POPULAR, INC.
BPOPdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'
POPULAR, INC. earns about 30% on invested capital, far above its ~9% cost of capital, and has bought back 17% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $99.62 and $127.69 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.12B1 | $2.47B2 | $3.25B3 | $3.67B3 | $3.78B3 |
| Net income | $934.9M4 | $1.1B5 | $541.3M6 | $614.2M6 | $833.2M6 |
| Operating cash flow | $1.01B7 | $1.01B8 | $686.6M9 | $674.7M9 | $878.4M9 |
| Capital expenditure | $72.8M10 | $103.8M11 | $208M12 | $213.4M12 | $197.5M12 |
| Free cash flow (derived) | $932.4M7 | $910.7M8 | $478.6M9 | $461.3M9 | $681M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $434.5M13 | $476.2M14 | $427.6M14 | $429.4M14 | $413M14 |
| Diluted shares | 81.4M | 75.3M | 71.8M | 71.6M | 67.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $924.24 of net worth that earned you $123.22 and generated $100.72 of cash last year.
It earned about 30% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 17% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $99.62 and $127.69 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$478.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$478.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$833.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $107.24 |
| Base | 0.0% | $107.24 |
| Bull | 5.0% | $131.72 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001193125-24-053017 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-043848 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-085756 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-053017 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-043848 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-085756 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-053017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-043848 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-085756 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-053017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-043848 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-085756 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001193125-25-043848 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001193125-26-085756 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)