NYSE · Financial Services

Capital One Financial Corporation

COF · Credit Services

$189.79

▼ -2.12 (-1.1%)

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Mr. Market is currently offering Capital One Financial Corporation at $189.79.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Net Income Margin 4.6%

Fin. Health F

Years to Pay Off Debt 20.6 yrs

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.06x

Cash Flow C

Free Cash Flow $26.1B

CapEx % of Net Income 64.3%

Owner Earnings $9.3B

4/6

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 $120.4B

Enterprise Value $99.0B

P/E (TTM) 58.58

Dividend Yield 1.46%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 4.6%

Company Info

Sector Financial Services

Industry Credit Services

Employees 77100

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Capital One Financial Corporation at $189.79.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $189.79, the stock trades at a 49% premium to its Graham Number of $127.45. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

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

About Capital One Financial Corporation

Capital One Financial Corporation operates as the financial services holding company for the Capital One, National Association, which engages in the provision of various financial products and services in the United States, Canada, and the United Kingdom. It operates through three segments: Credit Card, Consumer Banking, and Commercial Banking. The company accepts checking accounts, money market deposits, negotiable order of withdrawals, savings deposits, time deposits, and sweep accounts. Its loan products include credit card and personal loans; auto and retail banking loans; and commercial and multifamily real estate, and commercial and industrial loans. The company offers credit and debit card products; bank lending; and provides advisory, capital markets, net interchange, treasury management, and depository services. It serves consumers, small businesses, and commercial clients through digital channels, branches, cafés, and other distribution channels located in New York, Louisiana, Texas, Maryland, Virginia, New Jersey, and the District of Columbia. Capital One Financial Corporation was founded in 1988 and is headquartered in McLean, Virginia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	4.6% ▼	12.1%	13.3%	21.5%
Diluted EPS	4.03 ▼	11.59	11.95	17.91

