Banco Bradesco S.A. BBD

FinancialsBanking ServicesBrazil

Last close 2.73 USD on Nov 1, 2026, −18.5% year to date

Quant rating

Quant rating D Rank 262 of 304 in Financials

Growth C 164 of 304
Valuation C 151 of 304
Quality D 254 of 304
Revisions D 243 of 304
Momentum D 263 of 304

Wall Street consensus Buy (2.40)Average target 4.55 USD +66.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.6B
Enterprise value: 141.5B
52-week range: 2.54 – 4.58
3-year range: 1.85 – 4.58
Dividend yield: 12.51%
Beta (5 years): 0.49
Shares outstanding: 11,197M
Next earnings: Feb 4, 2027

About the company

Banco Bradesco SA is a Brazil-based company which engages in the banking services industry. The Company is a multiple-service bank, operating primarily in two segments: financial and insurance. The financial segment includes several areas of the banking sector, serving individual and corporate clients, acting as an investment bank in domestic and international banking operations, investment fund administration, consortium administration, and asset management. The insurance segment includes life insurance, supplementary pension plans, health, accident, and property insurance. The Company provides services to other entities which include asset management and treasury services, foreign exchange transactions, corporate finance and investment banking services, hedging operations, and financing operations, including working capital financing, leasing, and installment credit.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	48,770	34,273	43,581	37,952	24,814	–
Revenue growth	42.3%	−21.4%	14.8%	52.9%	7.6%	16.2%
EPS (basic, normalized)	0.41	0.26	0.27	0.38	0.39	–
EPS growth	55.7%	−4.7%	−27.3%	−3.4%	32.2%	6.6%
Gross margin	–	–	–	–	–	–
Net margin	8.9%	8.1%	6.7%	10.5%	16.8%	10.2%
ROE	–	11.7%	10.3%	13.1%	17.8%	13.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	90,772
Net debt (mil)	–
Total equity (mil)	35,125
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	48,770	+42.3%	2.9x	–	–	–	0.42	+22.8%	6.5x
2026	25,891	−46.9%	5.5x	3.21	–	0.8x	0.48	+14.1%	5.7x
2027	27,294	+5.4%	5.2x	3.37	+4.8%	0.8x	0.49	+2.0%	5.6x
2028	30,621	+12.2%	4.6x	3.90	+15.7%	0.7x	0.54	+9.7%	5.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	25,891	−4.5%	−3.2%	+2.8%	0.48	−4.4%	−3.1%	+2.7%
2027	27,294	−7.3%	−7.3%	+0.5%	0.49	−11.3%	−13.2%	−7.3%
2028	30,621	−4.5%	−3.2%	+2.3%	0.54	−10.3%	−7.2%	−2.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,647	3,277	2,457	3,201	3,819	2,915	–	3,408	–	4,035
Sales mean (mil)	5,708	5,431	5,322	5,119	4,790	5,518	–	5,953	–	6,448
Surprise	−36.1%	−39.7%	−53.8%	−37.5%	−20.3%	−47.2%	–	−42.7%	–	−37.4%
EPS reported	0.08	0.08	0.09	0.09	0.10	0.10	0.11	0.12	0.12	0.13
EPS mean	0.07	0.08	0.09	0.09	0.09	0.10	0.11	0.11	0.12	0.12
Surprise	+9.1%	+5.0%	−2.2%	−3.3%	+15.4%	−6.1%	−1.8%	+1.5%	+1.1%	+3.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BBD Banco Bradesco S.A.	27.6B	–	8.9%	0.98x	5.7x	5.6x	0.8x	0.8x
JPM JPMorgan Chase & Co.	895.9B	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
RY Royal Bank of Canada	281.5B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
HSBA HSBC Holdings PLC	292.7B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
TD The Toronto-Dominion Bank	204.6B	–	22.8%	1.37x	17.2x	15.5x	2.5x	2.4x
Mean		15.1%	20.4%	1.54x	12.5x	11.5x	1.9x	1.8x
Median		15.0%	21.3%	1.59x	12.4x	11.5x	2.0x	1.9x

