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Research · S&P 500 · Financials
BAC · Bank of America
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · Bank version · run 2026-10-18
13 value checks for banks: 12 scored 1 to 5 where the data allows, plus moat evidence
39/50
moderate value score10 of 12 checks scoredBanks are scored with three bank measures in place of ROIC, Debt-to-Equity and Free Cash Flow, which don’t fit a bank: a bank borrows, mostly through deposits, in order to lend, so debt-to-equity describes its business model more than its risk, and its cash flow moves with its lending and securities. Compare a bank’s score with other banks’ scores, not with non-banks’: three of its checks are different.
10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (DCF Value, Margin of Safety) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $3.19 (2022), $3.08 (2023), $3.21 (2024), $3.81 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
2/5ROE (net income / common equity): 10.6% (2022), 9.4% (2023), 9.4% (2024), 10.5% (2025). Median 9.9%, lowest 9.4%; the framework scores a median 5-10% as 2.
Return on Assets Bank measure
3/5Return on assets (net income / total assets): 0.90% (2022), 0.83% (2023), 0.83% (2024), 0.89% (2025), as filed in the 10-Ks (SEC EDGAR). Median 0.86%, lowest 0.83%; the framework scores a median 0.8-1.0% as 3.
Efficiency Ratio Bank measure
3/5Efficiency ratio (noninterest expense / (net interest income + noninterest income)): 64.7% (2022), 64.1% (2023), 63.1% (2024), 61.7% (2025), as filed in the 10-Ks (SEC EDGAR). Median 63.6%; a lower ratio means less cost for each dollar of revenue. The framework scores a median 60-65% as 3.
Profit Margins
5/5Net margin of 28.1%; the framework scores above 20% as 5; operating margin 31.3%.
Balance sheet & cash
Equity to Assets Bank measure
3/5Equity to assets of 8.9%: shareholders' equity of $303.24B against total assets of $3411.74B at Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 8-9% as 3.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $207.00B (2022), $224.67B (2023), $240.75B (2024), $261.69B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $4.19 x (8.5 + 2 x 11.2) x (4.4 / 4.5) = $126.59. Current price $51.23; price is 59.5% below the model value.
DCF Value
Not scoredFree cash flow or share count is not available from the data source, so no DCF value is computed.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $126.59 (price is 59.5% below the model value); DCF value N/A (not comparable).
Price-to-Book
4/5P/B of 1.31; the framework scores 1.0-1.5 as 4.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 25, 2026
We operate in a highly competitive environment. Our competitors include banks, thrifts, credit unions, investment banking firms, investment advisory firms, brokerage firms, investment companies, insurance companies, mortgage banking companies, credit card issuers, mutual fund companies, hedge funds, private equity firms, and e-commerce and other internet-based companies, including merchant banks and companies providing nonbank financial services. We compete with some of these competitors globally and with others on a regional or product-specific basis. We are increasingly competing with firms offering products solely over the internet and with nonfinancial companies, including firms utilizing emerging technologies, such as digital assets, rather than, or in addition to, traditional banking products. Competition is based on a number of factors including, among others, customer service and convenience, the pricing, quality and range of products and services offered, lending limits, the quality and delivery of our technology and our reputation, experience and relationships in relevant markets. Our ability to continue to compete effectively also depends in large part on our ability to attract new employees and develop, retain and motivate our existing employees, while managing compensation and other costs.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $89.49B paid out against $105.07B of net income (pass); debt not tested for banks and broker-dealers; shares outstanding 8.00B to 7.21B, down 9.8% (pass). 3 of 3 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $4.19, g = 11.2%, Y = 4.5
IV = $126.59
Current price $51.23 vs Graham value $126.59 — price is 59.5% below the model value.
DCF:
Free cash flow or share count not available from the data source — no value computed.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $51.23. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, return on assets, efficiency ratio, equity to assets, profit margins, price-to-book, EPS trend, ROE trend, retained earnings and capital allocation (the bank version). No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.