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$669.0B	$490.1B	$478.5B	$455.2B	N/A
Total Debt	$50.4B ↑	$45.0B	$49.3B	$47.8B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	20.55	9.47	10.09	6.50	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$26.1B ▲	$17.0B	$19.6B	$12.9B	N/A
Owner Earnings	$9.3B	$9.2B	$9.1B	$11.5B	N/A
CapEx % of Net Income	64.3%	25.3%	19.7%	12.7%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-93,073	-46,048	0	-14,616
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-1,100,000	-234,000	0	-72,000
Total Unusual Items Excluding Goodwill	-1,100,000	-234,000	0	-72,000
Net Income From Continuing Operation Net Minority Interest	2,088,000	4,747,000	4,887,000	7,360,000
Reconciled Depreciation	5,260,000	3,237,000	3,226,000	3,210,000
Net Interest Income	42,878,000	31,208,000	29,241,000	27,114,000
Interest Expense	15,818,000	14,826,000	12,697,000	4,123,000
Interest Income	58,696,000	46,034,000	41,938,000	31,237,000
Normalized Income	3,094,927	4,934,952	4,887,000	7,417,384
Net Income From Continuing And Discontinued Operation	2,453,000	4,750,000	4,887,000	7,360,000
Diluted Average Shares	541,300	383,600	383,400	393,200
Basic Average Shares	540,700	382,700	382,400	391,800
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,181,000	4,445,000	4,582,000	7,044,000
Net Income Common Stockholders	2,181,000	4,445,000	4,582,000	7,044,000
Otherunder Preferred Stock Dividend	20,000	77,000	77,000	88,000
Preferred Stock Dividends	252,000	228,000	228,000	228,000
Net Income	2,453,000	4,750,000	4,887,000	7,360,000
Net Income Including Noncontrolling Interests	2,453,000	4,750,000	4,887,000	7,360,000
Net Income Discontinuous Operations	365,000	3,000	0	0
Net Income Continuous Operations	2,088,000	4,747,000	4,887,000	7,360,000
Tax Provision	193,000	1,163,000	1,158,000	1,880,000
Pretax Income	2,281,000	5,910,000	6,045,000	9,240,000
Special Income Charges	-1,100,000	-234,000	0	-72,000
Other Special Charges		116,000	289,000
Restructuring And Mergern Acquisition	1,100,000	234,000	0	72,000
Gain On Sale Of Security	0	-35,000	-34,000	-9,000
Depreciation Amortization Depletion Income Statement	1,326,000	77,000	82,000	70,000
Depreciation And Amortization In Income Statement	1,326,000	77,000	82,000	70,000
Amortization	1,326,000	77,000	82,000	70,000
Amortization Of Intangibles Income Statement	1,326,000	77,000	82,000	70,000
Selling General And Administration	18,355,000	13,960,000	13,311,000	12,442,000
Selling And Marketing Expense	5,884,000	4,562,000	4,009,000	4,017,000
General And Administrative Expense	12,471,000	9,398,000	9,302,000	8,425,000
Salaries And Wages	12,471,000	9,398,000	9,302,000	8,425,000
Total Revenue	53,434,000	39,112,000	36,787,000	34,250,000
Operating Revenue	53,434,000	39,112,000	36,787,000	34,250,000
Occupancy And Equipment	3,166,000	2,366,000	2,160,000	2,050,000
Professional Expense And Contract Services Expense	2,424,000	1,610,000	1,268,000	1,807,000
Other Non Interest Expense	4,127,000	3,239,000	3,495,000	2,722,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	83,444	320,994	315,853	309,016
Preferred Shares Number	159,000	159,000	159,000	159,000
Ordinary Shares Number	625,102	381,230	380,390	381,319
Share Issued	708,546	702,225	696,243	690,334
Net Debt		1,730,000	6,021,000	16,976,000	20,467,000
Total Debt	50,413,000	44,989,000	49,318,000	47,832,000
Tangible Book Value	68,529,000	45,492,000	43,024,000	37,805,000
Invested Capital	164,007,000	105,744,000	107,407,000	100,414,000
Net Tangible Assets	68,529,000	45,492,000	43,024,000	37,805,000
Capital Lease Obligations	22,000	29,000		33,000	53,000
Common Stock Equity	113,616,000	60,784,000	58,089,000	52,582,000
Total Capitalization	163,507,000	105,744,000	107,407,000	100,414,000
Total Equity Gross Minority Interest	113,616,000	60,784,000	58,089,000	52,582,000
Stockholders Equity	113,616,000	60,784,000	58,089,000	52,582,000
Gains Losses Not Affecting Retained Earnings	-5,468,000	-9,286,000	-8,268,000	-9,916,000
Other Equity Adjustments	-5,468,000	-9,286,000	-8,268,000	-9,916,000
Treasury Stock	10,146,000	30,870,000	30,136,000	29,418,000
Retained Earnings	65,192,000	64,505,000	60,945,000	57,184,000
Additional Paid In Capital	64,031,000	36,428,000	35,541,000	34,725,000
Capital Stock	7,000	7,000	7,000	7,000
Common Stock	7,000	7,000	7,000	7,000
Total Liabilities Net Minority Interest	555,393,000	429,360,000	420,375,000	402,667,000
Long Term Debt And Capital Lease Obligation	49,913,000	44,989,000	49,318,000	47,832,000
Long Term Capital Lease Obligation	22,000	29,000		33,000	53,000
Long Term Debt	49,891,000	44,960,000	49,318,000	47,832,000
Current Debt And Capital Lease Obligation	500,000	0
Current Debt	500,000	0
Other Current Borrowings	500,000	0
Payables And Accrued Expenses	844,000	666,000	649,000	527,000
Payables	844,000	666,000	649,000	527,000
Accounts Payable	844,000	666,000	649,000	527,000
Total Assets	669,009,000	490,144,000	478,464,000	455,249,000
