<p>Caliber 决定选择 StoneX Group (SNEX) 作为其数字资产国库战略的机构交易和保管合作伙伴，这使得 StoneX 正好处于日益增长的区块链相关储备的机构需求之中。</p>
<p>查看我们对 StoneX Group 的最新分析。</p>
<p>这一背景有助于解释为什么投资者一直在重新评估 StoneX，目前股价为 98.07 美元，年初至今的股价回报率为 46.8%，同时五年总股东回报率为 285.23%。这种组合表明，势头依然强劲。</p>
<p>如果 Caliber 的举动让你思考还有谁在执行细分金融主题，可能值得扫描那些内部持股比例高的快速增长股票，以寻找其他低调的复合增长者。</p>
<p>随着 StoneX 在经历了强劲的多年增长后，股价接近分析师目标，真正的问题是市场是否低估了其盈利能力，还是已经将下一轮增长的预期计入了价格。</p>
<h2>17.3 倍的市盈率：是否合理？</h2>
<p>从表面上看，StoneX 在 98.07 美元的股价下，17.3 倍的市盈率表明市场正在为其利润支付溢价。</p>
<p>市盈率比较了投资者今天为每一美元当前收益支付的价格。这是资本市场公司的一项核心标准，其业务直接转化为底线利润周期。对于 StoneX 而言，稳定的盈利增长和悠久的运营历史有助于解释为什么投资者愿意给予其溢价标签。</p>
<p>然而，这种溢价并非没有限制。该股票被标记为相对于同行平均的 16.8 倍和估计的合理市盈率 16.1 倍而言显得昂贵。这表明对未来利润扩张的预期可能已经被过于乐观地嵌入。如果市场的合理市盈率重新确立，那么即使盈利继续增长，市盈率也有压缩的空间。</p>
<p>与此同时，StoneX 仍然看起来比更广泛的美国资本市场行业更具吸引力，后者的平均市盈率高达 25.6 倍。这强调了投资者在奖励其业绩记录，但尚未将其视为高飞的异常值。</p>
<p>探索 StoneX Group 的 SWS 合理市盈率</p>
<p><strong>结果：17.3 倍的市盈率（大致合理）</strong></p>
<p>然而，交易量的减弱或风险偏好的急剧回落可能会迅速对 StoneX 的费用收入施加压力，并考验市场的乐观盈利假设。</p>
<p>了解 StoneX Group 叙述中的关键风险。</p>
<h2>另一种观点：DCF 显示出截然不同的故事</h2>
<p>虽然 17.3 倍的市盈率表明 StoneX 仅略显昂贵，但我们的 DCF 模型则更加严厉。它将合理价值定为 43.7 美元，而当前股价为 98.07 美元，这意味着该股票明显被高估。市场是对的，还是这种乐观情绪过于超前于基本面？</p>
<p>了解 SWS DCF 模型如何得出其合理价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4d8e59a6-8be3-4080-aeca-2d7c81db0f49/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4d8e59a6-8be3-4080-aeca-2d7c81db0f49/chart/dcf"/></p>
<p>截至 2025 年 12 月的 SNEX 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 StoneX Group）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 901 只基于现金流的被低估股票。如果你保存了筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
<h2>构建你自己的 StoneX Group 叙述</h2>
<p>如果你对数字有不同的看法，或者更愿意遵循自己的流程，你可以在几分钟内快速形成个性化的观点：按你的方式来。</p>
<p>你对 StoneX Group 研究的一个很好的起点是我们的分析，突出了 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>准备好更多可操作的投资想法了吗？</h2>
<p>在继续之前，考虑使用 Simply Wall St 筛选器搜索与您的策略相符的优质企业。</p>
<ul>
<li>通过扫描这 10 只收益率超过 3% 的股息股票，专注于稳定的现金生成者，这些股票可以通过可靠的收入流增强你的投资组合。</li>
<li>通过审查这些 901 只基于现金流的被低估股票，寻找可能被错误定价的机会，市场可能尚未反映长期现金流潜力。</li>
<li>通过关注这 24 只可能受益于各行业人工智能采用的 AI 便士股票，跟踪市场的结构性变化。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

SNEX

<p>Caliber 已与 StoneX Group (SNEX) 合作，推动其数字资产财务战略，增强了 StoneX 的机构需求。StoneX 的股价为 98.07 美元，年初至今回报率为 46.8%，5 年回报率为 285.23%。该股票的市盈率为 17.3 倍，略高于同行平均水平，但低于更广泛的行业。DCF 模型表明该股票被高估，公允价值为 43.7 美元。投资者在做出决策之前应考虑潜在的风险和回报</p>

<p>Caliber’s decision to tap StoneX Group (SNEX) as an institutional trading and custody partner for its Digital Asset Treasury strategy puts StoneX squarely in the path of growing institutional demand around blockchain linked reserves.</p>
<div class="lb-trans"><p>Caliber 决定选择 StoneX Group (SNEX) 作为其数字资产国库战略的机构交易和保管合作伙伴，这使得 StoneX 正好处于日益增长的区块链相关储备的机构需求之中。</p>
</div><p>See our latest analysis for StoneX Group.</p>
<div class="lb-trans"><p>查看我们对 StoneX Group 的最新分析。</p>
</div><p>That backdrop helps explain why investors have been steadily re-rating StoneX, with the share price now at $98.07 and a strong year to date share price return of 46.8 percent, alongside a robust 5 year total shareholder return of 285.23 percent. This combination signals that momentum is still very much intact.</p>
