Recent News
On June 3rd the bank said it will hire roughly 4,000 summer interns and campus hires, underscoring continued entry-level recruiting despite AI-related role concerns. On April 23rd the board declared a regular quarterly cash dividend of $0.28 per common share payable June 26th with record date June 5th. Reuters reported on May 27th that management expects Q2 trading revenue to rise about 15% year-over-year. The company’s Form 10-Q and related release for the quarter ended March 31, 2026, published April 15th, noted $6.3 billion in Global Banking revenue for the quarter and continued digital adoption metrics. Bank of America announced preferred-stock dividend actions and routine investor events on its newsroom calendar in late May–June.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 29.17 signals a strong trend in force. DI+ at 31.99 and increasing while DI- at 13.38 and decreasing implies directional bias favors buyers and supports the near-term upside noted in the introduction.
MACD sits at 1.17 with the MACD line above the signal line at 0.74, and the MACD trend increasing; the crossover and rising MACD indicate bullish momentum that aligns with short-term moving-average structure and the stated trading-revenue strength.
The Momentum/Regression Oscillator reads 12.98 and shows a dip-and-reversal; the positive MRO indicates price currently trades above the WMDST target and therefore carries mean-reversion risk, but the dip-and-reversal pattern signals renewed upward pressure that tempers immediate pullback odds.
RSI at 59.02 and climbing indicates firm short-term demand without an overbought extreme; combined with a price above the 12-day and 26-day EMAs (price12dayEMA $54.78, price26dayEMA $53.46) the structure supports continued upside, consistent with the headline momentum call.
Price near the upper Bollinger band (upper 1σ $56.21; close $56.53) and above short- and medium-term averages (20-day $54.12, 50-day $52.54, 200-day $51.66) signals extension but not exhaustion; modestly elevated volume versus the 10-day average (volume 40,100,463 v. 10-day avg 35,376,490) confirms participation in the move.
Fundamental Analysis
Earnings: Reported EPS $1.11 versus estimate $1.02 produced an EPS surprise of 8.82%, and WMDST notes forward EPS of $1.2628. QoQ and YoY trends show mixed pacing: earnings growth YoY +13.27% while earnings growth QoQ reads -275.77% per the provided figure, which reflects sequential volatility in reported quarterly comparables.
Profitability and returns convert to low single-digit percentages: return on assets 0.249% and return on equity 3.114%, with both showing positive QoQ and YoY lifts (ROA QoQ +12.67%, ROA YoY +11.16%; ROE QoQ +14.70%, ROE YoY +15.81%). Those gains support the valuation narrative despite absolute levels remaining modest.
Cash flow and capital: operating and free cash flow were strong in absolute dollars ($41.77B operating cash flow; $41.77B free cash flow), producing a free cash flow yield of 11.53%, well above the industry peer mean free cash flow yield of -0.48% and above the industry peer median. Cash on the balance sheet totaled $249.865B at period end, and net cash-flow-to-earnings at 4.87 indicates conversion well above one-to-one.
Leverage and liquidity: total assets $3.496T, total equity $275.672B, debt-to-equity 1.3915 and debt-to-assets 10.972%; debt-to-assets rose QoQ +2.303% and YoY +6.328%. Provisioning and credit metrics showed improvement in net charge-offs and a modest reserve build in the quarter per the reported 10-Q.
Valuation multiples: trailing P/E sits at 45.78, below the industry peer mean P/E of 54.58 but above the industry peer median of 53.88; price-to-book at 1.31 sits above the industry peer mean book multiple of 1.0815 and just below the industry peer median of 1.3282. Price-to-sales at 11.97 exceeds the industry peer mean of 7.37 and the industry peer median of 8.60. QoQ and YoY directional moves show P/B down ~5.95% QoQ and up ~14.63% YoY; P/E down ~16.48% QoQ and down ~1.23% YoY.
Revenue and top-line: total revenue $30.272B with revenue growth YoY +38.205% and revenue growth QoQ +79.254%, reflecting strong sequential performance in fee and interest components that tie to the cited trading and banking revenue gains. Net interest income totaled $15.745B, supporting margin and core revenue resilience.
