NYSE · Financial Services

Bank of America Corporation

BAC · Banks - Diversified

$52.19

▼ -1.05 (-1.97%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Bank of America Corporation at $52.19.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 27.0%

Fin. Health F

Years to Pay Off Debt 12.0 yrs

Valuation D

Margin of Safety 9.6%

Price-to-Book 1.34x

Cash Flow A

Free Cash Flow $12.6B

5/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $372.1B

Enterprise Value $357.5B

P/E (TTM) 12.98

Dividend Yield 2.07%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 27.0%

Company Info

Sector Financial Services

Industry Banks - Diversified

Employees 212000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Bank of America Corporation at $52.19.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $52.19, the stock trades below its Graham Number of $57.74 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Bank of America Corporation

Bank of America Corporation, through its subsidiaries, provides various financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, checking accounts, and investment accounts and products; credit and debit cards; residential mortgages and home equity loans; and direct and indirect loans. The GWIM segment provides investment management, brokerage, banking, and trust and retirement products and services; wealth management solutions; and customized solutions, including specialty asset management services. The Global Banking segment offers lending products and services, including commercial loans, leases, commitment facilities, trade finance, and commercial real estate and asset-based lending; treasury solutions, and underwriting and advisory services. The Global Markets segment provides market-making, financing, securities clearing, settlement, and custody services; securities and derivative products; and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1784 and is based in Charlotte, North Carolina.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	27.0% ▲	25.5%	25.6%	29.0%	N/A
Diluted EPS	3.81 ▲	3.21	3.08	3.19	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$3,411.7B	$3,261.3B	$3,180.2B	$3,051.4B	N/A
Total Debt	$365.9B ↑	$326.7B	$334.3B	$302.9B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	11.99	12.11	12.71	11.00	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$12.6B ▲	-$8.8B	$45.0B	-$6.3B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Total Unusual Items			-2,100,000
Total Unusual Items Excluding Goodwill			-2,100,000
Net Income From Continuing Operation Net Minority Interest	30,509,000	26,973,000	26,305,000	27,528,000
Reconciled Depreciation	2,314,000	2,189,000	2,057,000	1,978,000
Net Interest Income	60,096,000	56,060,000	56,931,000	52,462,000
Interest Expense	78,470,000	90,547,000	73,331,000	20,103,000
Interest Income	138,566,000	146,607,000	130,262,000	72,565,000
Normalized Income	30,509,000	26,973,000	26,305,000	27,528,000
Net Income From Continuing And Discontinued Operation	30,509,000	26,973,000	26,305,000	27,528,000
Diluted Average Shares	7,680,900	7,935,800	8,080,500	8,167,500
Basic Average Shares	7,521,900	7,855,500	8,028,600	8,113,700
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	29,055,000	25,344,000	24,656,000	26,015,000
Net Income Common Stockholders	29,055,000	25,344,000	24,656,000	26,015,000
Otherunder Preferred Stock Dividend				1,513,000	1,421,000
Preferred Stock Dividends	1,454,000	1,629,000	1,649,000	1,513,000
Net Income	30,509,000	26,973,000	26,305,000	27,528,000
Net Income Including Noncontrolling Interests	30,509,000	26,973,000	26,305,000	27,528,000
Net Income Continuous Operations	30,509,000	26,973,000	26,305,000	27,528,000
Tax Provision	7,186,000	6,250,000	6,225,000	3,441,000
Pretax Income	37,695,000	33,223,000	32,530,000	30,969,000
Special Income Charges			-2,100,000
Other Special Charges			2,100,000
Selling General And Administration	52,246,000	49,623,000	49,815,000	45,946,000
Selling And Marketing Expense	6,128,000	5,450,000	5,535,000	5,478,000
General And Administrative Expense	46,118,000	44,173,000	44,280,000	40,468,000
Other Gand A	3,772,000	3,991,000	5,950,000	4,021,000
Salaries And Wages	42,346,000	40,182,000	38,330,000	36,447,000
Total Revenue	113,097,000	105,856,000	102,769,000	94,950,000
Operating Revenue	113,097,000	105,856,000	102,769,000	94,950,000
Occupancy And Equipment	7,448,000	7,289,000	7,164,000	7,071,000
Professional Expense And Contract Services Expense	2,580,000	2,669,000	2,159,000	2,142,000
Other Non Interest Expense	7,453,000	7,231,000	6,707,000	6,279,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number		409,798	409,798	406,712
Ordinary Shares Number	7,212,464	7,610,862	7,895,458	7,996,778
Share Issued	7,212,464	7,610,862	7,895,458	7,996,778
Net Debt	126,585,000	30,184,000		65,452,000
Total Debt	365,904,000	326,670,000	334,302,000	302,914,000
Tangible Book Value	208,230,000	201,783,000	194,228,000	175,778,000
Invested Capital	643,155,000	597,474,000	597,551,000	547,714,000
Net Tangible Assets	234,222,000	224,942,000	222,625,000	204,175,000
Common Stock Equity	277,251,000	270,804,000	263,249,000	244,800,000
Preferred Stock Equity	25,992,000	23,159,000	28,397,000	28,397,000
Total Capitalization	621,059,000	577,242,000	593,850,000	549,179,000
Total Equity Gross Minority Interest	303,243,000	293,963,000	291,646,000	273,197,000
Stockholders Equity	303,243,000	293,963,000	291,646,000	273,197,000
