BNY Mellon (BNY)
Financials · $102B market cap · SEC CIK 0001390777
ahead of 47% of the S&P 500 · #46 of 76 in Financials
Next reports on Jan 11, 2027, with analysts expecting $2.37 in earnings per share.
52-week range $105.42 to $165.84. 9% below its 52-week high and 43% above its low.
The case for BNY
- Earnings per share up 29.8%.
- Reasonably priced for its growth: 15.6× earnings, where 10%+ a year of growth plus a 1.8% dividend would justify about 26×.
- Pays a modest 1.8% dividend.
The case against
- Weakest against its peers: return on equity of 15% is lower than 57% of Financials companies.
- Its weakest area is profitability (44/100): return on equity 15%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 50 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 70 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 44 |
| Momentumhow the price has behaved lately | 64 |
| Stabilityhow violently it moves, what it owes and what it pays you | 46 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 76 Financials companies.
The financials
Revenue growth
Is the business growing? Slowly
| Last 12 months | n/a |
|---|---|
| Over 5 years | n/a |
| FY2025 revenue | $20.1B (+8%) |
Free cash flow
Is it generating real cash? Not meaningful for a financial company
Profit margins
Is profitability improving? Yes, improving
| Gross margin | n/a |
|---|---|
| Operating margin | n/a |
| Net margin, FY24 → FY25 | 24.3% → 27.6% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $5.1B |
|---|---|
| Long-term debt | $31.9B |
| Net debt | $26.8B |
Valuation
Is the stock price reasonable? Mixed: cheap on earnings, dear on book value
| P/E | 15.6× |
|---|---|
| Fair P/E for its growth | 26× |
| Price / book | 2.23× |
| Fair P/B for its ROE | 1.5× |
| Forward P/E | 14.3× |
At 15.6× earnings it trades below the 26× that 10%+ a year of growth plus a 1.8% dividend would justify. At 2.23× book it trades above the 1.5× that its 15% return on equity would justify; for a financial company that counts for more than earnings.
The financials, five years deep
Pulled from BNY Mellon's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $20.1B | $18.6B | $17.7B | $16.5B | $15.9B |
| Change on the year | +8% | +5% | +7% | +4% | — |
| Free cash flow | |||||
| Free cash flow | $5.2B | −$782M | $4.7B | $13.7B | $1.6B |
| Of revenue | 26% | −4% | 27% | 83% | 10% |
| Profit margins | |||||
| Net margin | 27.6% | 24.3% | 18.7% | 15.5% | 23.6% |
| Debt vs. cash | |||||
| Cash | $5.1B | $4.2B | $4.9B | $5.0B | $6.1B |
| Long-term debt | $31.9B | $30.9B | $31.3B | $30.5B | $25.9B |
| Net cash (debt) | −$26.8B | −$26.7B | −$26.3B | −$25.4B | −$19.9B |
What BNY Mellon says it does
Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025. With its subsidiaries, BNY has been in business since 1784. We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management. We also have an Other segment, which includes the corporate treasury activities (including our securities portfolio), tax credit investments and other corporate investments, corporate and bank-owned life insurance, derivatives and other trading activity, and certain business exits. For a further discussion of BNY’s lines of business, products and services, see the “Overview,” “Summary of financial highlights,”…