MeritValue

BANK OF AMERICA CORP /DE/

BACdata completeness 88%19 fiscal years on file
The thesis, from the filings

BANK OF AMERICA CORP /DE/ earns about 19% on invested capital, and has bought back 10% of its shares over 5 years. The applicable estimate puts fair value near $35.84 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$89.1B1$95B2$102.8B3$105.9B3$113.1B3
Net income$32B4$27.5B5$26.3B6$27B6$30.5B6
Operating cash flow−$7.19B7−$6.33B8$45B9−$8.81B9$12.6B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$303.9B10,11$312.8B12,13,14$347.4B15,16,17$350.9B18,19,20$386.3B18,19,20
Cash & equivalents$348.2B21$230.2B22$333.1B22$290.1B22$231.8B22
Diluted shares8.56B8.17B8.08B7.94B7.68B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$394.8
your share of equity
Profit it earned you last year
$39.72
Free cash flow it threw off
—
Debt you’d be carrying
$502.94

10 shares is a claim on $394.8 of net worth that earned you $39.72 last year, against $502.94 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 5y
FY21 16%FY22 13%FY23 28%FY24 20%FY25 17%

It earned an average 19% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 27% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
Earnings Power Value
$35.84
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$27.5B
  • Growth assumed0.0%
Graham Number
$60.04
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000070858-24-000122 (Revenues)
  2. 10-K filed 2025-02-25 · period ending 2022-12-31 · accession 0000070858-25-000139 (Revenues)
  3. 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (Revenues)
  4. 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000070858-24-000122 (NetIncomeLoss)
  5. 10-K filed 2025-02-25 · period ending 2022-12-31 · accession 0000070858-25-000139 (NetIncomeLoss)
  6. 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (NetIncomeLoss)
  7. 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000070858-24-000122 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-25 · period ending 2022-12-31 · accession 0000070858-25-000139 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-02-22 · period ending 2021-12-31 · accession 0000070858-23-000092 (LongTermDebt)
  11. 10-K filed 2023-02-22 · period ending 2021-12-31 · accession 0000070858-23-000092 (OtherShortTermBorrowings)
  12. 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0000070858-24-000122 (LongTermDebt)
  13. 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0000070858-24-000122 (CommercialPaper)
  14. 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0000070858-24-000122 (OtherShortTermBorrowings)
  15. 10-K filed 2025-02-25 · period ending 2023-12-31 · accession 0000070858-25-000139 (LongTermDebt)
  16. 10-K filed 2025-02-25 · period ending 2023-12-31 · accession 0000070858-25-000139 (CommercialPaper)
  17. 10-K filed 2025-02-25 · period ending 2023-12-31 · accession 0000070858-25-000139 (OtherShortTermBorrowings)
  18. 10-K filed 2026-02-25 · periods ending 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (LongTermDebt)
  19. 10-K filed 2026-02-25 · periods ending 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (CommercialPaper)
  20. 10-K filed 2026-02-25 · periods ending 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (OtherShortTermBorrowings)
  21. 10-K filed 2025-02-25 · period ending 2021-12-31 · accession 0000070858-25-000139 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K filed 2026-02-25 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000070858-26-000157 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)