SAO PAULO, July 7, 2026, 12:05 (BRT)
- Nu shares slipped 1.1% to $13.91 by midday in New York. The stock traded between $13.81 and $14.37 so far today.
- The latest proxy filing puts Class B shares at about 21% of ordinary shares but with roughly 84% of the voting power.
- Nu’s $1 billion buyback is about 1.5% of its ordinary shares at today’s price.
- The stock is trading at around $493 for each Q1 customer and roughly 19x annualized Q1 net income.
Nu Holdings Ltd. NYSE:NU slipped 1.1% to $13.91 Tuesday, trading near the bottom of its $13.81 to $14.37 intraday band just before 11 a.m. in New York. The NYSE ran normal hours; its calendar puts the Independence Day holiday on July 3, with no mention of a July 7 close.
Investors had already seen the meeting date, but the new detail came from Nu’s July 6 proxy filing. The company reported 3.81 billion Class A shares and 1.02 billion Class B shares outstanding on June 26. Each Class A share has one vote. Class B shares get 20 votes apiece.
| Nu voting base as of June 26 cut-off | Shares | Votes per share | Percent of votes |
|---|---|---|---|
| Class A ordinary shares | 3.81 bln | 1 | 15.7% |
| Class B ordinary shares | 1.02 bln | 20 | 84.3% |
| Total ordinary shares | 4.83 bln | — | 100% |
This matters since investors trade the public float based on growth, credit risk, and buybacks, but control stays with the high-vote shares. Shareholders vote August 6 in São Paulo and online on the 2025 accounts and on nine directors, including founder and CEO David Vélez Osorno.
Nu’s June buyback stacks up as smaller compared to the number of shares out. The company signed off on as much as $1 billion in Class A buybacks over the next 12 months starting June 4. At $13.91 a share, that would mean about 71.9 million shares, which is around 1.5% of total ordinary shares, or 1.9% of Class A shares outstanding, if they use the full amount at that price.
| LatAm financial stocks, intraday | Price | Day change | Market value |
|---|---|---|---|
| Nu Holdings Ltd. NYSE:NU | $13.91 | -1.1% | $66.5 bln |
| PagSeguro Digital Ltd. NYSE:PAGS | $8.92 | -0.2% | $2.9 bln |
| StoneCo Ltd. NASDAQ:STNE | $10.83 | -1.1% | $3.3 bln |
| MercadoLibre Inc. NASDAQ:MELI | $1,815.31 | +0.5% | $91.9 bln |
| Itaú Unibanco Holding S.A. NYSE:ITUB | $8.29 | +0.1% | $81.3 bln |
| Banco Bradesco S.A. NYSE:BBD | $3.48 | -0.7% | $37.1 bln |
Nu trades at a much higher valuation than smaller Brazilian payments players. The company’s market cap was roughly 20x StoneCo and 23x PagSeguro. But it’s still behind Itaú and MercadoLibre.
Nu’s story now hinges less on adding users and more on profit from its big base. The company had over 135 million customers in Q1, with the market putting about a $493 price tag on each one at current value. With Q1 net income annualized at $871 million, Nu trades at about 19 times that figure.
Vélez in May called Q1’26 “another strong quarter,” pointing to over 135 million customers, revenue above $5 billion, $871 million in net income and a 29% ROE. “We are not adding AI to banking,” he said, “but rebuilding banking around AI.” Nu International
Credit is more challenging. Nu’s non-performing loan ratio for 15-90 days climbed to 5.0% in Q1 from the previous quarter. Loans over 90 days overdue fell a bit to 6.5%. Total deposits hit $42.4 billion, while the credit portfolio rose to $37.2 billion. The loan-to-deposit ratio came in at 58.3%.
Nubank was the top choice for primary-bank accounts in Brazil during Q4 2025, according to a July 1 company report citing Bain & Company’s NPS Prism study. The company said it had banked 31.5 million Brazilians. Nubank public policy director Eduardo Lopes said growth in financial inclusion was fastest “where the traditional financial system has always been most absent.” Nu International
Analysts are still divided on how much of the growth story is priced in. Google Finance tracked nine analysts on Nu over the past three months: six posted Buy ratings, two said Hold, and one went with Sell. The average 12-month price target pinned at $16.54. J.P. Morgan’s Yuri Fernandes stuck to his Buy rating at $20 as of July 7, while Goldman Sachs’ Tito Labarta kept Buy and a $22 target on July 5.
Related articles: NYSE:NU
