AGI Inc (AGBK) Stock Price & How to Invest
Last updated October 2026
Short answer
AGBK is AGI Inc, the NYSE-listed holding company of Agibank, a Brazilian consumer bank built around payroll-deductible loans to retirees and pensioners of the national social security system (INSS). The case is a fast-growing, profitable lender trading near ~8x trailing earnings after falling ~37% below its $12 IPO price, with Brazilian regulation of INSS lending as the dominant swing factor.
AGBK stock price
As of 2026-10-28, AGI Inc (AGBK) last closed at $5.10, down 11.5% over the past month. Over its trading history so far it has traded between $4.73 and $12.00.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or AGI Inc's investor relations page. Walnut is informational, not investment advice.
What does AGI Inc (AGBK) do?
AGI Inc (NYSE: AGBK) is the Cayman Islands holding company for Agibank, a consumer bank founded in 1999 and headquartered in Campinas, Brazil. Its core product is consignado, or payroll-deductible credit, where loan installments are taken directly from a borrower's pension or salary before it is paid out. Most of that book is lent to retirees and pensioners of the INSS, Brazil's national social security agency, a group historically underserved by the big banks. Agibank pairs a digital app with a network of more than 1,100 physical Smart Hubs, many in smaller cities, and adds personal loans, payroll credit cards, a checking account and a new Agi+ subscription bundle. The company listed on the NYSE on February 12, 2026, selling 20 million Class A shares at $12, the low end of a range already cut from $15 to $18.
Results show growth with thinner profitability. Full-year 2025 revenue reached ~R$10.7 billion (up ~47%) and net income ~R$1.05 billion, with ROE of ~35.8%. In 2026 a temporary suspension of new INSS payroll lending (early December 2025 to mid January 2026) and an April 2026 audit-court (TCU) injunction on new INSS personal payroll loans cut origination. First-quarter net income fell ~48% year over year to ~R$186.5 million. The second quarter improved: revenue ~R$3.2 billion (up ~26%), net income ~R$200.3 million (up ~7% sequentially), a loan book of ~R$37.1 billion (up ~21%), 7.6 million active customers, a 9.6% INSS payroll market share and a capital adequacy ratio of 18.7%. Trailing ROE slid to ~21.6% as credit provisions and growth costs rose.
The investment picture is a discount to growth. At roughly $7.60 in mid October 2026, AGBK's market value is ~US$1.2 billion against ~R$4.8 billion (~US$0.9 billion) of equity and ~R$0.8 billion of trailing profit, implying ~8x earnings and ~1.4x book. Bulls point to secured, payroll-deducted credit, rising share and a low multiple. Bears point to INSS concentration, two regulatory suspensions in under a year, rising Stage 3 loans and a dual-class structure in which founder-controlled Class B shares carry ten votes each. Third-quarter results, expected in early November 2026, are the next test of management's promised recovery.
What's driving AGI Inc (AGBK)?
1. INSS payroll lending share gains
Payroll loans were ~R$28.5 billion of a ~R$36.6 billion gross book at June 30, 2026, so INSS consignado is the engine. Agibank's share of INSS payroll credit rose to ~9.6% in the second quarter, up ~160 basis points in a year, while the overall INSS consignado market is one of Brazil's largest consumer credit pools. Because installments are deducted from the benefit before it reaches the borrower, losses run far below unsecured consumer credit, and the rate is capped by regulation. The near-term question is volume: with the TCU injunction on new personal payroll loans lifted on May 8, 2026, origination can normalise from the depressed first-quarter level, when it fell ~31% year over year.
2. Cross-selling and the Agi+ subscription
Agibank's second lever is selling more to borrowers it already has. Active customers reached ~7.6 million in the second quarter, up ~36% year over year, and the company launched Agi+, a paid subscription bundle that signed more than ~250,000 subscribers in its first 45 days, with ~67% penetration among new credit originations. Management expects a contribution margin of roughly ~80% on that product. Fee and service income of this kind does not consume capital the way lending does, so if subscriptions scale into the millions it would diversify revenue away from interest spread and support returns. The risk is that cross-selling to retirees attracts consumer protection scrutiny if it looks like bundling.
