Banca Monte dei Paschi di Siena SpA BMPSY

FinancialsBanking ServicesItaly

Last close 11.95 USD on Nov 1, 2026, +18.2% year to date

Quant rating

Quant rating B Rank 63 of 304 in Financials

Growth B 111 of 304
Valuation B 111 of 304
Quality B 90 of 304
Revisions A 36 of 304
Momentum C 167 of 304

Wall Street consensus Buy (2.40)Average target 12.93 USD +8.2%

Historical valuation

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

Key data

Market cap: 36.8B
Enterprise value: 64.3B
52-week range: 9.66 – 13.97
3-year range: 9.66 – 13.97
Dividend yield: 8.38%
Beta (5 years): –
Shares outstanding: 3,038M
Next earnings: Nov 5, 2026

About the company

Banca Monte dei Paschi di Siena SpA is an Italy-based company engaged in the banking sector. It provides banking services, asset management and private banking, including life insurance, pension funds and investment trusts. It operates though three business segments. The Retail Banking segment covers consumer lending, insurance, provision of financial and non-financial services to retail customers, wealth management, tax planning, financial advisory and planning for private customers. The Corporate Banking division oversees the Group's business strategies targeted to small and medium enterprises, institutions and large corporate for which it offers leasing, factoring, lending and financial products, among others. The Corporate Center segment includes the cancellation of intergroup entries, treasure, governance and support functions. It transfers non performing loans (NPL) to Banca Ifis SpA and Cerberus Management Capital LP.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,437	4,843	4,816	2,359	2,246	–
Revenue growth	12.3%	0.6%	104.1%	5.0%	−9.3%	17.0%
EPS (basic, normalized)	2.18	1.90	1.83	0.07	12.30	–
EPS growth	14.8%	3.7%	2,502.9%	−99.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	58.7%	42.2%	47.0%	−8.1%	15.7%	31.1%
ROE	22.1%	18.0%	23.0%	−2.9%	10.9%	14.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
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	5,437	+12.3%	11.8x	10.95	+17.9%	1.1x	1.83	+13.7%	6.5x
2026	8,996	+65.4%	7.1x	9.50	−13.2%	1.3x	0.88	−51.9%	13.6x
2027	9,498	+5.6%	6.8x	9.48	−0.3%	1.3x	1.05	+19.9%	11.3x
2028	9,983	+5.1%	6.4x	9.49	+0.1%	1.3x	1.19	+12.5%	10.1x

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	8,996	0.0%	+0.9%	+2.9%	0.88	−0.2%	+4.1%	+3.1%
2027	9,498	+0.3%	+1.1%	+3.2%	1.05	+0.5%	+4.8%	+5.7%
2028	9,983	+0.3%	+1.4%	+3.4%	1.19	+0.5%	+5.4%	+7.4%

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)	1,013	1,018	1,007	996	1,007	1,047	1,000	1,020	1,960	2,065
Sales mean (mil)	974	982	948	943	958	975	967	1,894	1,931	2,003
Surprise	+4.0%	+3.6%	+6.2%	+5.7%	+5.1%	+7.4%	+3.4%	−46.1%	+1.5%	+3.1%
EPS reported	0.26	0.66	0.32	0.31	0.33	0.38	0.31	0.52	0.17	0.20
EPS mean	0.15	0.22	0.19	0.14	–	0.21	0.21	0.10	0.18	0.18
Surprise	+70.9%	+205.3%	+65.5%	+116.3%	–	+81.0%	+49.0%	+416.0%	−7.6%	+9.4%

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
BMPSY Banca Monte dei Paschi di Siena SpA	36.8B	–	58.7%	0.74x	13.6x	11.3x	1.3x	1.3x
AXBKY Axis Bank Limited	39.8B	–	19.9%	1.05x	5.2x	4.2x	0.7x	0.6x
PSZKY Powszechna Kasa Oszczednosci Bank Polski SA	36.5B	–	32.1%	1.58x	12.6x	10.2x	2.3x	2.1x
RKT Rocket Companies Inc	36.2B	–	−1.0%	–	22.0x	17.0x	1.7x	1.6x
PBCRY Bank Central Asia Tbk PT	33.5B	–	58.2%	1.30x	261.4x	238.9x	54.4x	50.8x
RSHGY Resona Holdings, Inc.	32.8B	–	31.4%	1.35x	29.6x	23.9x	3.2x	3.0x
Mean		–	33.2%	1.21x	57.4x	50.9x	10.6x	9.9x
Median		–	31.8%	1.30x	17.8x	14.2x	2.0x	1.9x

