BAC
Bank of America CorporationFinancial Services·Banks - Diversified
$51.60
$366.2B market cap
Revenue
$172.0B
Free Cash Flow
$56.6B
Rev Growth
-35.6%
FCF Margin
32.9%
P/FCF
6.5x
EV/FCF
8.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages,
2-Year Price History
$51.80+35.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 30,272 | 10,404 | 10,404 | 8,584 | 41,770 | 41,770 | -0.0 | 249,865 | 383,594 | 7,418 | 7.2% | 0.6x | 12.7x |
| Act | 2025-Q4 | 46,878 | 10,216 | 9,622 | 7,647 | -22,945 | -22,945 | -0.0 | 963,732 | 365,904 | 7,547 | 6.5% | 0.6x | -- |
| Act | 2025-Q3 | 48,221 | 10,040 | 9,456 | 8,469 | 46,874 | 46,874 | -0.0 | 957,700 | 707,772 | 7,627 | 4.2% | 0.5x | 3.2x |
| Act | 2025-Q2 | 46,666 | 8,269 | 7,688 | 7,116 | -9,132 | -9,132 | -0.0 | 653,421 | 760,769 | 7,652 | 3.3% | 0.4x | 13.0x |
| Act | 2025-Q1 | 46,989 | 8,681 | 8,116 | 7,396 | -2,184 | -2,184 | -0.0 | 657,110 | 721,686 | 7,771 | 3.6% | 0.4x | 12.5x |
| Act | 2024-Q4 | 46,965 | 7,667 | 7,108 | 6,665 | 25,914 | 25,914 | -0.0 | 642,918 | 658,428 | 7,844 | 3.5% | 0.3x | 10.2x |
| Act | 2024-Q3 | 48,869 | 7,873 | 7,324 | 6,896 | -37,276 | -37,276 | -0.0 | 619,459 | 733,325 | 7,902 | 3.3% | 0.3x | 15.6x |
| Act | 2024-Q2 | 48,529 | 8,103 | 7,560 | 6,897 | 18,096 | 18,096 | -0.0 | 620,296 | 699,009 | 7,961 | 3.5% | 0.3x | 13.3x |
| Act | 2024-Q1 | 48,071 | 7,800 | 7,262 | 6,674 | -15,539 | -15,539 | -0.0 | 634,336 | 664,899 | 8,031 | 3.5% | 0.3x | 10.5x |
| Act | 2023-Q4 | 43,642 | 3,651 | 3,124 | 3,144 | 32,724 | 32,724 | -0.0 | 608,068 | 618,189 | 8,063 | 1.7% | 0.2x | 7.3x |
| Act | 2023-Q3 | 44,412 | 8,612 | 8,095 | 7,802 | 11,772 | 11,772 | -0.0 | 525,331 | 631,258 | 8,076 | 4.3% | 0.5x | 9.7x |
| Act | 2023-Q2 | 43,393 | 8,544 | 8,034 | 7,408 | 11,786 | 11,786 | -0.0 | 513,499 | 615,717 | 8,081 | 4.2% | 0.5x | 9.4x |
| Act | 2023-Q1 | 40,465 | 9,592 | 9,089 | 8,161 | -11,300 | -11,300 | -0.0 | 397,955 | 654,817 | 8,182 | 4.3% | 0.7x | 15.4x |
| Act | 2022-Q4 | 34,926 | 8,399 | 7,897 | 7,132 | 30,998 | 30,998 | -0.0 | 458,250 | 498,549 | 8,156 | 4.8% | 0.8x | 8.9x |
| Act | 2022-Q3 | 30,358 | 8,792 | 8,301 | 7,082 | 13,154 | 13,154 | -0.0 | 438,764 | 505,793 | 8,161 | 4.8% | 1.5x | -- |