Gains Losses Not Affecting Retained Earnings	-10,526,000	-15,285,000	-17,788,000	-21,156,000
Other Equity Adjustments	-10,526,000	-15,285,000	-17,788,000	-21,156,000
Retained Earnings	261,693,000	240,753,000	224,672,000	207,003,000
Capital Stock	52,076,000	68,495,000	84,762,000	87,350,000
Common Stock	26,084,000	45,336,000	56,365,000	58,953,000
Preferred Stock	25,992,000	23,159,000	28,397,000	28,397,000
Total Liabilities Net Minority Interest	3,108,495,000	2,967,336,000	2,888,505,000	2,778,178,000
Derivative Product Liabilities	42,076,000	39,353,000	43,432,000	44,816,000
Long Term Debt And Capital Lease Obligation	317,816,000	283,279,000	302,204,000	275,982,000
Long Term Debt	317,816,000	283,279,000	302,204,000	275,982,000
Long Term Provisions	1,177,000	1,096,000	1,209,000	1,540,000
Current Debt And Capital Lease Obligation	48,088,000	43,391,000	32,098,000	26,932,000
Current Debt	48,088,000	43,391,000	32,098,000	26,932,000
Other Current Borrowings	48,088,000	43,391,000	32,098,000	26,932,000
Payables And Accrued Expenses				222,533,000	198,963,000
Current Accrued Expenses				222,533,000	198,963,000
Total Assets	3,411,738,000	3,261,299,000	3,180,151,000	3,051,375,000
Investments And Advances	1,106,720,000	1,061,416,000	1,017,946,000	1,043,422,000
Held To Maturity Securities	522,660,000	558,677,000	594,555,000	632,825,000
Available For Sale Securities	16,177,000	12,175,000	10,203,000	9,206,000
Trading Securities	181,085,000	144,132,000	146,539,000	180,603,000
Goodwill And Other Intangible Assets	69,021,000	69,021,000	69,021,000	69,022,000
Goodwill	69,021,000	69,021,000	69,021,000	69,022,000
Net PPE	12,516,000	12,168,000	11,855,000	11,510,000
Receivables	114,379,000	97,919,000	96,697,000	81,135,000
Other Receivables	16,193,000	15,672,000	14,816,000	13,592,000
Accounts Receivable	98,186,000	82,247,000	81,881,000	67,543,000
Other Short Term Investments	386,798,000	346,432,000	266,649,000	220,788,000
Cash And Cash Equivalents	239,319,000	296,486,000	341,419,000	237,462,000
Cash Financial	28,595,000	26,003,000	27,892,000	30,334,000
Cash Cash Equivalents And Federal Funds Sold	555,897,000	571,195,000	622,043,000	505,036,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	12,613,000	-8,805,000	44,982,000	-6,327,000
Repurchase Of Capital Stock	-24,102,000	-18,358,000	-4,576,000	-5,727,000
Repayment Of Debt	-76,031,000	-70,411,000	-44,571,000	-34,055,000
Issuance Of Debt	99,867,000	56,683,000	65,396,000	65,910,000
Issuance Of Capital Stock	5,493,000	0	0	4,426,000
Interest Paid Supplemental Data	79,065,000	89,687,000	69,604,000	18,526,000
Income Tax Paid Supplemental Data	3,930,000	3,822,000	3,405,000	2,288,000
End Cash Position	231,845,000	290,114,000	333,073,000	230,203,000
Beginning Cash Position	290,114,000	333,073,000	230,203,000	348,221,000
Effect Of Exchange Rate Changes	4,327,000	-3,830,000	-70,000	-3,123,000
Changes In Cash	-62,596,000	-39,129,000	102,940,000	-114,895,000
Financing Cash Flow	69,948,000	60,369,000	93,345,000	-106,039,000
Cash Flow From Continuing Financing Activities	69,948,000	60,369,000	93,345,000	-106,039,000
Net Other Financing Charges	-613,000	-127,000	-717,000	-312,000
Cash Dividends Paid	-9,563,000	-9,503,000	-9,087,000	-8,576,000
Net Preferred Stock Issuance	2,824,000	-5,254,000	0	3,772,000
Preferred Stock Payments	-2,669,000	-5,254,000	0	-654,000
Preferred Stock Issuance	5,493,000	0	0	4,426,000
Net Common Stock Issuance	-21,433,000	-13,104,000	-4,576,000	-5,073,000
Common Stock Payments	-21,433,000	-13,104,000	-4,576,000	-5,073,000
Net Issuance Payments Of Debt	28,526,000	-1,154,000	25,987,000	35,034,000
Net Short Term Debt Issuance	4,690,000	12,574,000	5,162,000	3,179,000
Net Long Term Debt Issuance	23,836,000	-13,728,000	20,825,000	31,855,000
Long Term Debt Payments	-76,031,000	-70,411,000	-44,571,000	-34,055,000
Long Term Debt Issuance	99,867,000	56,683,000	65,396,000	65,910,000
Investing Cash Flow	-145,157,000	-90,693,000	-35,387,000	-2,529,000
Cash Flow From Continuing Investing Activities	-145,157,000	-90,693,000	-35,387,000	-2,529,000
Net Other Investing Changes	-4,331,000	-4,145,000	-5,258,000	-4,612,000
Net Investment Purchase And Sale	1,403,000	-48,456,000	-4,238,000	84,103,000
Sale Of Investment	264,886,000	342,455,000	286,819,000	243,161,000
Purchase Of Investment	-263,483,000	-390,911,000	-291,057,000	-159,058,000
Operating Cash Flow	12,613,000	-8,805,000	44,982,000	-6,327,000
Cash Flow From Continuing Operating Activities	12,613,000	-8,805,000	44,982,000	-6,327,000
Change In Working Capital	-33,081,000	-53,315,000	2,580,000	-51,944,000
Change In Other Working Capital	-35,027,000	-45,504,000	44,391,000	-95,772,000
Change In Other Current Assets	-19,584,000	-4,515,000	-24,304,000	20,799,000
Change In Payables And Accrued Expense	17,315,000	1,025,000	-18,148,000	23,029,000
Change In Accrued Expense	17,315,000	1,025,000	-18,148,000	23,029,000
Other Non Cash Items	3,739,000	7,522,000	7,708,000	7,927,000
Stock Based Compensation	4,001,000	3,433,000	2,942,000	2,862,000
Deferred Tax	295,000	-1,127,000	-1,012,000	739,000
Deferred Income Tax	295,000	-1,127,000	-1,012,000	739,000
Depreciation Amortization Depletion	2,314,000	2,189,000	2,057,000	1,978,000
Depreciation And Amortization	2,314,000	2,189,000	2,057,000	1,978,000
Operating Gains Losses	20,000	29,000	405,000	-32,000
Gain Loss On Investment Securities	20,000	29,000	405,000	-32,000
Net Income From Continuing Operations	30,509,000	26,973,000	26,305,000	27,528,000

