Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 10.7x · ROE 10.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $350.7B | $415.1B | $344.7B | $272.1B | $270.5B | $380.8B | $266.6B | $332.6B | $252.2B | $318.2B | $244.1B |
| Enterprise Value | $484.8B | $549.1B | $706.7B | $548.8B | $531.6B | $521.6B | $332.2B | $594.1B | $503.9B | $586.5B | $497.6B |
| P/E Ratio → | 11.25 | 14.40 | 13.65 | 10.93 | 10.38 | 12.46 | 16.21 | 12.81 | 9.44 | 18.92 | 14.73 |
| P/S Ratio | 2.85 | 3.67 | 3.38 | 2.76 | 2.85 | 4.27 | 3.12 | 3.64 | 2.77 | 3.65 | 2.92 |
| P/B Ratio | 1.23 | 1.37 | 1.17 | 0.93 | 0.99 | 1.41 | 0.98 | 1.26 | 0.95 | 1.19 | 0.92 |
| P/FCF | 8.48 | 32.91 | — | 6.05 | — | — | 7.02 | 5.38 | 6.38 | 32.26 | 14.13 |
| P/OCF | 27.81 | 32.91 | — | 6.05 | — | — | 7.02 | 5.38 | 6.38 | 32.26 | 14.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.86 | 6.94 | 5.57 | 5.60 | 5.85 | 3.88 | 6.51 | 5.54 | 6.73 | 5.94 |
| EV / EBITDA | 10.67 | 13.73 | 22.47 | 18.05 | 16.13 | 14.54 | 15.94 | 17.23 | 13.75 | 18.73 | 18.25 |
| EV / EBIT | 12.86 | 14.57 | 24.16 | 19.36 | 17.17 | 15.35 | 17.49 | 18.14 | 14.57 | 20.08 | 19.89 |
| EV / FCF | — | 43.54 | — | 12.20 | — | — | 8.74 | 9.62 | 12.75 | 59.46 | 28.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.0% | 95.0% | 94.3% | 95.5% | 97.3% | 105.2% | 86.8% | 96.1% | 96.4% | 96.1% | 95.7% |
| Operating Margin | 33.3% | 33.3% | 28.7% | 28.7% | 32.6% | 38.1% | 22.2% | 35.9% | 38.0% | 33.5% | 29.9% |
| Net Profit Margin | 27.0% | 27.0% | 26.6% | 26.9% | 29.0% | 35.9% | 20.9% | 30.1% | 30.9% | 20.9% | 21.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 9.2% | 9.4% | 10.1% | 11.8% | 6.7% | 10.3% | 10.6% | 6.8% | 6.8% |
| ROA | 0.9% | 0.9% | 0.8% | 0.9% | 0.9% | 1.1% | 0.7% | 1.1% | 1.2% | 0.8% | 0.8% |
| ROIC | 3.5% | 3.5% | 2.4% | 2.5% | 3.0% | 3.4% | 2.0% | 3.5% | 3.7% | 3.2% | 2.7% |
| ROCE | 4.5% | 4.5% | 3.5% | 3.9% | 5.2% | 5.8% | 3.4% | 6.1% | 6.5% | 5.6% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.21 | 1.21 | 2.23 | 2.12 | 1.82 | 1.84 | 1.66 | 1.62 | 1.65 | 1.64 | 1.54 |
| Debt / EBITDA | 9.15 | 9.15 | 20.94 | 20.34 | 15.13 | 13.83 | 21.72 | 12.47 | 11.91 | 13.95 | 15.08 |
| Net Debt / Equity | — | 0.44 | 1.22 | 0.95 | 0.96 | 0.52 | 0.24 | 0.99 | 0.95 | 1.00 | 0.95 |
| Net Debt / EBITDA | 3.35 | 3.35 | 11.51 | 9.10 | 7.92 | 3.93 | 3.15 | 7.58 | 6.87 | 8.57 | 9.30 |
| Debt / FCF | — | 10.63 | — | 6.15 | — | — | 1.73 | 4.23 | 6.37 | 27.20 | 14.67 |
| Interest Coverage | 0.48 | 0.48 | 0.32 | 0.39 | 1.54 | 7.17 | 2.31 | 1.47 | 1.86 | 2.37 | 2.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.42 | 0.42 | 0.30 | 0.30 | 0.22 | 0.29 | 0.31 | 0.26 | 0.28 | 0.32 | 0.32 |
| Quick Ratio | 0.42 | 0.42 | 0.30 | 0.30 | 0.22 | 0.29 | 0.31 | 0.26 | 0.28 | 0.32 | 0.32 |
| Cash Ratio | 0.09 | 0.09 | 0.12 | 0.15 | 0.10 | 0.14 | 0.17 | 0.09 | 0.10 | 0.10 | 0.09 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 2.3% | 2.8% | 3.3% | 3.2% | 2.1% | 2.9% | 1.8% | 2.7% | 1.8% | 1.7% |
| Payout Ratio | 31.3% | 31.3% | 35.0% | 34.3% | 31.2% | 25.2% | 43.2% | 21.6% | 24.5% | 31.3% | 23.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 6.9% | 7.3% | 9.1% | 9.6% | 8.0% | 6.2% | 7.8% | 10.6% | 5.3% | 6.8% |
| FCF Yield | 11.8% | 3.0% | — | 16.5% | — | — | 14.2% | 18.6% | 15.7% | 3.1% | 7.1% |
| Buyback Yield | 6.9% | 5.8% | 3.8% | 1.7% | 1.9% | 6.6% | 2.6% | 8.5% | 9.8% | 4.0% | 2.1% |
| Total Shareholder Yield | 9.4% | 8.1% | 6.6% | 5.0% | 5.0% | 8.7% | 5.5% | 10.2% | 12.5% | 5.8% | 3.8% |
| Shares Outstanding | — | $7.5B | $7.8B | $8.1B | $8.2B | $8.6B | $8.8B | $9.4B | $10.2B | $10.8B | $11.0B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BAC stock.
