Nu Holdings Ltd.
- Expensive?
- Price-to-book (P/B) 4.3×. P/B above the peer median of 1.6x: pricier than its peers.
- Analysts?
- 83% of 23 say buy; average 12-month target $18.12, 53% above today's price.
- Risky?
- Swingier than most large companies: its price swung 46% over the past year (the S&P 500's 14%), and it fell as much as 72% since Dec 2021.
Nu Holdings Ltd. (Nubank) operates a digital banking and consumer finance platform in Latin America, offering credit cards, deposit accounts, and lending products primarily through its mobile app.
More about Nu Holdings
Revenue is driven mainly by net interest income (from loans and interest-earning portfolios) and fees (e.g., card-related and account/service fees).
Market Position
Nu is one of the largest digital financial services platforms in the region; in Brazil it has cited being the largest private financial institution by number of customers (per Brazil’s Central Bank) and has also highlighted leadership in new credit card issuance in Mexico. Key differentiators include an app-native distribution model, high engagement, and a low-cost operating platform.
Key Segments
Nu generally reports around geographic operations across Brazil, Mexico, and Colombia, with product lines spanning cards, accounts/deposits, and credit (secured and unsecured), plus adjacent financial services (e.g., investments/insurance depending on market).
How has the stock done?
Over the past month NU fell 26.1%; the bank ETF (KBE) rose 4.5% and the S&P 500 fell 2.7%.
Over the past six months NU fell 10.9%; the bank ETF (KBE) rose 5.6% and the S&P 500 rose 2.6%.
Over the past year NU fell 26.9%; the bank ETF (KBE) rose 14.2% and the S&P 500 rose 10.8%.
From Dec 10, 2021 to Jun 16, 2022, the deepest drop from a high since Dec 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 1.4% the same way
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
How well it is run
Return on equity of 25.4% in FY2025: strong returns.
In FY2025 the bank earned $25.4 for every $100 of shareholders' equity it had at year end (Dec 31, 2025). 12% or more is strong for a bank; below 8% is weak.
Customers and suppliers
In its latest annual report Nu Holdings buys from RTM, Mastercard. Chubb, Amazon, Casas Bahia and 3 more sell through its platform.
Partners
Inter Miami CFMulti-year stadium naming rights agreementInter Miami StadiumMulti-year stadium naming rights agreement
Mercedes-Benz Grand PrixFormula One marketing and brand placement rights
Mastercard MACard payment licensing agreementsPlatforms
Chubb CBsells through Nu Holdings · Underwrites insurance distributed through Nu's app
Amazon AMZNsells through Nu Holdings · Offers non-financial services through Nu's marketplace
Epaysells through Nu Holdings · Offers non-financial services through Nu's marketplaceChanges since the previous annual report (20-F filed Apr 16, 2025)
Inter Miami CFNamed for the first time, as a partnerInter Miami StadiumNamed for the first time, as a partnerMercedes-Benz Grand PrixNamed for the first time, as a partnerEpayNamed for the first time, as a company selling through its platform
Apple AAPLNo longer named (was a partner)Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Chubb | on platform · sells through Nu Holdings | “We have also partnered with Chubb to provide insurance products and with Hopper to provide travel experiences, each of which can be originated and managed seamlessly through our Nu mobile app.” |
| Max | partner · distribution deal with it | “To deepen our customer value proposition, we introduced Nubank+, an evolution of the Nu experience, offering additional benefits such as cashback, streaming in partnership with Max, free withdrawals, and other premium services.” |
| Claro | partner | “NuCel is Nubank’s mobile services product, operating via an MVNO partnership with Claro, and designed to disrupt the Brazilian telecommunications sector.” |
| Amazon | on platform · sells through Nu Holdings | “For example, we have partnered with big retailers in Brazil, such as Amazon, Casas Bahia, Magalu and Epay to offer non-financial services through our marketplace.” |
| Casas Bahia | on platform · sells through Nu Holdings | “For example, we have partnered with big retailers in Brazil, such as Amazon, Casas Bahia, Magalu and Epay to offer non-financial services through our marketplace.” |
