Bank of America Corporation BAC

FinancialsBanking ServicesUnited States of America

Last close 50.01 USD on Nov 1, 2026, −7.6% year to date

Quant rating

Quant rating C Rank 431 of 799 in Financials

Growth B 202 of 799
Valuation B 190 of 799
Quality C 374 of 799
Revisions C 373 of 799
Momentum D 671 of 799

Wall Street consensus Buy (1.92)Average target 62.28 USD +24.5%

Historical valuation

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

Key data

Market cap: 346.2B
Enterprise value: 817.9B
52-week range: 46.12 – 65.22
3-year range: 26.40 – 65.22
Dividend yield: 2.56%
Beta (5 years): 1.19
Shares outstanding: 6,923M
Next earnings: Jan 15, 2027

About the company

Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	138,566	146,607	130,262	72,565	47,672	–
Revenue growth	−5.5%	12.5%	79.5%	52.2%	−7.6%	21.9%
EPS (basic, normalized)	3.97	3.43	3.40	3.34	3.62	–
EPS growth	15.8%	0.8%	1.9%	−7.7%	31.7%	7.7%
Gross margin	–	–	–	–	–	–
Net margin	21.0%	17.3%	19.1%	35.9%	64.1%	31.5%
ROE	10.6%	9.5%	10.8%	10.8%	12.2%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.0%
Long-term debt (mil)	318,687
Net debt (mil)	–
Total equity (mil)	296,749
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	138,566	−5.5%	5.9x	38.44	+10.1%	1.3x	3.81	+15.8%	13.1x
2026	122,599	−11.5%	6.7x	40.00	+4.0%	1.3x	4.41	+15.7%	11.3x
2027	130,871	+6.7%	6.2x	43.20	+8.0%	1.2x	5.15	+16.8%	9.7x
2028	137,800	+5.3%	5.9x	46.96	+8.7%	1.1x	5.79	+12.4%	8.6x

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	122,599	−0.9%	−1.1%	+1.2%	4.41	−4.7%	−5.6%	−1.3%
2027	130,871	+0.1%	+0.4%	+2.6%	5.15	−2.4%	−2.6%	+2.0%
2028	137,800	+0.8%	+0.7%	+3.2%	5.79	−1.5%	−2.0%	+1.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	25,537	25,492	25,501	27,511	26,608	28,242	28,532	30,434	31,721	30,119
Sales mean (mil)	25,220	25,287	25,191	26,990	26,722	27,502	27,944	29,931	30,722	30,685
Surprise	+1.3%	+0.8%	+1.2%	+1.9%	−0.4%	+2.7%	+2.1%	+1.7%	+3.3%	−1.8%
EPS reported	0.83	0.81	0.82	0.90	0.89	1.06	0.98	1.11	1.21	1.08
EPS mean	0.80	0.77	0.77	0.82	0.86	0.95	0.96	1.01	1.13	1.10
Surprise	+4.2%	+5.5%	+6.5%	+9.9%	+4.0%	+11.4%	+2.3%	+9.7%	+6.9%	−2.1%

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
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
JPM JPMorgan Chase & Co.	895.9B	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
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
AXP American Express Company	214.0B	–	13.8%	–	18.0x	15.8x	6.1x	5.4x
COF Capital One Financial Corp	123.2B	14.8%	3.1%	1.11x	9.4x	8.5x	1.2x	1.1x
Mean		14.3%	18.6%	1.60x	12.3x	11.1x	2.4x	2.1x
Median		14.8%	21.3%	1.72x	11.4x	10.0x	1.6x	1.4x

Technical analysis

1M−9.8%
3M−19.7%
1Y−3.4%
3Y+113.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bank of America Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	138,566	146,607	130,262	72,565	47,672	51,585
Total interest expense	78,470	90,547	73,331	20,103	4,738	8,225
Net interest income	60,096	56,060	56,931	52,462	42,934	43,360
Loan loss provision	5,675	5,821	4,394	2,543	−4,594	4,120
Net interest income after loan loss provision	54,421	50,239	52,537	49,919	47,528	39,240
Non-interest income	53,001	49,796	41,650	42,488	46,179	42,168
Non-interest expense	−69,727	−66,812	−65,845	−61,438	−59,731	−62,413
Net income before taxes	37,695	33,223	28,342	30,969	33,976	18,995
Provision for taxes	7,186	6,250	1,827	3,441	1,998	1,101
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	30,509	26,973	26,515	27,528	31,978	17,894
Extraordinary items	–	–	–	–	–	–
Net income	30,509	26,973	26,515	27,528	31,978	17,894
Basic weighted average shares (mil)	7,522	7,856	8,029	8,114	8,493	8,753
Diluted weighted average shares (mil)	7,681	7,936	8,080	8,168	8,558	8,797
Basic EPS excluding extraordinary items	3.86	3.23	3.10	3.21	3.60	1.88
Basic EPS, normalized	3.97	3.43	3.40	3.34	3.62	2.75

