HOOD
Robinhood Markets, Inc.
HOOD has the edge over PAX overall, supported by stronger fundamentals and stronger valuation.
PAX
Patria Investments Limited
PAX has lower modeled downside risk, despite its lower overall score.
HOOD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
HOOD's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like HOOD.
PAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
PAX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PAX.
HOOD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 30x | $81.35 | — |
| Cheap | 37x | $78.84 | -3.1% |
| Current | 38x | $81.35 | — |
| Fair | 51x | $110 | +35% |
| Expensive | 74x | $160 | +96% |
Historical ranges are pointers, not guarantees.
HOOD's PE is in its cheap range at 38x. If earnings grow as analysts expect, today's price would be 30x next year's earnings.
PAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.9x | $9.18 | — |
| Cheap | 17x | $7.80 | -15% |
| Current | 20x | $9.18 | — |
| Fair | 23x | $10.23 | +11% |
| Expensive | 29x | $12.85 | +40% |
Historical ranges are pointers, not guarantees.
PAX has the edge over HOOD in the historical PE scenario, which offers more potential upside but is not a forecast.
HOOD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
HOOD has the edge over PAX on the outlook, with more favorable earnings and profitability expectations.
PAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PAX's revenue to grow, but its profitability to weaken.
HOOD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.72 | +26% |
| Q3 2026 | $2.16 | -10% |
| Q2 2026 | $2.26 | +15% |
| Q1 2026 | $2.06 | +18% |
| Q4 2025 | $2.05 | +31% |
| Q3 2025 | $2.40 | +314% |
| Q2 2025 | $1.96 | +513% |
| Q1 2025 | $1.75 | +1150% |
| Q4 2024 | $1.56 | +$2.17 |
HOOD has the edge over PAX on earnings, with more consistent year-over-year improvement.
PAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.33 | +196% |
| Q2 2026 | $0.45 | -18% |
| Q1 2026 | $0.47 | 0% |
| Q4 2025 | $0.54 | +10% |
| Q3 2025 | $0.69 | +60% |
| Q2 2025 | $0.55 | +1.9% |
| Q1 2025 | $0.47 | -39% |
| Q4 2024 | $0.49 | -38% |
| Q3 2024 | $0.43 | -46% |
PAX's earnings per share have fallen from their peak: $0.45 over the past year, against $0.95 in mid-2021.
HOOD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +12% |
| Q2 2026 | $1.3B | +32% |
| Q1 2026 | $1.1B | +15% |
| Q4 2025 | $1.3B | +27% |
| Q3 2025 | $1.3B | +100% |
| Q2 2025 | $989M | +45% |
| Q1 2025 | $927M | +50% |
| Q4 2024 | $1B | +115% |
HOOD has the edge over PAX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | -5.9 points |
| Q2 2026 | 54% | +9.5 points |
| Q1 2026 | 39% | -1.5 points |
| Q4 2025 | 52% | -3.5 points |
| Q3 2025 | 50% | +26 points |
| Q2 2025 | 45% | +17 points |
| Q1 2025 | 40% | +14 points |
| Q4 2024 | 55% | +49 points |
HOOD has the edge over PAX on profitability, with a higher operating margin.
PAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $111.3M | +35% |
| Q1 2026 | $98.2M | +23% |
| Q4 2025 | $134.4M | -15% |
| Q3 2025 | $86.5M | +11% |
| Q2 2025 | $82.5M | +10% |
| Q1 2025 | $79.6M | +25% |
| Q4 2024 | $157.2M | +41% |
| Q3 2024 | $78.1M | +23% |
PAX's revenue is recovering but still below its 2024 peak: $111M last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | -18 points |
| Q1 2026 | 26% | -11 points |
| Q4 2025 | 37% | -14 points |
| Q3 2025 | 35% | -0.5 points |
| Q2 2025 | 37% | -0.9 points |
| Q1 2025 | 37% | -10 points |
| Q4 2024 | 51% | +1.2 points |
| Q3 2024 | 36% | -12 points |
PAX's operating margin was 19% last quarter, down 18 points from the same quarter a year ago, near the bottom of its range since 2019.
HOOD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +$2.8B |
| Q2 2026 | $720M | -79% |
| Q1 2026 | $2B | +217% |
| Q4 2025 | -$937M | +$463M |
| Q3 2025 | -$1.6B | -187% |
| Q2 2025 | $3.5B | +6398% |
| Q1 2025 | $642M | +$1.3B |
| Q4 2024 | -$1.4B | -246% |
HOOD has the edge over PAX on cash flow, with more consistent year-over-year improvement.
PAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $35.5M | -51% |
| Q1 2026 | $28.4M | -71% |
| Q4 2025 | $32.3M | +40% |
| Q3 2025 | $52.1M | -22% |
| Q2 2025 | $72.9M | +879% |
| Q1 2025 | $97.8M | +144% |
| Q4 2024 | $23.1M | -29% |
| Q3 2024 | $67M | +75% |
PAX's free cash flow was $148M over the past year, down 43% from the year before. Free cash flow isn't a meaningful measure for financial services companies like PAX.
HOOD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -1M shares |
| 1 year | -0.8% | -6.9M shares |
| 3 years | +1.8% | +15.9M shares |
| 5 years | +292% | +679M shares |
| Available history | +7.2% | +60.8M shares |
HOOD has the edge over PAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $25M |
| Q2 2026 | $414M |
| Q1 2026 | $250M |
| Q4 2025 | $100M |
| Q3 2025 | $107M |
| Q2 2025 | $124M |
| Q1 2025 | $322M |
| Q4 2024 | $160M |
HOOD spent $789M buying back its own shares over the past year, up 11% from the year before.
PAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +953K shares |
| 1 year | +0.9% | +1.5M shares |
| 3 years | +7.7% | +11.4M shares |
| 5 years | +19% | +25.6M shares |
| Available history | +36% | +42.6M shares |
PAX has 160M diluted shares, up 0.9% from a year ago, despite $69M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $12.7M |
| Q4 2025 | — |
| Q3 2025 | $56.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PAX spent $69M buying back its own shares over the past year, after none the year before.
HOOD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -2.1x | Net Cash |
| Q2 2025 | -2.6x | Net Cash |
| Q1 2025 | -3.3x | Net Cash |
| Q4 2024 | -3.8x | Net Cash |
HOOD has the edge over PAX on leverage, with a lower net debt burden relative to earnings.
PAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.5x | Healthy |
| Q3 2024 | 1.1x | Healthy |
PAX's net debt is about 2.2 years of its operating earnings (EBITDA), up from a year a year ago. Net leverage isn't a meaningful measure for financial services companies like PAX.
HOOD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 9.5 | Oversold |
HOOD's weekly RSI is 41 (neutral) and its Stochastic is 10 (oversold).
PAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.2 | Neutral |
| Stochastic | 8.1 | Oversold |
PAX's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
HOOD PE vs Financial Services Sector
| Metric | HOOD | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 13x | 189% above |
| PE % | 22 | 66 | 44 pts below |
HOOD is trading at 38x earnings, a 189% premium to the Financial Services sector's median of 13x.
PAX PE vs Financial Services Sector
| Metric | PAX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 57% above |
| PE % | 40 | 62 | 22 pts below |
PAX has the edge over HOOD on valuation relative to its sector.
HOOD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $97.8 | 17% below |
| 20 week MA | $102.2 | 20% below |
| 50 week MA | $95.4 | 15% below |
| 100 week MA | $88.5 | 8.1% below |
| 200 week MA | $52.1 | 56% above |
HOOD has the edge over PAX on trend strength, trading above more of its moving averages.
PAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 12% below |
| 20 week MA | $10.8 | 15% below |
| 50 week MA | $12.4 | 26% below |
| 100 week MA | $12.6 | 27% below |
| 200 week MA | $13.2 | 31% below |
PAX is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
HOOD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $35.2 | $18.9 | -46% |
| 2022 | $18.9 | $7.95 | -58% |
| 2023 | $7.95 | $12.7 | +60% |
| 2024 | $12.7 | $39.0 | +206% |
| 2025 | $39.0 | $118.1 | +203% |
| 2026 YTD | $118.1 | $81.4 | -31% |
HOOD has the edge over PAX on returns for 2026, with the stronger performance.
PAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $19.9 | $16.5 | -17% |
| 2022 | $16.5 | $13.7 | -17% |
| 2023 | $13.7 | $15.5 | +13% |
| 2024 | $15.5 | $11.6 | -25% |
| 2025 | $11.6 | $16.2 | +39% |
| 2026 YTD | $16.2 | $9.18 | -43% |
PAX has finished lower in three of the last five years. It's down 43% so far in 2026.