Banco Bilbao Vizcaya Argentaria, S.a BBVA

FinancialsBanking ServicesSpain

Last close 23.44 USD on Nov 1, 2026, +5.3% year to date

Quant rating

Quant rating B Rank 117 of 304 in Financials

Growth B 107 of 304
Valuation C 154 of 304
Quality D 223 of 304
Revisions B 53 of 304
Momentum C 150 of 304

Wall Street consensus Hold (3.50)Average target 28.62 USD +22.1%

Historical valuation

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

Key data

Market cap: 129.7B
Enterprise value: 138.8B
52-week range: 19.85 – 29.64
3-year range: 7.99 – 29.64
Dividend yield: 4.76%
Beta (5 years): 0.84
Shares outstanding: 5,511M
Next earnings: Oct 29, 2026

About the company

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a Spain-based bank. The Company is a diversified financial company engaged in retail banking, wholesale banking, asset management, and private banking. Its segments are: Spain, the United States, Turkey, Mexico, South America, and the Rest of Eurasia. The activities in Spain are banking activity and Insurance. In the United States it offers services through, BBVA USA and the BBVA New York branch. The Turkey segment is represented by the group Garanti BBVA, an integrated financial services group, that also operate in Holland and Romania. The Mexico segment activities include banking and insurance businesses. In South America, the Company provides banking and insurance businesses. The Rest of Eurasia segment includes business activity in the rest of Europe and Asia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	68,526	63,836	52,808	33,639	26,162	–
Revenue growth	7.3%	20.9%	57.0%	28.6%	−4.3%	20.2%
EPS (basic, normalized)	2.19	1.98	1.70	1.28	0.84	–
EPS growth	10.6%	16.1%	32.7%	52.3%	−7.2%	19.2%
Gross margin	–	–	–	–	–	–
Net margin	17.3%	15.7%	16.0%	19.2%	17.4%	17.1%
ROE	–	18.9%	15.7%	12.9%	–	15.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	125,598
Net debt (mil)	–
Total equity (mil)	65,220
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	68,526	+7.3%	2.0x	–	–	–	1.99	+9.2%	11.8x
2026	47,697	−30.4%	2.9x	11.85	–	2.0x	2.36	+18.8%	9.9x
2027	52,195	+9.4%	2.7x	12.85	+8.5%	1.8x	2.67	+13.2%	8.8x
2028	56,064	+7.4%	2.5x	14.08	+9.6%	1.7x	2.96	+11.0%	7.9x

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	47,697	−4.0%	−4.0%	+1.0%	2.36	−1.4%	+4.3%	+5.3%
2027	52,195	−3.5%	−3.5%	+6.0%	2.67	−1.6%	+6.6%	+10.3%
2028	56,064	−1.4%	−1.4%	+8.4%	2.96	+2.5%	+13.1%	+21.0%

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.36	0.51	0.48	0.44	0.47	0.52	0.49	0.57	0.59	0.64
EPS mean	0.35	0.48	0.44	0.41	0.47	0.46	0.53	0.53	0.58	0.59
Surprise	+2.9%	+5.4%	+9.1%	+6.6%	+0.9%	+13.3%	−7.4%	+7.5%	+1.7%	+8.3%

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
BBVA Banco Bilbao Vizcaya Argentaria, S.a	129.7B	–	17.3%	1.21x	9.9x	8.8x	2.0x	1.8x
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	–	19.1%	1.45x	17.1x	15.6x	2.9x	2.7x
MUFG Mitsubishi UFJ Financial Group, Inc.	259.4B	–	27.8%	1.94x	13.5x	12.4x	–	–
WFC Wells Fargo & Company	250.4B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
HSBA HSBC Holdings PLC	292.7B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
Mean		14.3%	23.0%	1.63x	12.6x	11.6x	2.1x	1.9x
Median		15.2%	22.4%	1.61x	12.4x	11.4x	2.0x	1.8x

