Bank of America
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The Bank of America Corporation (Bank of America; often abbreviated BAC, BofA, or, less commonly, BOA) is an American multinational bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan.
From Wikipedia, CC BY-SA 4.0, revision of 30 Oct 2026.
What stands out
- Sales have grown about 5.7% a year for five years, so each $1 of sales in FY2020 is about $1.32 now.Revenue growth over 5–10 years: +5.7% a year
From filed figures and the weekly screener snapshot, 30 Oct 2026. Observations to check in the tabs below, not advice.
What has the price done?
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Press and drag across the chart to see the change between two points. Source: Yahoo Finance, delayed. Bars are daily and prices are adjusted for splits, not dividends. Past returns don't predict future returns.
Dividends
Full chart
TradingView's advanced chart, with indicators and drawing tools. It loads when you scroll to it.
How does it make money?
What it does is in the oven
We haven't typed up Bank of America's business and region split yet. Every figure comes from the company's own results, so this takes a little time.
See companies we've covered ›History and context
The Bank of America Corporation (Bank of America; often abbreviated BAC, BofA, or, less commonly, BOA) is an American multinational bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was formed by the merger of NationsBank and the legacy corporation of Bank of America in 1998. It is the second-largest banking institution in the United States by consolidated assets, after JPMorgan Chase. It is also the second-largest bank in the world by market capitalization, after JPMorgan Chase.
Among the Big Four banking institutions and one of eight systemically important financial institutions in the United States; it competes with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
From Wikipedia's article Bank of America, the lead section as of the revision of 30 Oct 2026, retrieved 1 Nov 2026. Text under CC BY-SA 4.0, pronunciation guides removed. Wikipedia can be edited by anyone; the company's own filings are the primary source.
What it actually sells Soon
A product-by-product guide to Bank of America: what each one is, who buys it, and how much it brings in, in plain English and in the company's own terms. We're starting with the companies that are hardest to picture, like Broadcom.
Moat not rated yet
We haven't rated Bank of America's moat. A rating needs at least five years of returns against the cost of capital, plus evidence for each of the five lenses.
How we rate moats ›Is it a good business at a fair price?
What each method implies
Ranges, not targetsThe five questions, and the price
Six checks from the annual reports. A flag marks a reason to dig deeper, not a verdict.
- 1. Is it growing?Within the guide
+5.7% a year
Revenue growth over 5–10 years
Revenue $85.5B in FY2020 to $113.1B in FY2025; +3.2% a year over 10 years. It fell in 0 of the last 5 years.
Sales have grown about 5.7% a year for five years, so each $1 of sales in FY2020 is about $1.32 now.
What to look for Steady growth, not one lucky year.
Source: FY2020 10-K, filed 24 Feb 2021; FY2025 10-K, filed 25 Feb 2026.
- 2. Is it profitable?
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Operating margin (operating income ÷ revenue)
Operating margin doesn't describe a bank: interest paid is a cost of doing business, not financing.
For a bank, the better test is return on equity, in the next rows.
What to look for Stable or rising. It's cleaner than net income, which one-off items and tax can distort.
- 3. Is the profit real cash?
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Free cash flow (operating cash flow − capex), and FCF ÷ net income
Free cash flow doesn't fit a bank: lending and deposits run through operating cash flow.
A bank's cash flow swings with its loans and deposits, so this test doesn't apply.
What to look for FCF positive and growing, and close to net income over time.
- 4. Is it a good business?
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Return on invested capital (ROIC); ROE for banks
Not tagged in the 10-K.
We haven't rated this company's returns yet.
What to look for Clearly above the cost of capital (roughly 8–10%). Sustained 15%+ usually means a moat.
- 5. Can it survive a bad year?
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Net debt ÷ EBITDA or ÷ FCF, plus interest cover
Debt ratios don't fit a bank: borrowing is its raw material. Capital ratios (CET1) are the test, and we haven't typed them up yet.
For a bank, the safety test is how much capital it holds against its loans. Soon.
What to look for Debt payable from about 3 years of FCF or less, interest covered many times.
- 6. Is the price right?
13.1x P/E
FCF yield or EV/EBIT, and price against a cash-flow value
Market cap $349.7B. P/E 13.1x on FY2025 diluted EPS. The valuation sheet's default story values it at US$54.23–US$68.18 a share (middle US$60.82); at US$51.23, its 16 Oct 2026 price, the price is −15.8% against the middle.
Buyers are paying about $13 for each $1 of last year's profit. On the sheet's default story the price sits below the middle of its value range, by 16%. Change the story and that moves.
