X Trade Brokers Dom Maklerski SA (XTB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of X Trade Brokers Dom Maklerski SA PLN 163, price PLN 153, upside +6.5%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch X Trade Brokers Dom Maklerski SA for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 8.60 PLN – 184.16 PLN · fair‑value band 53.50 PLN – 287.96 PLN · the 153.10 PLN price screens below the 163.01 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow X Trade Brokers Dom Maklerski in your weekly email
Every Wednesday you see whether X Trade Brokers Dom Maklerski is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
XTB S.A., together with its subsidiaries, provides ETF, currency derivatives, commodities, indices, stocks, and bonds brokerage services in Central and Eastern Europe, Western Europe, Latin America, and the Middle East. It operates in two segments, Retail Operations and Institutional Activity.
Show more
XTB S.A., together with its subsidiaries, provides ETF, currency derivatives, commodities, indices, stocks, and bonds brokerage services in Central and Eastern Europe, Western Europe, Latin America, and the Middle East. It operates in two segments, Retail Operations and Institutional Activity. The Retail operations segment engages in the provision of trading in financial instruments for individual customers. The Institutional Activity segment is involved in the provision of trading in financial instruments and offering trade infrastructure to institutions, that provides services of trading in financial instruments for own customers under own brand. The company was formerly known as X-Trade Brokers Dom Maklerski Spólka Akcyjna and changed its name to XTB S.A. in January 2022. XTB S.A. was founded in 2002 and is headquartered in Warsaw, Poland. XTB S.A. is a subsidiary of XXZW Investment Group S.A.
Stock analysis
X Trade Brokers Dom Maklerski SA (XTB) currently trades at 153.10 PLN, while our model-based Fair Value estimate is 163.01 PLN, implying the stock looks roughly 6.1% fairly valued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 160.61 PLN per share, and 4 of the 13 models we run sit above the 153.10 PLN price.
Bear case: the Multiples group reads lowest at 23.85 PLN, and 9 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 53.50 PLN (bear) to 287.96 PLN (bull), the price of 153.10 PLN sits inside 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 65/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
X Trade Brokers Dom Maklerski SA reported revenue of 2.1B PLN in FY2025 versus 642M PLN in FY2021, a compound +34.8%/yr. Reported net income was 644M PLN in FY2025, compounding +28.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 18.0B PLN (≈ $4.7B) · P/E ratio 18.2 · P/S ratio 5.55 · EPS (TTM) 8.39 PLN · Dividend yield 2.7% · Net margin 30.4% · Return on equity 41.6% · Return on assets (EBIT) 15.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 142% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 6%, XTB screens cheaper than that median.
Fair Value models
Bear 53.50 PLNFair Value 163.01 PLNBull 287.96 PLN
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 (3.16 PLN 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.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.
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
+7.2%
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.
+12.6%
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.
+21.4%
Start year 2020 (pandemic). Over 10 years: +21.9% a year
Revenue growth 12 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.
+19.7%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘ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 5 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.
+24.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.0%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22% vs 24%, steady
Profit margin 2020 to 2025 ⓘ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.67% → 40%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what 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).
+13.6%
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.
+10.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +10.2% a year for the price and +7.3% for the forecasts.
Compare X Trade Brokers Dom Maklerski SA with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 463 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+7% · Above median
Profitability
Return on equity (TTM)42% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)31% · Above median
Operating margin (TTM)29% · Above median
Growth and dividend
Revenue growth89% · Top 25%
Dividend yield (TTM)2.7% · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "X Trade Brokers Dom Maklerski SA Fair Value". https://www.fairvalue-calculator.com/stock/XTB
Frequently asked questions
Is X Trade Brokers Dom Maklerski SA (XTB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 163.01 PLN versus a price of 153.10 PLN, about +6% upside (fairly valued).
What is the fair value of XTB?
Our model-based fair value for X Trade Brokers Dom Maklerski SA is 163.01 PLN (as of Sep 24, 2026), built from audited fundamentals. The current price: 153.10 PLN.
What is the quality score of XTB?
X Trade Brokers Dom Maklerski SA has a Quality Score of 65/100. 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 X Trade Brokers Dom Maklerski SA (XTB)?
Our model-based price target is the fair value of 163.01 PLN (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 53.50 PLN, optimistic scenario 287.96 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the X Trade Brokers Dom Maklerski SA stock forecast for 2026?
Our models put fair value at 163.01 PLN, about +6% upside versus a price of 153.10 PLN (fairly valued). Cautious scenario 53.50 PLN, optimistic scenario 287.96 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of X Trade Brokers Dom Maklerski SA (XTB)?
X Trade Brokers Dom Maklerski SA reported trailing-twelve-month revenue of about 3.2B PLN (latest available figure, as of Sep 24, 2026).
Does X Trade Brokers Dom Maklerski SA pay a dividend?
X Trade Brokers Dom Maklerski SA currently shows a dividend yield of about 2.66% relative to its recent price (as of Sep 24, 2026).
What growth is priced into X Trade Brokers Dom Maklerski SA (XTB)?
For today's price to be fair in a discounted-cash-flow model, X Trade Brokers Dom Maklerski SA would have to grow free cash flow by +13.6 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of XTB use?
Our models discount X Trade Brokers Dom Maklerski SA at 9.3 %: a base by market capitalisation (mid), damped by beta 0.16, country premium for Poland. 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 X Trade Brokers Dom Maklerski SA that is +13.6 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has X Trade Brokers Dom Maklerski SA (XTB) delivered so far?