| Magalu | on platform · sells through Nu Holdings | “For example, we have partnered with big retailers in Brazil, such as Amazon, Casas Bahia, Magalu and Epay to offer non-financial services through our marketplace.” |
| Epay | on platform · sells through Nu Holdings | “For example, we have partnered with big retailers in Brazil, such as Amazon, Casas Bahia, Magalu and Epay to offer non-financial services through our marketplace.” |
| Hopper | on platform · sells through Nu Holdings | “We have also partnered with Chubb to provide insurance products and with Hopper to provide travel experiences, each of which can be originated and managed seamlessly through our Nu mobile app.” |
| Tyme | partner · Nu Holdings invested in it | “On December 12, 2024 Nu made a minority investment in Tyme Group Pte Ltd. ("Tyme") acting as lead investor in its series D funding round.” |
| Inter Miami CF | partner | “On December 23, 2025, we signed a multi-year deal with Inter Miami CF, LLC, Inter Miami Stadium, LLC, and Miami Freedom Park, LLC, pursuant to which Nu North America, Inc. was granted (i) naming rights to the Inter Miami Club de Futbol stadium, now known as Nu Stadium, (ii) naming rights to the Miami” |
| Inter Miami Stadium | partner | “On December 23, 2025, we signed a multi-year deal with Inter Miami CF, LLC, Inter Miami Stadium, LLC, and Miami Freedom Park, LLC, pursuant to which Nu North America, Inc. was granted (i) naming rights to the Inter Miami Club de Futbol stadium, now known as Nu Stadium, (ii) naming rights to the Miami” |
| Miami Freedom Park | partner | “On December 23, 2025, we signed a multi-year deal with Inter Miami CF, LLC, Inter Miami Stadium, LLC, and Miami Freedom Park, LLC, pursuant to which Nu North America, Inc. was granted (i) naming rights to the Inter Miami Club de Futbol stadium, now known as Nu Stadium, (ii) naming rights to the Miami” |
| Mercedes-Benz Grand Prix | partner | “On December 31, 2025, we signed a strategic multi-year legally binding heads of terms with Mercedes-Benz Grand Prix Limited, granting Nu North America, Inc., and the companies of the Group several marketing, image and brand logo placement rights over assets of the Mercedes-AMG Petronas F1 Team.” |
| RTM | supplier | “System Network, or “RSFN,” depends on the infrastructure of Market Telecommunications Network (Rede de Telecomunicações para o Mercado Ltda.), or “RTM,” a datacenter and link provider, our cloud data processing and storage services and, separately, our datacenter infrastructure services are both provided by third-party service providers, among other third-party service providers on which we rely for the continuity of our business.” |
| Mastercard | supplier | “Significantly, certain third-party service providers, including Mastercard, are the sole source or one of a limited number of sources of the services they provide for us.” |
| Mastercard | partner · licensing deal with it | “License Agreement, dated as of April 24, 2020, between Mastercard International Incorporated and Nu Pagamentos S.A., including the First Amendment to the License Agreement, dated as of April 24, 2020; the Summary of Licenses Granted, dated as of April 24, 2020; and the Supplement to the Mastercard License Agreement, dated as of April 24, 2020 (incorporated herein by reference to Exhibit 10.5 to the Amendment No. 1 to our registration statement on Form F-1 (File no. 333-260649), filed with the SEC on November 30, 2021).” |
Only the companies Nu Holdings names in its 20-F filed Apr 8, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Platforms: an app store, a console maker or a marketplace one company sells through and pays a share or a fee; not supply, so not on the chain. Hover a name for the filing's own words.
Is it expensive?
P/B of 4.3x, above the peer median of 1.6x.
P/B above the peer median of 1.6x: pricier than its peers.
Show the data
| Company | Price-to-book (P/B) |
|---|---|
| NU · Nu Holdings Ltd. | 4.3× |
| PNC · The PNC Financial Services Group, Inc. | 1.6× |
| USB · U.S. Bancorp | 1.6× |
| FITB · Fifth Third Bancorp | 1.6× |
| HBAN · Huntington Bancshares Incorporated | 1.1× |
| TFC · Truist Financial Corporation | 1.1× |
Banks are compared on price-to-book: what the market pays for each $1 of the bank's net worth. Their earnings swing with credit costs, so P/E alone can mislead.
What analysts expect
The average analyst price target is $18.12, 53% above the current price; 83% of 23 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.
