WELLS FARGO & COMPANY/MN

WFC · NYSE, NYSE, NYSE, NYSE, OTC, NYSE, NYSE, NYSE · CIK 0000072971

SIC 6021

National Commercial Banks

Investment Indicators

$73.58

-2.06 (-2.72%)

Open

$75.67

High

$75.72

Low

$73.19

Prev Close

$75.64

Volume

20,919,710

52W High

$96.73

52W Low

$70.36

50-day MA

$80.34

Quote as of: 2026-05-11

Market Cap

$242.24B

P/E

12.23

P/B

1.51

PEG

1.43

EPS

6.47

BPS

53.19

Dividend Yield

2.18%

Beta

0.96

ROE

11.78%

ROA

0.99%

D/E Ratio

10.85

Net Margin

25.08%

Book Value/Share

$58.56

Intrinsic Value Estimates

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

Median consensus (7 methods)

$294.88B

Undervalued -17.9%

Method	Implied market cap	vs current	Assumptions
Graham Number √(22.5 × 순이익 × 자본)	$294.88B	-18%	최대 PER 15배 최대 PBR 1.5배 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula 순이익 × (8.5 + 2 × 성장률%)	$531.06B	-54%	EPS 성장률 8.2%/년 가정 (직전 1년 기준) 무성장 기업 P/E = 8.5 현재 적용 배수: 24.9x
Justified P/E 순이익 × 산업 평균 P/E	$320.07B	-24%	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	$271.68B	-11%	산업 평균 PBR 1.5x 가정 은행·보험·자산집약적 산업에 특히 유효
P/S 배수 매출 × 산업 평균 P/S	$170.13B	+42%	산업 평균 PSR 2x 가정 매출 기반 — 적자 기업·신생 기업에 적용 가능 이익률 차이 무시
DCF (Gordon) CF × (1+g) / (r − g)	$753.94B	-68%	현금흐름 입력: 순이익 (FCF 대용 — capex 미반영) 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%) 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon) D × (1+g) / (r − g)	$192.00B	+26%	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 -17.9% 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 -17.9%

√(22.5 × 순이익 × 자본)

Current

$242.24B

Implied fair

$294.88B

Gap (current − fair)

$-52.64B(-17.9%)

NetIncome = $21.34B
Equity = $181.12B
√(22.5 × $21.34B × $181.12B) = $294.88B

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

Graham Formula

Undervalued -54.4%

순이익 × (8.5 + 2 × 성장률%)

Current

$242.24B

Implied fair

$531.06B

Gap (current − fair)

$-288.81B(-54.4%)

NetIncome = $21.34B
Growth g = 8.2% → cap 8.2%
Multiple = 8.5 + 2 × 8.2 = 24.9×
$21.34B × 24.9 = $531.06B

EPS 성장률 8.2%/년 가정 (직전 1년 기준)
무성장 기업 P/E = 8.5
현재 적용 배수: 24.9x

Justified P/E

Undervalued -24.3%

순이익 × 산업 평균 P/E

Current

$242.24B

Implied fair

$320.07B

Gap (current − fair)

$-77.83B(-24.3%)

NetIncome = $21.34B
Industry P/E = 15×
$21.34B × 15 = $320.07B

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

P/B 배수

Undervalued -10.8%

자본 × 산업 평균 P/B

Current

$242.24B

Implied fair

$271.68B

Gap (current − fair)

$-29.43B(-10.8%)

Equity = $181.12B
Industry P/B = 1.5×
$181.12B × 1.5 = $271.68B

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

P/S 배수

Overvalued +42.4%

매출 × 산업 평균 P/S

Current

$242.24B

Implied fair

$170.13B

Gap (current − fair)

+$72.12B(+42.4%)

Revenue = $85.06B
Industry P/S = 2×
$85.06B × 2 = $170.13B

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

DCF (Gordon)

Undervalued -67.9%

CF × (1+g) / (r − g)

Current

$242.24B

Implied fair

$753.94B

Gap (current − fair)

$-511.70B(-67.9%)

현금흐름 입력: 순이익 (FCF 대용 — capex 미반영)
할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
영구 성장률 6.0% (실질 GDP 수준)

DDM (Gordon)

Overvalued +26.2%

D × (1+g) / (r − g)

Current

$242.24B

Implied fair

$192.00B

Gap (current − fair)

+$50.24B(+26.2%)

Dividend D = $5.43B
Discount r = 9.0%
Growth g = 6.0%
$5.43B × (1 + 6.0%) / (9.0% − 6.0%) = $192.00B

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

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%	+164.8%	+209.0%	+253.1%	+297.2%	+341.4%
2%	+118.5%	+162.2%	+205.9%	+249.6%	+293.3%
3%	+73.1%	+116.4%	+159.7%	+203.0%	+246.2%
4%	+28.6%	+71.5%	+114.3%	+157.2%	+200.1%
5%	-15.1%	+27.4%	+69.8%	+112.3%	+154.7%

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: 2026-02-24

Income Statement

FY	2025	2024	2023	2022	2021
Net Income	21,338	19,722	19,142	13,182	21,548
EPS (Basic)	6.34	5.43	4.88	3.17	4.99
EPS (Diluted)	6.26	5.37	4.83	3.14	4.95

Balance Sheet

FY	2025	2024	2023	2022	2021
Total Assets	2,148,631	1,929,845	1,932,468	1,881,016	1,948,068
Cash & Equivalents	172,593	201,902	236,052	159,157	234,230
Total Liabilities	1,965,593	1,748,779	1,745,025	1,699,141	1,757,958
Long-term Debt	174,712	173,078	207,588	174,870	160,689
Total Equity	181,117	179,120	185,735	179,889	187,606

Cash Flow

FY	2025	2024	2023	2022	2021
Operating CF	-19,001	3,035	40,358	27,048	-11,525
Investing CF	-187,895	-15,651	16,043	-42,476	-7,619
Financing CF	177,587	-21,534	20,494	-59,645	-11,238
Dividends Paid	5,434	5,133	4,789	4,178	2,422

📄 SEC Filings

8-K

Current Report

FORM 8-K

2026-04-30

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10-Q

Quarterly Report

FORM 10-Q

2026-04-29

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FORM 8-K

2026-04-14

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