What to look for Pay less than a cash-flow value estimate, with a margin of safety.
Source: Price $50.01, Yahoo Finance weekly snapshot, 30 Oct 2026; 6,993M shares, 10-Q 30 Jul 2026; FY2025 10-K, filed 25 Feb 2026; Stock valuation, 16 Oct 2026.
US figures: each company's Form 10-K as tagged on SEC EDGAR, collected 19 Oct 2026. Free cash flow is operating cash flow less purchases of property and equipment. Borrowings exclude leases. For education only. Not financial advice.
Ten years of financials
FY2016 to FY2025, in US dollars.
Source: Bank of America, Form 10-K for each year as first filed, via SEC EDGAR XBRL. Latest: FY2025 10-K, filed 25 Feb 2026. Later restatements aren't applied.
How peers compare
Singapore and US banksBanks are compared on return on equity and the price paid for each dollar of profit. EV/EBITDA doesn't fit a bank's balance sheet, so it's left out here.
| Company | Return on equity | Dividend yield | P/E |
|---|---|---|---|
| BAC | 10.1% | 2.32% | 13.1x |
| D05 | 17.5% | 4.35% | 18.4x |
| O39 | 13.7% | 3.58% | 15.7x |
| U11 | 11.6% | 3.84% | 11.7x |
| JPM | 15.7% | 1.82% | 16.8x |
- Peers' middle-half P/E
- 14.7x–17.2x (median 16.3x, 4 peers)
At the peers' middle-half P/E, Bank of America's earnings per share from the FY2025 10-K would put the share between $55.95 and $65.64. Those are the peer bars in the valuation chart above — one way to read the price, not a target.
Prices: weekly screener snapshot, 30 Oct 2026. Profits: each company's latest annual filing via SEC EDGAR, as filed, or the Stock valuation sheet's typed-up figures for SGX names, which don't file with the SEC. Peers are hand-picked for this industry. A multiple compares one year's profit with today's price; it says nothing about what either does next.
Dividend discount model, from Stock valuation
Ten years of dividends a bank can pay, from Bank of America's latest figures and Damodaran's industry averages. It's one story told with numbers, so it comes as a range.
- Value range, the default story$54.23–$68.18Middle $60.82 a share
- Price, 16 Oct 2026 close$51.23−15.76% ▼ against the middle
- What the price implies6.7% ROEReturn on equity that makes value equal the price; the story uses 10.7%
To be worth today's price, Bank of America would need a return on equity of about 6.7%. One way to read this is to ask whether that sounds believable.
The story's assumptions
- Net income, last 12 months
- $30,760M
- Payout ratio, years 1–5
- 30.5%
- Return on equity, years 1–5
- 10.7%
- Return on equity after year 10
- 10.7%
- Cost of equity, years 1–5
- 9.3%
- Cost of equity after year 10
- 9.3%
- Growth after year 10
- 5.1%
- Beta
- 1.00
Value per share as two inputs change (return on equity down, cost of equity, years 1–5 across)
| Return on equity | 8.8% | 9.3% | 9.8% |
|---|---|---|---|
| 8.7% | $57.55 | $55.86 | $54.23 |
| 10.7% | $62.66 | $60.82 | $59.03 |
| 12.7% | $68.18 | $66.16 | $64.22 |
Middle cell: the default story. Each step is 2 points of return on equity or 0.5 points of cost of equity.
| Year | Growth | Net income | Payout | Dividends | Cost of equity | Present value |
|---|---|---|---|---|---|---|
| 1 | 7.5% | $33,054M | 30.5% | $10,078M | 9.3% | $9,222M |
| 2 | 7.5% | $35,520M | 30.5% | $10,830M | 9.3% | $9,067M |
| 3 | 7.5% | $38,169M | 30.5% | $11,638M | 9.3% | $8,915M |
| 4 | 7.5% | $41,016M | 30.5% | $12,506M | 9.3% | $8,766M |
| 5 | 7.5% | $44,075M | 30.5% | $13,438M | 9.3% | $8,619M |
| 6 | 7.0% | $47,153M | 34.9% | $16,459M | 9.3% | $9,659M |
| 7 | 6.5% | $50,223M | 39.3% | $19,747M | 9.3% | $10,603M |
| 8 | 6.0% | $53,255M | 43.7% | $23,291M | 9.3% | $11,443M |
| 9 | 5.6% | $56,218M | 48.1% | $27,068M | 9.3% | $12,168M |
| 10 | 5.1% | $59,080M | 52.6% | $31,054M | 9.3% | $12,774M |
| After 10 | 5.1% | $62,087M | 52.6% | $32,635M | 9.3% | $319,615M |
- Present value of years 1–10
- $101,235M
- Present value after year 10
- $319,615M
- Value of equity
- $420,850M
- Shares
- 6,920M
- Value per share, default story
- $60.82
Company figures: https://stockanalysis.com/stocks/bac/statistics/, TTM to Sep 2026. Industry averages: Aswath Damodaran, January 2026 US data. Risk-free rates: US 10-year Treasury 5.09% and Singapore 10-year 2.34%, 16 Oct 2026. Equity risk premium: Damodaran's implied premium of 4.20%, 1 Oct 2026. Company figures are the latest reported before 19 Oct 2026. Data as of 16 Oct 2026. The sheet follows the spreadsheets Aswath Damodaran publishes; it is not affiliated with or endorsed by him. A model's value is not a price target. For education only. Not financial advice.