3. Funding and capital after the IPO
A consumer lender's returns depend on what it pays for money. Agibank funds itself mainly with time deposits (~R$18.5 billion at June 30, 2026), plus securitisation vehicles (FIDCs, including a third issuance of ~R$2.1 billion) and international bonds (a ~US$726 million issue). The IPO lifted equity to ~R$4.8 billion and the capital adequacy ratio to ~18.7%, up ~370 basis points in a year, which gives room to grow the loan book without new equity. Brazil's Selic rate has been high through 2026; any easing cycle would lower funding costs on a book whose fixed payroll rates are capped, which would widen net interest margin, currently ~R$1.1 billion of net interest income per quarter.
4. Margin recovery from a reset base
Profitability is the swing variable. ROE fell from ~44% in 2024 to ~36% in 2025 and ~21.6% on a trailing basis by mid 2026, as provisions for expected credit losses rose to ~R$562 million in the second quarter and the efficiency ratio reportedly worsened to ~48.9% on upfront growth costs. Management said it expects sequentially higher income from the third quarter and a fuller recovery by the fourth. If quarterly profit climbed back toward the ~R$300 million range of early 2025, the stock would look cheap at ~8x trailing earnings; if provisions keep rising with the shift into unsecured personal credit (~R$5.6 billion), the multiple may simply be fair.
What are the risks to AGI Inc (AGBK)?
Regulatory concentration is the defining risk. Most of the book depends on INSS payroll lending, and Agibank received two temporary INSS suspensions in 2025 over contractual non-compliance and business practices, settled in January 2026 with an action plan. The TCU then halted new INSS personal payroll loans industry-wide in April 2026; a single minister lifted that on May 8 pending a full-court ruling, and payroll card modalities stayed suspended. Brazil also periodically lowers the legal rate cap on INSS loans, which compresses margins directly. Credit quality is drifting: 90-day delinquency rose from ~2.9% to ~3.6% in a year and Stage 3 loans are ~3.8% of gross exposure. Growth in unsecured personal credit lifts yield but also losses. Earnings are in reais, so a weaker real reduces dollar value for US holders. Governance limits outside influence: Class B shares controlled by the founder carry ten votes each. Liquidity is modest, the float is small, and the stock has traded between ~$5.32 and ~$12.19 since listing. Contingency provisions (~R$322 million) reflect a litigious consumer lending market.
What is the AGI Inc (AGBK) forecast?
11 analysts publish price targets on AGBK, averaging $12.61 against a $7.58 price as of October 2026, or +66.4%. The published targets run from $8.03 to $16.34, a moderate spread, and the ratings split 10 buy, 1 hold, 0 sell. Over the last six months there have been 0 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full AGBK forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is AGBK a buy or a sell?
We give no verdict on AGI Inc. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. INSS payroll lending share gains. Payroll loans were ~R$28.5 billion of a ~R$36.6 billion gross book at June 30, 2026, so INSS consignado is the engine. The most optimistic published target, $16.34, assumes this works close to its best case.
The case against. Regulatory concentration is the defining risk. The most pessimistic target, $8.03, is roughly what AGBK is worth if this bites instead.
Read the full bull and bear case on AGBK, including what would have to change to break either one. Walnut is not an investment adviser.
How is AGI Inc (AGBK) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see AGI Inc's investor relations page or your broker.
