Valuation range the line at three costs of equity r 11% · 1.78× r 9% · 2.37× now 1.91×
0.0× 1.0× 2.0× 3.0× 4.0×
At r = 10% the line gives 2.03× for a 17.2% ROTCE; the market pays 1.91×, a 6% discount to the line .
Where it has traded quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026 0.50× 1.13× 1.75× 2.38× 3.00× 2021 2022 2023 2024 2025 2026 2021-12-31 · 1.42× (close 47.98 · TBVPS 33.79) 2022-03-31 · 1.51× (close 48.46 · TBVPS 32.06) 2022-06-30 · 1.23× (close 39.17 · TBVPS 31.87) 2022-09-30 · 1.28× (close 40.22 · TBVPS 31.31) 2022-12-31 · 1.26× (close 41.29 · TBVPS 32.65) 2023-03-31 · 1.13× (close 37.38 · TBVPS 33.12) 2023-06-30 · 1.26× (close 42.68 · TBVPS 33.85) 2023-09-30 · 1.19× (close 40.86 · TBVPS 34.35) 2023-12-31 · 1.36× (close 49.22 · TBVPS 36.26) 2024-03-31 · 1.62× (close 57.96 · TBVPS 35.81) 2024-06-30 · 1.64× (close 59.39 · TBVPS 36.32) 2024-09-30 · 1.47× (close 56.49 · TBVPS 38.54) 2024-12-31 · 1.85× (close 70.24 · TBVPS 37.96) 2025-03-31 · 1.83× (close 71.79 · TBVPS 39.21) 2025-06-30 · 1.98× (close 80.12 · TBVPS 40.52) 2025-09-30 · 2.03× (close 83.82 · TBVPS 41.24) 2025-12-31 · 2.25× (close 93.20 · TBVPS 41.40) 2026-03-31 · 1.85× (close 79.61 · TBVPS 42.92) 2026-06-30 · 1.82× (close 82.64 · TBVPS 45.42) 2026-09-30 · 1.83× (close 80.11 · TBVPS 43.81) p75 1.84× med 1.56× p25 1.28× now 1.91× Five-year median 1.56×, middle half 1.28–1.84×, range 1.13–2.25×. Now 1.91×: +22% above its own median, higher than 85% of those quarters. Each quarter priced at its own TBVPS · the band is the 25th–75th percentile
Where the money goes TTM through Sep 30, 2026 · $B 0 20 40 60 80 Interest income: 92.2 $B 92.2 Interest income Interest expense: −43.0 $B −43.0 Interest expense NII: 49.3 $B 49.3 NII Non-interest income: 38.2 $B 38.2 Non-interest income Net revenue: 87.5 $B 87.5 Net revenue Operating expenses: −55.8 $B −55.8 Operating expenses Provision: −4.1 $B −4.1 Provision Other items: 0.1 $B 0.1 Other items Pre-tax: 27.7 $B 27.7 Pre-tax Tax: −4.4 $B −4.4 Tax Net income: 23.0 $B 23.0 Net income
assets $2.3T ÷ TCE $133.7B = 16.9× leverage · ROA 1.02% × 16.9 = ROTCE 17.2%
Revenue mix NII vs. non-interest income · Money center peers (3) WFC 56 / 44
Tier average 52 / 48
Efficiency 63.8% vs. tier 57.5% · ROTCE 17.2% vs. 17.3% · credit cost 4.7% vs. 7.1% · AOCI/TCE −12.4% vs. −14.1%.
Quarter by quarter 8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter