Itau Unibanco Holding SA ITUB

FinancialsBanking ServicesBrazil

Last close 7.17 USD on Nov 2, 2026, +2.3% year to date

Quant rating

Quant rating C Rank 124 of 304 in Financials

Growth B 58 of 304
Valuation A 18 of 304
Quality B 114 of 304
Revisions C 200 of 304
Momentum D 230 of 304

Wall Street consensus Buy (2.00)Average target 9.95 USD +38.8%

Historical valuation

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

Key data

Market cap: 83.9B
Enterprise value: 236.2B
52-week range: 6.82 – 10.20
3-year range: 4.30 – 10.20
Dividend yield: 7.05%
Beta (5 years): 0.58
Shares outstanding: 11,027M
Next earnings: Nov 3, 2026

About the company

Itau Unibanco Holding SA, formerly Banco Frances e Brasileiro SA is a Brazil-based provider of diversified banking and nonbanking services and products. The Company’s activities are divided into three business segments: Retail Business, Wholesale Business, and Activities with the Market and Corporations. The Retail Business segment’s offering includes personal loans, credit cards, payroll deducted loans, vehicle financing, mortgage loans, insurance, pension plan and premium bond products. The Wholesale Business segment offers services and products to private banking clients, such as asset management, capital market solutions, corporate and investment banking activities. The Activities with the Market and Corporations Business segment manages interest income associated with the Company’s capital surplus, subordinated debt surplus and the net balance of tax credits and debits. Itau Unibanco Holding serves individuals and corporate clients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	46,520	39,214	45,833	35,786	23,204	–
Revenue growth	18.6%	−14.4%	28.1%	54.2%	5.4%	16.1%
EPS (basic, normalized)	0.76	0.62	0.60	0.47	0.41	–
EPS growth	21.5%	3.3%	28.5%	13.6%	9.3%	14.9%
Gross margin	–	–	–	–	–	–
Net margin	17.6%	17.0%	14.9%	15.4%	20.7%	17.1%
ROE	23.9%	20.6%	19.9%	19.2%	18.1%	20.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	68,773
Net debt (mil)	–
Total equity (mil)	42,197
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	46,520	+18.6%	5.1x	3.39	+7.2%	2.1x	0.75	+8.1%	9.6x
2026	37,006	−20.5%	6.4x	3.71	+9.7%	1.9x	0.89	+18.2%	8.1x
2027	40,571	+9.6%	5.8x	4.11	+10.6%	1.7x	0.96	+9.0%	7.4x
2028	43,903	+8.2%	5.4x	4.57	+11.2%	1.6x	1.09	+12.6%	6.6x

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	37,006	−0.3%	+1.1%	+1.0%	0.89	0.0%	−0.8%	0.0%
2027	40,571	−0.4%	+1.0%	+0.8%	0.96	−1.3%	−2.0%	−2.3%
2028	43,903	−0.1%	+0.5%	+0.7%	1.09	−0.6%	+0.9%	+0.9%

Earnings surprises EPS beat in 1 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)	8,151	8,018	7,698	7,551	7,612	8,074	8,546	8,808	–	9,689
Sales mean (mil)	8,084	7,705	7,824	7,607	7,111	8,090	8,644	8,670	–	9,051
Surprise	+0.8%	+4.1%	−1.6%	−0.7%	+7.0%	−0.2%	−1.1%	+1.6%	–	+7.0%
EPS reported	0.18	0.17	0.17	0.17	0.18	0.18	0.19	0.19	0.18	0.22
EPS mean	0.18	0.17	0.17	0.17	0.17	0.18	0.19	0.20	0.21	0.22
Surprise	+1.0%	+4.2%	+1.9%	0.0%	+6.2%	+1.5%	−0.3%	−4.7%	−15.2%	+1.1%

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
ITUB Itau Unibanco Holding SA	83.9B	–	17.6%	1.08x	8.1x	7.4x	1.9x	1.7x
TD The Toronto-Dominion Bank	206.0B	16.1%	22.8%	1.37x	17.3x	15.6x	2.6x	2.5x
RY Royal Bank of Canada	284.0B	–	19.1%	1.45x	17.2x	15.7x	2.9x	2.7x
SAN Banco Santander S.A.	168.7B	15.0%	12.3%	1.14x	9.9x	8.3x	1.4x	1.3x
SMFG Sumitomo Mitsui Financial Group, Inc.	152.3B	–	21.9%	1.73x	12.6x	22.0x	–	–
BMO Bank of Montreal	120.4B	–	13.0%	1.44x	16.2x	14.4x	2.1x	2.0x
Mean		15.6%	17.8%	1.37x	13.6x	13.9x	2.2x	2.0x
Median		15.6%	18.4%	1.41x	14.4x	15.0x	2.1x	2.0x