| Act | 2022-Q2 | 25,219 | 7,383 | 6,892 | 6,247 | -5,049 | -5,049 | -0.0 | 471,097 | 507,890 | 8,163 | 4.2% | 2.9x | -- |
| Act | 2022-Q1 | 24,550 | 8,373 | 7,879 | 7,067 | -45,430 | -45,430 | -0.0 | 568,866 | 518,184 | 8,202 | 4.7% | 6.3x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 30.45 | — | 28.6% | 32,947 | 8.9× | n/m | 9.1× | 2.2× |
| 2023 | 31.92 | +49.4% | 17.7% | 30,399 | 7.3× | 5.0× | 8.1× | 1.2× |
| 2024 | 42.72 | +11.9% | 16.3% | 31,443 | 10.2× | n/m | 11.2× | 1.6× |
| 2025 | 54.69 | -1.9% | 19.7% | 37,206 | — | — | 12.2× | 2.0× |
| TTM | 51.60 | -10.1% | 22.6% | 38,929 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$51.60
Market Cap$366.2B
Enterprise Value$499.9B
P/S Ratio2.1x
P/FCF6.5x
EV/FCF8.8x
FCF Margin (TTM)32.9%
FCF Yield15.4%
Dividend Yield (TTM)2.7%
Annual Dilution-4.5%
CurrencyUSD
TTM Financial Snapshot
Revenue$172.0B
Net Income$31.8B
Free Cash Flow$56.6B
Revenue Growth (YoY)-35.6%
EBITDA Margin22.6%
Net Margin18.5%
FCF Margin32.9%
CapEx % of Revenue0.0%
SBC % of Revenue2.3%
ROIC5.3%
WC Change % Rev-0.1%
Interest Coverage0.5x
Forward Outlook & Risk
Short Interest
Short % of Float1.3%
Short Shares89.5M
Days to Cover2.9
Change (vs Prior)-11.3%
Short % Float History
1.30%-0.10pp
Options
Call IV (ATM)25%
Put IV (ATM)29%
ATM Spread0.29%
Call $OI (near money)$117.1M
Put $OI (near money)$100.7M
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$52.5
Major Expirations10
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $46.00 | $6.20/$6.65 | 3 | $0.53/$0.62 | 366 |
| $47.00 | $5.40/$5.95 | 18 | $0.69/$0.77 | 604 |
| $48.00 | $4.65/$4.80 | 101 | $0.73/$0.97 | 235 |
| $49.00 | $3.80/$4.25 | 173 | $1.00/$1.24 | 358 |
| $50.00 | $3.25/$3.35 | 6,714 | $1.47/$1.53 | 18,803 |
| $52.50 | $1.76/$1.91 | 14,200 | $2.37/$2.62 | 6,217 |
| $55.00 | $0.92/$0.96 | 11,061 | $3.85/$4.45 | 5,524 |
| $57.50 | $0.37/$0.43 | 10,897 | $5.65/$6.45 | 545 |
Snapshot: 2026-05-22
Employees
Headcount213,000
Revenue / Employee$807,685
Gross Profit / Employee$505,437
2022: 217,000 → 2023: 213,000 → 2024: 213,000 → 2025: 213,000 (-1% CAGR)
Institutional Ownership
Headline & net flow
BALANCED
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 2.5% of float, sold 2.0%.