Investments And Advances	91,051,000	83,013,000	79,117,000	76,919,000
Available For Sale Securities	86,777,000	79,159,000	76,648,000	76,199,000
Goodwill And Other Intangible Assets	45,087,000	15,292,000	15,065,000	14,777,000
Other Intangible Assets	16,578,000	233,000			531,000
Goodwill	28,509,000	15,059,000	15,065,000	14,777,000
Net PPE	5,602,000	4,511,000	4,375,000	4,351,000
Accumulated Depreciation	-6,601,000	-5,602,000	-5,181,000	-5,004,000
Gross PPE	12,203,000	10,113,000	9,556,000	9,355,000
Construction In Progress	550,000	426,000	291,000	646,000
Machinery Furniture Equipment	6,732,000	5,108,000	4,663,000	4,044,000
Buildings And Improvements	4,591,000	4,276,000	4,297,000	4,345,000
Land And Improvements	330,000	303,000	305,000	320,000
Receivables	3,492,000	2,532,000	2,478,000	2,104,000
Accounts Receivable	3,492,000	2,532,000	2,478,000	2,104,000
Other Short Term Investments	4,274,000	83,013,000	79,117,000	76,919,000
Cash And Cash Equivalents	57,434,000	43,230,000	43,297,000	30,856,000
Cash Financial	3,031,000	3,028,000	4,903,000	5,193,000
Cash Cash Equivalents And Federal Funds Sold	62,093,000	43,671,000	43,755,000	31,256,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	26,140,000	16,955,000	19,614,000	12,875,000
Repurchase Of Capital Stock	-4,599,000	-734,000	-718,000	-4,948,000
Repayment Of Debt	-17,856,000	-10,239,000	-11,270,000	-22,621,000
Issuance Of Debt	9,031,000	5,817,000	11,510,000	31,044,000
Issuance Of Capital Stock	400,000	323,000	299,000	276,000
Capital Expenditure	-1,578,000	-1,204,000	-961,000	-934,000
Interest Paid Supplemental Data	14,886,000	13,201,000	10,823,000	3,609,000
Income Tax Paid Supplemental Data	806,000	1,105,000	1,355,000	1,852,000
End Cash Position	62,093,000	43,671,000	43,755,000	31,256,000
Beginning Cash Position	43,671,000	43,755,000	31,256,000	22,054,000
Changes In Cash	18,422,000	-84,000	12,499,000	9,202,000
Financing Cash Flow	-8,852,000	8,167,000	13,844,000	25,131,000
Cash Flow From Continuing Financing Activities	-8,852,000	8,167,000	13,844,000	25,131,000
Proceeds From Stock Option Exercised	9,000	4,000	10,000	19,000
Cash Dividends Paid	-1,768,000	-1,160,000	-1,159,000	-1,178,000
Preferred Stock Dividend Paid	-252,000	-228,000	-228,000	-228,000
Common Stock Dividend Paid	-1,516,000	-932,000	-931,000	-950,000
Net Preferred Stock Issuance	-500,000	0	0	0
Preferred Stock Payments	-500,000	0	0	0
Preferred Stock Issuance			0	0	2,052,000
Net Common Stock Issuance	-3,699,000	-411,000	-419,000	-4,672,000
Common Stock Payments	-4,099,000	-734,000	-718,000	-4,948,000
Common Stock Issuance	400,000	323,000	299,000	276,000
Net Issuance Payments Of Debt	-8,825,000	-4,422,000	240,000	8,423,000
Net Long Term Debt Issuance	-8,825,000	-4,422,000	240,000	8,423,000
Long Term Debt Payments	-17,856,000	-10,239,000	-11,270,000	-22,621,000
Long Term Debt Issuance	9,031,000	5,817,000	11,510,000	31,044,000
Investing Cash Flow	-444,000	-26,410,000	-21,920,000	-29,738,000
Cash From Discontinued Investing Activities	8,800,000	0	0
Cash Flow From Continuing Investing Activities	-9,244,000	-26,410,000	-21,920,000	-29,738,000
Net Other Investing Changes	-1,820,000	-1,617,000	-1,325,000	-628,000
Net Investment Purchase And Sale	9,440,000	-5,159,000	-1,315,000	6,794,000
Sale Of Investment	27,602,000	12,024,000	9,131,000	21,644,000
Purchase Of Investment	-18,162,000	-17,183,000	-10,446,000	-14,850,000
Net Business Purchase And Sale	16,465,000	0	-2,785,000	-1,176,000
Sale Of Business	16,465,000
Purchase Of Business		0	-2,785,000	-1,176,000	-669,000
Net PPE Purchase And Sale	-1,578,000	-1,204,000	-961,000	-934,000
Purchase Of PPE		-1,204,000	-961,000	-934,000	-698,000
Operating Cash Flow	27,718,000	18,159,000	20,575,000	13,809,000
Cash From Discontinued Operating Activities	84,000	-4,000	0	-3,000
Cash Flow From Continuing Operating Activities	27,634,000	18,163,000	20,575,000	13,812,000
Change In Working Capital	1,276,000	-1,567,000	2,325,000	-2,857,000
Change In Other Current Liabilities	2,089,000	-1,104,000	1,846,000	511,000
Change In Other Current Assets	-610,000	-426,000	716,000	-2,973,000
Change In Payables And Accrued Expense	-169,000	17,000	122,000	246,000
Change In Payable	-169,000	17,000	122,000	246,000
Change In Account Payable	-169,000	17,000	122,000	246,000
Change In Receivables	-34,000	-54,000	-359,000	-641,000
Changes In Account Receivables	-34,000	-54,000	-359,000	-641,000
Other Non Cash Items	-882,000	247,000	-119,000	897,000
Stock Based Compensation	776,000	569,000	513,000	314,000
Deferred Tax	-1,907,000	-853,000	-723,000	-772,000
Deferred Income Tax	-1,907,000	-853,000	-723,000	-772,000
Depreciation Amortization Depletion	5,260,000	3,237,000	3,226,000	3,210,000
Depreciation And Amortization	5,260,000	3,237,000	3,226,000	3,210,000
Operating Gains Losses	3,000	64,000	40,000	-187,000
Gain Loss On Investment Securities	0	35,000	34,000	9,000
Net Income From Continuing Operations	2,453,000	4,750,000	4,887,000	7,360,000

