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XTB (XTB) — moat facet

No customer worth naming, in a company where a single week's market direction moves a quarter's earnings by 60 per cent.

1. ReportedIt had 2 825 700 of them at the end of June 2026 and its filings contain no customer-concentration table at all, because there is nothing that would go in one.
   XTB results presentation for the first half of 2026, client key performance indicators - new clients 333 292 and 370 041 in the two quarters of 2026, 703 333 for the half against 361 643, up 94,5%; active clients 1 489 872 against 853 938, up 74,5%; clients in total 2 825 700 against 1 697 894, up 66,4%; net deposits 11 768 823 against 7 240 875, up 62,5%; average operating revenue per active client 1,4 in both halves and 0,7 in the second quarter against 0,9 in the first; average client acquisition cost 0,6 against 0,7; turnover of CFD instruments in lots 4 154 831 against 4 229 558, down 1,8% — H1 2026 · publ. 28 August 2026 · source ↗
2. ReportedSet against the disclosures elsewhere in this collection — CoreWeave at 67 per cent of revenue from one buyer, Nvidia at 22, Kioxia naming Apple at 20,4 — that is genuine diversification of name.[
   CoreWeave Form 10-K, fiscal 2025 — revenue $5,13B (+168%), net loss ~−$1,2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
3. ReportedSet against the disclosures elsewhere in this collection — CoreWeave at 67 per cent of revenue from one buyer, Nvidia at 22, Kioxia naming Apple at 20,4 — that is genuine diversification of name.[
   NVIDIA Form 10-K, FY2026 — "For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue"; FY2025: one at 12% and two at 11% each; FY2024: one at 13%. Direct customers include OEMs, ODMs, distributors and system integrators; indirect customers (CSPs, Neocloud builders, AI model makers, enterprises, public sector) buy through them, and NVIDIA "estimate[s] some individually representing 10% or more of our revenue". "Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue." — FY2026 (ended Jan 25, 2026) · publ. February 2026 · source ↗
4. ReportedSet against the disclosures elsewhere in this collection — CoreWeave at 67 per cent of revenue from one buyer, Nvidia at 22, Kioxia naming Apple at 20,4 — that is genuine diversification of name.[
   Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2 337 628M against ¥1 706 460M, gross profit ¥1 012 904M, operating profit ¥869 013M, profit for the year ¥554 490M; research and development cost ¥141 052M against ¥132 798M; purchases of property, plant and equipment ¥281 062M against ¥223 847M; operating cash flow ¥616 540M; proceeds from government grants ¥56 396M against ¥43 748M, from an approved ceiling of ¥150,0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31,8bn not yet received. Revenue by application: SSD & Storage ¥1 362 638M, Smart Devices ¥759 978M, Other ¥215 012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263 252M, North America and Europe ¥1 217 643M, Asia ¥856 733M, with the United States ¥1 098 832M, China ¥381 857M and Taiwan ¥300 932M. Non-current assets: Japan ¥1 658 950M, North America and Europe ¥1 986M, Asia ¥6 298M. Major customers: Apple group ¥476 014M (20,4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50,1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552 085M against equity of ¥1 398 929M — a net debt-to-equity ratio of 0,39 times, from ¥931 035M against ¥737 565M and 1,26 times a year earlier; USD-denominated senior notes at 6,25% (2030) and 6,625% (2033); goodwill of ¥395 585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21,87% and Toshiba Corporation 17,59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
5. ReportedSet against the disclosures elsewhere in this collection — CoreWeave at 67 per cent of revenue from one buyer, Nvidia at 22, Kioxia naming Apple at 20,4 — that is genuine diversification of name.
   CoreWeave Form 10-K, fiscal 2025 — revenue $5,13B (+168%), net loss ~−$1,2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
