Lloyds Banking Group plcLYGNYSE
Revenue keeps growing year over year. It last broke in FY2024, at -3.36%.
Today it reads 7.88%. 20-F filed Feb 20, 2025
Named tests met1 of 30
5.21 USD Market data. Sources for Share price
Close of Nov 11, 2026Market data as of Nov 11, 2026. Ratios computed Nov 11, 2026.
ValueScreener company report
NYSE / Financial Services / Banks - Regional
Reading
The evidence behind it
Overview
Market dataSEC filingComputed
Four questions, at a glance
Quality
Return on equity
9.8% Computed
From the FY2025 filing
Valuation
Price to earnings
12.02x Computed
FY2025 accounts, priced at 21:00 UTC
Cash generation
Free cash flow yield
n/m Computed
FY2025 accounts, priced at 21:00 UTC
Why n/m
For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Strength
Debt to equity
n/m Computed
From the FY2025 filing
Why n/m
A bank's deposits are its raw material, not borrowings. Debt to equity computed over a deposit-funded balance sheet says nothing about solvency. Use the equity to assets ratio instead.
Revenue and net income, as filed
- Market capitalisation
74.74B USD Market data. Sources for Market capitalisation
21:00 UTC- Filed accounts
- FY2025, filed Feb 13, 2026
- Filed years
- 10, FY2016 to FY2025
The business, and the score behind its five axes
The reading, in brief
- Is it cheap
Price to earnings is 12.02x at the close of 2026-11-11 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.
Today, against the Banks - Regional industry (274 companies), 12.02x sits at the 24th percentile; the middle half of that group runs from 12.12x to 16.27x.
- Is it good
Return on equity was 9.8% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.
Today, against the Banks - Regional industry (294 companies), 9.8% sits at the 56th percentile; the middle half of that group runs from 6.6% to 11.6%.
- Year by year against peers
- Whether Lloyds Banking Group plc's return on equity stayed above the median of the Banks - Regional industry, year by year. (FY2023 to FY2025, 3 fiscal years of Lloyds Banking Group plc with a comparable figure)
- The direction
- Which way Lloyds Banking Group plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Lloyds Banking Group plc)
- What could explain it
- What in Lloyds Banking Group plc's filed statements could explain the movements. (1 reading drawn from the statement lines Lloyds Banking Group plc filed)
- What to check next
- What to check next on Lloyds Banking Group plc, and where in its filings. (1 question for Lloyds Banking Group plc)
- In one paragraph
- One paragraph on Lloyds Banking Group plc's returns, cash, balance sheet and price. (3 of sixteen figures read for Lloyds Banking Group plc)
These are LYG’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research LYGPart of Serious. New accounts start with 30 days of Professional, free, no card.
What changed
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 20-F, filed Feb 13, 2026, accession 0001160106-26-000010.
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m Computed. Sources for Return on invested capital, after taxFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Return on equity | 9.8% Computed. Sources for Return on equityFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Return on capital employed, pre-taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m Computed. Sources for Return on capital employed, pre-taxFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Return on assets | 0.5% Computed. Sources for Return on assetsFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Gross marginWhy n/mThis filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue. | n/m Computed. Sources for Gross marginFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Operating marginWhy n/aNo operating income line is filed for this year. | n/a Computed. Sources for Operating marginFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Net margin | 24.0% Computed. Sources for Net marginFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
LYG 24.0%
21.6%27.2%
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/mA bank's deposits are its raw material, not borrowings. Debt to equity computed over a deposit-funded balance sheet says nothing about solvency. Use the equity to assets ratio instead. | n/m Computed. Sources for Debt to equityFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Current ratioWhy n/mBanks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show. | n/m Computed. Sources for Current ratioFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Quick ratioWhy n/mBanks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show. | n/m Computed. Sources for Quick ratioFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Interest coverageWhy n/mInterest is what a lender pays for its inventory of money, not a financing charge sitting below the operating line. Interest coverage is not defined for lenders. | n/m Computed. Sources for Interest coverageFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Altman Z-scoreWhy n/mAltman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials. | n/m Computed. Sources for Altman Z-score21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a Computed. Sources for Net debtFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
The balance sheet, line by line
Financial health
What Lloyds Banking Group plc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Feb 13, 2026, 0001160106-26-000010).
