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What this page is: Delvantic's full research page for Nu Holdings Ltd. (NU) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-27): Designation Low · Gem Score -15 (−100…+100 Quality+Value blend) · Quality 55 · Value -62 · Sentiment 20 (timing only, not weighted)
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Nu Holdings Ltd.
NU NYSENu Holdings Ltd. is a financial technology company that provides digital banking services for consumers, small businesses, and entrepreneurs. Its platform offers everyday banking tools such as personal and business accounts, credit and debit cards, mobile payments, loans, and savings products. Nu Holdings also serves customers through investment and insurance offerings, helping users manage payments, credit, protection, and wealth-related needs within a single digital ecosystem. The company focuses on markets across Latin America, particularly Brazil, Mexico, and Colombia, where it plays a significant role in expanding access to modern financial services. Nu Holdings Ltd. is recognized for its mobile-first approach and broad retail banking suite, making it an important participant in the region’s digital finance landscape.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
Nu Holdings Ltd. is a foreign private issuer — it reports to the U.S. SEC once a year (on Form 20-F or 40-F) rather than filing the quarterly statements (10-Q) that U.S.-domiciled companies must submit. Our financial statements are read directly from SEC filings, so for this company only annual figures exist at the source.
This is a property of how the company files, not missing or broken data — its filing history shows 4 annual reports, the latest filed 2025-04-16, and no quarterly filings . The company may still publish quarterly results on its own investor-relations site.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.58
Total Equity: $7.65B
Shares: 4,907,444,406
Total Debt: $1.73B
Cash: $9.19B
EBITDA: N/A
Total Debt: $1.73B
Cash: $9.19B
Revenue: $10.63B
Revenue: $10.63B
Revenue: $10.63B
Total Equity: $7.65B
Tax Rate: 25.8%
Equity: $7.65B
Total Debt: $1.73B
Cash: $9.19B
Current Liabilities: N/A
Long-Term Debt: $0.00
Total Debt: $1.73B
Total Equity: $7.65B
Shares: 4,907,444,406
Shares: 4,907,444,406
CapEx: $0.00
Shares: 4,907,444,406
Stock Price: $13.54
Net Income: $2.87B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 11, 2026 12:34pm (82d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $3.0B | $5.6B | $8.3B | $10.6B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $659.9M | $1.4B | $1.1B | $1.4B | $1.6B |
| Operating Income | — | — | — | — | — |
| Net Income | -$165.0M | -$364.6M | $1.0B | $2.0B | $2.9B |
| EBITDA | — | — | — | — | — |
| EPS | $-0.04 | $-0.08 | $0.22 | $0.41 | $0.59 |
| EPS (Diluted) | $-0.04 | $-0.08 | $0.21 | $0.40 | $0.58 |
Balance Sheet (Annual)
Last updated: Aug 11, 2026 12:34pm (82d ago)| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.3B | $2.7B | $4.2B | $5.9B | $9.2B |
| Total Current Assets | — | — | — | — | — |
| Total Assets | $10.2B | $19.9B | $29.9B | $43.5B | $49.9B |
| Current Liabilities | — | — | — | — | — |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $9.7B | $15.4B | $25.0B | $37.1B | $42.3B |
| Total Equity | $438.1M | $4.4B | $4.9B | $6.4B | $7.6B |
| Retained Earnings | — | — | — | — | — |
Cash Flow (Annual)
Last updated: Aug 11, 2026 12:34pm (82d ago)| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | $974.5M | -$2.9B | $755.6M | $1.3B | $2.4B |
| Capital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | -$52.2M | $66.4M | -$10.6M | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $1.2B | $257.5M | $1.3B | $1.5B | $2.8B |
Growth Trends (YoY %)
Last updated: Aug 11, 2026 12:34pm (82d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +159.4% | +89.6% | +46.8% | +28.5% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | — | — | — | — |
| Net Income Growth | -121.0% | +382.7% | +91.4% | +45.5% |
| EBITDA Growth | — | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
ai-findings step) when a report is run on this ticker.
GPT Reading
Nu has crossed the line from “story stock” to real bank economics faster than most fintechs ever do. Revenue went from $1.15B in 2021 to $10.63B in 2025, a 9x increase in four years, while net income swung from a $165M loss to $2.87B. Just as important, profitability is not token-level: net margin has expanded to roughly 27%, up from 18% in 2023 and negative in 2021-2022. On the latest annual numbers, it is generating $2.40B of operating cash flow, carries $9.19B of cash against only $1.73B of debt, and has built $7.65B of equity. For a company still widely thought of as an aggressive LatAm growth fintech, that balance sheet is much cleaner than the valuation debate implies. The raw numbers say this is already a scaled earnings compounder, not merely an optionality play.
