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Nu Holdings (ROXO34) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Nu Holdings BRL 4.72, price BRL 11.71, upside -59.7%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · BR · ISIN KYG6683N1034

NH Broad data Sep 29, 2026

Nu Holdings

ROXO34 · SA

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value R$4.72 · Strongly overvalued (−59.7%)
✓Quality 66/100
✓Healthy Growth (revenue 5y +70.5 %/yr)
✓Highly profitable · 41.9% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 82/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R$16.32 R$2.72 Fair Value R$4.72 Dec 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

58‑month range R$2.72 – R$16.32 · fair‑value band R$3.39 – R$8.54 · the R$11.71 price screens above the R$4.72 fair value. Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Nu Holdings Ltd. provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States.

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Nu Holdings Ltd. provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States. The company provides spending solutions comprising Nu credit and prepaid card, a digitally enabled card that acts as a credit and a prepaid card; Nubank+ Tier, an evolution of the Nu experience; Ultraviolet credit and prepaid card, a premium metal credit card; mobile payment solutions for NuAccount customers to make and receive transfers, pay bills, and make everyday purchases through their mobile phones; and Nu Shopping, an integrated marketplace that enables customers to purchase goods and services from various ecommerce retailers. It also offers transactional solutions, such as Nu Personal Accounts, a digital account solution for personal financial activities; Nu business accounts for entrepreneur customers and their businesses; and Nu business prepaid and credit card. In addition, it offers savings and investing solutions, including Money Boxes, a solution for goal-based investing; investing solutions, an attractive investment product with customized and conflict-free guidance; and NuCrypto, a solution for buying and selling cryptocurrencies through the Nu app. Further, the company provides borrowing solutions comprising personal unsecured and secured loans; Pix financing that enables credit card and digital account customers to make free and instant peer-to-peer transfers; Boleto financing, which enables credit card and digital account customers to make payments; purchase financing; cash-in financing; and NuPay to make online purchases and pay for services through Nu app. Additionally, it offers protection solutions, such as NuInsurance protection solutions, including life, mobile, auto, home, and financial protection insurance policies; and beyond financial services solutions, including NuTravel, a travel portal; and NuCel, a mobile phone service. Nu Holdings Ltd. was founded in 2013 and is headquartered in São Paulo, Brazil.

Stock analysis

Nu Holdings (ROXO34) currently trades at R$11.71, while our model-based Fair Value estimate is R$4.72, 59.7% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of R$6.15 per share, and 0 of the 4 models we run sit above the R$11.71 price.

Bear case: the Asset-Based group reads lowest at R$1.73, and 4 of the 4 models stay below the price. Evidence for this calculation is high.

Scenario range: R$3.39 (bear) to R$8.54 (bull), the price of R$11.71 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 66/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Nu Holdings reported revenue of $10.6B in FY2025 versus $1.7B in FY2021, a compound +58.2%/yr. Reported net income was $2.9B in FY2025.

Key figures

Market cap R$335B (≈ $64.1B) · P/E ratio 20.6 · P/S ratio 5.57 · EPS (TTM) R$0.5600 · Net margin 27.0% · Return on equity 30.1% · Return on assets (EBIT) −1.2% · Operating margin 48.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).

What moves the price

The share trades about 28% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −60%, ROXO34 screens richer than that median.

Fair Value models

Bear R$3.39 Fair Value R$4.72 Bull R$8.54
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$0.4235 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/E Multiple R$6.39 R$8.52 R$10.66 63
Residual Income R$4.36 R$6.15 R$13.14 63
P/B Multiple R$2.71 R$3.61 R$4.52 55
All 4 models by family
Multiples
P/E Multiple R$6.39 R$8.52 R$10.66 63
P/B Multiple R$2.71 R$3.61 R$4.52 55
Asset-Based
NCAV (Graham) R$1.29 R$1.73 R$2.58 54
Economic Profit
Residual Income R$4.36 R$6.15 R$13.14 63

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Quality Score breakdown

Overall quality 66/100

Of which business quality 69 · Market factors (momentum, volatility) 39

Profitability 47
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 72
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+70.5%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+65.0%
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+65.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.3%
Dividend (yield on the price)0.0%
Profit margin 2018 to 2022 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−11% → −6%
2025 sits 89% above its own trend. The rate follows the median trend of the last 3 years, not that single year.

