NU · sample dossier
Nu Holdings Ltd.
56/100
AgingGenerated Nov 7, 2026 · 11:00 AM UTC · 1 day ago
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EquityNu Holdings Ltd. · XNYS
Decision context
Recommendation
Balanced between solid Growth (100/100) and constrained Momentum (16/100).
A mixed picture — no strong reason to buy or sell right now.
AlphaDog Fair Value
Executive thesis & key metrics
Executive Investment Thesis
Nu Holdings Ltd. operates a digital banking platform in Latin America with a market capitalization of $58.11B, trading at a trailing P/E of 16.48 and a Price/Book of 4.39. The Hold verdict reflects strong operational momentum—highlighted by 50.2% YoY quarterly revenue growth, 66.3% YoY quarterly EPS growth, and a 42.7% net margin—counterbalanced by severe market pressure shown in a 1-year price return of -25.6%. The primary risk is cash flow generation quality, evidenced by trailing FCF per share of -$0.34 and an unstated gross margin of 0.0%.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 56 · Hold
Data through
AgingJun 30, 2026
Growth scores 100/100 — top-line expansion leads the profile.
Re-evaluate if
- Net margin falls below 34.2% (was 42.7%)
Trim / reconsider if
- ROA falls below 3.2% (was 5.0%)
Think of these dollars as a map of our value estimate for Hold — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
Both sides of the Nu Holdings Ltd. story, next to the Hold above
The debate consensus is fundamentally distorted by evaluating a digital banking franchise with corporate cash-flow metrics, creating false conviction on both sides.
May be overlooked
Misapplication of corporate free cash flow to a deposit-taking lender, treating TTM FCF of -$0.34 as an earnings defect rather than balance-sheet balance growth.
Lack of visibility into credit seasoning and loan-loss provisioning, where a 42.7% net margin may temporarily reflect early-stage loan vintages before peak charge-offs occur.
Total absence of reported regulatory capital metrics, tier-1 ratios, and Debt/Equity metrics (marked N/A) in context of a $58.11B market capitalization.
Expectations look stretched
Extrapolating 50.2% YoY revenue growth and 66.3% YoY EPS growth indefinitely across Latin American markets without modeling competitive pricing compression.
Assuming an ROA of 5.0% can be maintained long-term when Latin American banking peers typically operate closer to 1.5% to 2.5% ROA.
Justifying a high Price/Book multiple of 4.39 by benchmarking against US fintech peer SOFI (P/E 29.5) rather than traditional emerging-market banking multiples.
Revenue growth YoY slows below the latest quarter benchmark of 50.2%.
Revenue growth YoY slows below the latest quarter benchmark of 50.2%.
Monitor These Triggers
3 Checkpoints · Next PrintMarket context
Snapshot returns at report publication
1 month
-21.8%
3 months
-13.2%
6 months
-12.8%
1 year
-25.6%
At a Glance
A large company is in a pullback at fair pricing.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Go deeper
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