What stands out to me is the combination of still-strong top-line growth and accelerating absolute earnings. Revenue grew 47% in 2024 and another 29% in 2025, so yes, growth is decelerating, but from a much larger base and with net income still rising 91% in 2024 and 46% in 2025. At a $66.95B market cap, investors are paying about 23x earnings and 6.3x sales for a business growing revenue high-20s and earnings mid-40s, with a net cash position of roughly $7.5B. That is not “cheap” in bank terms, but it is not stretched if Nu can sustain even a moderated version of its recent trajectory. A conventional regional bank with these margins and growth would not exist; a fintech with this profit conversion usually trades richer. The market seems unable to decide whether to value Nu as a bank or a platform, and that ambiguity is creating a valuation that looks more reasonable than the headline multiple suggests.
The contradiction I would push back on is the idea that the stock is priced for perfection. If it were, I would expect a far higher earnings multiple than 23x for a business that has compounded revenue at 37% and earnings at 67% through the last several years. At the current price of $13.54, the market is capitalizing 2025 earnings at a level that already assumes some normalization in growth and some macro friction. If I haircut the story to something like 20-25% revenue growth and some modest margin compression from 27% toward the low-20s over time, the stock still does not look obviously expensive. Put differently: the multiple is not demanding enough to require 35-40% growth for another five years. It requires Nu to remain a leading digital financial franchise in Latin America and avoid a serious credit accident. That is a lower bar.
The best bear case is straightforward and serious: almost all of the operating brilliance so far has happened without us seeing a full ugly credit cycle in the underlying franchise from this data set. Financial companies can look phenomenal right before loss curves remind everyone they are, in fact, lenders. A 27% net margin on $10.63B of revenue is excellent, but if underwriting loosens or macro stress in Brazil, Mexico, or Colombia bites, earnings can be revised down much faster than software-like narratives allow. The 6.3x sales multiple is also still rich for a financial institution, and 23x earnings can compress hard if the market stops believing in sustained high-20s growth. On top of that, insider activity is not a bullish tell here; while there are awards and option exercises, there are also open-market sales, and nothing in the transaction list screams founder-style conviction buying at these levels.
What would change my mind is evidence that the earnings quality is less durable than it appears. If revenue growth drops into the mid-teens while net margin slips below 20%, then today’s “reasonable growth premium” quickly becomes a bank stock with too much multiple attached. I would also turn more cautious if operating cash flow stopped tracking earnings, or if leverage rose materially from the current debt-and-cash profile. Conversely, if Nu can put up another year near $13B of revenue with net income above $3.4B, the present valuation will likely look undemanding in hindsight. For now, I think fair value is above the current quote, but not massively so; this is a quality compounder, not a bargain-bin mispricing.
Grok Reading
Nu’s numbers describe a rare transformation completed at scale. Revenue compounded from $1.15B in 2021 to $10.63B in 2025 while net income swung from a $165M loss to $2.87B profit, producing a 27% net margin that most digital banks never reach. The 2024–2025 step alone added $2.36B of revenue and $900M of incremental net income, and the balance sheet backs the earnings: $9.19B cash against $1.73B debt and $2.40B of operating cash flow in 2024. At $13.54 and a $67B enterprise, the stock trades at 23× trailing earnings and 6.3× sales—multiples that embed continued compounding but no longer price the hypergrowth of the earlier years. What stands out is how quickly the model proved unit economics; the rule-based “mature earner” label understates the residual growth still visible in a 45% earnings y/y print, while the high-growth tag understates how bank-like the margins and capital position have already become.
The deceleration is the real story inside the growth rates. Multi-year revenue CAGR sits at 37%, yet the most recent year slowed to 28.5%—still excellent, but a clear downshift from the 50–80% sprints of 2022–2023. Earnings CAGR of 67% and FCF CAGR of 78% are being driven more by margin capture than by top-line acceleration now. That is not a broken model; it is a maturing one whose incremental dollars are highly profitable. The clean net-cash position and low leverage give Nu room to keep underwriting credit through a LatAm slowdown without the funding stress that kills traditional regional banks. Insider activity is noise—option exercises, tax withholdings, and modest sales—not a directional signal.
The strongest case against this read is straightforward: 23× earnings and 6.3× sales on a LatAm consumer-finance book leaves little room if credit losses normalize higher or if Brazil/Mexico growth stalls. The prior models correctly flag that the market is underwriting something close to 35%+ revenue growth and stable-to-rising 27% margins for years; any sustained slip toward mid-teens revenue growth would compress the multiple hard, and Nu has not yet shown full-cycle loss rates through a deep regional recession. Macro headwinds are already tagged in the secondary signals. I weigh those risks as real but partially discounted—the stock is already ~29% off its highs—and offset by the fortress liquidity and the fact that a forward multiple on another year of 30–40% earnings growth lands in the mid-teens, which is not demanding for a category leader still taking share in under-banked markets.