These metrics estimate what Bank of America Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$57.74

Margin of Safety

9.6%

Market Cap ÷ Company Value

2.05

P/B Ratio

1.34

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$113.1B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.07%

vs Uninterrupted dividends

❌ Earnings Growth

+19.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

13.0x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.34x P/B (P/E×P/B: 17.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$24.1B	-$18.4B	-$4.6B	-$5.7B	N/A
Free Cash Flow	$12.6B ▲	-$8.8B ▼	$45.0B ▲	-$6.3B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Banks - Diversified. You can manually compare BAC against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

7.38%

Moderate — some alignment with shareholders

Return on Equity (ROE)

11.0%

Adequate — returns are moderate

Return on Assets (ROA)

0.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$24.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.0% YoY

Debt is growing — management is leveraging up

Leadership Team

Brian Thomas Moynihan

Chairman & CEO

Age 66

Pay: $2,071,793

0.007% of net income

Dean Athanasia

Co-President

Age 58

Pay: $8,560,177

0.028% of net income

James DeMare

Co-President

Age 55

Pay: $10,072,530

0.033% of net income

Alastair Borthwick

Executive VP & CFO

Age 56

Pay: $6,750,273

0.022% of net income

Matthew Koder

President of Global Corporate & Investment Banking

Age 53

Pay: $7,349,082

0.024% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.11%	651,076,825
Blackrock Inc.	7.59%	542,476,024
Berkshire Hathaway, Inc	7.24%	517,295,934
State Street Corporation	4.18%	298,499,829
FMR, LLC	3.01%	214,781,463
JPMORGAN CHASE & CO	2.26%	161,572,280
Geode Capital Management, LLC	2.16%	154,483,485
Capital World Investors	1.98%	141,301,411

Risk Analysis

Beta (Market Risk)

1.22

Moderate volatility — moves slightly more than market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $40.56 Current: $52.19 High: $57.55

Currently at 68% of 52-week range

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