| Total assets | 944.07B Filed. Sources for Total assetsFY2025 20-F, filed Feb 13, 2026 |
|---|---|
| Total liabilities | 896.21B Filed. Sources for Total liabilitiesFY2025 20-F, filed Feb 13, 2026 |
| Shareholders' equity | 47.67B Filed. Sources for Shareholders' equityFY2025 20-F, filed Feb 13, 2026 |
| Cash | 60.59B Filed. Sources for CashFY2025 20-F, filed Feb 13, 2026 |
| Total debt | n/a Filed. Sources for Total debtFY2025 20-F, filed Feb 13, 2026 |
| Net debt | n/a |
| Current ratio | n/m |
| Debt to equity | n/m |
- Debt to equity: FY2025: A bank's deposits are its raw material, not borrowings. Debt to equity computed over a deposit-funded balance sheet says nothing about solvency. Use the equity to assets ratio instead.
- Current ratio: FY2025: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
- Interest cover: FY2025: Interest is what a lender pays for its inventory of money, not a financing charge sitting below the operating line. Interest coverage is not defined for lenders.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
Valuation context
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
| Price to earnings | 12.02x Computed. Sources for Price to earnings21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
P/E on trailing twelve monthsWhy n/aA trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer. | n/a Computed. Sources for P/E on trailing twelve monthsClose of Nov 11, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 1.17x Computed. Sources for Price to book21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Price to sales | 2.88x Computed. Sources for Price to sales21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Enterprise value to EBITWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m Computed. Sources for Enterprise value to EBIT21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Enterprise value to EBITDAWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m Computed. Sources for Enterprise value to EBITDAClose of Nov 11, 2026 · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Price to earnings over growth | 0.28 Computed. Sources for Price to earnings over growth21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Diluted earnings per shareWhy n/aThe FY2025 filing carries no diluted earnings per share we could read. | n/a Filed. Sources for Diluted earnings per shareFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Graham numberWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a Computed. Sources for Graham numberFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
We publish no fair value or price target of our own. Value LYG on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Lloyds Banking Group plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 5.21 USD |
|---|---|
| Market capitalisation | 74.74B USD |
| Enterprise value to EBITDA | n/m |
| Graham number | n/a |
| Diluted earnings per share | n/a |
Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.
Companies like Lloyds Banking Group plc
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Same industry (Banks - Regional) and size band (Large, 10B to 200B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
Cash generation
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Free cash flow yieldWhy n/mFor a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy. | n/m Computed. Sources for Free cash flow yield21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Free cash flow | 630.0M GBP Computed. Sources for Free cash flowFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Free cash flow marginWhy n/mFor a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy. | n/m Computed. Sources for Free cash flow marginFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Dividend yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a Computed. Sources for Dividend yield21:00 UTC · FY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Payout ratioWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a Computed. Sources for Payout ratioFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| 12.02x | FY2025 | Nov 11, 2026 | |
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| 1.17x | FY2025 | Nov 11, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Nov 11, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Nov 11, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaFree cash flow per share / share price x 100 As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 13, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Nov 11, 2026 | |
| n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one. | |||
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 13, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 13, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| 2.88x | FY2025 | Nov 11, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| 0.28 | FY2025 | Nov 11, 2026 | |
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Nov 11, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Nov 11, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 13, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 13, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tabForm20-FFiledFeb 13, 2026PeriodFY2025Accession0001160106-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001160106-26-000010, leaves this page and opens in a new tab | |||
