NYSE · Financial Services

Wells Fargo & Company

WFC · Banks - Diversified

$79.44

▼ -1.37 (-1.7%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Wells Fargo & Company at $79.44.

The business passes 6 of 6 of Graham's defensive criteria — a strong showing that few companies achieve.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 25.5%

Fin. Health F

Years to Pay Off Debt 9.0 yrs

Valuation D

Margin of Safety 8.7%

Price-to-Book 1.48x

Cash Flow F

Free Cash Flow -$19.0B

6/6

Graham Score

Defensive

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 $243.1B

Enterprise Value $272.6B

P/E (TTM) 12.28

Dividend Yield 2.17%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 25.5%

Company Info

Sector Financial Services

Industry Banks - Diversified

Employees 200999

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Wells Fargo & Company at $79.44.

The business passes 6 of 6 of Graham's defensive criteria — a strong showing that few companies achieve.

At $79.44, the stock trades below its Graham Number of $87.02 — suggesting a margin of safety exists.

Conclusion: This stock qualifies for Graham's Defensive investor — one seeking safety, stability, and freedom from effort.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services; and financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In addition, it offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.

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 %	25.5% ▲	24.0%	23.2%	18.4%	N/A
Diluted EPS	6.26 ▲	5.37	4.83	3.14	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$2,148.6B	$1,929.8B	$1,932.5B	$1,881.0B	N/A
Total Debt	$193.0B ↑	$175.8B	$219.5B	$195.4B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	9.05	8.91	11.47	14.29	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$19.0B ▼	$3.0B	$40.4B	$27.0B	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				-5,000	-76,000
Total Unusual Items Excluding Goodwill				-5,000	-76,000
Net Income From Continuing Operation Net Minority Interest	21,338,000	19,722,000	19,142,000	13,677,000
Reconciled Depreciation	7,713,000	7,558,000	6,271,000	6,832,000
Net Interest Income	47,484,000	47,676,000	52,375,000	44,950,000
Interest Expense	39,830,000	43,101,000	32,743,000	9,074,000
Interest Income	87,314,000	90,777,000	85,118,000	54,024,000
Normalized Income	21,338,000	19,722,000	19,142,000	13,677,000
Net Income From Continuing And Discontinued Operation	21,338,000	19,722,000	19,142,000	13,677,000
Rent Expense Supplemental	606,000	633,000	697,000	750,000
Diluted Average Shares	3,242,300	3,467,600	3,720,400	3,837,000
Basic Average Shares	3,201,800	3,426,100	3,688,300	3,805,200
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	20,285,000	18,606,000	17,982,000	12,562,000
Net Income Common Stockholders	20,285,000	18,606,000	17,982,000	12,562,000
Preferred Stock Dividends	1,053,000	1,116,000	1,160,000	1,115,000
Net Income	21,338,000	19,722,000	19,142,000	13,677,000
Minority Interests	-20,000	-243,000	113,000	299,000
Net Income Including Noncontrolling Interests	21,358,000	19,965,000	19,029,000	13,378,000
Net Income Continuous Operations	21,358,000	19,965,000	19,029,000	13,378,000
Tax Provision	3,841,000	3,399,000	2,607,000	2,251,000
Pretax Income	25,199,000	23,364,000	21,636,000	15,629,000
Special Income Charges				-5,000	-76,000
Restructuring And Mergern Acquisition				5,000	76,000
Gain On Sale Of Security	100,000	150,000	-431,000	0
Selling General And Administration	37,981,000	37,231,000	37,338,000	35,595,000
Selling And Marketing Expense	1,094,000	869,000	812,000	505,000
General And Administrative Expense	36,887,000	36,362,000	36,526,000	35,090,000
Rent And Landing Fees	606,000	633,000	697,000	750,000
Salaries And Wages	36,281,000	35,729,000	35,829,000	34,340,000
Total Revenue	83,699,000	82,296,000	82,597,000	74,368,000
Operating Revenue	83,699,000	82,296,000	82,597,000	74,368,000
Occupancy And Equipment	8,354,000	7,635,000	6,804,000	6,256,000
Professional Expense And Contract Services Expense	4,540,000	4,607,000	5,085,000	5,188,000
Other Non Interest Expense	3,967,000	5,125,000	6,335,000	10,166,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	2,389,193	2,192,868	1,882,949	1,648,007
Preferred Shares Number	250,964	250,964	284,565	353,565
Ordinary Shares Number	3,092,619	3,288,944	3,598,863	3,833,804
Share Issued	5,481,811	5,481,811	5,481,811	5,481,811
Net Debt	18,825,000			36,213,000
Total Debt	193,035,000	175,782,000	219,471,000	195,392,000
Tangible Book Value	133,215,000	127,566,000	132,604,000	125,126,000
Invested Capital	357,544,000	336,294,000	385,739,000	356,149,000
Net Tangible Assets	149,823,000	146,174,000	152,052,000	144,574,000
Capital Lease Obligations		16,000	19,000	22,000	26,000
Common Stock Equity	164,509,000	160,512,000	166,287,000	160,779,000
Preferred Stock Equity	16,608,000	18,608,000	19,448,000	19,448,000
Total Capitalization	355,829,000	352,198,000	393,304,000	355,075,000
Total Equity Gross Minority Interest	183,038,000	181,066,000	187,443,000	182,213,000
Minority Interest	1,921,000	1,946,000	1,708,000	1,986,000
Stockholders Equity	181,117,000	179,120,000	185,735,000	180,227,000
Other Equity Interest				-429,000	-646,000
Gains Losses Not Affecting Retained Earnings	-6,673,000	-12,176,000	-11,580,000	-13,362,000
Other Equity Adjustments	-6,673,000	-12,176,000	-11,580,000	-13,362,000
Treasury Stock	128,115,000	111,463,000	92,960,000	82,853,000
Retained Earnings	228,873,000	214,198,000	201,136,000	187,968,000
Additional Paid In Capital	61,288,000	60,817,000	60,555,000	60,319,000
Capital Stock	25,744,000	27,744,000	28,584,000	28,584,000