<div class="lb-trans"><p>这一背景有助于解释为什么投资者一直在重新评估 StoneX，目前股价为 98.07 美元，年初至今的股价回报率为 46.8%，同时五年总股东回报率为 285.23%。这种组合表明，势头依然强劲。</p>
</div><p>If Caliber’s move has you thinking about who else is executing on niche financial themes, it might be worth scanning fast growing stocks with high insider ownership for other under the radar compounders.</p>
<div class="lb-trans"><p>如果 Caliber 的举动让你思考还有谁在执行细分金融主题，可能值得扫描那些内部持股比例高的快速增长股票，以寻找其他低调的复合增长者。</p>
</div><p>With StoneX now trading just shy of analyst targets after a powerful multi year run, the real question is whether the market is underestimating its earnings power or already pricing in the next leg of growth.</p>
<div class="lb-trans"><p>随着 StoneX 在经历了强劲的多年增长后，股价接近分析师目标，真正的问题是市场是否低估了其盈利能力，还是已经将下一轮增长的预期计入了价格。</p>
</div><h2>Price-to-Earnings of 17.3x: Is it justified?</h2>
<div class="lb-trans"><h2>17.3 倍的市盈率：是否合理？</h2>
</div><p>On a headline basis, StoneX's 17.3x price to earnings multiple at a 98.07 dollar share price points to a market that is paying up for its profits.</p>
<div class="lb-trans"><p>从表面上看，StoneX 在 98.07 美元的股价下，17.3 倍的市盈率表明市场正在为其利润支付溢价。</p>
</div><p>The price to earnings ratio compares what investors pay today to each dollar of current earnings. This is a core yardstick for capital markets firms whose businesses translate directly into bottom line profit cycles. For StoneX, steady earnings growth and a long operating history help explain why investors are comfortable assigning a premium tag.</p>
<div class="lb-trans"><p>市盈率比较了投资者今天为每一美元当前收益支付的价格。这是资本市场公司的一项核心标准，其业务直接转化为底线利润周期。对于 StoneX 而言，稳定的盈利增长和悠久的运营历史有助于解释为什么投资者愿意给予其溢价标签。</p>
</div><p>However, that premium is not without limits. The stock is flagged as expensive versus both a peer average of 16.8x and an estimated fair price to earnings ratio of 16.1x. This suggests expectations for future profit expansion may already be generously embedded. If the market gravity of that fair ratio reasserts itself, the multiple has room to compress even if earnings continue to grow.</p>
<div class="lb-trans"><p>然而，这种溢价并非没有限制。该股票被标记为相对于同行平均的 16.8 倍和估计的合理市盈率 16.1 倍而言显得昂贵。这表明对未来利润扩张的预期可能已经被过于乐观地嵌入。如果市场的合理市盈率重新确立，那么即使盈利继续增长，市盈率也有压缩的空间。</p>
</div><p>At the same time, StoneX still looks more affordable than the broader US Capital Markets industry, where the average price to earnings ratio sits at a much richer 25.6x. This underscores that investors are rewarding its track record but not yet treating it like a high flying outlier.</p>
<div class="lb-trans"><p>与此同时，StoneX 仍然看起来比更广泛的美国资本市场行业更具吸引力，后者的平均市盈率高达 25.6 倍。这强调了投资者在奖励其业绩记录，但尚未将其视为高飞的异常值。</p>
</div><p>Explore the SWS fair ratio for StoneX Group</p>
<div class="lb-trans"><p>探索 StoneX Group 的 SWS 合理市盈率</p>
</div><p><strong>Result: Price-to-Earnings of 17.3x (ABOUT RIGHT)</strong></p>
<div class="lb-trans"><p><strong>结果：17.3 倍的市盈率（大致合理）</strong></p>
</div><p>However, softer trading volumes or a sharper pullback in risk appetite could quickly pressure StoneX’s fee income and test the market’s optimistic earnings assumptions.</p>
<div class="lb-trans"><p>然而，交易量的减弱或风险偏好的急剧回落可能会迅速对 StoneX 的费用收入施加压力，并考验市场的乐观盈利假设。</p>