Over the past 5 years revenue at X Trade Brokers Dom Maklerski SA grew +21.4 % a year. The price currently implies +13.6 % 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 X Trade Brokers Dom Maklerski SA (XTB) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into X Trade Brokers Dom Maklerski SA (+13.6 % 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 X Trade Brokers Dom Maklerski SA (XTB)?
The free-cash-flow yield on the price is 3.29 %: that much free cash flow X Trade Brokers Dom Maklerski SA produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of X Trade Brokers Dom Maklerski SA (XTB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For X Trade Brokers Dom Maklerski SA it is 163.01 PLN per share (as of Sep 24, 2026), against a price of 153.10 PLN. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is X Trade Brokers Dom Maklerski SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, XTB trades below its calculated fair value: price 153.10 PLN, fair value 163.01 PLN, a gap of about +6% (fairly valued). 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 XTB?
No. The price is what the market pays today (153.10 PLN); the fair value is what the company's own numbers justify (163.01 PLN). For X Trade Brokers Dom Maklerski SA the two are 9.91 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is X Trade Brokers Dom Maklerski SA worth?
The market values X Trade Brokers Dom Maklerski SA at about 18.0B PLN (market capitalisation, as of Sep 24, 2026). Per share that is 153.10 PLN; our models calculate a fair value of 163.01 PLN per share.
What do the bullish and bearish scenarios say about XTB?
Our models span a range for X Trade Brokers Dom Maklerski SA: cautious scenario 53.50 PLN, base 163.01 PLN, optimistic 287.96 PLN per share (as of Sep 24, 2026, price 153.10 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of XTB?
X Trade Brokers Dom Maklerski SA trades at a price-to-earnings ratio of 18.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 163.01 PLN is built from several models across several years. Other multiples: P/B 2.3, P/S 1.5, EV/EBITDA 2.7.
How solid is the balance sheet of X Trade Brokers Dom Maklerski SA (XTB)?
Balance-sheet figures for X Trade Brokers Dom Maklerski SA (as of Sep 24, 2026): return on equity 41.6%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is XTB from its 52-week high?
X Trade Brokers Dom Maklerski SA trades at 153.10 PLN, about 17% below its 52-week high of 184.16 PLN and 142% above the low of 63.15 PLN (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 163.01 PLN is for.
Which stocks are comparable to X Trade Brokers Dom Maklerski SA?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 X Trade Brokers Dom Maklerski SA stock attractive at the current price?
The data as of Sep 24, 2026: price 153.10 PLN, calculated fair value 163.01 PLN (+6%), Quality Score 65/100, from 13 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 XTB calculated?
We run X Trade Brokers Dom Maklerski SA through 13 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 163.01 PLN, 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 14.1 % above its aggregate fair value. X Trade Brokers Dom Maklerski SA currently trades 6 % below its own fair value, and the market average says nothing about that. 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 X Trade Brokers Dom Maklerski SA (XTB)?
The closing price on Sep 23, 2026 was 153.10 PLN. Our model-based fair value is 163.01 PLN, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with X Trade Brokers Dom Maklerski SA right now?
The model range is unusually wide (53.50 PLN to 287.96 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of X Trade Brokers Dom Maklerski SA (XTB) come from?
Earnings per share at X Trade Brokers Dom Maklerski SA grew +27.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +23.8 %, EBIT margin +1.7 %, tax rate +0.4 %, residual (interest, one-offs) +0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of X Trade Brokers Dom Maklerski SA
How large is the market capitalisation of X Trade Brokers Dom Maklerski SA (XTB)?
The market capitalisation of X Trade Brokers Dom Maklerski SA is 18.0B PLN (≈ $4.7B). 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/S ratio of X Trade Brokers Dom Maklerski SA (XTB)?
The price-to-sales ratio of X Trade Brokers Dom Maklerski SA is 5.55 (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 X Trade Brokers Dom Maklerski SA (XTB)?
Earnings per share at X Trade Brokers Dom Maklerski SA are 8.39 PLN (price ÷ EPS = P/E 18.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of X Trade Brokers Dom Maklerski SA (XTB)?
The dividend yield of X Trade Brokers Dom Maklerski SA is 2.7% (payout 48.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of X Trade Brokers Dom Maklerski SA (XTB)?
The net margin of X Trade Brokers Dom Maklerski SA is 30.4% (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 X Trade Brokers Dom Maklerski SA (XTB)?
The return on equity (ROE) of X Trade Brokers Dom Maklerski SA is 41.6% (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 X Trade Brokers Dom Maklerski SA (XTB)?
On an EBIT basis the return on assets of X Trade Brokers Dom Maklerski SA is 15.3% (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 X Trade Brokers Dom Maklerski SA (XTB)?
The operating margin of X Trade Brokers Dom Maklerski SA is 28.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at X Trade Brokers Dom Maklerski SA (XTB)?
Revenue at X Trade Brokers Dom Maklerski SA is growing +89.4% versus a year earlier (3y avg +12.6%). 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 X Trade Brokers Dom Maklerski SA (XTB)?
Earnings per share at X Trade Brokers Dom Maklerski SA are growing +176% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does X Trade Brokers Dom Maklerski SA (XTB) hold?
X Trade Brokers Dom Maklerski SA holds more cash than debt, 1.6B PLN net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch X Trade Brokers Dom Maklerski SA in the live analysis
One click puts X Trade Brokers Dom Maklerski SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
