BPAC11 · B3 · Banks
BTG Pactual
We own 36 shares · in the portfolio for 5 days
- Since we bought
- −7.5%
- Ibovespa, same period
- −4.4%
At the close of 30 Oct 2026. Includes dividends declared since purchase.
Why we own it
BTG earns the highest return on equity among large Brazilian banks. Its shares fell with the market even though its business is less exposed to consumer credit.
What could go wrong
- Losses in its trading book after the rise in interest rates.
- Capital markets activity slows down.
What would make us sell
Written before we bought. A falling price is not on this list.
- A material trading loss.
- Recurring return on equity below 15% for two quarters.
- A governance event.
Twelve months against the Ibovespa
| Date | BTG Pactual | Ibovespa |
|---|---|---|
| 31 Oct 2025 | 0.0% | 0.0% |
| 5 Nov 2025 | +3.2% | +2.5% |
| 10 Nov 2025 | +4.9% | +3.8% |
| 13 Nov 2025 | +10.6% | +5.1% |
| 18 Nov 2025 | +7.3% | +4.7% |
| 24 Nov 2025 | +4.9% | +3.8% |
| 27 Nov 2025 | +7.9% | +5.9% |
| 2 Dec 2025 | +13.0% | +7.7% |
| 5 Dec 2025 | +7.4% | +5.2% |
| 10 Dec 2025 | +9.4% | +6.4% |
| 15 Dec 2025 | +15.6% | +8.7% |
| 18 Dec 2025 | +8.1% | +5.6% |
| 23 Dec 2025 | +9.1% | +7.3% |
| 30 Dec 2025 | +8.8% | +7.7% |
| 6 Jan 2026 | +12.4% | +9.4% |
| 9 Jan 2026 | +13.2% | +9.2% |
| 14 Jan 2026 | +12.8% | +10.4% |
| 19 Jan 2026 | +13.4% | +10.2% |
| 22 Jan 2026 | +20.7% | +17.4% |
| 27 Jan 2026 | +27.7% | +21.7% |
| 30 Jan 2026 | +24.0% | +21.3% |
| 4 Feb 2026 | +20.4% | +21.5% |
| 9 Feb 2026 | +24.6% | +24.5% |
| 12 Feb 2026 | +21.0% | +25.6% |
| 19 Feb 2026 | +28.0% | +26.1% |
| 24 Feb 2026 | +26.5% | +28.1% |
| 27 Feb 2026 | +26.8% | +26.2% |
| 4 Mar 2026 | +23.9% | +24.0% |
| 9 Mar 2026 | +17.3% | +21.0% |
| 12 Mar 2026 | +16.1% | +19.9% |
| 17 Mar 2026 | +16.1% | +20.6% |
| 20 Mar 2026 | +9.1% | +17.8% |
| 25 Mar 2026 | +17.3% | +24.0% |
| 30 Mar 2026 | +10.5% | +22.1% |
| 2 Apr 2026 | +18.5% | +25.8% |
| 8 Apr 2026 | +28.5% | +28.5% |
| 13 Apr 2026 | +32.0% | +32.4% |
| 16 Apr 2026 | +33.1% | +31.6% |
| 22 Apr 2026 | +28.3% | +29.0% |
| 27 Apr 2026 | +25.2% | +26.8% |
| 30 Apr 2026 | +22.8% | +25.3% |
| 6 May 2026 | +22.1% | +25.5% |
| 11 May 2026 | +17.9% | +21.6% |
| 14 May 2026 | +14.6% | +19.3% |
| 19 May 2026 | +9.8% | +16.5% |
| 22 May 2026 | +11.6% | +17.8% |
| 27 May 2026 | +13.8% | +17.5% |
| 1 Jun 2026 | +9.1% | +15.2% |
| 5 Jun 2026 | +4.8% | +13.0% |
| 10 Jun 2026 | +1.8% | +12.8% |
| 15 Jun 2026 | +5.3% | +14.0% |
| 18 Jun 2026 | +5.2% | +12.5% |
| 23 Jun 2026 | +9.3% | +14.5% |
| 26 Jun 2026 | +13.1% | +15.9% |