WMDST valuation outcome: WMDST values the stock as under-valued based on robust free-cash-flow conversion, an above-mean free cash flow yield, and P/B that sits only slightly above the industry peer mean while P/E remains below the peer mean; these inputs produce the under-valued classification in the current dataset.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-15 |
| NEXT REPORT DATE: | 2026-07-15 |
| CASH FLOW | Begin Period Cash Flow | $ 231.8 B |
| Operating Cash Flow | $ 41.8 B | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 30.1 B | |
| Dividends Paid | $ -2.63 B | |
| Cash Flow Delta | $ 10.6 B | |
| End Period Cash Flow | $ 242.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 30.3 B | |
| Forward Revenue | $ 7.9 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 605.0 M | |
| Depreciation and Amortization | $ 605.0 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 33.4 B | |
| Interest Expense | $ 17.6 B | |
| Net Interest Income | $ 15.7 B | |
| Income Before Tax | $ 10.4 B | |
| Tax Provision | $ 1.8 B | |
| Tax Rate | 17.493 % | |
| Net Income | $ 8.6 B | |
| Net Income From Continuing Operations | $ 8.6 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.02 | |
| EPS Actual | $ 1.11 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 8.824 % | |
| Forward EPS | $ 1.26 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.5 T | |
| Intangible Assets | $ 69.0 B | |
| Net Tangible Assets | $ 231.6 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 249.9 B | |
| Net Receivables | $ 96.1 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 82.8 B | |
| Total Current Liabilities | — | |
| Net Debt | $ 133.7 B | |
| Total Debt | $ 383.6 B | |
| Total Liabilities | $ 3.2 T | |
| EQUITY | ||
| Total Equity | $ 275.7 B | |
| Retained Earnings | $ 267.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.66 | |
| Shares Outstanding | 7.130 B | |
| Revenue Per-Share | $ 4.25 | |
| VALUATION | Market Capitalization | $ 362.3 B |
| Enterprise Value | $ 745.9 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 24.641 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.682 | |
| Asset To Liability | 1.094 | |
| Debt To Capital | 0.582 | |
| Debt To Assets | 0.11 | |
| Debt To Assets QoQ | 2.303 % | |
| Debt To Assets YoY | 6.328 % | |
| Debt To Assets IPRWA | high: 0.242 mean: 0.164 median: 0.159 BAC: 0.11 low: 0.002 |
|
| Debt To Equity | 1.391 | |
| Debt To Equity QoQ | 5.435 % | |
| Debt To Equity YoY | 10.751 % | |
| Debt To Equity IPRWA | high: 4.312 median: 2.341 mean: 2.133 BAC: 1.391 low: 0.017 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.314 | |
| Price To Book QoQ | -5.949 % | |
| Price To Book YoY | 14.634 % | |
| Price To Book IPRWA | high: 2.882 median: 1.328 BAC: 1.314 mean: 1.082 low: 0.001 |
|
| Price To Earnings (P/E) | 45.782 | |
| Price To Earnings QoQ | -16.48 % | |
| Price To Earnings YoY | -1.234 % | |
| Price To Earnings IPRWA | high: 70.027 mean: 54.576 median: 53.875 BAC: 45.782 low: 0.034 |
|
| PE/G Ratio | 3.451 | |
| Price To Sales (P/S) | 11.969 | |
| Price To Sales QoQ | -3.679 % | |
| Price To Sales YoY | 3.852 % | |
| Price To Sales IPRWA | high: 28.872 BAC: 11.969 median: 8.597 mean: 7.371 low: 0.006 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.224 | |
| Forward PE/G | 3.032 | |
| Forward P/S | 45.727 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.009 | |
| Asset Turnover Ratio QoQ | -4.262 % | |
| Asset Turnover Ratio YoY | 5.797 % | |
| Asset Turnover Ratio IPRWA | high: 0.025 mean: 0.011 median: 0.011 BAC: 0.009 low: 0.004 |
|
| Receivables Turnover | 0.312 | |
| Receivables Turnover Ratio QoQ | -1.023 % | |
| Receivables Turnover Ratio YoY | -7.426 % | |
| Receivables Turnover Ratio IPRWA | high: 3.666 median: 2.0 mean: 1.984 BAC: 0.312 low: 0.256 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 292.795 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 601.4 B | |
| Net Invested Capital | $ 659.3 B | |
| Invested Capital | $ 659.3 B | |
| Net Tangible Assets | $ 231.6 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 3.064 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.269 | |
| Dividend Payout Ratio | 0.306 | |
| Dividend Rate | $ 0.37 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.475 % | |
| Revenue Growth | 11.008 % | |
| Revenue Growth QoQ | 79.254 % | |
| Revenue Growth YoY | 38.205 % | |
| Revenue Growth IPRWA | high: 25.524 % BAC: 11.008 % mean: -0.299 % median: -1.929 % low: -16.051 % |
|
| Earnings Growth | 13.265 % | |
| Earnings Growth QoQ | -275.765 % | |
| Earnings Growth YoY | 35.968 % | |
| Earnings Growth IPRWA | high: 49.694 % BAC: 13.265 % mean: 3.805 % median: 3.333 % low: -29.412 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 41.8 B | |
| Free Cash Flow Yield | 11.528 % | |
| Free Cash Flow Yield QoQ | -294.664 % | |
| Free Cash Flow Yield YoY | -1765.896 % | |
| Free Cash Flow Yield IPRWA | high: 35.898 % BAC: 11.528 % median: 1.458 % mean: -0.481 % low: -4.948 % |
|
| Free Cash Growth | -282.044 % | |
| Free Cash Growth QoQ | 89.355 % | |
| Free Cash Growth YoY | 160.121 % | |
| Free Cash Growth IPRWA | high: 219.58 % median: -120.96 % mean: -152.242 % BAC: -282.044 % low: -635.913 % |
|
| Free Cash To Net Income | 4.866 | |
| Cash Flow Margin | 37.305 % | |
| Cash Flow To Earnings | 1.316 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.249 % | |
| Return On Assets QoQ | 12.67 % | |
| Return On Assets YoY | 11.161 % | |
| Return On Assets IPRWA | high: 0.614 % median: 0.396 % mean: 0.386 % BAC: 0.249 % low: 0.034 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.031 | |
| Return On Equity QoQ | 14.696 % | |
| Return On Equity YoY | 15.805 % | |
| Return On Equity IPRWA | high: 0.058 mean: 0.05 median: 0.049 BAC: 0.031 low: 0.003 |
|
| DuPont ROE | 3.103 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |

