任意の製品分析
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In Q2 2026, management said core loan and deposit growth was not capacity constrained.
FY2027 revenue falls below $128.79 billion, the low end of the analyst range available on 2026-09-09.
Sell. The report was prepared at $62.39 on 2026-09-08, above $42.67 Fair value and $53.99 Potential value.3
The main risk is FY2027 revenue falling below $128.79 billion. EPS would weaken only if pricing, funding or credit costs prevent profitability from offsetting the shortfall. Investors could then pay less for future profit.1
The shares could outperform if the loan and deposit capacity described by management in Q2 2026 turns into profitable growth. That would support revenue and , but the statement does not prove a durable advantage.
Centralized securities, term-debt and repo management may support profitable loan and deposit growth without a near-term capacity bottleneck.4
The cycle remains constructive if loan and deposit demand grows while net-interest-income momentum continues. Management has described both improving income momentum and available core balance-sheet capacity.4
Sell because the report-date price exceeds both Fair value and Potential value.3
Sell because the report-date price exceeds both Fair value and Potential value.3
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with its corporate and commercial clients that are executed and distributed by Global Markets.
MLPF&S provides retail services and is required to maintain net capital that is the greater of $250,000 or two percent of a certain component of its reserve calculation. At December 31, 2025, MLPF&S' regulatory net capital was $8.1 billion, which exceeded the minimum requirement of $175 million.
Together, weaker revenue, a net margin below 24%, and a cost-of-equity increase of at least two percentage points would reduce profit and make future earnings worth less today.
The recovery fades, capital returns slow and investors pay less for each dollar of future earnings.
投資判断を弱める5つの変化です。
A breach would weaken the revenue anchor. EPS would fall only if pricing, funding or credit costs prevent profitability from offsetting the shortfall; that combination could make investors pay less for future profit.
現在:$130.48 billion analyst mean for FY2027, available 2026-09-09.
警戒条件Below $128.79 billion for FY2027.
In Q2 2026, management said securities, term-debt and repo management no longer constrained core loan or deposit growth. That statement supports possible balance-sheet capacity, but not durable switching costs, distribution power or persistent excess returns. The selected peers show varied growth, returns and valuations, making the comparison a cross-check rather than evidence of protection from competition.
FY2025 net income was $30.51 billion, but profitability alone does not prove returns above the cost of equity or durable economic profit.25
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Apply a terminal P/E to the dated forward path, then discount that future share value back to the analysis date.
None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.
The highlighted cell is Fair value when every assumption sits at its base level ($42.67). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $32.8B after modeled capex of $0, with terminal value at 36.9% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Revenue and EPS meet their FY2027 forecast anchors, while later growth remains conditional. A revenue miss or sustained margin compression would disconfirm this path by FY2027.1
A beat helps only if revenue and EPS forecasts rise and management reaffirms its Q2 2026 statement that core loan and deposit capacity remains unconstrained.
Meeting forecasts would preserve the recovery but would not close the gap to Fair value.
A miss would weaken earnings and the value investors assign to future profit.
The FY2025 filing reported positive profit and positive cash generated from operations. These observations do not, by themselves, establish the quality or durability of earnings.5
FY2025 cash generated from operations was $12.61 billion. Bank cash flows move with funding, loans and deposits, so this figure is not a standalone measure of underlying earnings quality.5
Shares outstanding were 6.993 billion on 2026-09-09. Continued reduction can compound per-share value, but the longer path depends on earnings and capital capacity.
Industrial return on invested capital is not the controlling measure for a regulated bank. Common-equity returns and capital capacity are more relevant.
This spread is not used for the equity decision. Equity claims use a 9.2582% cost of equity, while 13.3721% WACC applies only to enterprise claims.
FY2027 analyst forecasts average $130.48 billion of revenue and $5.29 of adjusted diluted EPS, available 2026-09-09.
Meeting these forecasts would support earnings recovery, but dated analyst support should not be extended automatically beyond FY2027.
| 売上高 | $113,097,000,000 |
|---|---|
| 売上原価 | $5,675,000,000 |
| 売上総利益 | $107,422,000,000 |
| 営業費用 | $69,727,000,000 |
| 営業利益 | $37,695,000,000 |
| 営業外項目および税金 | -$7,186,000,000 |
| 純利益 | $30,509,000,000 |
| 総資産 | $3,411,738,000,000 |
|---|---|
| 現金 | $231,845,000,000 |
| 流動資産 | $1,067,083,000,000 |
| 負債合計 | $3,108,495,000,000 |
| 流動負債 | $2,559,605,000,000 |
| 株主資本 | $303,243,000,000 |
| 純利益 | $30,509,000,000 |
|---|---|
| 営業キャッシュ流入 | $36,824,000,000 |
| 減価償却費 | $2,314,000,000 |
| 株式報酬 | $4,001,000,000 |
| 営業キャッシュフロー | $12,613,000,000 |
| 営業キャッシュ流出 | $24,211,000,000 |
| 利用可能現金 | $377,002,000,000 |
| 期首現金 | $290,114,000,000 |
| 財務キャッシュ流入 | $69,948,000,000 |
| 為替レートの影響 | $4,327,000,000 |
| 投資キャッシュ流出 | $145,157,000,000 |
| その他の投資活動 | $145,157,000,000 |
| 期末現金 | $231,845,000,000 |
| 投資キャッシュフロー | -$145,157,000,000 |
| 財務キャッシュフロー | $69,948,000,000 |
出典: SEC EDGAR · 提出日 2026-02-25 · SEC EDGAR
| 地域別売上高 | 売上高 | 構成比 | 前年比 |
|---|---|---|---|
| United States | $976.9億 | 86.4% | 5.7% |
| EMEA | $75.6億 | 6.7% | 16.3% |
| Asia | $60億 | 5.3% | 15.8% |
| Latin America | $18.5億 | 1.6% | 6.1% |
2026-09-09の分析で使用した時点財務データ。
| 期間 | 売上高 | EBITDA | 純利益 | 営業キャッシュフロー | フリーキャッシュフロー | 設備投資 | 減価償却費 | 株式報酬 | 自社株買い | 支払配当金 | 純有利子負債調達 | 投資キャッシュフロー | 財務キャッシュフロー | 期首現金 | 期末現金 | 現金および投資 | 総負債 | 営業利益率 | ROIC | WACC | ROIC−WACCスプレッド |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | $837億 | $257.5億 | $178.2億 | $172.8億 | $172.8億 | $0 | $22.4億 | $13.7億 | $51.1億 | $41.9億 | — | -$622.9億 | $331.5億 | — | $1477.4億 | $4614億 | $2168.2億 | 29.9% | — | 5.0% | — |
| 2017-12-31 | $871.3億 | $313.2億 | $182.3億 | $98.6億 | $98.6億 | $0 | $21億 | $16.5億 | $128.1億 | $57億 | — | -$515.4億 | $492.7億 | $1477.4億 | $1574.3億 | $4725.5億 | $2274億 | 33.5% | — | 4.8% | — |
| 2018-12-31 | $910.2億 | $366.5億 | $281.5億 | $395.2億 | $395.2億 | $0 | $20.6億 | $17.3億 | $200.9億 | $69億 | — | -$714.7億 | $531.2億 | $1574.3億 | $1774億 | $4067.7億 | $2293.9億 | 38.0% | — | 6.0% | — |
| 2019-12-31 | $912.4億 | $344.8億 | $274.3億 | $617.8億 | $617.8億 | $0 | $17.3億 | $19.7億 | $281.4億 | $59.3億 | — | -$806.3億 | $33.8億 | $1774億 | $1615.6億 | $4072億 | $2408.6億 | 35.9% | — | 6.8% | — |
| 2020-12-31 | $855.3億 | $208.4億 | $178.9億 | $379.9億 | $379.9億 | $0 | $18.4億 | $20.3億 | $70.3億 | $77.3億 | — | -$1776.7億 | $3558.2億 | $1615.6億 | $3804.6億 | $6149.5億 | $2629.3億 | 22.2% | — | 4.4% | — |
| 2021-12-31 | $891.1億 | $358.7億 | $319.8億 | -$71.9億 | -$71.9億 | $0 | $19億 | $27.7億 | $251.3億 | $80.6億 | — | -$3132.9億 | $2916.5億 | $3804.6億 | $3482.2億 | $6474億 | $2801.2億 | 38.1% | — | 4.4% | — |
| 2022-12-31 | $949.5億 | $329.5億 | $275.3億 | -$63.3億 | -$63.3億 | $0 | $19.8億 | $28.6億 | $50.7億 | $85.8億 | $350.3億 | -$25.3億 | -$1060.4億 | $3482.2億 | $2302億 | $4509.9億 | $2759.8億 | 32.6% | — | 8.0% | — |