Buy or Strong Buy: 19 analysts (83%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $16.83 to $17.06 (+1%), while NU went from $15.59 to $11.83 (−24%). In the past three months targets were raised 5 times and cut twice. 1 upgrade and 4 downgrades over the year; the latest: Itau BBA moved it to Market Perform from Outperform on Sep 16, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 20, 2026 | UBS | Target raised | Buy | $20.50, was $18.20 |
| Oct 6, 2026 | JP Morgan | Target raised | Overweight | $23.00, was $20.00 |
| Sep 28, 2026 | Needham | Target kept | Buy | $19.00 |
| Sep 16, 2026 | Itau BBA | Downgrade | Market Perform, was Outperform | $18.00, was $20.00 |
| Sep 11, 2026 | Needham | Target kept | Buy | $19.00 |
| Aug 25, 2026 | Wolfe Research | Target cut | Outperform | $17.00, was $18.00 |
| Aug 20, 2026 | UBS | Target raised | Buy | $18.20, was $16.90 |
| Aug 14, 2026 | Susquehanna | Target raised | Neutral | $16.00, was $13.00 |
| Aug 14, 2026 | Needham | Target raised | Buy | $19.00, was $17.00 |
| Jul 7, 2026 | JP Morgan | Target raised | Overweight | $20.00, was $18.00 |
| Jun 26, 2026 | Needham | Began coverage | Buy | $17.00 |
| Jun 15, 2026 | Citigroup | Downgrade | Neutral, was Buy | $13.00, was $18.00 |
| Jun 3, 2026 | Susquehanna | Downgrade | Neutral, was Positive | $13.00, was $18.00 |
| Jun 2, 2026 | B of A Securities | Downgrade | Underperform, was Neutral | $10.00, was $16.00 |
| May 20, 2026 | UBS | Target cut | Buy | $16.90, was $18.10 |
| Apr 14, 2026 | CICC | Began coverage | Outperform | $18.00 |
| Mar 19, 2026 | UBS | Upgrade | Buy, was Neutral | $17.60, was $17.20 |
| Mar 4, 2026 | UBS | Target cut | Neutral | $17.20, was $18.40 |
| Jan 27, 2026 | Susquehanna | Target raised | Positive | $22.00, was $19.00 |
| Dec 4, 2025 | UBS | Target raised | Neutral | $18.40, was $16.00 |
| Nov 20, 2025 | JP Morgan | Target raised | Overweight | $18.00, was $17.00 |
| Nov 14, 2025 | Keybanc | Target raised | Overweight | $19.00, was $15.00 |
| Nov 14, 2025 | Susquehanna | Target raised | Positive | $19.00, was $17.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.18 | $0.18 | 0.0% |
| Mar ’26 | $0.19 | $0.18 | −5.3% |
| Jun ’26 | $0.19 | $0.22 | +15.8% |
| Sep ’26 | $0.22 | $0.22 | 0.0% |
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.24 a share, 31% more than the $0.18 of a year earlier, and revenue of $6.3B. For the fiscal year ending Dec 2027, they expect adjusted earnings of $1.08 a share, 25% more than the year before's estimate of $0.87, and revenue of $27.9B, up 23% on the year before's estimate.
Adjusted. Dec 2025: $0.18; range $0.18 to $0.27; 10 analysts
Range $5.9B to $6.7B; 4 analysts
Adjusted. The year to Dec 2026: $0.87 expected; range $0.77 to $1.21; 18 analysts
The year to Dec 2026: $22.7B expected; range $24.9B to $30.3B; 10 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.24 | $0.18 to $0.27 | 10 | $0.18 (Dec 2025) | +31% |
| Quarter ending Dec 2026 | Revenue | $6.3B | $5.9B to $6.7B | 4 | — | — |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.24 | $0.17 to $0.30 | 8 | $0.18 (Mar 2026) | +35% |
| Quarter ending Mar 2027 | Revenue | $6.4B | $6.2B to $6.8B | 4 | — | — |
| Year ending Dec 2026 | EPS (adjusted) | $0.87 | $0.85 to $0.89 | 7 | — | — |
| Year ending Dec 2026 | Revenue | $22.7B | $22.0B to $24.0B | 10 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | $1.08 | $0.77 to $1.21 | 18 | $0.87 (expected, year to Dec 2026) | +25% |
| Year ending Dec 2027 | Revenue | $27.9B | $24.9B to $30.3B | 10 | $22.7B (expected, year to Dec 2026) | +23% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Who holds it
In the filings of 3 funds whose copy leaves NU out (too costly to trade on the exchange): Maverick Capital, Baillie Gifford &, Dragoneer Investment Group.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 18 held NU at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 8 cut, 1 sold all and 4 held the same. The largest of them is Baillie Gifford &, 237.91M shares worth $3.0B at Sep 30, 2026, 3.5% more than a quarter earlier.
