Eastern Bankshares Inc EBC

FinancialsBanking ServicesUnited States of America

Last close 22.39 USD on Nov 1, 2026, +24.1% year to date

Quant rating

Quant rating B Rank 122 of 799 in Financials

Growth A 89 of 799
Valuation C 501 of 799
Quality C 402 of 799
Revisions A 84 of 799
Momentum B 217 of 799

Wall Street consensus Buy (2.25)Average target 25.50 USD +13.9%

Historical valuation

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

Key data

Market cap: 5.1B
Enterprise value: 4.9B
52-week range: 16.65 – 23.77
3-year range: 11.00 – 23.77
Dividend yield: 2.68%
Beta (5 years): 0.71
Shares outstanding: 226M
Next earnings: Jan 20, 2027

About the company

Eastern Bankshares, Inc. is the holding company for Eastern Bank (the Bank). The Bank provides a variety of banking and trust and investment services. Its diversified products and services include lending, deposit, and wealth management. It offers a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts and time certificates of deposit accounts. Its lending focuses on the following loan categories: commercial and industrial, including asset-based lending portfolio, commercial real estate, commercial construction, small business banking, residential real estate and home equity loans. It also provides a range of wealth management and trust services through Cambridge Trust Wealth Management. It provides private banking solutions for individuals and families. It also provides customizable banking and lending services for venture capital & private equity, professional services, escrow agents, nonprofits, foundations, and family offices.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,164	947	796	605	435	–
Revenue growth	23.0%	18.9%	31.6%	39.1%	5.3%	23.0%
EPS (basic, normalized)	0.61	0.83	−0.36	1.13	1.03	–
EPS growth	−26.4%	–	–	9.9%	332.1%	20.6%
Gross margin	–	–	–	–	–	–
Net margin	7.6%	12.6%	−7.9%	30.8%	33.4%	15.3%
ROE	8.4%	5.9%	6.0%	7.1%	4.8%	6.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	13.0%
Long-term debt (mil)	−0.1
Net debt (mil)	–
Total equity (mil)	4,200
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	1,164	+23.0%	4.2x	18.42	+7.6%	1.2x	1.56	+47.2%	14.4x
2026	1,029	−11.6%	4.8x	19.00	+3.2%	1.2x	1.89	+20.9%	11.9x
2027	1,087	+5.6%	4.5x	20.41	+7.4%	1.1x	2.15	+13.9%	10.4x
2028	1,147	+5.6%	4.3x	21.96	+7.6%	1.0x	2.35	+9.6%	9.5x

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	1,029	+1.0%	+1.1%	−13.9%	1.89	+0.9%	+0.9%	−0.1%
2027	1,087	+0.9%	+0.9%	−14.4%	2.15	+1.3%	+1.3%	−1.3%
2028	1,147	+0.6%	+0.6%	+0.9%	2.35	+1.7%	+0.2%	−3.1%

Earnings surprises EPS beat in 2 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)	130	129	170	179	189	202	200	237	245	252
Sales mean (mil)	135	134	182	177	196	202	207	249	302	300
Surprise	−3.7%	−3.8%	−6.8%	+1.5%	−3.7%	0.0%	−3.2%	−4.8%	−19.1%	−16.1%
EPS reported	0.23	0.22	0.25	0.34	0.34	0.41	0.37	0.44	0.40	0.49
EPS mean	0.20	0.22	0.33	0.29	0.33	0.38	0.40	0.41	0.45	0.46
Surprise	+15.0%	+0.7%	−24.6%	+15.3%	+3.9%	+7.5%	−7.2%	+6.2%	−10.1%	+6.1%

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
EBC Eastern Bankshares Inc	5.1B	13.0%	7.6%	1.12x	11.9x	10.4x	1.2x	1.1x
MBWM Mercantile Bank Corporation	1.0B	12.3%	26.9%	1.11x	10.7x	10.3x	1.3x	1.2x
Mean		12.7%	17.2%	1.11x	11.3x	10.3x	1.3x	1.2x
Median		12.7%	17.2%	1.11x	11.3x	10.3x	1.3x	1.2x

