BANK OF AMERICA CORP /DE/

BAC · NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, OTC, NYSE, NYSE, NYSE · CIK 0000070858

SIC 6021

National Commercial Banks

Investment Indicators

$50.54

-0.77 (-1.50%)

Open

$51.21

High

$51.39

Low

$50.27

Prev Close

$51.31

Volume

25,924,553

52W High

$57.23

52W Low

$40.34

50-day MA

$50.41

Quote as of: 2026-05-11

Market Cap

$376.97B

P/E

13.18

P/B

1.34

PEG

0.93

EPS

4.03

BPS

38.66

Dividend Yield

2.11%

Beta

1.22

ROE

10.06%

ROA

0.89%

D/E Ratio

10.25

Net Margin

26.98%

Book Value/Share

$42.04

Intrinsic Value Estimates

Multiple valuation methods, each with its own assumptions — outputs can diverge widely

Median consensus (7 methods)

$454.86B

Undervalued -17.1%

Method	Implied market cap	vs current	Assumptions
Graham Number √(22.5 × 순이익 × 자본)	$456.25B	-17%	최대 PER 15배 최대 PBR 1.5배 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula 순이익 × (8.5 + 2 × 성장률%)	$1.02T	-63%	EPS 성장률 12.4%/년 가정 (직전 1년 기준) 무성장 기업 P/E = 8.5 현재 적용 배수: 33.4x
Justified P/E 순이익 × 산업 평균 P/E	$457.63B	-18%	산업 평균 PER 15x 가정 (사용자 정의 가능) 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수 자본 × 산업 평균 P/B	$454.86B	-17%	산업 평균 PBR 1.5x 가정 은행·보험·자산집약적 산업에 특히 유효
P/S 배수 매출 × 산업 평균 P/S	$226.19B	+67%	산업 평균 PSR 2x 가정 매출 기반 — 적자 기업·신생 기업에 적용 가능 이익률 차이 무시
DCF (Gordon) CF × (1+g) / (r − g)	$445.66B	-15%	현금흐름 입력: FCF (잉여현금흐름) 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%) 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon) D × (1+g) / (r − g)	$59.25B	+536%	배당 입력: 실제 지급 배당 할인율 9.0% 배당 영구 성장률 6.0%

▶ Detailed analysis — formula walk-through & scenarios

Why this conclusion

Of the 7 valuation methods, 7 were applicable. Their median fair-value lands -17.1% above the current market cap → the stock trades below most formulas' estimates (undervalued). 2 methods flag overvalued, 5 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.

Graham Number

Undervalued -17.4%

√(22.5 × 순이익 × 자본)

Current

$376.97B

Implied fair

$456.25B

Gap (current − fair)

$-79.28B(-17.4%)

NetIncome = $30.51B
Equity = $303.24B
√(22.5 × $30.51B × $303.24B) = $456.25B

최대 PER 15배
최대 PBR 1.5배
안정적 흑자 기업 가정 (금융·고성장 부정확)

Graham Formula

Undervalued -63.0%

순이익 × (8.5 + 2 × 성장률%)

Current

$376.97B

Implied fair

$1.02T

Gap (current − fair)

$-641.82B(-63.0%)

NetIncome = $30.51B
Growth g = 12.4% → cap 12.4%
Multiple = 8.5 + 2 × 12.4 = 33.4×
$30.51B × 33.4 = $1.02T

EPS 성장률 12.4%/년 가정 (직전 1년 기준)
무성장 기업 P/E = 8.5
현재 적용 배수: 33.4x

Justified P/E

Undervalued -17.6%

순이익 × 산업 평균 P/E

Current

$376.97B

Implied fair

$457.63B

Gap (current − fair)

$-80.66B(-17.6%)

NetIncome = $30.51B
Industry P/E = 15×
$30.51B × 15 = $457.63B

산업 평균 PER 15x 가정 (사용자 정의 가능)
동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장

