Nu Holdings
NUNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $12.08 Prior regular-session close from the quote source.
- $12.07–$12.35 Regular-session low and high so far today.
- 57.9M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $11.20–$18.98 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NU if its low-cost digital banking model keeps converting under-served Latin American consumers into profitable, multi-product relationships without losing credit discipline.
NU price history
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Investment thesis
What must happen next
Nu’s low-friction digital model keeps converting dissatisfaction with incumbent banks into product adoption and monetization across its financial-services platform.StrengtheningMateriality: High
IFRS annual revenue rose from $0.737 billion in FY2020 to $11.517 billion in FY2024. If this holds, Nu can keep expanding the revenue base without relying solely on price increases; if it breaks, the growth story becomes a mature-bank share fight.
Watch: Itaú, Bradesco, Santander or other incumbent banks successfully match Nu’s app experience, fees and onboarding while retaining customers through existing payroll, branch and credit relationships.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue rose from $0.737 billion in FY2020 to $11.517 billion in FY2024.
Open source ↗The branchless, software-led operating model and cross-sell mix allow Nu to scale without surrendering gross economics to funding, interchange, rewards or price competition.StrengtheningMateriality: High
IFRS annual gross profit increased from $1.663 billion in FY2022 to $3.491 billion in FY2023 and $5.253 billion in FY2024. Revenue growth is valuable only if each incremental customer and product continues to carry attractive gross profit.
Watch: Digital competitors force higher deposit rates, richer card rewards or lower fees that compress Nu’s spread and interchange economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit increased from $1.663 billion in FY2022 to $3.491 billion in FY2023 and $5.253 billion in FY2024.
Open source ↗Nu’s data and underwriting capabilities can expand credit products without turning growth into a credit-loss problem.HoldingMateriality: Medium
IFRS annual net income improved from a $365 million loss in FY2022 to $1.031 billion profit in FY2023 and $1.972 billion profit in FY2024. Credit is a major monetization lever, but poor underwriting would quickly turn growth into losses, capital strain and multiple compression.
Watch: A Brazil or Mexico consumer-credit downturn causes delinquencies and charge-offs to rise before pricing can adjust.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual net income improved from a $365 million loss in FY2022 to $1.031 billion profit in FY2023 and $1.972.
Open source ↗Nu’s model increasingly funds expansion from internally generated cash rather than depending on external capital markets.StrengtheningMateriality: Medium
IFRS annual operating cash flow improved from negative $2.924 billion in FY2021 to positive $0.756 billion in FY2022. Self-funding makes growth more durable and protects shareholders from dilution or balance-sheet stress during weaker markets.
Watch: Aggressive expansion in Mexico, Colombia or new products consumes cash faster than mature Brazil operations generate it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow improved from negative $2.924 billion in FY2021 to positive $0.756 billion in FY2022.
Open source ↗Operating leverage and disciplined capital allocation convert Nu’s platform growth into per-share earnings rather than merely larger reported revenue.StrengtheningMateriality: Medium
IFRS annual diluted EPS improved from a loss of $0.078 in FY2022 to positive $0.2121 in FY2023. The owner ultimately needs growth to show up in per-share economics; otherwise a successful platform can still be a mediocre stock.
Watch: Stock-based compensation, acquisitions or capital raises materially dilute shareholders as Nu expands.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual diluted EPS improved from a loss of $0.078 in FY2022 to positive $0.2121 in FY2023.
Open source ↗
Full investment case & evidence
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Original research
Nu’s low-friction digital model keeps converting dissatisfaction with incumbent banks into product adoption and monetization across its financial-services platform. If this holds, Nu can keep expanding the revenue base without relying solely on price increases; if it breaks, the growth story becomes a mature-bank share fight.
The branchless, software-led operating model and cross-sell mix allow Nu to scale without surrendering gross economics to funding, interchange, rewards or price competition. Revenue growth is valuable only if each incremental customer and product continues to carry attractive gross profit.
Nu’s data and underwriting capabilities can expand credit products without turning growth into a credit-loss problem. Credit is a major monetization lever, but poor underwriting would quickly turn growth into losses, capital strain and multiple compression.