Common Stock	9,136,000	9,136,000	9,136,000	9,136,000
Preferred Stock	16,608,000	18,608,000	19,448,000	19,448,000
Total Liabilities Net Minority Interest	1,965,593,000	1,748,779,000	1,745,025,000	1,698,807,000
Derivative Product Liabilities		16,335,000	18,495,000	20,067,000	9,424,000
Non Current Deferred Liabilities					2,787,000
Non Current Deferred Taxes Liabilities					2,787,000
Long Term Debt And Capital Lease Obligation	174,712,000	173,078,000	207,588,000	174,870,000
Long Term Capital Lease Obligation		16,000	19,000	22,000	26,000
Long Term Debt	174,712,000	173,078,000	207,569,000	174,848,000
Current Debt And Capital Lease Obligation	18,323,000	2,704,000	11,883,000	20,522,000
Current Debt	18,323,000	2,704,000	11,883,000	20,522,000
Other Current Borrowings	18,323,000	2,704,000	11,883,000	20,522,000
Payables And Accrued Expenses				69,056,000	70,957,000
Current Accrued Expenses				69,056,000	70,957,000
Total Assets	2,148,631,000	1,929,845,000	1,932,468,000	1,881,020,000
Investments And Advances	539,840,000	504,529,000	477,519,000	534,290,000
Held To Maturity Securities	207,896,000	234,948,000	262,708,000	297,059,000
Available For Sale Securities	21,395,000	21,933,000	54,653,000	27,835,000
Trading Securities	84,206,000	75,141,000	34,765,000	86,133,000
Long Term Equity Investment	13,206,000	12,607,000	10,248,000	9,669,000
Goodwill And Other Intangible Assets	31,294,000	32,946,000	33,683,000	35,653,000
Other Intangible Assets	6,327,000	7,779,000	8,508,000	10,480,000
Goodwill	24,967,000	25,167,000	25,175,000	25,173,000
Net PPE	20,035,000	19,433,000	18,236,000	17,977,000
Accumulated Depreciation					-12,679,000
Gross PPE	20,035,000	19,433,000	18,236,000	17,977,000
Leases					2,597,000
Other Properties	20,035,000	19,433,000	18,236,000	17,977,000
Machinery Furniture Equipment					7,420,000
Buildings And Improvements					9,442,000
Land And Improvements					1,759,000
Receivables	42,056,000	42,356,000	53,724,000	44,363,000
Other Receivables	19,075,000	19,328,000	19,250,000	17,247,000
Accounts Receivable	22,981,000	23,028,000	34,474,000	27,116,000
Other Short Term Investments	213,137,000	159,900,000	125,393,000	113,594,000
Cash And Cash Equivalents	174,210,000	203,361,000	237,219,000	159,157,000
Cash Financial	39,182,000	37,080,000	33,026,000	34,596,000
Cash Cash Equivalents And Federal Funds Sold	368,357,000	309,281,000	317,675,000	227,193,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-19,001,000	3,035,000	40,358,000	27,048,000
Repurchase Of Capital Stock	-19,516,000	-22,288,000	-13,576,000	-6,033,000
Repayment Of Debt	-34,470,000	-55,582,000	-22,886,000	-19,587,000
Issuance Of Debt	31,340,000	29,014,000	49,071,000	53,737,000
Issuance Of Capital Stock	0	1,997,000	1,722,000	0
Interest Paid Supplemental Data	39,806,000	43,619,000	30,431,000	8,289,000
Income Tax Paid Supplemental Data	1,419,000	1,664,000		3,376,000	3,166,000
End Cash Position	172,593,000	201,902,000	236,052,000	159,157,000
Beginning Cash Position	201,902,000	236,052,000	159,157,000	234,230,000
Changes In Cash	-29,309,000	-34,150,000	76,895,000	-75,073,000
Financing Cash Flow	177,587,000	-21,534,000	20,494,000	-59,645,000
Cash Flow From Continuing Financing Activities	177,587,000	-21,534,000	20,494,000	-59,645,000
Net Other Financing Charges	-861,000	-784,000	-509,000	-539,000
Cash Dividends Paid	-6,484,000	-6,232,000	-5,930,000	-5,293,000
Preferred Stock Dividend Paid	-1,050,000	-1,099,000	-1,141,000	-1,115,000
Common Stock Dividend Paid	-5,434,000	-5,133,000	-4,789,000	-4,178,000
Net Preferred Stock Issuance	-2,000,000	-843,000	-3,000	0
Preferred Stock Payments	-2,000,000	-2,840,000	-1,725,000	0
Preferred Stock Issuance	0	1,997,000	1,722,000	0
Net Common Stock Issuance	-17,516,000	-19,448,000	-11,851,000	-6,033,000
Common Stock Payments	-17,516,000	-19,448,000	-11,851,000	-6,033,000
Net Issuance Payments Of Debt	12,489,000	-25,417,000	17,546,000	50,714,000
Net Short Term Debt Issuance	15,619,000	1,151,000	-8,639,000	16,564,000
Net Long Term Debt Issuance	-3,130,000	-26,568,000	26,185,000	34,150,000
Long Term Debt Payments	-34,470,000	-55,582,000	-22,886,000	-19,587,000
Long Term Debt Issuance	31,340,000	29,014,000	49,071,000	53,737,000
Investing Cash Flow	-187,895,000	-15,651,000	16,043,000	-42,476,000
Cash Flow From Continuing Investing Activities	-187,895,000	-15,651,000	16,043,000	-42,476,000
Net Other Investing Changes	1,283,000	-193,000	391,000	805,000
Net Investment Purchase And Sale	-21,864,000	-9,887,000	14,052,000	19,230,000
Sale Of Investment	59,642,000	93,940,000	50,139,000	68,678,000
Purchase Of Investment	-81,506,000	-103,827,000	-36,087,000	-49,448,000
Operating Cash Flow	-19,001,000	3,035,000	40,358,000	27,048,000
Cash Flow From Continuing Operating Activities	-19,001,000	3,035,000	40,358,000	27,048,000
Change In Working Capital	-51,961,000	-22,029,000	4,975,000	29,407,000
Change In Other Working Capital	-52,956,000	-25,294,000	11,766,000	39,429,000
Change In Other Current Assets	-4,106,000	5,669,000	-6,277,000	-9,162,000
Change In Payables And Accrued Expense	5,101,000	-2,404,000	-514,000	-860,000
Change In Accrued Expense	5,101,000	-2,404,000	-514,000	-860,000
Other Non Cash Items	1,714,000	-6,147,000	3,883,000	-24,016,000
Asset Impairment Charge	387,000	265,000	851,000	-1,326,000
Deferred Tax	-1,870,000	-911,000	-50,000	1,239,000
Deferred Income Tax	-1,870,000	-911,000	-50,000	1,239,000
Depreciation Amortization Depletion	7,713,000	7,558,000	6,271,000	6,832,000
Depreciation And Amortization	7,713,000	7,558,000	6,271,000	6,832,000
Net Income From Continuing Operations	21,358,000	19,965,000	19,029,000	13,378,000