These metrics estimate what Capital One Financial 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

$127.45

Margin of Safety

Market Cap ÷ Company Value

1.44

P/B Ratio

1.06

Warren's Owner Earnings

$9.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$53.4B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.46%

vs Uninterrupted dividends

❌ Earnings Growth

-77.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

58.6x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.06x P/B (P/E×P/B: 62.1)

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	64.3%	25.3%	19.7%	12.7%	N/A
Repurchase of Capital Stock	-$4.6B	-$734M	-$718M	-$4.9B	N/A
Free Cash Flow	$26.1B ▲	$17.0B ▼	$19.6B ▲	$12.9B •	N/A •
Warren's Owner Earnings	$9.3B	$9.2B	$9.1B	$11.5B	N/A

Peers & Industry

No auto-detected peers for Credit Services. You can manually compare COF 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

1.87%

Low — management has little skin in the game

Return on Equity (ROE)

2.2%

Weak — poor returns on equity

Return on Assets (ROA)

0.4%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$4.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Richard Fairbank

Founder, Chairman, CEO & President

Age 74

Pay: $6,833,277

0.279% of net income

Andrew Young

Chief Financial Officer

Age 50

Pay: $3,910,891

0.159% of net income

Matthew Cooper

President of Discover Integration, General Counsel & Secretary

Age 53

Pay: $6,579,752

0.268% of net income

Frank LaPrade III,

Chief Enterprise Services Officer & Chief of Staff to the CEO

Age 58

Pay: $4,439,174

0.181% of net income

Mark Daniel Mouadeb

President of Card

Age 41

Pay: $4,499,914

0.183% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.15%	56,897,238
Blackrock Inc.	8.20%	51,005,251
State Street Corporation	4.48%	27,873,327
Capital World Investors	3.98%	24,735,526
FMR, LLC	3.01%	18,750,339
JPMORGAN CHASE & CO	2.72%	16,904,366
Geode Capital Management, LLC	2.26%	14,070,236
Franklin Resources, Inc.	2.01%	12,476,462

Risk Analysis

Beta (Market Risk)

1.05

Moderate volatility — moves slightly more than market

Short Interest

1.3% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $174.98 Current: $189.79 High: $259.64

Currently at 17% of 52-week range

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