Valuation, from the filing
| Public float | $351.90B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $49.03 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 11.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 3.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
11.5× earnings today, against a median of 10.5× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $351.90B | 11.5× | |
| 2024-06-30 | $309.20B | 11.5× | |
| 2023-06-30 | $228.19B | 8.7× | |
| 2022-06-30 | $250.14B | 9.1× | |
| 2021-06-30 | $349.93B | 10.9× | |
| 2020-06-30 | $205.77B | 11.5× | |
| 2019-06-30 | $270.94B | 9.9× | |
| 2018-06-30 | $282.26B | 10.0× | |
| 2017-06-30 | $239.64B | 13.1× | |
| 2016-06-30 | $135.58B | 7.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.05x | 92th | |
| Net margin | 27.0% | 28th | |
| Effective tax rate | 19.1% | 37th | |
| Revenue YoY growth | 6.8% | 50th | |
| SBC / revenue | 3.5% | 50th |
BANK OF AMERICA CORP /DE/ (BAC) reported revenue of $113.10B and net income of $30.51B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BANK OF AMERICA CORP /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113.10B | $105.86B | $102.77B | $94.95B | $89.11B | $85.53B | $91.24B | $91.02B | $87.13B | $83.70B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $30.51B | $26.97B | $26.30B | $27.53B | $31.98B | $17.89B | $27.43B | $28.15B | $18.23B | $17.82B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 7.68B | shares 7.94B | shares 8.08B | shares 8.17B | shares 8.56B | shares 8.80B | shares 9.44B | shares 10.24B | shares 10.78B | shares 11.05B |
| Pretax income | $37.70B | $33.22B | $32.53B | $30.97B | $33.98B | $19.00B | $32.75B | $34.58B | $29.21B | $25.02B |
| Income tax expense | $7.19B | $6.25B | $6.22B | $3.44B | $2.00B | $1.10B | $5.32B | $6.44B | $10.98B | $7.20B |
| Diluted EPS | $3.81 | $3.19 | $3.05 | $3.19 | $3.57 | $1.87 | $2.75 | $2.61 | $1.56 | $1.49 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $161.56B | $177.40B | $157.43B | $147.74B |
| Total assets | $3.41T | $3.26T | $3.18T | $3.05T | $3.17T | $2.82T | $2.43T | $2.35T | $2.28T | $2.19T |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $3.11T | $2.97T | $2.89T | $2.78T | $2.90T | $2.55T | $2.17T | $2.09T | $2.01T | $1.92T |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $303.24B | $293.96B | $290.21B | $273.20B | $270.07B | $272.92B | $264.81B | $265.32B | $267.15B | $266.20B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $69.02B | $69.02B | $69.02B | $69.02B | $69.02B | $68.95B | $68.95B | $68.95B | $68.95B | $68.97B |
| Long-term debt | $317.82B | $283.28B | $302.20B | $275.98B | $280.12B | $262.93B | $240.86B | $229.39B | $227.40B | $216.82B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.61B | -$8.80B | $44.98B | -$6.33B | -$7.19B | $37.99B | $61.78B | $39.52B | $9.86B | $17.28B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$145.16B | -$90.69B | -$35.39B | -$2.53B | -$313.29B | -$177.66B | -$80.63B | -$71.47B | -$51.54B | -$62.28B |
| Financing cash flow | $69.95B | $60.37B | $93.34B | -$106.04B | $291.65B | $355.82B | $3.38B | $53.12B | $49.27B | $33.15B |
| Net change in cash | -$58.27B | -$42.96B | $102.87B | -$118.02B | -$32.24B | $218.90B | -$15.84B | $19.97B | $9.70B | -$11.62B |
| Stock-based compensation | $4.00B | $3.43B | $2.94B | $2.86B | $2.77B | $2.03B | $1.97B | $1.73B | $1.65B | $1.37B |
| Common dividends paid | $9.56B | $9.50B | $9.09B | $8.58B | $8.06B | $7.73B | $5.93B | $6.90B | $5.70B | $4.19B |
| Common share repurchases | $21.43B | $13.10B | $4.58B | $5.07B | $25.13B | $7.02B | $28.14B | $20.09B | $12.81B | $5.11B |
| Depreciation & amortization | $2.31B | $2.19B | $2.06B | $1.98B | $1.90B | $1.84B | $1.73B | $2.06B | $2.10B | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 3.5% | 3.2% | 2.9% | 3.0% | 3.1% | 2.4% | 2.2% | 1.9% | 1.9% | 1.6% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 6.8% | 3.0% | 8.2% | 6.6% | 4.2% | -6.3% | 0.2% | 4.5% | 4.1% | Unavailable |
| Net margin | 27.0% | 25.5% | 25.6% | 29.0% | 35.9% | 20.9% | 30.1% | 30.9% | 20.9% | 21.3% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 1.05x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 19.1% | 18.8% | 19.1% | 11.1% | 5.9% | 5.8% | 16.3% | 18.6% | 37.6% | 28.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BAC in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.