Research library · Banks
Banks: the moats, the numbers, the verdicts.
22 companies covered. Every report re-run after the latest earnings.
BayFirst restated its 2024, 2025 and first-quarter 2026 accounts in July, then reported a $32.7M loss on a bank with a $31.3M market value.
Banco Bilbao Vizcaya Argentaria, S.A. BBVA
BBVA is a EUR 135.5B Spanish-domiciled bank earning a 22.2% return on tangible equity, close to double the European large-cap average, and it trades at 2.42x a clean tangible book
You are paying about $330M for a California business bank that earns a third less on its book than the banks next door, and the June quarter it just reported was a loss.
Popular is the dominant Puerto Rico bank, about $75B in assets and a third of island deposits, now earning a mid-teens return on tangible equity and shrinking its share count rough
Citigroup's return on tangible common equity went from 8.7% to 13.0% in a year, and the shares are priced at 1.31 times tangible book.
Pathward's nonperforming assets went from $101.7M to $277.5M in nine months, from 1.42% of the balance sheet to 3.79%.
You are paying about 0.8 times tangible book, roughly $6.3 billion, for a recapitalized bank that just printed its first GAAP-profitable quarter, running off the New York rent-regu
GBank Financial Holdings Inc. GBFH
GBank's nonperforming assets went from $37.4M to $58.2M in six months, and the shares fell from $42.23 to $21.47.
While every other advisory bank was printing records this quarter, Houlihan Lokey's revenue fell 16%, and the stock has been cut 39% from its high for being the one name that zigge
Interactive Brokers Group, Inc. IBKR
Customer margin borrowing grew 67% in a year, to $108.5B, which is where most of that profit comes from.
You're paying 1.1x book and 7.7x trailing earnings for a 45-million-client Brazilian digital bank compounding net revenue 32% a year with ROE that just printed 16.3%, a record, whi
Itaú Unibanco Holding S.A. ITUB
You are paying 8.3x forward earnings and about 2.1x book for Brazil's largest private bank running a 24.3% managerial return on equity with delinquency at multi-year lows, and an 8
JPMorgan reported a 29% return on tangible common equity last quarter. About six points of that came from exchanging Visa shares it has held since 2007.
Mizuho Financial Group, Inc. MFG
At ¥8,094 in Tokyo you are paying roughly 14.1x forward earnings and 1.73x book for a Japanese megabank earning an 11.4% ROE, a multiple that has already tripled off its decade med
You're paying 6.2x tangible book and about 19x FY2026E consensus earnings for the largest digital bank in the Americas, one day after it printed its first $1B-plus quarter: net inc
NatWest posted a 19.7% return on tangible equity in H1 2026, lifted its full-year guidance, pulled its buyback decision forward six months, and now sits at its 52-week high on abou
Bank OZK earns roughly a 13% return on tangible common equity at a sub-40% efficiency ratio, the best-in-class profile in regional banking, yet trades at 1.1x tangible book and 8.6
Piper Sandler just printed the best first half in its history, advisory revenue up 34% to a record, and the stock sits 22% below its February high anyway.
PJT Partners grew a record second quarter 20% with all three of its engines, strategic advisory, private capital, and restructuring, rising at once, a combination the model was exp
Stifel just reported the best second quarter in its history, and it did so with 66% of segment revenue coming from wealth management, not the deal desk everyone watches.
Sumitomo Mitsui Financial Group, Inc. SMFG
SMFG earns a 10.4% reported return on equity and an 11.4% return on tangible equity, and after a re-rate that carried it from roughly 0.5x book in 2021 to 1.59x today it is the che
Western Alliance Bancorporation WAL
Western Alliance charged off $208.5M of loans in the March quarter, and two named credits were $152.5M of it.