Technical analysis

1M−17.3%
3M−10.2%
1Y+24.4%
3Y+255.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banco Bilbao Vizcaya Argentaria, S.a, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	68,526	63,836	52,808	33,639	26,162	27,344
Total interest expense	37,660	37,677	27,326	13,173	9,468	9,522
Net interest income	30,866	26,159	25,482	20,466	16,694	17,821
Loan loss provision	7,166	5,888	4,840	3,535	3,430	6,302
Net interest income after loan loss provision	23,700	20,271	20,642	16,931	13,264	11,519
Non-interest income	25,192	22,209	17,595	14,560	14,270	13,009
Non-interest expense	−29,833	−26,532	−24,531	−20,502	−19,296	−18,119
Net income before taxes	19,059	15,949	13,706	10,989	8,238	6,409
Provision for taxes	5,990	5,001	4,418	3,751	2,170	1,782
Minority interest & equity in affiliates	−722	−539	−438	−433	−1,097	−922
Other	0	0	0	0	0	0
Net income before extraordinary items	12,346	10,409	8,850	6,804	4,971	3,705
Extraordinary items	0	0	0	0	318	−2,112
Net income	12,346	10,409	8,850	6,804	5,290	1,594
Basic weighted average shares (mil)	5,748	5,769	5,954	6,189	6,401	6,655
Diluted weighted average shares (mil)	5,748	5,769	5,954	6,189	6,401	6,655
Basic EPS excluding extraordinary items	2.07	1.73	1.42	1.05	0.71	0.56
Basic EPS, normalized	2.19	1.98	1.70	1.28	0.84	0.91

Balance sheet in millions of USD, fiscal years

Balance sheet, Banco Bilbao Vizcaya Argentaria, S.a, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	110,344	84,952	110,408	107,222	98,624	105,403
Other earning assets	315,257	248,157	291,453	238,184	259,131	268,279
Net loans	540,739	427,038	416,764	382,438	362,570	380,004
Property, plant & equipment	11,135	10,102	10,212	9,350	8,296	9,554
Goodwill	840	725	877	757	930	1,111
Intangibles	2,515	1,853	1,730	1,551	1,568	1,753
Long-term investments	1,167	1,024	1,077	980	1,024	1,755
Other long-term assets	17,122	15,718	17,176	16,876	18,164	123,735
Other assets	10,449	10,101	6,204	4,727	3,263	4,592
Total assets	1,009,567	799,671	855,901	762,085	753,570	896,186
Liabilities
Accounts payable	11,449	8,007	7,127	6,071	6,965	6,106
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4,067	3,174	3,176	2,777	2,429	–
Total deposits	653,428	513,588	522,012	498,427	488,513	513,841
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	32,568	22,350	27,306	6,392	5,571	6,229
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	104,885	78,612	81,877	64,335	70,162	84,251
Minority interest	5,216	4,513	3,933	3,877	5,517	6,682
Other liabilities	130,590	111,807	153,413	130,018	124,498	224,669
Total liabilities	942,202	742,051	798,845	711,899	703,656	841,778
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,285	2,924	3,157	3,162	3,714	3,990
Additional paid-in capital	21,692	19,861	21,817	22,320	26,827	29,301
Retained earnings (accumulated deficit)	65,123	52,925	50,276	43,785	39,051	38,853
Treasury stock	−351	−68.3	−37.5	−31.0	−736	−56.2
Other equity	−22,384	−18,022	−18,156	−19,051	−18,944	−17,681
Total equity	67,365	57,620	57,057	50,186	49,914	54,408
Total liabilities & shareholders' equity	1,009,567	799,671	855,901	762,085	753,570	896,186

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banco Bilbao Vizcaya Argentaria, S.a, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	13,067	10,948	9,288	7,306	6,387	2,516
Depreciation, depletion & amortization	1,786	1,587	1,548	1,421	1,403	1,573
Deferred taxes	–	–	–	–	–	–
Non-cash items	15,098	13,752	11,860	11,175	7,337	12,659
Changes in working capital	−12,372	−45,120	−23,492	5,482	−16,538	31,309
Cash from operations	17,580	−18,832	−796	25,384	−1,412	48,057
Investing activities
Capital expenditures	−2,121	−2,082	−2,007	−2,613	−1,075	−1,372
Other investing cash flows	473	609	441	−1,572	−782	1,326
Cash from investing	−1,648	−1,473	−1,566	−4,186	−1,858	−45.2
Financing activities
Financing cash flow items	−680	−757	−686	−611	−612	−762
Cash dividends paid	−4,928	−4,051	−3,099	−2,338	−1,053	−1,301
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,294	2,150	1,753	−5,144	−3,280	−464
Cash from financing	−4,314	−2,658	−2,033	−8,094	−4,944	−2,527
Foreign exchange effects	−2,585	−2,165	−394	−308	−2,119	−5,689
Net change in cash	9,033	−25,128	−4,788	12,796	−10,332	39,796
Free cash flow	15,459	−20,914	−2,803	22,771	−2,487	46,685

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.