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−23.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+32.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −25.0% a year for the price and +29.0% for the forecasts.
Forecast 2026 (sales)+110.3%
Forecast 2027 (sales)+21.1%
Projected 2028 (sales)+18.8%
Projected 2029 (sales)+16.4%
Projected 2030 (sales)+14.0%

ROXO34 screens overvalued: fair value 60% below the price. Compare with DBS Group →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Intesa Sanpaolo S.p.A ISP €6.38 €4.06 −36%
BNP Paribas SA BNP €91.54 €105.99 +16%
HDFC Bank Limited HDFCBANK ₹721.20 ₹406.44 −44%
Oversea-Chinese Banking Corporation O39 32.01 SGD 19.78 SGD −38%
Al Rajhi Banking and Investment Corporation 1120 63.15 SAR 36.95 SAR −41%
CaixaBank, S.A CABK €12.03 €8.46 −30%

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Nu Holdings · Fair Value
R$4.72 −60%Fair Value
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Cite: Fair Value Calculator (2026). "Nu Holdings Fair Value". https://www.fairvalue-calculator.com/stock/ROXO34

Frequently asked questions

Is Nu Holdings (ROXO34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$4.72 versus a price of R$11.71, about −60% upside (overvalued).
What is the fair value of ROXO34?
Our model-based fair value for Nu Holdings is R$4.72 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$11.71.
What is the quality score of ROXO34?
Nu Holdings has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nu Holdings (ROXO34)?
Our model-based price target is the fair value of R$4.72 (as of Sep 29, 2026) from 4 valuation models. Cautious scenario R$3.39, optimistic scenario R$8.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Nu Holdings stock forecast for 2026?
Our models put fair value at R$4.72, about −60% upside versus a price of R$11.71 (overvalued). Cautious scenario R$3.39, optimistic scenario R$8.54. The calculation is refreshed regularly with new filings.
What is the revenue of Nu Holdings (ROXO34)?
Nu Holdings reported trailing-twelve-month revenue of about $7.6B (latest available figure, as of Sep 29, 2026).
What growth is priced into Nu Holdings (ROXO34)?
For today's price to be fair in a discounted-cash-flow model, Nu Holdings would have to grow free cash flow by -23.2 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +70.5 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of ROXO34 use?
Our models discount Nu Holdings at 12.1 %: a base by market capitalisation (large), damped by beta 0.95, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nu Holdings that is -23.2 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Nu Holdings (ROXO34) delivered so far?
Over the past 5 years revenue at Nu Holdings grew +70.5 % a year. The price currently implies -23.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nu Holdings (ROXO34) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Nu Holdings (-23.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nu Holdings (ROXO34)?
The free-cash-flow yield on the price is 29.02 %: that much free cash flow Nu Holdings produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nu Holdings (ROXO34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nu Holdings it is R$4.72 per share (as of Sep 29, 2026), against a price of R$11.71. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Nu Holdings stock overvalued or undervalued in 2026?
As of Sep 29, 2026, ROXO34 trades above its calculated fair value: price R$11.71, fair value R$4.72, a gap of about −60% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ROXO34?
No. The price is what the market pays today (R$11.71); the fair value is what the company's own numbers justify (R$4.72). For Nu Holdings the two are R$6.99 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nu Holdings worth?
The market values Nu Holdings at about R$335B (market capitalisation, as of Sep 29, 2026). Per share that is R$11.71; our models calculate a fair value of R$4.72 per share.
What do the bullish and bearish scenarios say about ROXO34?
Our models span a range for Nu Holdings: cautious scenario R$3.39, base R$4.72, optimistic R$8.54 per share (as of Sep 29, 2026, price R$11.71). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is ROXO34 from its 52-week high?
Nu Holdings trades at R$11.71, about 28% below its 52-week high of R$16.32 and 18% above the low of R$9.89 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$4.72 is for.
Which stocks are comparable to Nu Holdings?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nu Holdings stock attractive at the current price?
The data as of Sep 29, 2026: price R$11.71, calculated fair value R$4.72 (−60%), Quality Score 66/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ROXO34 calculated?
We run Nu Holdings through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$4.72, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nu Holdings itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nu Holdings (ROXO34)?
The closing price on Oct 2, 2026 was R$11.71. Our model-based fair value is R$4.72, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nu Holdings right now?
The price sits above even our optimistic bull case (R$8.54). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$3.39 to R$8.54) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Nu Holdings

How large is the market capitalisation of Nu Holdings (ROXO34)?
The market capitalisation of Nu Holdings is R$335B (≈ $64.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Nu Holdings (ROXO34)?
The price-to-earnings ratio of Nu Holdings is 20.6 (as of Jul 19, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Nu Holdings (ROXO34)?
The price-to-sales ratio of Nu Holdings is 5.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nu Holdings (ROXO34)?
Earnings per share at Nu Holdings are R$0.5600 (price ÷ EPS = P/E 20.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nu Holdings (ROXO34)?
The net margin of Nu Holdings is 27.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nu Holdings (ROXO34)?
The return on equity (ROE) of Nu Holdings is 30.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nu Holdings (ROXO34)?
On an EBIT basis the return on assets of Nu Holdings is −1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nu Holdings (ROXO34)?
The operating margin of Nu Holdings is 48.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nu Holdings (ROXO34)?
Revenue at Nu Holdings is growing +43.7% versus a year earlier (3y avg +30.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nu Holdings (ROXO34)?
Earnings per share at Nu Holdings are growing +55.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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