| 2023-12-31 | $1027.7億 | $303.7億 | $263.1億 | $449.8億 | $449.8億 | $0 | $20.6億 | $29.4億 | $45.8億 | $90.9億 | $259.9億 | -$353.9億 | $933.5億 | $2302億 | $3330.7億 | $5997.2億 | $3022億 | 27.6% | — | 10.8% | — |
| 2024-12-31 | $1058.6億 | $314.4億 | $269.7億 | -$88.1億 | -$88.1億 | $0 | $21.9億 | $34.3億 | $131億 | $95億 | -$11.5億 | -$906.9億 | $603.7億 | $3330.7億 | $2901.1億 | $6365.5億 | $2832.8億 | 27.6% | — | 11.0% | — |
| 2025-12-31 | $1131億 | $400.1億 | $305.1億 | $126.1億 | $126.1億 | $0 | $23.1億 | $40億 | $214.3億 | $95.6億 | $285.3億 | -$1451.6億 | $699.5億 | $2901.1億 | $2318.5億 | $9637.3億 | $3178.2億 | 33.3% | — | 10.6% | — |
Bank of America Corporation (BAC) trades at 12.1x forward earnings against a peer median of 13.7x. The comparison uses 4 peers: Citigroup Inc., Wells Fargo & Company, American Express Company and Morgan Stanley, as of 2026-09-08 to 2026-09-09.
The industry capex-to-revenue benchmark was 1.8%, but physical capital spending is a weak cycle measure for banks. The cycle view is therefore demand-led and evidence-limited.
The cycle would be constructive if loan and deposit demand grows while net-interest-income momentum continues. In Q2 2026, management expected stronger income momentum and described available core balance-sheet capacity.
The cycle would weaken if funding, credit or competitive pricing costs absorb revenue growth. A sustained normalized margin below 24% would make that pressure measurable.
Bank of America has stated capacity to benefit if loan and deposit demand recovers. That Q2 2026 statement does not establish that a demand-led recovery is already underway.4
No new allocation; reduce an existing position. The $62.39 report-date price exceeds both $42.67 Fair value and $53.99 Potential value.3
Reduce or exit while the $62.39 report-date price remains above $53.99 Potential value, even if operating results beat forecasts; a beat alone does not change the valuation rule.
The report-date price exceeds Potential value, while estimate momentum has edged lower.13
Reduce or exit rather than add. The near-term earnings recovery does not offset the valuation gap.1
Capital distributions remain exposed to revenue, profitability and regulatory-capacity outcomes.4
Sell because the $62.39 report-date price stands above $42.67 Fair value and $53.99 Potential value.3
The $62.39 report-date price on 2026-09-08 exceeds $42.67 Fair value and $53.99 Potential value, so the FY2027 forecast anchors do not justify retaining exposure under the Sell rating.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
If normalized net margin stays below 24% for 12 months, funding, pricing or credit costs would erase the flat-profitability premise.