I would flip to a clear overvalued stance if next two quarters show revenue growth settling below 20% with rising credit costs that push net margin under 20%, or if a macro shock forces equity issuance. I would become aggressively bullish if revenue re-accelerates above 35% while margins hold and the company continues to generate operating cash flow well above net income without leverage creep.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
The trajectory is striking: revenue climbed from 1.15B in 2021 to 10.63B in 2025 (roughly 9x in four years), while net income turned from a 165M loss in 2021 to 2.87B in 2025 and FCF reached 2.40B. Liquid cash of 9.19B against a modest net-cash position of 7.46B, combined with 2.40B annual FCF, means the business is entirely self-funding and no longer depends on capital markets. Diluted share count went from 4.61B to 4.91B (about 1.6% CAGR) and SBC is only 2.6% of revenue - unusually disciplined for a fintech at this growth rate, so per-share value is being preserved. Earnings quality is decent (OCF/NI 0.87x, accruals ~1% of assets), though not pristine - the modest OCF-to-NI gap warrants monitoring. The Altman Z of 1.16 is a red flag on its face but the model is poorly suited to banks (high leverage is structural, not distress); the real solvency test is regulatory capital and asset quality, which requires filing-level verification. Management/insider tape shows only routine sales tied to option exercises and tax withholding - no open-market buys but no alarming distribution either. Overall: a fast-improving, cash-generative franchise with disciplined dilution; the caveats are the inherent credit-cycle risk of a Brazilian/LatAm consumer lender and the lack of visibility on NPLs, provisioning, and capital ratios in this brief.
Verify before trusting this (5)
- NPL ratio, provisioning coverage, and net charge-off trends across the loan book
- Regulatory capital ratios (CET1/Tier 1) versus local minimums
- Deposit funding mix and cost of funds trajectory
- Geographic and product concentration (Brazil vs Mexico/Colombia; credit card vs personal loans)
- Reconciliation of the OCF/NI gap - is it driven by loan-book growth or by weaker underlying quality
With no e2e fair-value handed in, I anchor on what $67B market cap demands. On roughly $2.4B FCF the stock trades near 28x FCF, and on trailing earnings it clears 30x - full US-mega-cap multiples on a Brazilian/Mexican/Colombian consumer lender whose credit cycle has not yet been stress-tested. Regional bank peers trade 8-12x earnings; even the best global fintechs (Nubank's closest comps) sit 15-25x forward. To justify today's price you need Nu to keep compounding earnings ~30-40% annually for 4-5 years AND hold credit losses through an EM downturn - a plausible bull case, but one already fully in the tape. The Company-Quality lens (Strong, 55) raises deserved value, but the earnings-quality haircut (-1, some red flags) pulls it back; net, deserved value sits somewhere in the $10-12 zone, meaningfully below spot. This isn't obviously expensive like a bubble stock - it's a great business at a price that leaves no margin of safety and bakes in the good outcome. The gap isn't wide enough to short, but it's wide enough that a patient buyer should wait.
Verify before trusting this (5)
- Loan-book breakdown by product, vintage, and NPL stage - especially unsecured credit card and personal loan reserves
- Capital ratios (CET1) and provisioning coverage vs Brazilian peers
- Segment-level unit economics in Mexico/Colombia - are new geos actually profitable or subsidized
- Any one-off tax or FX gains inflating reported net income (source of the EQ -1 flag)
- Insider selling and secondary offerings post-lockups
The macro backdrop is modestly risk-on (VIX 15.5, S&P near highs) which is a supportive tape for an emerging-markets fintech like NU. With a beta near 1 the market lift lands cleanly, and the Latin American digital-bank cohort tends to trade with global risk appetite. The news flow is skewed positive into the Aug 13 print: a widely circulated 'could send the stock soaring' piece and a constructive Sands Capital write-up frame the setup, with shares already up mid-teens YTD. That is a classic pre-earnings expectations build - a tailwind, but one that also raises the bar. On the other side, 10y at 4.65% and a stretched market PE 26 are a background headwind for long-duration EM growth financials, and the Sands note flags asset-quality concerns that could resurface if the print disappoints. Recent momentum has cooled (28.5% recent vs 37.4% long-term), hinting the narrative is maturing rather than accelerating. Net-net the pressure leans up into the catalyst, but it is expectations-loaded rather than a durable narrative wave.
Verify before trusting this (4)
- Aug 13 earnings reaction - beat/miss and especially NPL and provisioning trajectory
- Whether analyst target revisions follow the print (sentiment confirmation or fade)
- BRL/USD and Brazil rate path - key macro channel for NU's tape
- EM risk appetite (EEM, ILF) as a real-time proxy for the regime landing on NU
This lens hasn't been run for this ticker yet.
Prediction unavailable. valuation-synthesis has no result for NU — the prediction needs its fair-value anchors.