Nu’s model increasingly funds expansion from internally generated cash rather than depending on external capital markets. Self-funding makes growth more durable and protects shareholders from dilution or balance-sheet stress during weaker markets.
Operating leverage and disciplined capital allocation convert Nu’s platform growth into per-share earnings rather than merely larger reported revenue. The owner ultimately needs growth to show up in per-share economics; otherwise a successful platform can still be a mediocre stock.
All standing thesis claims
Original report summary
its low-cost digital banking model keeps converting under-served Latin American consumers into profitable, multi-product relationships without losing credit discipline.
Bull case and bear case
Bull case and bear case for NU Holdings
Where the evidence on NU Holdings stands: Holding on the latest evidence (Oct 12, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Nu’s low-friction digital model keeps converting dissatisfaction with incumbent banks into product adoption and monetization across its financial-services platform.
The branchless, software-led operating model and cross-sell mix allow Nu to scale without surrendering gross economics to funding, interchange, rewards or price competition.
Nu’s data and underwriting capabilities can expand credit products without turning growth into a credit-loss problem.
Nu’s model increasingly funds expansion from internally generated cash rather than depending on external capital markets.
Operating leverage and disciplined capital allocation convert Nu’s platform growth into per-share earnings rather than merely larger reported revenue.
Bear case: what would count against it
Itaú, Bradesco, Santander or other incumbent banks successfully match Nu’s app experience, fees and onboarding while retaining customers through existing payroll, branch and credit relationships.
Digital competitors force higher deposit rates, richer card rewards or lower fees that compress Nu’s spread and interchange economics.
A Brazil or Mexico consumer-credit downturn causes delinquencies and charge-offs to rise before pricing can adjust.
Thesis-Break Engine
Thesis-break watch · NU Holdings
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
NU Holdings filed an SEC report on 2026-09-30: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
NU Holdings filed an SEC report on 2026-09-10: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
NU Holdings filed an SEC report on 2026-09-02: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Itaú, Bradesco, Santander or other incumbent banks successfully match Nu’s app experience, fees and onboarding while retaining customers through existing payroll, branch and credit relationships.
- Digital competitors force higher deposit rates, richer card rewards or lower fees that compress Nu’s spread and interchange economics.
- A Brazil or Mexico consumer-credit downturn causes delinquencies and charge-offs to rise before pricing can adjust.
- Aggressive expansion in Mexico, Colombia or new products consumes cash faster than mature Brazil operations generate it.
- Stock-based compensation, acquisitions or capital raises materially dilute shareholders as Nu expands.
NU news
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Financial statements
NU income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NU: quick answers
- What is NU's short interest?
- As of October 30, 2026, 164M NU shares were sold short, up 17.7% from the count before. At the stock's average daily volume that is 1.7 days to cover. FINRA publishes the count twice a month. NU short interest history
- Have members of Congress traded NU?
- 17 trades in NU have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed NU trade
- Which well-known investors own NU?
- 7 of the 37 well-known funds tracked here reported NU shares in their latest 13F filings. By share of the fund's portfolio: Maverick Capital, 4.2%; Lone Pine Capital (Stephen Mandel), 3.9%; Dragoneer Investment Group, 2.3%. Fund portfolios
NU in well-known investors’ portfolios
7 of 37 funds reported NU shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Maverick Capital | 4.2% | $475M | +58.4% | Q2 2026 |
| Stephen MandelLone Pine Capital | 3.9% | $631M | +24.2% | Q2 2026 |
| Dragoneer Investment Group | 2.3% | $66.2M | No change | Q2 2026 |
| Dan SundheimD1 Capital Partners | 1.7% | $593M | +71.6% | Q2 2026 |
| Philippe LaffontCoatue Management | 0.81% | $392M | No change | Q2 2026 |
| Chase ColemanTiger Global Management | 0.61% | $147M | No change | Q2 2026 |
| Cathie WoodARK Investment Management | 0.09% | $14.3M | −8.5% | Q2 2026 |