- Revenue (TTM): ~R$11.9 billion (~US$2.2 billion); FY2025 ~R$10.7B, Q2 2026 ~R$3.2B
- Net income (TTM): ~R$0.81 billion (~US$150 million); H1 2026 ~R$387M vs ~R$620M in H1 2025
- Loan portfolio: ~R$37.1 billion at June 30, 2026, up ~21% YoY
- Shareholders' equity: ~R$4.8 billion (~US$0.9 billion); ROE (LTM) ~21.6%
- Capital adequacy ratio: ~18.7%, up ~370 basis points YoY
- Market cap: ~US$1.2 billion (~160 million shares near ~$7.60, mid October 2026)
On trailing numbers AGBK trades near ~8x earnings and ~1.4x book value, cheap for a lender that grew revenue ~47% in 2025 and still earns a return on equity above 20%. The discount reflects how much of that profit sits on one regulated channel, INSS payroll loans, and how fast returns fell, from ~36% ROE in 2025 to ~21.6% trailing. Brazilian peers that lend to the same retirees, such as Banco Pan or the payroll arms of the large banks, also trade at low multiples. Currency conversions use roughly R$5.4 per dollar and move with the real.
Who competes with AGI Inc (AGBK)?
Incumbent big banks
Itau Unibanco (ITUB), Bradesco (BBD), Banco do Brasil and Caixa Economica Federal dominate INSS payroll lending by volume, with vast branch networks, low funding costs and existing pension-payment relationships. Several of them underwrote Agibank's IPO, yet they remain its largest rivals for every new consignado contract and refinancing.
Mid-sized payroll specialists
Banco Pan (controlled by BTG Pactual), Banco BMG, Banco Daycoval, Banco Mercantil and C6 Bank compete specifically for retirees and pensioners with payroll loans and payroll cards. They fight Agibank on rate, broker commissions and speed, and are subject to the same INSS rate cap and the same regulatory suspensions.
Digital banks and fintechs
Nu Holdings (NU), Inter & Co (INTR), PicPay and Mercado Pago are pushing into consignado and personal credit with app-first models and large customer bases. Their scale and low acquisition costs pressure Agibank's digital channel, though Agibank's 1,100-plus Smart Hubs target older, less digital customers they reach less easily.
What stocks are similar to AGI Inc (AGBK)?
Other names that sit close to AGBK: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in AGI Inc (AGBK)
There are three common ways to get AGBK exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so AGBK sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where AGBK fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on AGI Inc (AGBK)
AGBK is a profitable, quickly growing Brazilian payroll lender priced at a discount because its core INSS market is politically sensitive and its profitability compressed sharply in 2026. Regulation decides the outcome.
More on AGI Inc (AGBK)
Whether AGBK is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AGBK a buy or a sell?, and where the stock could go from here in the AGBK stock forecast.
For income investors, whether AGBK pays a dividend and how the payout looks is covered in does AGBK pay a dividend? And to weigh AGBK against a peer, read the full side-by-side comparisons: AGBK vs ITUB and AGBK vs BBD.
Wondering how AGBK fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in AGI Inc with AI
Connect the broker you already use and ask Walnut's AI how AGBK fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is AGBK?
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AGBK is the NYSE ticker for AGI Inc, the Cayman Islands holding company that owns Agibank, a Brazilian consumer bank founded in 1999 and based in Campinas. Agibank specialises in consignado, payroll-deductible loans where installments are deducted directly from a borrower's pension or salary. Its main customers are retirees and pensioners of the INSS, Brazil's national social security system. Around that core it offers personal loans, payroll credit cards, a checking account and an Agi+ subscription bundle, served through a mobile app and more than 1,100 physical Smart Hubs across Brazil. The company had about 7.6 million active customers and a loan book of roughly R$37.1 billion at June 30, 2026. AGI Inc began trading in New York on February 12, 2026.
How did the AGBK IPO go?
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AGI Inc sold 20 million Class A shares at $12 in February 2026, raising roughly $240 million before costs. The price came at the low end of a range that had already been cut from an initial $15 to $18 range down to $12 to $13, which signalled cautious demand for Brazilian financial stocks. Goldman Sachs, Morgan Stanley and Citi led a syndicate that also included Itau BBA, Bradesco BBI, BTG Pactual, Santander and XP. After listing, the shares fell well below the offer, trading in a ~$5.32 to ~$12.19 range and near ~$7.60 in mid October 2026, around 37% below the IPO price, as INSS regulatory action and weaker first-half profit weighed on sentiment.