Net flow · Q1 2026still filing
+0.5% of float (net)
Bought 2.5% · Sold 2.0%
3,485 filers reported (last quarter: 3,720)
Ownership composition
Active
47.9%(+4.0% YoY)
3,403 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
23.1%(+3.4% YoY)
15 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.1% YoY)
14 filers
Citadel, Susquehanna
Insiders
0.1%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $26.29B | $39.20 | −$157M | +$316M | -0.2% | $5.69T |
| BERKSHIRE HATHAWAY INC | $25.04B | $26.47 | −$179M | −$5.75B | -0.3% | $263.10B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $19.97B | $48.75 | +$19.97B | +$19.97B | — | $4.04T |
| STATE STREET CORPPassive | $14.38B | $38.79 | −$175M | −$10.6M | -0.2% | $2.89T |
| FMR LLC | $9.68B | $37.00 | −$794M | −$237M | +0.0% | $1.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $7.97B | $48.75 | +$7.97B | +$7.97B | — | $1.91T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.67B | $37.94 | +$168M | +$493M | +2.3% | $1.61T |
| Capital World Investors | $7.03B | $42.49 | +$146M | +$1.63B | +0.3% | $732.46B |
| JPMORGAN CHASE & CO | $6.25B | $37.03 | −$1.43B | −$1.56B | -0.2% | $1.47T |
| MORGAN STANLEY | $5.30B | $34.17 | −$201M | +$70.4M | -0.3% | $1.65T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $4.85B | $35.08 | −$340M | −$258M | -0.2% | $864.93B |
| FRANKLIN RESOURCES INC | $3.56B | $37.92 | +$779M | +$198M | -0.2% | $403.03B |
| NORTHERN TRUST CORPPassive | $3.08B | $40.64 | −$68.2M | −$202M | -0.2% | $755.34B |
| Invesco Ltd. | $2.97B | $39.35 | +$22.0M | +$20.2M | -0.2% | $652.04B |
| GOLDMAN SACHS GROUP INC | $2.91B | $40.07 | +$143M | +$1.24B | -0.2% | $760.93B |
| Fisher Asset Management, LLC | $2.80B | $33.38 | +$174M | +$414M | +0.1% | $294.89B |
| AMERIPRISE FINANCIAL INC | $2.77B | $39.01 | −$341M | −$100M | -0.1% | $430.96B |
| Capital International Investors | $2.28B | $53.94 | +$195M | +$2.28B | +0.4% | $424.78B |
| UBS ASSET MANAGEMENT AMERICAS INC | $2.28B | $46.17 | +$150M | +$2.00B | -0.3% | $480.58B |
| WELLINGTON MANAGEMENT GROUP LLP | $2.27B | $39.58 | −$382M | −$2.11B | -0.3% | $533.98B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.13%
avg per quarter
Holders (ex-self)
-0.13%
excl. this stock
Buyers (this Q)
-0.21%
542 buyers · $36.46B in
Sellers (this Q)
-0.12%
1,556 sellers · $33.76B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-22.9%
how holders react when this stock falls
On quiet Qs
-5.6%
−10% to +10% baseline
On rallies (+10%+)
-10.7%
how they react when this stock rises
Holders' portfolio flow this Q
+1.5%
inflows — adds are organic
Sellers' portfolio flow this Q
-0.4%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.2%
Holder mid (any stock)
-1.7%
Holder rally (any stock)
-2.3%
Biggest decreases this quarter
JPMORGAN CHASE & CO−$1.43Bα-0.2FMR LLC−$794Mα+0.0WELLINGTON MANAGEMENT GROUP LLP−$382Mα-0.3AMERIPRISE FINANCIAL INC−$341Mα-0.1PRICE T ROWE ASSOCIATES INC /MD/−$340Mα-0.2VIKING GLOBAL INVESTORS LPexited−$247MMORGAN STANLEY−$201Mα-0.3BERKSHIRE HATHAWAY INC−$179Mα-0.3STATE STREET CORP−$175Mα-0.2BlackRock, Inc.−$157Mα-0.2
New buyers this quarter
Top-5 holders · 36.8%
BlackRock, Inc.--
BERKSHIRE HATHAWAY INC--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
FMR LLC--