P/B 배수

Undervalued -17.1%

자본 × 산업 평균 P/B

Current

$376.97B

Implied fair

$454.86B

Gap (current − fair)

$-77.89B(-17.1%)

Equity = $303.24B
Industry P/B = 1.5×
$303.24B × 1.5 = $454.86B

산업 평균 PBR 1.5x 가정
은행·보험·자산집약적 산업에 특히 유효

P/S 배수

Overvalued +66.7%

매출 × 산업 평균 P/S

Current

$376.97B

Implied fair

$226.19B

Gap (current − fair)

+$150.78B(+66.7%)

Revenue = $113.10B
Industry P/S = 2×
$113.10B × 2 = $226.19B

산업 평균 PSR 2x 가정
매출 기반 — 적자 기업·신생 기업에 적용 가능
이익률 차이 무시

DCF (Gordon)

Undervalued -15.4%

CF × (1+g) / (r − g)

Current

$376.97B

Implied fair

$445.66B

Gap (current − fair)

$-68.69B(-15.4%)

FCF = $12.61B
Discount r = 4.0% + 5.0% = 9.0%
Growth g = 6.0%
$12.61B × (1 + 6.0%) / (9.0% − 6.0%) = $445.66B

현금흐름 입력: FCF (잉여현금흐름)
할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
영구 성장률 6.0% (실질 GDP 수준)

DDM (Gordon)

Overvalued +536.2%

D × (1+g) / (r − g)

Current

$376.97B

Implied fair

$59.25B

Gap (current − fair)

+$317.72B(+536.2%)

Dividend D = $1.68B
Discount r = 9.0%
Growth g = 6.0%
$1.68B × (1 + 6.0%) / (9.0% − 6.0%) = $59.25B

배당 입력: 실제 지급 배당
할인율 9.0%
배당 영구 성장률 6.0%

DCF sensitivity: discount rate × terminal growth

Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+77.5%	+107.1%	+136.7%	+166.3%	+195.9%
2%	+46.5%	+75.8%	+105.1%	+134.4%	+163.7%
3%	+16.1%	+45.1%	+74.1%	+103.1%	+132.1%
4%	-13.8%	+15.0%	+43.7%	+72.4%	+101.2%
5%	-43.1%	-14.6%	+13.9%	+42.3%	+70.8%

DDM sensitivity: discount rate × dividend growth

Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+1235.4%	+1457.9%	+1680.5%	+1903.1%	+2125.6%
2%	+1001.9%	+1222.3%	+1442.7%	+1663.0%	+1883.4%
3%	+773.0%	+991.2%	+1209.4%	+1427.7%	+1645.9%
4%	+548.4%	+764.6%	+980.7%	+1196.9%	+1413.0%
5%	+328.2%	+542.3%	+756.3%	+970.4%	+1184.5%

All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.

Financial Statements

In USD millions (per-share figures shown directly) · Financials as of: 2026-02-25

Income Statement

FY	2025	2024	2023	2022	2021
Revenue	113,097	101,887	98,581	94,950	89,113
Net Income	30,509	27,132	26,515	27,528	31,978
EPS (Basic)	3.86	3.25	3.10	3.21	3.60
EPS (Diluted)	3.81	3.21	3.08	3.19	3.57

Balance Sheet

FY	2025	2024	2023	2022	2021
Total Assets	3,411,738	3,261,519	3,180,151	3,051,375	3,169,495
Total Liabilities	3,108,495	2,965,960	2,888,505	2,778,178	2,899,429
Long-term Debt	317,816	283,279	302,204	275,982	280,117
Total Equity	303,243	295,559	291,646	273,197	270,066

Cash Flow

FY	2025	2024	2023	2022	2021
Operating CF	12,613	-8,805	44,982	-6,327	-7,193
Investing CF	-145,157	-90,693	-35,387	-2,529	-313,291
Financing CF	69,948	60,369	93,345	-106,039	291,650

📄 SEC Filings

8-K

Current Report

8-K

2026-05-06

Open →

Other filings (99)