6. ReportedThis is the only company in the collection whose revenue rises when its customers do badly, and the company is required by European law to print the proportion on its own homepage: 74 per cent of retail accounts lose money trading contracts for difference with it.
   XTB mandatory risk disclosure on xtb.com - "74% of retail investor accounts lose money when trading CFDs with this provider." and "CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage." — September 2026 · publ. 2026 · source ↗
7. ReportedPoland produced 54,4 per cent of 2025 operating income and 57,4 per cent of the first half of 2026, and the accounts note formally that Poland is the country from which the group derives 20 per cent or more of its revenue.
   XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
8. ReportedThere is one genuinely institutional relationship, X Open Hub, which sells the platform and liquidity to other brokers.
   XTB results presentation for the first half of 2026, operational data - quarterly series for Q2 2026, Q1 2026, Q4 2025, Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 in that order: total operating income 992 558, 1 094 018, 609 344, 375 821, 580 597, 580 294, 465 416 and 470 234 thousand złoty; transaction volume in CFD instruments in nominal value 1 029 179, 1 333 410, 1 605 005, 1 118 278, 1 144 554, 937 867, 727 854 and 695 315 million dollars; profitability for USD 1 million of transaction volume 238, 216, 93, 84, 128, 144, 147 and 167 dollars; transaction volume in CFD instruments 1 831 627, 2 323 204, 2 542 526, 2 094 296, 2 321 584, 1 907 974, 1 657 390 and 1 627 978 lots; profitability per lot 484, 439, 208, 152, 229, 277, 253 and 272 złoty; marketing expenses 200 081, 235 429, 179 195, 141 495, 123 322, 141 034, 116 855 and 71 613 thousand złoty with client acquisition cost 0,7, 0,9, 0,7, 0,7, 0,7, 0,7, 0,7 and 0,6 thousand złoty; structure of the gross result in H1 2026 Commodity CFDs 75,3%, Index CFDs 13,9%, Currency CFDs 5,0% and other 5,8%, against H1 2025 Index CFDs 46,3%, Commodity CFDs 33,1%, Currency CFDs 15,6% and other 5,0%; share of CFD turnover by trading platform for the same eight quarters: xStation 30, 29, 29, 27, 35, 37, 36 and 38 per cent, xStation Mobile 61, 60, 64, 62, 59, 56, 56 and 57 per cent and MT4 9, 11, 7, 11, 6, 7, 9 and 8 per cent; own cash 2 934 090 at 30 June 2026 against 1 994 027 at 31 December 2025, up 47,1%, with no bonds; dividend per share of 1,5 for 2021, 4,86 for 2022, 5,02 for 2023, 5,45 for 2024 and 4,07 for 2025, the 2025 dividend being PLN 478,5 million or 75% of standalone net profit with a record date of 15 June 2026 and payment on 24 June 2026 — Q3 2024 - Q2 2026 · publ. 28 August 2026 · source ↗
9. ReportedIt halved in 2025.
   XTB Group Management Board report on activities in 2025, financial results and dividend - total operating income of 2 146 056 thousand złoty against 1 873 436, up 14,6%; operating income by geography: Central and Eastern Europe 1 447 904 including Poland 1 168 350, Western Europe 387 409, Latin America 128 259, Middle East 182 480 and Asia 4 thousand złoty, with Poland at 54,4% of revenue against 52,7% in 2024; retail business 2 103 532 against 1 791 144 and Institutional Activities (X Open Hub) 42 524 against 82 292, a fall of 48,3%; net interest income on client cash of PLN 78,0 million, 3,6% of total revenue against 3,1%, PLN 19,0 million higher year on year, with interest income on client funds PLN 34,6 million or 32,7% higher and interest expenses paid to clients PLN 15,5 million or 33,3% higher, the product having been introduced in November 2023; nearly PLN 585 million of marketing spend, up 69,6% — FY2025 · publ. March 2026 · source ↗
10. Moat Explorer calcNo customer of any kind reaches a reportable share of revenue in a company where a single week's market direction can move a quarter's earnings by 60 per cent.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗

• XTB Group consolidated annual report for 2025
• XTB Group half-year report for the first half of 2026
• XTB mandatory risk disclosure