MeritValue

Bank of New York Mellon Corp

BNYdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$15.9B1$16.5B2$17.7B3$18.6B3$20.1B3
Net income$3.76B4$2.56B5$3.3B6$4.53B6$5.55B6
Operating cash flow$2.84B7$15.1B8$5.91B9$687M9$6.73B9
Capital expenditure$1.22B10$1.35B11$1.22B12$1.47B12$1.55B12
Free cash flow (derived)$1.62B7$13.7B8$4.69B9−$782M9$5.18B9
Total debt$25.9B13$30.5B14$31.3B15$31.2B16$33.9B16
Cash & equivalents$6.06B17$5.03B18$4.92B19$4.18B19$5.11B19
Diluted shares856.4M814.8M787.8M748.1M716.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000014%
of the whole company
Your share of last year’s profit
$77.42
Your share of its debt
$472.65
Your share of free cash flow
$72.23
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$111.93
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.1%
  • fcfBase$4.69B
DCF · Growth Exit 5Y
$90.21
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.1%
  • fcfBase$4.69B
Earnings Power Value
$55.27
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.76B
  • growthAssumed0.0%
Graham Number
$101.46
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years7.1%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $90.21

Default growth 7.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001390777-24-000051 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001390777-25-000046 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001390777-26-000033 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001390777-24-000051 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001390777-25-000046 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001390777-26-000033 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001390777-24-000051 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001390777-25-000046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001390777-26-000033 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001390777-24-000051 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001390777-25-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001390777-26-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001390777-23-000033 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001390777-24-000051 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001390777-25-000046 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001390777-26-000033 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001390777-24-000051 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001390777-25-000046 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001390777-26-000033 (CashAndCashEquivalentsAtCarryingValue)