These metrics estimate what Wells Fargo & Company 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

$87.02

Margin of Safety

8.7%

Market Cap ÷ Company Value

1.94

P/B Ratio

1.48

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

6/6 — Defensive Investor

✅ Adequate Size

$83.7B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.17%

vs Uninterrupted dividends

✅ Earnings Growth

+99.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.3x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.48x P/B (P/E×P/B: 18.1)

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	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$19.5B	-$22.3B	-$13.6B	-$6.0B	N/A
Free Cash Flow	-$19.0B ▼	$3.0B ▼	$40.4B ▲	$27.0B •	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 WFC 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

0.10%

Low — management has little skin in the game

Return on Equity (ROE)

13.0%

Adequate — returns are moderate

Return on Assets (ROA)

1.0%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$19.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+9.8% YoY

Debt is roughly stable

Leadership Team

Charles Scharf

CEO & Chairman

Age 60

Pay: $12,595,544

0.059% of net income

Michael Santomassimo

Senior EVP & CFO

Age 50

Pay: $6,646,000

0.031% of net income

Fernando Rivas

Senior EVP & CEO of Corporate & Investment Banking

Age 50

Pay: $7,996,000

0.037% of net income

Kleber Santos

Senior EVP, Co-CEO of Consumer Banking & Lending

Age 51

Pay: $8,271,000

0.039% of net income

Scott Powell

Senior EVP & COO

Age 63

Pay: $4,616,050

0.022% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.69%	296,419,877
Blackrock Inc.	8.57%	262,383,174
FMR, LLC	6.07%	185,705,183
State Street Corporation	4.48%	137,088,237
JPMORGAN CHASE & CO	4.28%	130,851,080
Geode Capital Management, LLC	2.37%	72,382,568
Wellington Management Group, LLP	2.37%	72,409,976
Morgan Stanley	1.75%	53,574,153

Risk Analysis

Beta (Market Risk)

0.96

Low volatility — more stable than the market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $71.90 Current: $79.44 High: $97.76

Currently at 29% of 52-week range

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