Technical analysis

1M−16.5%
3M−15.1%
1Y+8.3%
3Y+80.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Itau Unibanco Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	46,520	39,214	45,833	35,786	23,204	22,021
Total interest expense	40,047	27,077	32,615	22,086	12,442	14,163
Net interest income	6,473	12,137	13,218	13,700	10,762	7,858
Loan loss provision	5,955	4,770	6,505	5,325	2,514	4,708
Net interest income after loan loss provision	518	7,367	6,713	8,375	8,249	3,150
Non-interest income	25,558	15,743	19,750	13,421	12,608	13,513
Non-interest expense	−16,901	−15,413	−18,281	−14,854	−13,275	−15,655
Net income before taxes	9,175	7,698	8,182	6,942	7,581	1,007
Provision for taxes	804	879	1,200	1,221	2,486	−1,893
Minority interest & equity in affiliates	−181	−169	−159	−196	−292	738
Other	0	0	0	0	0	0
Net income before extraordinary items	8,190	6,650	6,823	5,525	4,804	3,638
Extraordinary items	–	–	–	–	–	–
Net income	8,190	6,650	6,823	5,525	4,804	3,638
Basic weighted average shares (mil)	11,078	11,091	12,213	12,212	12,185	12,163
Diluted weighted average shares (mil)	11,189	11,182	12,297	12,287	12,253	12,216
Basic EPS excluding extraordinary items	0.74	0.60	0.56	0.45	0.39	0.30
Basic EPS, normalized	0.76	0.62	0.60	0.47	0.41	0.38

Balance sheet in millions of USD, fiscal years

Balance sheet, Itau Unibanco Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	37,323	31,860	36,563	28,590	27,809	26,240
Other earning assets	306,465	248,449	283,622	226,208	183,773	210,680
Net loans	188,923	158,266	177,872	162,455	140,300	128,435
Property, plant & equipment	2,307	1,488	1,883	1,469	1,250	1,336
Goodwill	1,524	1,351	1,615	1,428	1,404	1,576
Intangibles	2,876	2,533	3,200	2,944	2,386	1,760
Long-term investments	1,979	1,631	1,915	1,408	1,099	2,998
Other long-term assets	13,890	11,343	13,093	10,972	10,196	12,043
Other assets	4,540	5,132	4,361	3,622	3,255	3,720
Total assets	559,826	462,054	524,124	439,097	371,471	388,789
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	974	1,097	1,088	762	713	529
Total deposits	203,781	170,819	196,186	164,968	152,691	155,769
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	79,351	62,933	74,769	55,513	45,392	52,634
Current portion of long-term debt	38,565	38,067	38,545	29,920	22,622	22,976
Long-term debt	64,356	45,542	54,515	51,029	35,024	34,673
Minority interest	1,931	1,650	1,829	1,776	2,085	2,220
Other liabilities	133,530	107,776	117,997	103,400	85,502	92,455
Total liabilities	522,488	427,885	484,929	407,368	344,029	361,257
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	24,997	14,686	18,699	17,164	16,288	18,705
Additional paid-in capital	525	442	540	469	404	485
Retained earnings (accumulated deficit)	12,363	19,656	21,530	16,309	11,877	9,079
Treasury stock	−2.4	−147	−2.3	−13.4	−94.8	−175
Other equity	−545	−468	−1,572	−2,200	−1,032	−562
Total equity	37,338	34,169	39,195	31,729	27,443	27,532
Total liabilities & shareholders' equity	559,826	462,054	524,124	439,097	371,471	388,789

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Itau Unibanco Holding SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,371	6,819	6,982	5,721	5,096	2,900
Depreciation, depletion & amortization	1,349	1,042	1,165	907	760	718
Deferred taxes	187	435	439	607	1,800	−46.0
Non-cash items	952	−7,346	4,026	5,763	6,513	3,161
Changes in working capital	−4,565	193	3,359	11,526	−4,419	4,721
Cash from operations	6,293	1,144	15,971	24,524	9,749	11,454
Investing activities
Capital expenditures	−215	−297	−786	−516	−254	−330
Other investing cash flows	3,764	1,425	−5,650	−13,345	−615	475
Cash from investing	3,549	1,128	−6,436	−13,861	−869	145
Financing activities
Financing cash flow items	−112	45.0	−266	−616	−277	544
Cash dividends paid	−8,819	−3,450	−2,133	−1,269	−1,125	−2,224
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−657	−107	−2,228	−4,115	−4,246	−929
Cash from financing	−9,588	−3,512	−4,626	−6,000	−5,648	−2,610
Foreign exchange effects	−692	1,360	−2,376	−4,593	−3,580	−2,248
Net change in cash	−437	120	2,532	70.0	−348	6,741
Free cash flow	6,078	848	15,185	24,008	9,495	11,124

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.