| 5.21 USD | n/a | Nov 11, 2026 | |
FormulaThe last close we hold, in the currency the listing trades in. As ofThe close on Nov 11, 2026, over the filed figures of n/a: a price is in this figure, and it moved after the filing. | |||
| 4.2% | n/a | Nov 11, 2026 | |
Formula(price now - price a year ago) / price a year ago. It counts no dividend, so a high payer reads lower here than a holder's own return. As ofThe close on Nov 11, 2026, over the filed figures of n/a: a price is in this figure, and it moved after the filing. | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Nov 11, 2026. Ratios recomputed Nov 11, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 filed fiscal years, FY2016 to FY2025, read from the annual reports Lloyds Banking Group plc filed with the SEC. Each year names its filing. Amounts in GBP, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 19.42B | n/a | 4.66B | n/a | 630.0M | n/a | 9.8% | 20-F, Feb 13, 20260001160106-26-000010 |
| FY2024 | 18.00B | n/a | 4.42B | n/a | -8.76B | n/a | 9.7% | 20-F, Feb 20, 20250001160106-25-000005 |
| FY2023 | 18.63B | n/a | 5.46B | n/a | 2.85B | n/a | 11.6% | 20-F, Feb 22, 20240001160106-24-000009 |
| FY2022 | -5.35B | n/a | 3.83B | n/a | 19.58B | n/m | 8.8% | 20-F, Feb 24, 20230001160106-23-000008 |
| FY2021 | 38.95B | n/a | 5.78B | n/a | 3.53B | n/a | 11.3% | 20-F, Feb 28, 20220001160106-22-000008 |
| FY2020 | 29.17B | n/a | 1.32B | n/a | 25.25B | n/a | 2.7% | 20-F, Feb 26, 20210001160106-21-000011 |
| FY2019 | 42.36B | n/a | 2.92B | n/a | 7.84B | n/a | 6.1% | 20-F, Feb 25, 20200000930413-20-000534 |
| FY2018 | 22.09B | n/a | 4.41B | n/a | -14.62B | n/a | 8.8% | 20-F, Feb 25, 20190000930413-19-000675 |
| FY2017 | 34.24B | n/a | 3.91B | n/a | -6.85B | n/a | 8.0% | 20-F, Mar 9, 20180000930413-18-000875 |
| FY2016 | 39.61B | n/a | 2.06B | n/a | -1.69B | n/a | 4.3% | 20-F, Mar 9, 20180000930413-18-000875 |
- Revenue, compound annual growth FY2016 to FY2025: -7.6%
- Earnings, compound annual growth FY2016 to FY2025: 9.5%
- Earnings per share: Fewer than two filed years carry earnings per share.
- Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m Computed. Sources for Beneish M-scoreFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
Piotroski F-scoreWhy n/m4 of the nine Piotroski signals are undefined for a bank: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name. | n/m Computed. Sources for Piotroski F-scoreFY2025 20-F, filed Feb 13, 2026, 0001160106-26-000010 |
| Named tests met | 1 of 30 Computed. Sources for Named tests met |
| Beta | 0.87 Computed. Sources for Beta21:00 UTC |
The named tests
Of 30 tests value investors published: 1 met, 12 not met, 17 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- Cheapest quarter on P/E (David Dreman)
- Does not
- Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); High returns and growth; Low beta, profitable; Near the 52-week low; High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
- Not measured
- Defensive investor (Benjamin Graham); Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(24)
- Current Ratio: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
- Debt to Equity: A bank's deposits are its raw material, not borrowings. Debt to equity computed over a deposit-funded balance sheet says nothing about solvency. Use the equity to assets ratio instead.
- Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
- Piotroski F-Score: 4 of the nine Piotroski signals are undefined for a bank: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.
- EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
- Gross Margin: This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.
- Asset Turnover: A lender's assets are loans and securities that earn interest, not plant used to produce sales. Revenue over assets is not a turnover measure here.
- EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Interest Coverage: Interest is what a lender pays for its inventory of money, not a financing charge sitting below the operating line. Interest coverage is not defined for lenders.
- Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
- Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
- Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
- ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Price To Graham: We do not hold this figure for this company, so there is nothing to show.
- Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 24 figures could not be read on this company, among them Current Ratio, Debt to Equity, Positive Earnings Streak. Each blank in the table above names the rest, with its reason. 17 named tests come back incomplete because of them, which is neither met nor missed.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Then we check your line against newly filed data and write to you the night our data shows it broke. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published. It is Professional, the plan a new account starts on for 30 days, one trial per person.
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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.
Margin Notes
Once a week, what changed in the filings of US-listed companies, and what it can mean for a thesis.