Put / call ratio: 1.45 (+2.6% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BERKSHIRE HATHAWAY INC513.6MFMR LLC198.5MJPMORGAN CHASE & CO132.3MCapital World Investors144.3MWELLINGTON MANAGEMENT GROUP LLP46.6MPRICE T ROWE ASSOCIATES INC /MD/99.6MMORGAN STANLEY108.7MNORGES BANK—FRANKLIN RESOURCES INC73.1MAMERIPRISE FINANCIAL INC56.8M
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| TFC | Truist Financial Corporation | 13 | 11.02× |
| FITB | Fifth Third Bancorp | 4 | 9.86× |
| WAL | Western Alliance Bancorporation | 4 | 8.34× |
| AIG | American International Group, Inc. | 7 | 8.25× |
| C | Citigroup Inc. | 41 | 7.41× |
| WFC | Wells Fargo & Company | 32 | 7.29× |
| LUV | Southwest Airlines Co. | 3 | 6.78× |
| HBAN | Huntington Bancshares Incorporated | 6 | 6.78× |
| F-PD | Ford Motor Company 6.500% Notes | 3 | 6.26× |
| SNY | Sanofi | 3 | 5.81× |
| GM | General Motors Company | 6 | 5.61× |
| GEHC | GE HealthCare Technologies Inc. | 3 | 5.42× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$59.501530.0%
Last Year (21 analysts)$59.711570.0%
Current Price$51.60
Analyst Ratings
36
17
Buy: 36Hold: 17Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 30.5B | 7.4B | 8.4B | $1.14 | $1.11 – $1.16 | 11 |
| 2026 Q4 | 30.1B | 7.3B | 8.4B | $1.13 | $1.12 – $1.14 | 4 |
| 2027 Q1 | 31.4B | 7.6B | 8.7B | $1.18 | $1.17 – $1.19 | 4 |
| 2027 Q2 | 31.6B | 7.7B | 9.5B | $1.28 | $1.26 – $1.29 | 5 |
| 2027 Q3 | 32.0B | 7.8B | 9.8B | $1.32 | $1.31 – $1.34 | 8 |
| 2027 Q4 | 31.7B | 7.7B | 9.6B | $1.30 | $1.28 – $1.31 | 4 |
| 2028 Q1 | 33.5B | 8.2B | 10.1B | $1.36 | $1.34 – $1.37 | 5 |
| 2028 Q2 | 33.9B | 8.3B | 11.0B | $1.49 | $1.47 – $1.50 | 7 |
| 2028 Q3 | 34.0B | 8.3B | 10.9B | $1.48 | $1.46 – $1.49 | 10 |
| 2028 Q4 | 33.1B | 8.1B | 10.6B | $1.43 | $1.41 – $1.44 | 5 |
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$37.84M
8 txns · 7 insiders · 767,537 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-05 | SELL | Greener Geoffrey S | officer: Chief Risk Officer | 126,756 | $53.01 | $6.72M | $72.80M |
| 2026-03-12 | SELL | Mensah Bernard A | officer: President, International | 94,000 | $46.94 | $4.41M | $7.99M |
| 2026-03-05 | SELL | Bronstein Sheri B. | officer: Chief People Officer | 60,000 | $49.91 | $2.99M | $16.75M |
| 2026-03-05 | SELL | Scrivener Thomas M | officer: Chief Operations Executive | 50,000 | $49.82 | $2.49M | $11.36M |
| 2026-03-04 | SELL | DeMare James P | officer: Co-President | 83,832 | $50.00 | $4.19M | $15.36M |
| 2026-03-03 | SELL | Athanasia Dean C | officer: Co-President | 136,558 | $50.21 | $6.86M | $28.04M |
| 2026-02-27 | SELL | Borthwick Alastair M | officer: Executive Vice President & CFO | 68,000 | $50.24 | $3.42M | $16.47M |
| 2025-08-01 | SELL | DeMare James P | officer: President, Global Markets | 148,391 | $45.57 | $6.76M | $10.18M |
Order Flow (FINRA, ~3w lag)
16.9%retail+0.9pp
18.3%dark+2.8pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q1)
| Consumer Banking Segment | $11.0B | NEW |
| Global Markets Segment | $7.1B | NEW |
| Global Wealth and Investment Management Segment | $6.7B | NEW |
| Global Banking Segment | $6.3B | NEW |
By Geography (2011-Q1)
| Segment, Geographical, Groups of Countries, Group Two | $2.6B | NEW |
| Segment, Geographical, Groups of Countries, Group One | $957.0M | NEW |
| Segment Geographical Groups Of Countries Group Three Member | $459.0M | NEW |