Over their latest quarter
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Baillie Gifford & | Q3 2026 | 237.91M | $3.0B | +7.98M | +3.5% | Nov 9, 2026 |
| Lone Pine Capital | Q2 2026 | 47.22M | $631M | +9.21M | +24% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 46.29M | $618M | +660,473 | +1.4% | Aug 12, 2026 |
| Maverick Capital | Q2 2026 | 35.55M | $475M | +13.11M | +58% | Aug 14, 2026 |
| Coatue Management | Q2 2026 | 29.33M | $392M | 0 | 0.0% | Aug 14, 2026 |
| Softbank Group | Q2 2026 | 17.84M | $238M | 0 | 0.0% | Aug 14, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 14.12M | $189M | −7.13M | −34% | Aug 14, 2026 |
| Tiger Global Management | Q2 2026 | 11.03M | $147M | 0 | 0.0% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 9.85M | $125M | −160,478 | −1.6% | Nov 6, 2026 |
| Swiss National Bank | Q3 2026 | 6.62M | $83.9M | −403,900 | −5.7% | Nov 12, 2026 |
| Dragoneer Investment Group | Q2 2026 | 4.95M | $66.2M | 0 | 0.0% | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −2.83M | Sold all | Nov 12, 2026 |
| Korea Investment | Q2 2026 | 1.55M | $20.8M | +183,700 | +13% | Aug 12, 2026 |
| ARK Investment Management | Q2 2026 | 1.07M | $14.3M | −99,246 | −8.5% | Aug 14, 2026 |
| National Pension Service | Q3 2026 | 1.07M | $13.5M | −157,953 | −13% | Nov 12, 2026 |
| Polen Capital Management | Q2 2026 | 752,747 | $10.1M | −464,491 | −38% | Aug 4, 2026 |
| Nomura Holdings | Q2 2026 | 177,360 | $2.4M | +89,339 | +101% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 150,859 | $2.0M | −71,121 | −32% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 145,787 | $1.8M | −34,705 | −19% | Nov 3, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NU at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.
Are insiders buying or selling?
Officers and directors sold $10.7M of NU on the open market in the 12 months to Nov 12, 2026; none bought. 7% of the sales were made under 10b5-1 plans, set up in advance. The largest was Cristina Helena Zingaretti Junqueira (US CEO and Chief Growth Offcr), who sold $6.9M in 6 sales.
8 sales
0 purchases
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Oct 5, 2026 | Cristina Helena Zingaretti Junqueira | US CEO and Chief Growth Offcr | Sale (10b5-1 plan) | 25,000 | $15.01 | $375K | Oct 7, 2026 |
| Aug 25, 2026 | Cristina Helena Zingaretti Junqueira | US CEO & Chief Growth Officer | Sale | 65,000 | $14.71 | $956K | Aug 26, 2026 |
| Aug 24, 2026 | Cristina Helena Zingaretti Junqueira | US CEO & Chief Growth Officer | Sale (10b5-1 plan) | 25,000 | $15.00 | $375K | Aug 26, 2026 |
| Aug 14, 2026 | Cristina Helena Zingaretti Junqueira | US CEO & Chief Growth Officer | Sale | 50,000 | $15.80 | $790K | Aug 18, 2026 |
| Aug 14, 2026 | Henrique Camossa Saldanha Fragelli | Chief Risk Officer | Sale | 221,707 | $15.81 | $3.5M | Aug 18, 2026 |
| May 15, 2026 | Anita M Sands | Director | Sale | 21,000 | $12.24 | $257K | May 19, 2026 |
| Mar 23, 2026 | Cristina Helena Zingaretti Junqueira | US CEO & Chief Growth Officer | Sale | 220,000 | $14.82 | $3.3M | Mar 25, 2026 |
| Mar 23, 2026 | Cristina Helena Zingaretti Junqueira | US CEO & Chief Growth Officer | Sale | 80,000 | $14.81 | $1.2M | Mar 25, 2026 |
From the Form 4s filed with the SEC about Nu Holdings Ltd. (33 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 28 other transactions (grants, option exercises and shares withheld for tax).