Is Agibank profitable?
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Yes. Agibank earned roughly R$1.05 billion in 2025, a record, on ~R$10.7 billion of revenue, with return on equity near ~36%. Profit fell in 2026: first-quarter net income was ~R$186.5 million, down ~48% year over year, after a temporary halt on new INSS payroll loans cut origination. The second quarter recovered modestly to ~R$200.3 million, up ~7% sequentially, and first-half profit totalled ~R$387 million against ~R$620 million a year earlier. Trailing ROE was ~21.6% at mid 2026. Higher expected credit loss provisions, about R$562 million in the second quarter alone, and upfront growth costs explain most of the decline. Management has said it expects income to rise sequentially from the third quarter.
What is consignado and why does it matter for AGBK?
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Consignado is Brazilian payroll-deductible credit. The lender signs an agreement through the employer or, for retirees, through the INSS benefit system, and each installment is taken from the pension or salary before the borrower receives it. That makes default much less likely than for ordinary unsecured loans, so regulators cap the interest rate. For Agibank, payroll loans were about R$28.5 billion of a ~R$36.6 billion gross book at June 30, 2026. The structure gives predictable, low-loss income, but it also means the business depends on rules set by the government: the rate cap, the eConsignado system, and the INSS's authority to suspend a lender's access, which it used against Agibank twice in 2025.
What regulatory problems has Agibank faced?
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In 2025 the INSS issued two temporary suspensions against Agibank over contractual non-compliance, irregularities and certain business practices. New INSS payroll lending stopped from early December 2025 to mid January 2026, and the matter was settled on January 12, 2026, with agreements that include an action plan. Separately, in April 2026 Brazil's federal audit court, the TCU, issued an injunction halting new INSS personal payroll loans across the industry after complaints about leaked retiree data and fraudulent contracts. A TCU minister lifted that on May 8, 2026, pending a plenary decision, while payroll credit card modalities stayed suspended. These episodes are the main reason the stock trades at a discount.
How is AGBK valued?
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At roughly $7.60 per share in mid October 2026, with about 160 million total shares, AGI Inc's market value is near ~US$1.2 billion. Trailing net income is approximately R$0.81 billion, or about US$150 million at ~R$5.4 per dollar, which implies a price to earnings ratio around ~8x. Shareholders' equity of ~R$4.8 billion, about US$0.9 billion, puts price to book near ~1.4x. Those multiples are low for a lender that grew revenue ~26% year over year in the second quarter and still earns a return on equity above 20%. They reflect regulatory risk in INSS lending, falling returns, currency exposure and limited trading liquidity in a recently listed foreign issuer.
Who controls AGI Inc?
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AGI Inc has a dual-class structure. At June 30, 2026, there were about 58.9 million Class A shares, the kind sold in the IPO and traded on the NYSE, each carrying one vote, and about 101.2 million Class B shares carrying ten votes each. The Class B shares are held by the founder and pre-IPO holders, which gives them the large majority of voting power even though Class A holders own a meaningful share of the economics. In practice, outside shareholders have little ability to influence the board or strategy. As a foreign private issuer, AGI Inc reports quarterly results on Form 6-K and annually on Form 20-F rather than the 10-Q and 10-K filings used by US companies.
What should AGBK holders watch next?
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Third-quarter 2026 results, expected in early November, are the first test of management's statement that income would rise sequentially from the third quarter. Useful figures to track are origination volume now that the TCU injunction on personal payroll loans has been lifted, INSS payroll market share against the ~9.6% second-quarter level, 90-day delinquency against ~3.6%, quarterly provisions against ~R$562 million, and Agi+ subscriber growth beyond the ~250,000 early sign-ups. Outside the company, the TCU plenary's final ruling on INSS lending, any change to the INSS interest rate cap, the path of Brazil's Selic rate and the real's exchange rate will all affect results. Walnut is not an investment adviser; this is descriptive information only.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with AGI Inc's investor relations page or your broker before making investment decisions.