Technical analysis

1M−13.0%
3M−7.9%
1Y+18.2%
3Y+18.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Banca Monte dei Paschi di Siena SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	5,437	4,843	4,816	2,359	2,246	2,477
Total interest expense	2,448	2,440	2,287	716	863	924
Net interest income	2,989	2,403	2,529	1,643	1,384	1,553
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	2,989	2,403	2,529	1,643	1,384	1,553
Non-interest income	3,187	2,232	2,048	2,223	2,325	2,370
Non-interest expense	−4,311	−3,118	−2,694	−4,514	−3,415	−5,568
Net income before taxes	1,865	1,516	1,883	−648	293	−1,645
Provision for taxes	−1,320	−526	−381	−457	−58.2	415
Minority interest & equity in affiliates	5.1	0.2	0.2	0.2	0.2	0.2
Other	0	0	0	0	0	0
Net income before extraordinary items	3,190	2,042	2,264	−191	352	−2,060
Extraordinary items	−0.3	−22.8	–	–	–	–
Net income	3,190	2,020	2,264	−191	352	−2,060
Basic weighted average shares (mil)	1,767	1,260	1,260	1,260	47.3	52.4
Diluted weighted average shares (mil)	1,767	1,260	1,260	1,260	47.3	52.4
Basic EPS excluding extraordinary items	1.81	1.62	1.80	−0.15	7.44	−39.29
Basic EPS, normalized	2.18	1.90	1.83	0.07	12.30	−19.90

Balance sheet in millions of USD, fiscal years

Balance sheet, Banca Monte dei Paschi di Siena SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	23,680	16,276	18,828	16,328	29,463	43,358
Other earning assets	44,040	10,077	11,262	12,644	19,115	18,975
Net loans	186,245	90,237	95,741	91,191	100,102	112,362
Property, plant & equipment	3,076	1,887	2,145	2,543	2,542	2,853
Goodwill	3,478	8.2	8.7	8.5	9.0	9.6
Intangibles	440	153	188	166	202	215
Long-term investments	9,195	696	802	803	1,245	1,353
Other long-term assets	6,213	3,687	2,118	1,673	1,272	1,555
Other assets	7,437	3,908	4,224	3,320	2,779	2,936
Total assets	283,805	126,930	135,316	128,676	156,729	183,616
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	962	609	887	1,122	254	–
Total deposits	138,291	83,932	92,139	95,777	115,825	145,459
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	21,816	7,713	7,398	1,270	6,556	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	58,390	14,734	16,370	13,488	15,702	15,684
Minority interest	2,641	0.3	0.7	1.0	1.5	1.6
Other liabilities	28,866	7,881	7,509	8,607	11,374	15,422
Total liabilities	250,965	114,870	124,304	120,265	149,712	176,567
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	21,115	7,717	8,226	7,977	10,453	11,230
Additional paid-in capital	3,696	–	–	–	–	–
Retained earnings (accumulated deficit)	7,962	4,281	2,756	464	−3,785	−4,116
Treasury stock	−2.1	–	–	–	0	−383
Other equity	69.1	62.6	30.8	−28.9	349	319
Total equity	32,840	12,060	11,012	8,412	7,017	7,049
Total liabilities & shareholders' equity	283,805	126,930	135,316	128,676	156,729	183,616

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Banca Monte dei Paschi di Siena SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,184	2,019	2,264	−219	352	−2,060
Depreciation, depletion & amortization	247	204	252	234	279	297
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1,441	−818	−1,000	−807	−91.9	1,447
Changes in working capital	50.1	−2,226	441	9,762	−1,166	−1,005
Cash from operations	2,041	−820	1,958	8,970	−627	−1,322
Investing activities
Capital expenditures	−137	−70.8	−123	−70.3	−127	−178
Other investing cash flows	1,106	111	131	118	48.0	170
Cash from investing	969	40.5	7.8	47.2	−78.5	−8.0
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−1,272	−326	−0.1	−0.1	−0.1	−0.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−113	0	−2.9	2,538	48.9	0
Cash from financing	−1,386	−326	−3.0	2,538	48.8	−0.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,624	−1,106	1,963	11,555	−657	−1,330
Free cash flow	1,904	−891	1,835	8,900	−754	−1,499

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.