WFC
Wells Fargo · Financials · Diversified Banks
$84.72
52w 72.78 – 97.76
20y monthly, adjusted
Mkt cap
$256.2B
P/E
12.4
P/FCF
—
FCF yield
-7.2%
ROE
11.8%
Shldr yield
8.7%
div 2.1% + bb 6.6%
Historical multiple lens
At its own median P/OCF of 20.1× across 8 years, WFC would trade near $20/share (25th–75th percentile: $6–$62); it trades at 84.4× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.0%
Rev 5y
+2.4%
Rev 10y
−0.6%
EPS 5y
+70.9%
EPS 10y
+5.1%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2016–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $22.6B | +8.6% | $6.4B | +16.6% | 2.00 | $6.8B |
| Q1'26 | $21.4B | +6.4% | $5.3B | +7.3% | 1.60 | $9.1B |
| Q4'25 * | $21.3B | +4.5% | $5.4B | +5.6% | 1.61 | $4.1B |
| Q3'25 | $21.4B | +5.3% | $5.6B | +9.3% | 1.66 | −$869.0M |
| Q2'25 | $20.8B | +0.6% | $5.5B | +11.9% | 1.60 | −$11.2B |
| Q1'25 | $20.1B | −3.4% | $4.9B | +6.0% | 1.39 | −$11.0B |
| Q4'24 * | $20.4B | −0.5% | $5.1B | +47.4% | 1.42 | $8.9B |
| Q3'24 | $20.4B | −2.4% | $5.1B | −11.3% | 1.42 | $4.2B |
| Q2'24 | $20.7B | +0.8% | $4.9B | −0.6% | 1.33 | $2.0B |
| Q1'24 | $20.9B | +0.6% | $4.6B | −7.5% | 1.20 | −$12.1B |
| Q4'23 * | $20.5B | +2.2% | $3.4B | +9.2% | 0.87 | $18.2B |
| Q3'23 | $20.9B | +6.6% | $5.8B | +60.6% | 1.48 | $15.5B |
| Q2'23 | $20.5B | +20.5% | $4.9B | +57.2% | 1.25 | −$755.0M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.0% | +2.4% | — | — |
| Operating cash flow | +10.3% | −14.7% | — | — |
| Free cash flow | +10.3% | −14.7% | — | — |
| EPS (diluted) | +24.2% | +70.9% | — | — |
| Equity | +0.2% | −0.4% | — | — |
| LT debt | −0.0% | −3.9% | — | — |
| Diluted shares | −5.5% | −4.7% | — | — |
| Stock price | +29.9% | +15.8% | +8.1% | +11.1% |
$100, 3 years ago
$219vs $176 in SPY
29.9% vs 20.7%/yr
$100, 5 years ago
$208vs $181 in SPY
15.8% vs 12.6%/yr
$100, 10 years ago
$218vs $412 in SPY
8.1% vs 15.2%/yr
$100, 15 years ago
$488vs $813 in SPY
11.1% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$2.45
$181.4B created / $74.0B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
-5.3%
OCF ÷ (equity + debt)
OCF / EV yield
—
MC vs 10× OCF
—
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$20.5B
OCF − capex − SBC
OE yield
-7.7%
Share count 5y
−4.9%
per year; negative = buybacks
Growth engine (5y): reinvested 125.8% of operating cash flow at an incremental return of -41.9% — an organically fundable growth rate of about -52.7% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
10 of 19 checks pass · 53%. Checks with structurally missing inputs are excluded.
Growth & Consistency
3/6
- fail
Revenue growth
2.4% · 5y CAGR ≥ 5%
- pass
EPS growth
70.9% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
4 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
8 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
-14.7% vs 2.4% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
1/5
- pass
Net margin
25.5% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
11.8% · ≥ 12%
- fail
Cash ROIC
-5.3% · ≥ 12%
- fail
FCF margin
-22.7% · ≥ 5%
- fail
Earnings back their cash
OCF −$19.0B vs NI $21.3B · OCF ≥ net income (latest FY)
Balance Sheet
2/3
- na
Debt payable from cash flow
— · LT debt ≤ 3× FCF
- pass
Cash cushion
99% · cash ≥ 50% of LT debt
- pass
Leverage
0.96 · LT debt ≤ 1.5× equity
- fail
Equity positive and compounding
$181.1B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
2/2
- pass
Share count flat or shrinking
-4.9% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/3
- fail
FCF yield
-7.2% · ≥ 3%
- pass
Earnings multiple
12.4 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
8.7% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 83,699 | — | — | 21,338 | 6.26 | -19,001 | — | -19,001 | 5,434 | 17,516 | 1,476 | 172,593 | 174,712 | 181,117 | 3,242 |
| 2024 | 82,296 | — | — | 19,722 | 5.37 | 3,035 | — | 3,035 | 5,133 | 19,448 | 1,281 | 201,902 | 173,078 | 179,120 | 3,468 |
| 2023 | 82,597 | — | — | 19,142 | 4.83 | 40,358 | — | 40,358 | 4,789 | 11,851 | 1,122 | 236,052 | 207,588 | 185,735 | 3,720 |
| 2022 | 74,368 | — | — | 13,677 | 3.27 | 27,048 | — | 27,048 | 4,178 | 6,033 | 978 | 159,157 | 174,870 | 180,227 | 3,837 |
| 2021 | 79,166 | — | — | 22,109 | 5.08 | -11,525 | — | -11,525 | 2,422 | 14,464 | 1,005 | 234,230 | 160,689 | 187,606 | 4,096 |
| 2020 | 74,264 | — | — | 3,377 | 0.43 | 2,051 | — | 2,051 | 4,852 | 3,415 | 622 | 264,612 | 212,950 | 184,680 | 4,134 |
| 2019 | 85,063 | — | — | 19,715 | 4.09 | 6,730 | — | 6,730 | 8,198 | 24,533 | 1,217 | 141,250 | 228,191 | 187,146 | 4,425 |
| 2018 | 86,408 | — | — | 22,393 | 4.28 | 36,073 | — | 36,073 | 7,692 | 20,633 | 1,022 | 173,287 | 229,044 | 196,166 | 4,838 |
| 2017 | 88,389 | — | — | 22,183 | 4.10 | 18,619 | — | 18,619 | 7,480 | 9,908 | 849 | 215,947 | 225,020 | 206,936 | 5,017 |
| 2016 | 88,267 | — | — | 21,938 | 3.99 | 1,008 | — | 1,008 | 7,472 | 8,116 | 779 | 221,400 | 255,077 | 199,581 | 5,108 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.