Who owns it, and what's the mood?
Tracked investors and insiders
Trades in Bank of America by the people we follow: Warren Buffett and Michael Burry (13F), Grab's officers (Form 4) and Nancy Pelosi (House reports). They show what happened, often weeks later, not what to copy.
| Who | Did | Size | When | Disclosed |
|---|---|---|---|---|
| Warren BuffettBerkshire Hathaway | TrimmedShares | −30,230,150 sharesabout $1,722,513,947 at quarter-end value | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Li LuHimalaya Capital Management | Sold outShares | −2,997,987 shares | Q2 2026 | 14 Aug 202645 days after Q2 2026 ended |
| Warren BuffettBerkshire Hathaway | TrimmedShares | −3,671,769 sharesabout $178,998,739 at quarter-end value | Q1 2026 | 15 May 202645 days after Q1 2026 ended |
| Li LuHimalaya Capital Management | TrimmedShares | −7,433,400 sharesabout $362,378,250 at quarter-end value | Q1 2026 | 15 May 202645 days after Q1 2026 ended |
| Warren BuffettBerkshire Hathaway | TrimmedShares | −50,774,078 sharesabout $2,792,574,290 at quarter-end value | Q4 2025 | 17 Feb 202648 days after Q4 2025 ended |
| Warren BuffettBerkshire Hathaway | TrimmedShares | −37,197,363 sharesabout $1,919,011,957 at quarter-end value | Q3 2025 | 14 Nov 202545 days after Q3 2025 ended |
Sources: SEC EDGAR 13F-HR and Form 4 filings, and the US House Clerk's Periodic Transaction Reports, checked 30 Oct 2026. 13F values are the quarter-end value, not the price paid. All tracked trades ›
- Largest shareholdersSoonThe biggest holders from 13F filings and the annual proxy statement.—
- Chief executive and board holdingsSoonShares held by the CEO and directors, from the proxy statement and Form 4s.—
- Short interestSoonHow many shares are sold short, from exchange short-interest reports.—
Crowd favourite or value trap?
Neither is a label we can put on a stock. These are signs worth looking into, each from a figure on this page.
Signs of a crowd-driven price
Meme stocks move on attention more than on results: big swings, a price far from cash-flow value, thin profits.
0 of 3 signs (1 without data)
- NoSwings at least twice as much as the marketBeta 1.20, 5 years of monthly returns
- NoUp more than 100%, or down more than 50%, in a year1-year price change −4.44%
- NoPrice more than 50% above the valuation sheet's middle valuePrice −16% against the sheet's default story, 16 Oct 2026
- —Thin profits: operating margin under 5%, or a lossDoesn't fit a bank
Signs of a value trap
A value trap looks cheap because the business is shrinking or earning less than its capital costs.
0 of 3 signs (1 without data)
- NoLooks cheap: P/E under 12 or FCF yield over 8%P/E 13.1x
- NoRevenue lower than five years agoRevenue +5.7% a year over 5 years
- —Returns below the cost of capitalNot rated yet
- NoMore than 30% below its 52-week high−23.3% from the 52-week high
Prices, beta and 1-year change: Yahoo Finance weekly snapshot, 30 Oct 2026. Business figures: the five questions under Valuation and financials. A sign is a reason to dig deeper, not a verdict. For education only. Not financial advice.
Read it through a lens
Price data: Yahoo Finance, delayed. Company figures: each company's own filings, dated where they appear. A ticker on this site is not a recommendation. For education only. Not financial advice.