Technical analysis

1M+6.0%
3M−4.3%
1Y+34.0%
3Y+118.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Eastern Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	1,164	947	796	605	435	413
Total interest expense	336	339	246	37.1	5.3	12.1
Net interest income	829	608	550	568	430	401
Loan loss provision	26.2	67.4	20.1	17.9	−9.7	–
Net interest income after loan loss provision	802	540	530	550	440	401
Non-interest income	−106	124	−238	76.8	97.4	178
Non-interest expense	−597	−508	−419	−389	−361	−544
Net income before taxes	99.5	156	−126	238	176	35.9
Provision for taxes	11.3	36.2	−63.3	51.7	30.5	13.2
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	88.2	120	−62.7	187	146	22.7
Extraordinary items	0	0	295	13.2	9.1	–
Net income	88.2	120	232	200	155	22.7
Basic weighted average shares (mil)	203	181	162	166	172	202
Diluted weighted average shares (mil)	204	182	162	166	172	202
Basic EPS excluding extraordinary items	0.43	0.66	−0.39	1.13	0.85	0.11
Basic EPS, normalized	0.61	0.83	−0.36	1.13	1.03	0.24

Balance sheet in millions of USD, fiscal years

Balance sheet, Eastern Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	121	92.6	87.2	106	145	117
Other earning assets	4,770	4,653	5,029	7,374	8,680	3,272
Net loans	22,753	17,549	13,799	13,420	12,157	9,594
Property, plant & equipment	194	135	111	120	165	131
Goodwill	1,117	915	558	640	631	369
Intangibles	184	135	8.6	20.9	18.2	7.1
Long-term investments	–	–	–	–	–	–
Other long-term assets	310	332	266	332	76.5	13.2
Other assets	1,138	1,745	1,275	634	1,639	2,461
Total assets	30,587	25,558	21,133	22,647	23,512	15,964
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	97.9	81.9	55.6	61.2	89.3	85.3
Total deposits	25,471	21,319	17,618	18,997	19,649	12,169
Other bearing liabilities	200	17.6	17.7	704	14.0	14.6
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	478	527	467	413	354	267
Total liabilities	26,246	21,946	18,158	20,175	20,106	12,536
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.4	2.1	1.8	1.8	1.9	1.9
Additional paid-in capital	2,621	2,237	1,666	1,649	1,835	1,854
Retained earnings (accumulated deficit)	2,067	2,085	2,048	1,882	1,769	1,666
Treasury stock	–	–	–	–	–	–
Other equity	−350	−712	−741	−1,061	−199	−93.5
Total equity	4,341	3,612	2,975	2,472	3,406	3,428
Total liabilities & shareholders' equity	30,587	25,558	21,133	22,647	23,512	15,964

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Eastern Bankshares Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	88.2	120	232	200	155	22.7
Depreciation, depletion & amortization	46.9	27.0	12.3	15.0	14.5	15.8
Deferred taxes	−13.6	36.1	−18.3	6.0	−5.3	−20.4
Non-cash items	−16.1	32.1	−375	36.2	−18.2	78.6
Changes in working capital	327	69.1	410	−27.0	28.9	−26.9
Cash from operations	432	284	262	230	174	69.9
Investing activities
Capital expenditures	−19.4	−13.5	−8.1	−8.6	−5.7	−5.1
Other investing cash flows	−345	1,073	2,408	−1,068	−1,980	−2,385
Cash from investing	−364	1,059	2,400	−1,077	−1,986	−2,390
Financing activities
Financing cash flow items	−182	−179	−1,379	−655	1,097	2,576
Cash dividends paid	−106	−82.5	−66.7	−65.9	−51.6	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−471	−768	−693	505	−56.9	1,436
Cash from financing	−758	−1,029	−2,138	−216	989	4,012
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−690	314	524	−1,062	−822	1,691
Free cash flow	413	270	254	221	169	64.7

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.