| 1 Jul 2026 | +11.7% | +14.8% |
| 6 Jul 2026 | +14.6% | +15.3% |
| 9 Jul 2026 | +15.2% | +15.5% |
| 14 Jul 2026 | +19.9% | +18.1% |
| 17 Jul 2026 | +16.2% | +16.2% |
| 22 Jul 2026 | +18.0% | +18.7% |
| 27 Jul 2026 | +14.9% | +17.2% |
| 30 Jul 2026 | +17.2% | +18.5% |
| 4 Aug 2026 | +17.4% | +19.0% |
| 7 Aug 2026 | +11.5% | +15.4% |
| 12 Aug 2026 | +3.9% | +12.0% |
| 17 Aug 2026 | +4.7% | +11.5% |
| 20 Aug 2026 | +4.4% | +12.3% |
| 25 Aug 2026 | +13.5% | +16.7% |
| 28 Aug 2026 | +12.2% | +17.5% |
| 2 Sep 2026 | +20.8% | +23.8% |
| 8 Sep 2026 | +26.8% | +25.3% |
| 11 Sep 2026 | +27.4% | +25.2% |
| 16 Sep 2026 | +27.4% | +24.1% |
| 21 Sep 2026 | +33.0% | +24.8% |
| 24 Sep 2026 | +31.3% | +23.0% |
| 29 Sep 2026 | +31.6% | +22.9% |
| 2 Oct 2026 | +38.2% | +28.5% |
| 7 Oct 2026 | +60.5% | +36.6% |
| 13 Oct 2026 | +68.7% | +38.3% |
| 16 Oct 2026 | +60.7% | +37.4% |
| 21 Oct 2026 | +68.7% | +38.1% |
| 26 Oct 2026 | +25.6% | +18.1% |
| 29 Oct 2026 | +13.2% | +13.1% |
| 30 Oct 2026 | +7.9% | +12.3% |
Valuation
- Price to earningsPrice ÷ last 12 months’ earnings per share
- 10.9×
- Price to bookPrice ÷ equity per share
- 2.4×
- PEG ratio
- 0.25
- Dividend yieldLast 12 months
- 2.8%
- Market value
- R$ 200.4 bn
Profitability
- Return on equity
- 22.2%
- Return on assets
- 2.1%
- Gross margin
- 99.3%
- Net margin
- 61.7%
Growth
- Revenue, latest quarter vs a year ago
- −18.2%
- Earnings, latest quarter vs a year ago
- +46.3%
- Revenue, last full year
- −18.8%
- Earnings, last full year
- +49.0%
Risk, last 12 months
- Total returnIncluding dividends
- +7.9%
- VolatilityAnnualised, daily returns
- 50%
- Largest fall from a peak
- −36.9%
- Beta to the Ibovespa1.0 moves with the index
- 1.81
- Below its 12-month high
- −36.9%
Dividends
- Paid per share, last 12 months
- R$ 1.4201
Five years of results
| Year | Revenue | Net income | Earnings per share | Equity | Return on equity |
|---|---|---|---|---|---|
| 2025 | R$ 28.1 bn | R$ 16.7 bn | n/a | R$ 80.3 bn | 20.8% |
| 2024 | R$ 34.7 bn | R$ 11.1 bn | n/a | R$ 65.9 bn | 16.8% |
| 2023 | R$ 24.6 bn | R$ 10.3 bn | n/a | R$ 56.4 bn | 18.2% |
| 2022 | R$ 22.5 bn | R$ 8.0 bn | n/a | R$ 49.6 bn | 16.2% |
| 2021 | R$ 9.9 bn | R$ 7.1 bn | n/a | R$ 44.6 bn | 15.8% |
Annual consolidated statements as reported to the CVM, via brapi.
Company profile
- Sector
- Serviços Financeiros
- Industry
- Bancos
- Employees
- 8,188
- Website
- www.btgpactual.com/
Data as of the close of 30 Oct 2026. Market data from brapi.dev; financial statements as filed with the CVM. Ratios are provider estimates and may differ from company reports.