Balance sheet in millions of USD, fiscal years

Balance sheet, Bank of America Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	231,845	284,014	333,073	230,203	348,221	380,463
Other earning assets	1,760,873	1,645,565	1,564,937	1,556,816	1,610,813	1,314,951
Net loans	1,172,497	1,082,595	1,040,390	1,033,065	966,737	909,059
Property, plant & equipment	20,911	20,695	21,005	21,265	21,066	21,000
Goodwill	69,021	69,021	69,021	69,022	69,022	68,951
Intangibles	1,800	2,000	2,000	2,100	2,200	1,600
Long-term investments	–	–	–	–	–	–
Other long-term assets	15,004	14,049	14,372	13,345	9,153	7,447
Other assets	139,787	143,580	135,353	125,559	142,283	116,156
Total assets	3,411,738	3,261,519	3,180,151	3,051,375	3,169,495	2,819,627
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	231,074	210,169	207,527	224,073	200,419	181,799
Total deposits	2,018,729	1,965,467	1,923,827	1,930,341	2,064,446	1,795,480
Other bearing liabilities	4,175	1,415	5,826	681	290	1,966
Short-term borrowings	392,804	375,149	315,985	222,567	216,082	189,644
Current portion of long-term debt	37,585	24,310	20,987	15,691	8,642	19,850
Long-term debt	276,056	257,554	275,391	259,610	271,185	241,118
Minority interest	–	–	–	–	–	–
Other liabilities	148,072	131,896	138,962	125,215	138,365	116,846
Total liabilities	3,108,495	2,965,960	2,888,505	2,778,178	2,899,429	2,546,703
Shareholders' equity
Preferred stock	25,992	23,159	28,397	28,397	24,708	24,510
Common stock	72.1	76.1	79.0	80.0	80.8	86.5
Additional paid-in capital	26,012	45,260	56,286	58,873	62,317	85,895
Retained earnings (accumulated deficit)	261,693	242,349	224,672	207,003	188,064	164,088
Treasury stock	–	–	–	–	–	–
Other equity	−10,526	−15,285	−17,788	−21,156	−5,104	−1,656
Total equity	303,243	295,559	291,646	273,197	270,066	272,924
Total liabilities & shareholders' equity	3,411,738	3,261,519	3,180,151	3,051,375	3,169,495	2,819,627

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bank of America Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	30,509	27,132	26,515	27,528	31,978	17,894
Depreciation, depletion & amortization	2,314	2,189	2,057	1,978	1,898	1,843
Deferred taxes	295	−1,734	−2,011	739	−838	−1,737
Non-cash items	3,142	3,103	2,545	4,934	8,605	6,132
Changes in working capital	−23,647	−39,495	15,876	−41,506	−48,836	13,861
Cash from operations	12,613	−8,805	44,982	−6,327	−7,193	37,993
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−145,157	−90,693	−35,387	−2,529	−313,291	−177,665
Cash from investing	−145,157	−90,693	−35,387	−2,529	−313,291	−177,665
Financing activities
Financing cash flow items	69,594	89,384	81,021	−131,196	290,352	365,290
Cash dividends paid	−9,563	−9,503	−9,087	−8,576	−8,055	−7,727
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	9,917	−19,512	21,411	33,733	9,353	−1,744
Cash from financing	69,948	60,369	93,345	−106,039	291,650	355,819
Foreign exchange effects	4,327	−3,830	−70.0	−3,123	−3,408	2,756
Net change in cash	−58,269	−42,959	102,870	−118,018	−32,242	218,903
Free cash flow	12,613	−8,805	44,982	−6,327	−7,193	37,993

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.