</div><p>Find out about the key risks to this StoneX Group narrative.</p>
<div class="lb-trans"><p>了解 StoneX Group 叙述中的关键风险。</p>
</div><h2>Another View: DCF Flags a Very Different Story</h2>
<div class="lb-trans"><h2>另一种观点：DCF 显示出截然不同的故事</h2>
</div><p>While the 17.3x earnings multiple suggests StoneX is only slightly expensive, our DCF model is far harsher. It puts fair value at 43.7 dollars versus a 98.07 dollar share price, implying the stock is materially overvalued. Is the market right, or is this optimism running too far ahead of fundamentals?</p>
<div class="lb-trans"><p>虽然 17.3 倍的市盈率表明 StoneX 仅略显昂贵，但我们的 DCF 模型则更加严厉。它将合理价值定为 43.7 美元，而当前股价为 98.07 美元，这意味着该股票明显被高估。市场是对的，还是这种乐观情绪过于超前于基本面？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其合理价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4d8e59a6-8be3-4080-aeca-2d7c81db0f49/chart/dcf" alt="" original-src="https://images.simplywall.st/company/4d8e59a6-8be3-4080-aeca-2d7c81db0f49/chart/dcf"/></p>
<p>SNEX Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 SNEX 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out StoneX Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 901 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 StoneX Group）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 901 只基于现金流的被低估股票。如果你保存了筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
</div><h2>Build Your Own StoneX Group Narrative</h2>
<div class="lb-trans"><h2>构建你自己的 StoneX Group 叙述</h2>
</div><p>If you see the numbers differently, or would rather follow your own process, you can quickly shape a personalized view in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你对数字有不同的看法，或者更愿意遵循自己的流程，你可以在几分钟内快速形成个性化的观点：按你的方式来。</p>
</div><p>A great starting point for your StoneX Group research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 StoneX Group 研究的一个很好的起点是我们的分析，突出了 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Ready for more actionable investment ideas?</h2>
<div class="lb-trans"><h2>准备好更多可操作的投资想法了吗？</h2>
</div><p>Before you move on, consider using the Simply Wall St Screener to search for quality businesses that align with your strategy.</p>
<div class="lb-trans"><p>在继续之前，考虑使用 Simply Wall St 筛选器搜索与您的策略相符的优质企业。</p>
</div><ul>
<li>Focus on consistent cash generators by scanning these 10 dividend stocks with yields &gt; 3% that can potentially strengthen your portfolio with reliable income streams.</li>
<li>Look for possible mispriced opportunities by reviewing these 901 undervalued stocks based on cash flows where the market may not yet reflect long term cash flow potential.</li>
<li>Track structural shifts in the market by following these 24 AI penny stocks that could benefit from the adoption of artificial intelligence across industries.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描这 10 只收益率超过 3% 的股息股票，专注于稳定的现金生成者，这些股票可以通过可靠的收入流增强你的投资组合。</li>
<li>通过审查这些 901 只基于现金流的被低估股票，寻找可能被错误定价的机会，市场可能尚未反映长期现金流潜力。</li>
<li>通过关注这 24 只可能受益于各行业人工智能采用的 AI 便士股票，跟踪市场的结构性变化。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

StoneX 集团（SNEX）在与 Caliber 达成新的数字资产财库合作伙伴关系后进行估值检查