Popular, Inc. BPOP

FinancialsBanking ServicesPuerto Rico

Last close 158.96 USD on Nov 2, 2026, +29.8% year to date

Quant rating

Quant rating B Rank 52 of 304 in Financials

Growth B 94 of 304
Valuation C 182 of 304
Quality B 55 of 304
Revisions B 87 of 304
Momentum B 89 of 304

Wall Street consensus Buy (1.80)Average target 194.00 USD +22.0%

Historical valuation

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

Key data

Market cap: 10.0B
Enterprise value: 11.0B
52-week range: 110.03 – 179.05
3-year range: 67.35 – 179.05
Dividend yield: 2.30%
Beta (5 years): 0.64
Shares outstanding: 62.8M
Next earnings: Jan 25, 2027

About the company

Popular, Inc. (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean. The Company's BPPR segment provides retail, mortgage and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. The Company's BPNA segment consists of Popular North America, Inc. (PNA) functioning as the holding company for its operations in the United States. It also operates PNA's subsidiary, E-LOAN, Inc. The banking operations of BPNA in the United States mainland are based in New York, Florida and New Jersey, conducted under the name of Popular Community Bank.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,783	3,673	3,245	2,466	2,123	–
Revenue growth	3.0%	13.2%	31.6%	16.2%	1.5%	12.6%
EPS (basic, normalized)	12.47	8.56	7.79	14.79	11.54	–
EPS growth	45.6%	9.9%	−47.3%	28.2%	57.4%	11.2%
Gross margin	–	–	–	–	–	–
Net margin	22.0%	16.7%	16.6%	44.7%	44.0%	28.8%
ROE	14.0%	8.7%	8.2%	18.4%	16.2%	13.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	16.1%
Long-term debt (mil)	686
Net debt (mil)	–
Total equity (mil)	6,239
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	3,783	+3.0%	2.9x	94.75	+18.1%	1.7x	12.30	+43.7%	12.9x
2026	2,989	−21.0%	3.7x	102.25	+7.9%	1.6x	16.15	+31.3%	9.8x
2027	3,308	+10.7%	3.3x	114.12	+11.6%	1.4x	17.75	+9.9%	9.0x
2028	3,516	+6.3%	3.1x	129.91	+13.8%	1.2x	19.77	+11.4%	8.0x

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	2,989	−0.1%	−1.9%	−2.8%	16.15	+1.2%	+1.2%	+6.9%
2027	3,308	+1.5%	+1.8%	+1.0%	17.75	+1.8%	+2.0%	+5.3%
2028	3,516	−0.9%	+2.1%	+2.7%	19.77	−0.3%	+0.5%	+4.7%

Earnings surprises EPS beat in 4 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)	551	568	572	732	606	632	647	658	670	693
Sales mean (mil)	560	588	601	592	608	640	671	699	786	766
Surprise	−1.6%	−3.4%	−4.7%	+23.7%	−0.4%	−1.3%	−3.7%	−6.0%	−14.7%	−9.5%
EPS reported	1.88	2.46	2.16	2.51	2.56	3.28	3.14	3.53	3.78	4.35
EPS mean	1.86	2.12	2.31	2.06	2.18	2.56	2.95	3.04	3.34	3.73
Surprise	+1.0%	+16.2%	−6.6%	+22.1%	+17.6%	+28.4%	+6.5%	+16.3%	+13.3%	+16.7%

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
BPOP Popular, Inc.	10.0B	16.1%	22.0%	1.72x	9.8x	9.0x	1.6x	1.4x
SAN Banco Santander S.A.	168.7B	15.0%	12.3%	1.14x	9.9x	8.3x	1.4x	1.3x
USB U.S. Bancorp	94.2B	12.2%	23.2%	1.36x	11.4x	10.3x	1.5x	1.4x
CABK CaixaBank SA	89.2B	14.3%	32.7%	1.26x	12.4x	10.6x	2.0x	1.9x
FITB Fifth Third Bancorp	49.9B	10.8%	24.0%	1.43x	13.6x	11.0x	1.5x	1.4x
MTB M&T Bank Corporation	32.3B	11.6%	25.7%	1.22x	11.5x	10.7x	1.2x	1.2x
Mean		13.3%	23.3%	1.36x	11.4x	10.0x	1.5x	1.4x
Median		13.2%	23.6%	1.31x	11.5x	10.5x	1.5x	1.4x