If cost of equity rises by at least two percentage points within 12 months, all long-duration equity claims lose value together.2
If breached, the bear case assumes pricing, funding or credit costs are absorbing revenue growth; this is not presented as a reported outcome. Lower profitability would weaken expected earnings and value.
現在:The authored normalized target is 27% of revenue.
警戒条件Below 24% for 12 months.
A higher equity discount rate makes future earnings worth less today, even if revenue does not fall immediately. It would lower the value assigned to the bank's future profits.
現在:Moderate 9.2582% and strict 10.0281% rates on 2026-09-09.
警戒条件An increase of at least two percentage points within 12 months.
Repeated constraints would contradict management's Q2 2026 capacity statement. They could limit profitable loan or deposit expansion, shorten the supported growth period and weaken expected earnings per share.
現在:Management described core loan and deposit growth as unconstrained for the quarter ended 2026-06-30.
警戒条件Capacity constraints reported in two consecutive quarterly updates.
The disclosed FY2025 amounts warrant monitoring, but they do not establish that regional mix is increasing or show how local conditions reach consolidated earnings. A breach would require separate transmission evidence before changing the revenue path.
現在:FY2025 Asia revenue was $6.00 billion and EMEA revenue was $7.56 billion.
警戒条件Either geography exceeds 10% of consolidated revenue in the next annual filing.
| medium |
| Two fiscal years |
| Require relative revenue performance before assuming a valuation premium. |
Use book value per share with normalized ROE, cost of equity, and terminal growth to derive a justified price-to-book value.
Discount the explicit dividend path and its Gordon-growth terminal value at cost of equity.
Limitation: Terminal value is 73.8% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Solve for the growth rate that makes the model value equal the report-date share price.
Faster earnings-per-share growth, rather than valuation expansion alone, drives the higher outcome. Capacity constraints or weaker revisions would disconfirm it.
EPS shows how revenue and share count reach each share.1
Compression would show costs absorbing revenue growth.
A lower share count can lift earnings per share.3
Constraints would shorten revenue growth and capital-return duration.4
| $135.70B |
| $140.11B |
| $143.97B |
| Operating income | $41.34B | $43.49B | $45.23B | $46.70B | $47.98B |
| NOPAT | $33.48B | $35.22B | $36.63B | $37.82B | $38.86B |
| Residual cash after reinvestment policy | $33.48B | $35.22B | $36.63B | $37.82B | $38.86B |
| Revenue growth | 9.7% | 5.2% | 4.0% | 3.3% | 2.8% |
| Operating margin | 33.3% | 33.3% | 33.3% | 33.3% | 33.3% |
| Tax rate | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% |
| Reinvestment rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| Diluted shares | 7.49B | 7.30B | 7.12B | 6.94B | 6.77B |
| EPS | $4.68 | $5.29 | $5.48 | $5.63 | $5.74 |
| Net margin | 28.3% | 29.6% | 28.7% | 27.9% | 27.0% |
| Implied net income | $35.08B | $38.61B | $38.99B | $39.04B | $38.87B |
Diluted average shares declined from 8.0805 billion in FY2023 to 7.6809 billion in FY2025.
The like-for-like history establishes only the past direction; it does not establish that weighted-average diluted shares will continue to fall.
| マージン |
|---|
| BAC | Bank of America Corporation | $438.3B | 12.1x | 3.8x | 11.2% | — | |
| C | Citigroup Inc. | 10.6x | 2.8x | 8.5% | 36.2% | ||
| WFC | Wells Fargo & Company | 11.4x | 3.3x | 12.6% | 37.4% | ||
| AXP | American Express Company | 16.2x | 3.1x | 34.4% | 20.3% | ||
| MS | Morgan Stanley | 16.0x | 4.4x | 18.0% | 41.6% |
| Asia or EMEA revenue share | Above 10% in the next annual filing. | Track the disclosed regional share only; the cited amounts do not show how regional conditions affect consolidated earnings.56 |
