew 31.7% year over year, net income reached R$421 million versus R$315 million, return on equity—profit relative to shareholder capital—was 16.3%, and the efficiency ratio—costs divided by revenue—fell to 42.1%. Deposits reached R$77 billion, up 24%, at a funding cost of 66% of Brazil’s CDI rate. Yet shares rose from 228.5 million in 2021 to 441.5 million in Q2 2026; FY25 buybacks were only R$27.1 million, limiting direct shareholder distributions.

What could change the storyCredit losses or slower growth could quickly erase the discount investors currently receive.

The Q2 release shows total and expanded loan portfolios with more than 90-day missed payments at roughly 5.3% and 5.0%, up from about 4.6% and 4.4% a year earlier. Private payroll lending grew from R$700 million to R$2.8 billion and contributed 53 basis points of the increase. The bull case is better collections, new insurance, and continued growth above 30%; the bear case is worsening losses and lower returns. The current valuation therefore assumes earnings remain durable despite faster lending.

AI: News

Record second quarterRecord second-quarter profit and faster revenue growth reinforced the case for continued profitable expansion.

On August 5, Inter reported Q2 net revenue of R$2.6 billion, up about 32% year over year, and net income of R$421 million, 34% above the prior-year quarter. Return on equity reached 16.3% and the efficiency ratio fell to 42.1%. Credit grew 29%, while missed payments also increased. The release supports stronger business expectations, although available sources do not isolate a specific same-day stock reaction, so price attribution remains uncertain.

Credit losses roseHigher missed payments in newer loans added a real test to the company’s rapid lending growth.

In its August 5 results, Inter said more than 90-day missed payments increased as private payroll and interest-bearing card loans expanded. Private payroll balances rose from R$700 million to R$2.8 billion in twelve months and explained 53 basis points of the annual increase. Management cited payment-linking problems and planned tighter borrower selection, better collections, and insurance. This matters because higher loan-loss costs directly reduce earnings and return on equity.

BDR program changesEnding the sponsored Brazilian depositary receipt program changes trading access and may temporarily affect local liquidity.

On September 2, the Brazilian securities regulator approved a differentiated process for ending Inter’s sponsored Level II depositary receipt program. The company’s September notice gives holders a September 17–October 16 selection period: receive Nasdaq shares, receive one-for-one unsponsored receipts, or use the sales facility. The change should reduce duplicated registration work, but forced choices and possible sales may temporarily alter Brazilian trading liquidity without changing underlying operations.

Miami branch licensedA new Miami banking branch could lower costs and broaden products for Inter’s international customers.

On June 5, Inter announced that Banco Inter received Florida approval to operate its Miami branch after earlier Federal Reserve approval. The branch can issue its own cards and regulated credit products, while Inter plans to migrate 5.5 million existing global-account customers. That could improve funding and servicing costs and support international growth, but no contribution to earnings was disclosed yet, so the opportunity remains an unproven value driver rather than current profit.

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Revenue

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	R$8.40B	R$6.40B	R$4.75B	R$3.56B	R$2.22B	R$1.01B	R$712.2M
Gross profit	—	R$6.26B	R$4.62B	R$3.43B	R$2.12B	—	—
Gross margin	—	97.76%	97.15%	96.37%	95.49%	—	—
Operating expenses	—	—	—	—	R$2.10B	—	—
Net income	R$1.31B	R$972.8M	R$352.3M	−R$14.1M	−R$55.1M	R$30.7M	R$30.4M
Net profit margin	15.62%	15.20%	7.41%	−0.40%	−2.48%	3.03%	4.26%
Basic EPSper basic share	R$2.98	R$2.08	R$0.75	-R$0.03	-R$0.01	R$0.00	R$0.01
Diluted EPSper diluted share	R$2.96	R$2.07	R$0.75	-R$0.03	-R$0.01	R$0.00	R$0.01

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of INTR
Holder	Shares held
SOFTBANK GROUP CORP.	60.51M
Diniz Jose Felipe	17M
MARSHALL WACE, LLP	13.85M
SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.	10.07M
BlackRock, Inc.	7.73M
ATMOS CAPITAL GESTAO DE RECURSOS LTDA.	7.5M
WELLINGTON MANAGEMENT GROUP LLP	6.47M
SAMLYN CAPITAL, LLC	6.11M
D. E. Shaw & Co., Inc.	4.99M
BANK OF AMERICA CORP /DE/	4.21M
MILLENNIUM MANAGEMENT LLC	3.84M
SPX Gestao de Recursos Ltda	3.41M
HRT FINANCIAL LP	3.34M
JANE STREET GROUP, LLC	2.87M
Swedbank AB	2.86M
Clearbridge Investments, LLC	2.77M
CITADEL ADVISORS LLC	2.7M
Qube Research & Technologies Ltd	2.66M
Navi International - Administradora e Gestora de Recursos Financeiros Ltda.	2.44M
Point72 Asset Management, L.P.	1.92M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Inter & Co, Inc. (INTR)

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