Technical analysis

1M+0.5%
3M−8.8%
1Y+45.9%
3Y+153.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Popular, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	3,783	3,673	3,245	2,466	2,123	2,092
Total interest expense	1,242	1,391	1,114	299	165	235
Net interest income	2,541	2,282	2,132	2,167	1,958	1,857
Loan loss provision	260	257	209	83.0	−193	159
Net interest income after loan loss provision	2,281	2,025	1,923	2,084	2,151	1,698
Non-interest income	658	659	651	897	642	512
Non-interest expense	−1,932	−1,888	−1,898	−1,746	−1,549	−1,592
Net income before taxes	1,007	797	676	1,235	1,244	619
Provision for taxes	174	182	134	132	309	112
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	833	614	541	1,103	935	507
Extraordinary items	–	–	–	–	–	–
Net income	833	614	541	1,103	935	507
Basic weighted average shares (mil)	67.6	71.6	71.7	75.1	81.3	85.9
Diluted weighted average shares (mil)	67.6	71.6	71.8	75.3	81.4	86.0
Basic EPS excluding extraordinary items	12.31	8.56	7.53	14.65	11.49	5.88
Basic EPS, normalized	12.47	8.56	7.79	14.79	11.54	7.33

Balance sheet in millions of USD, fiscal years

Balance sheet, Popular, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	403	420	420	470	428	491
Other earning assets	32,833	32,672	32,352	32,318	42,889	33,625
Net loans	38,514	36,356	34,330	31,351	28,537	28,479
Property, plant & equipment	805	714	702	643	649	658
Goodwill	790	803	804	827	720	671
Intangibles	101	115	128	141	138	141
Long-term investments	262	252	236	210	299	250
Other long-term assets	852	960	1,032	954	658	852
Other assets	788	754	752	725	779	759
Total assets	75,348	73,045	70,758	67,638	75,098	65,926
Liabilities
Accounts payable	741	647	148	125	139	829
Payable/accrued	–	–	–	–	–	–
Accrued expenses	426	437	465	475	463	388
Total deposits	66,190	64,884	63,618	61,227	67,005	56,866
Other bearing liabilities	165	303	395	389	492	542
Short-term borrowings	689	280	91.4	514	167	121
Current portion of long-term debt	–	–	–	–	140	140
Long-term debt	622	617	618	522	376	565
Minority interest	–	–	–	–	–	–
Other liabilities	266	264	276	292	347	445
Total liabilities	69,099	67,432	65,611	63,544	69,129	59,897
Shareholders' equity
Preferred stock	22.1	22.1	22.1	22.1	22.1	22.1
Common stock	1.0	1.0	1.0	1.0	1.0	1.0
Additional paid-in capital	4,924	4,909	4,843	4,791	4,650	4,572
Retained earnings (accumulated deficit)	5,206	4,571	4,195	3,834	2,974	2,261
Treasury stock	−2,723	−2,229	−2,019	−2,030	−1,353	−1,017
Other equity	−1,182	−1,661	−1,896	−2,525	−325	190
Total equity	6,249	5,613	5,147	4,093	5,969	6,029
Total liabilities & shareholders' equity	75,348	73,045	70,758	67,638	75,098	65,926

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Popular, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	833	614	541	1,103	935	507
Depreciation, depletion & amortization	55.0	60.0	61.7	58.4	64.2	64.8
Deferred taxes	6.4	23.7	−43.1	−33.1	229	75.0
Non-cash items	−236	−261	−45.8	−243	−78.0	−130
Changes in working capital	220	238	173	130	−145	163
Cash from operations	878	675	687	1,015	1,005	679
Investing activities
Capital expenditures	−197	−213	−208	−104	−73.7	−60.2
Other investing cash flows	−1,562	−1,419	−2,405	5,454	−10,445	−13,008
Cash from investing	−1,759	−1,632	−2,613	5,350	−10,519	−13,068
Financing activities
Financing cash flow items	1,277	1,218	2,304	−5,719	10,104	13,026
Cash dividends paid	−198	−180	−160	−162	−141	−134
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−215	−78.0	−266	−443	−511	−400
Cash from financing	865	960	1,878	−6,323	9,451	12,492
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−16.4	1.8	−48.6	41.6	−62.6	103
Free cash flow	681	461	479	911	931	619

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 2, 2026 after market close.