Bank of America Corporation's current P/E ratio is 11.3x. The historical average is 17.8x. This places it at the 19th percentile of its historical range.
Bank of America Corporation's current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.3x.
Bank of America Corporation's return on equity (ROE) is 10.2%. The historical average is 11.3%.
Based on historical data, Bank of America Corporation is trading at a P/E of 11.3x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bank of America Corporation's current dividend yield is 2.56% with a payout ratio of 31.3%.
Bank of America Corporation has 95.0% gross margin and 33.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bank of America Corporation's Debt/EBITDA ratio is 9.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Reserve reversal distorting earnings quality
Metrics are mathematically derived from official filings.
Trading Near Book at Modest Premium
Based on reported figures, BAC trades at a P/B of 1.24 and a trailing P/E of 13.03, a discount to JPM's 2.60 P/B and 16.82 P/E that suggests the market prices BAC closer to a commodity balance sheet than a premium franchise. Investors should monitor whether ROTCE recovers toward peer levels. The implied return expectation sits below the 15 to 17 percent ROE earned by JPM and MS. The forward P/E of 11.37 compresses further, which may reflect skepticism about sustaining the 2026Q1 earnings base, a view that warrants further investigation given the reserve reversal distortion.
The valuation gap relative to JPM and MS is wider than the gap in reported ROE would alone justify, indicating the market is discounting earnings durability. The P/B of 1.24 against a tangible book value per share that has risen from roughly $27.96 to $31.14 over the period implies the stock is priced near its own tangible base. The PEG of 0.85 appears low, but growth expectations embedded in it may be overstated if the provision-driven earnings swings persist.
ROE Driven by Leverage and Fee Volatility
As reported in the ratio data, BAC's ROE held between roughly 2.3 and 2.8 percent per quarter while its ROA stayed near 0.2 percent, implying an equity multiplier that is structurally high for a bank of this size. The decomposition suggests profitability depends heavily on balance sheet leverage rather than margin strength. Quarterly fee share swung from about 43 to 50 percent before turning negative in 2026Q1.
A ROA near 0.2 percent combined with an equity-to-assets ratio near 0.09 implies a leverage multiplier of roughly 11x, which mechanically converts modest asset returns into the reported ROE. NIM stayed in a narrow 0.4 to 0.5 percent band, indicating that net interest spread contributes little variation, so the quarter-to-quarter ROE movement is largely explained by provision and fee swings. The 2026Q1 negative fee line and reserve release make that quarter's profitability an unreliable base for DuPont extrapolation.
Stable Margins Undercut by Efficiency Swings
Based on reported figures, BAC's NIM remained near 0.4 to 0.5 percent across all ten quarters, indicating limited compression, while the efficiency ratio ranged from roughly 56 to 67 percent in most quarters before spiking to 146.4 percent in 2026Q1. The underlying cost discipline appears steady outside that distorted period.
The stable NIM suggests funding cost and asset yield movements have been broadly offsetting, a sign of disciplined balance sheet management rather than a pure rate-driven tailwind. The efficiency ratio band of 56 to 67 percent is consistent with a large diversified platform carrying fixed cost bases. The 2026Q1 spike reflects the negative fee line and reserve reversal rather than a deterioration in cost control, so the figure should be read as a distortion.
Equity Ratio Steady, Capital Return Rising
As reported in the balance sheet, BAC's equity-to-assets ratio held near 0.09 while equity grew only modestly from about 294 billion to 297 billion, leaving the capital cushion steady rather than expanding. Buybacks rising from 2.5 billion to 7.2 billion per quarter suggest capital return is accelerating against that flat base.
A flat equity-to-assets ratio alongside a step-up in buybacks implies capital generation is being distributed at a pace that limits organic capital build. The reported figures do not include CET1 or Tier 1 ratios, so regulatory headroom cannot be assessed directly from this dataset. Investors should monitor whether rising repurchases are supported by durable earnings rather than the reserve reversal observed in 2026Q1.
Reserve Reversal Obscures Credit Trend
Based on the supplied figures, the loan loss line held near 1.3 to 1.6 billion per quarter before reversing to a benefit of 16.3 billion in 2026Q1, a discontinuity that makes the underlying credit cost trajectory difficult to read. Nonperforming loan and charge-off data are not disclosed in this dataset.
A reversal of this magnitude relative to a 1.3 to 1.6 billion quarterly run rate suggests that reported 2026Q1 profitability may reflect reserve release rather than improved credit performance. Without NPL, coverage ratio, or charge-off data, the adequacy of current reserves cannot be confirmed. Investors should treat the reversal as a potential source of earnings inflation until reserve methodology is examined further.
P/B Misleads Without Tangible Adjustment
The ratio most commonly misapplied to BAC is headline P/E, which appears low at 13.03 but is distorted by provision swings and the 2026Q1 reserve release. A tangible P/TBV adjusted for the 31.14 tangible book value per share, with normalized provisions, offers a more stable basis for comparison.
Trailing P/E overstates earnings quality in any quarter where reserves are released, making BAC look cheaper than its normalized earnings would justify. Leverage also overstates ROE, since an equity-to-assets ratio near 0.09 magnifies modest asset returns. A normalized earnings base that strips out the 2026Q1 reversal and averages provisions over a cycle would give a more reliable valuation anchor than the reported P/E or ROE.