Technical analysis

1M−22.4%
3M−28.1%
1Y−17.9%
3Y+14.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banco Bradesco S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	48,770	34,273	43,581	37,952	24,814	23,056
Total interest expense	35,392	23,354	32,229	24,841	9,896	9,353
Net interest income	13,378	10,919	11,352	13,110	14,919	13,703
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	13,378	10,919	11,352	13,110	14,919	13,703
Non-interest income	17,829	15,062	19,296	7,892	5,972	6,408
Non-interest expense	−27,367	−23,245	−28,544	−16,423	−14,993	−19,326
Net income before taxes	3,839	2,736	2,104	4,580	5,898	785
Provision for taxes	−529	−104	−885	566	1,700	−2,303
Minority interest & equity in affiliates	−46.0	−46.8	−51.8	−44.2	−37.4	−37.9
Other	0	0	0	0	0	0
Net income before extraordinary items	4,322	2,793	2,937	3,970	4,160	3,049
Extraordinary items	–	–	–	–	–	–
Net income	4,322	2,793	2,937	3,970	4,160	3,049
Basic weighted average shares (mil)	10,579	10,614	10,661	10,671	10,672	10,692
Diluted weighted average shares (mil)	10,579	10,614	10,661	10,671	10,672	10,692
Basic EPS excluding extraordinary items	0.41	0.26	0.28	0.37	0.39	0.29
Basic EPS, normalized	0.41	0.26	0.27	0.38	0.39	0.30

Balance sheet in millions of USD, fiscal years

Balance sheet, Banco Bradesco S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	28,152	26,642	34,945	25,720	34,474	57,575
Other earning assets	214,823	159,492	199,634	159,758	128,377	124,829
Net loans	135,924	108,838	119,433	113,965	102,873	91,195
Property, plant & equipment	1,717	1,654	2,291	2,265	2,426	2,709
Goodwill	1,206	1,089	1,355	1,238	1,086	1,366
Intangibles	3,494	2,755	3,201	2,319	1,591	1,459
Long-term investments	2,425	1,785	1,982	1,697	1,357	1,422
Other long-term assets	20,310	16,480	19,068	15,932	14,136	14,823
Other assets	17,425	16,251	15,346	16,170	14,486	13,584
Total assets	425,475	334,987	397,255	339,063	300,805	308,962
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	415	296	442	437	455	435
Total deposits	132,913	105,016	128,974	112,263	103,386	105,451
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	63,849	45,817	56,142	42,129	39,957	41,802
Current portion of long-term debt	133	134	203	190	175	181
Long-term debt	79,277	63,469	71,124	63,300	49,303	48,151
Minority interest	97.4	86.3	141	90.0	81.1	95.7
Other liabilities	116,215	92,909	105,951	90,473	80,558	84,807
Total liabilities	392,900	307,727	362,975	308,883	273,916	280,924
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	15,903	14,099	17,951	16,477	14,918	15,230
Additional paid-in capital	12.9	11.4	14.5	13.3	12.7	13.6
Retained earnings (accumulated deficit)	16,544	13,283	15,663	13,868	12,258	11,319
Treasury stock	−30.8	−92.1	0	−42.4	−120	−84.8
Other equity	147	−40.6	651	−136	−181	1,560
Total equity	32,575	27,260	34,280	30,181	26,888	28,038
Total liabilities & shareholders' equity	425,475	334,987	397,255	339,063	300,805	308,962

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banco Bradesco S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,839	2,736	2,104	4,658	5,898	785
Depreciation, depletion & amortization	1,290	1,090	1,344	1,071	1,036	1,140
Deferred taxes	–	–	–	–	–	–
Non-cash items	8,453	6,697	9,552	6,408	6,089	6,750
Changes in working capital	−24,999	−2,393	−13,036	−2,723	−31,334	18,750
Cash from operations	−11,418	8,130	−36.6	9,415	−18,310	27,424
Investing activities
Capital expenditures	−2,124	−1,303	−1,884	−1,781	−792	−821
Other investing cash flows	13,047	491	19,115	−1,583	−2,675	4,761
Cash from investing	10,924	−812	17,231	−3,363	−3,466	3,940
Financing activities
Financing cash flow items	−7,261	−2,729	−5,825	−2,791	−1,680	−1,955
Cash dividends paid	−2,161	−1,059	−1,840	−692	−1,780	−276
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	7,283	−45.0	2,912	7,629	3,171	−4,779
Cash from financing	−2,139	−3,833	−4,753	4,146	−289	−7,010
Foreign exchange effects	−16.1	−49.4	49.3	169	624	472
Net change in cash	−2,649	3,437	12,491	10,367	−21,441	24,827
Free cash flow	−13,541	6,828	−1,920	7,634	−19,102	26,603

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.