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BankUnited, Inc.

BKUdata completeness 88%16 fiscal years on file
The thesis, from the filings

BankUnited, Inc. earns about 27% on invested capital, and has bought back 18% of its shares over 5 years. The applicable estimate puts fair value near $36.12 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$21.7M1$22.5M2$20.9M3$20.2M3$21.7M3
Net income$415M4$285M5$178.7M6$232.5M6$268.4M6
Operating cash flow$1.22B7$1.29B8$657.5M9$433.8M9$358.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$691.2M10$692.5M11$682.5M12$683.9M13$296.9M13
Cash & equivalents$314.9M14$572.6M15$588.3M16$491.1M17$217.8M17
Diluted shares90.4M78.8M73.5M74.0M74.3M

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
$410.99
your share of equity
Profit it earned you last year
$36.12
Free cash flow it threw off
—
Debt you’d be carrying
$39.95

10 shares is a claim on $410.99 of net worth that earned you $36.12 last year, against $39.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
27% avg · 5y
FY21 17%FY22 21%FY23 34%FY24 30%FY25 32%

It earned an average 27% 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
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 57% — deleveraging.

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
$36.12
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$268.4M
  • Growth assumed0.0%
Graham Number
$57.2
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 0001504008-24-000006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001504008-25-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001504008-26-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0001504008-24-000006 (NetIncomeLoss)
  5. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001504008-25-000005 (NetIncomeLoss)
  6. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001504008-26-000011 (NetIncomeLoss)
  7. 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0001504008-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001504008-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001504008-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-02-22 · period ending 2021-12-31 · accession 0001504008-23-000007 (LongTermDebt)
  11. 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0001504008-24-000006 (LongTermDebt)
  12. 10-K filed 2025-02-28 · period ending 2023-12-31 · accession 0001504008-25-000005 (LongTermDebt)
  13. 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001504008-26-000011 (LongTermDebt)
  14. 10-K filed 2023-02-22 · period ending 2021-12-31 · accession 0001504008-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0001504008-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2025-02-28 · period ending 2023-12-31 · accession 0001504008-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001504008-26-000011 (CashAndCashEquivalentsAtCarryingValue)