A Business at a Glance
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Bank of New York Mellon Corp
BK
$108.9B
Mkt Cap
Bank of New York Mellon Corp (BK) has a current P/E ratio of 16.1, compared to its historical median P/E of 12.2. The stock is currently considered Expensive based on its historical valuation range.
Bank of New York Mellon Corp (BK) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
Bank of New York Mellon Corp (BK) has a market capitalization of $81.7B. It is classified as a large-cap stock.
Yes, Bank of New York Mellon Corp (BK) pays a dividend with a trailing twelve-month yield of 1.88%. The company also returns capital through share buybacks, with a buyback yield of 4.61%.
Based on historical P/E analysis, Bank of New York Mellon Corp (BK) appears expensive. The current P/E of 16.1 is 32% above its historical median of 12.2. The estimated fair value CAGR (P/E method) is 8.6%.
Bank of New York Mellon Corp (BK) operates in the State Commercial Banks industry, within the Financials sector.
The Bank of New York Mellon Corporation is a global financial services platform headquartered in New York with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of December 31, 2025. The company operates three principal business segments: Securities Services (including Asset Servicing and Issuer Services), Market and Wealth Services (including Payments, Trade and Clearance, and Collateral Management), and Investment and Wealth Management, along with an Other segment encompassing corporate treasury, tax credit investments, and certain business exits. BNY earns revenue through fee-based services in custody, asset servicing, clearing, collateral management, investment management, wealth management, and payments, as well as net interest revenue from its banking operations. The company maintains a global footprint with approximately 48,100 full-time employees as of December 31, 2025, with roughly 60% based outside the United States, including significant operations in Europe, the Middle East, Africa, and Asia-Pacific. BNY operates through multiple regulated banking subsidiaries in the United States and internationally, including The Bank of New York Mellon (a New York state-chartered bank), BNY Mellon, National Association (a national bank), and BNY SA/NV (the main banking subsidiary in continental Europe). The company competes on the basis of customer service, transaction execution, product range, technological innovation, reputation, and capital access, facing competition from domestic and international financial services firms, investment managers, and fintech providers.
【Navigating rate and deposit dynamics】 Management expects net interest revenue to remain under pressure from low interest rates and money market fee waivers, with guidance indicating full-year net interest revenue down approximately 11%-14% compared to prior years depending on forward rate curves and deposit levels. Fee revenue excluding waivers is expected to grow, with management noting organic growth momentum across the franchise and confidence in achieving growth rates in the 7%-8.5% range as volumes and new business initiatives gain traction. The company is investing in growth and modernization opportunities, including digital payments capabilities, real-time payments and collections, custody enhancements, and cryptocurrency and digital asset solutions, with management acknowledging that some of these investments will take one to three years to generate meaningful revenue contributions. Capital generation remains strong, positioning the company to return capital well in excess of 100% of earnings to shareholders through dividends and share repurchases, while maintaining capital ratios well above regulatory minimums.
| Metric | Target | Period |
|---|---|---|
| Net Interest Revenue | Down 11%-14% compared to 2020 | Full year 2021 |
| Net Interest Revenue | Down approximately 14% compared to 2020 | Full year 2021 |
| Fee revenue excluding waivers | Up 7%-8.5% for full year | Full year 2021 |
| Fee revenue excluding waivers | Up 7%-8% for full year | Full year 2021 |
| Expenses | Up approximately 5% for full year | Full year 2021 |
| Expenses | Up approximately 4% for full year | Full year 2021 |
| Effective tax rate | Approximately 19% | Full year 2021 |
Net Interest Revenue (Full year 2021): “This implies NIR on a full year basis will be down around 11%-12% compared to 2020.”
Net Interest Revenue (Full year 2021): “Our guidance on NIR based on the current forward curve remains down 14% compared to 2020.”
Fee revenue excluding waivers (Full year 2021): “we now expect fees ex waivers for the full year to be up closer to 8.5%.”
Fee revenue excluding waivers (Full year 2021): “Given the strong first half of this year, we now expect full-year fees ex waivers to be up between 7% and 8%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2021 Earnings Call, Q1 FY2021 Earnings Call, Q4 FY2020 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.7B | 40.8B | 39.9B | 34.0B | 20.1B | 16.2B |
| Net Income | 5.7B | 5.3B | 4.3B | 3.1B | 2.3B | 3.6B |
| EPS | $8.24 | $7.40 | $5.80 | $3.89 | $2.88 | $4.14 |
| Free Cash Flow | 1.5B | 5.2B | -782M | 4.7B | 13.7B | 1.6B |
| ROIC | 0.0% | 7.2% | 6.0% | 4.3% | 3.3% | 5.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.73 | 0.76 | 0.75 | 0.77 | 0.75 | 0.60 |
| Dividends/Share | $2.24 | $2.00 | $1.78 | $1.58 | $1.42 | $1.30 |
| Operating Income | 0 | 4.4B | 3.5B | 2.2B | 1.8B | 3.0B |
| Operating Margin | 0.0% | 10.9% | 8.7% | 6.5% | 9.2% | 18.4% |
| ROE | 12.8% | 12.4% | 10.6% | 7.5% | 5.6% | 8.0% |
| Shares Outstanding | 686M | 717M | 748M | 788M | 814M | 858M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 15.9B | 15.4B | 15.6B | 16.5B | 19.2B | 20.8B | 16.9B | 16.2B | 20.1B | 34.0B | 39.9B | 40.8B | 20.7B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 5.8B | 5.8B | 5.8B | 6.0B | 6.1B | 6.1B | 6.0B | 6.3B | 6.8B | 7.1B | 7.1B | 7.2B | 7.2B |
| EBIT | 3.5B | 4.2B | 3.1B | 2.7B | 3.0B | 3.5B | 2.7B | 3.0B | 1.8B | 2.2B | 3.5B | 4.4B | 0 |
| Op. Margin | 21.9% | 27.1% | 20.1% | 16.3% | 15.6% | 16.9% | 15.9% | 18.4% | 9.2% | 6.5% | 8.7% | 10.9% | 0.0% |
| Net Income | 2.5B | 3.1B | 3.4B | 3.9B | 4.1B | 4.3B | 3.4B | 3.6B | 2.3B | 3.1B | 4.3B | 5.3B | 5.7B |
| Net Margin | 15.7% | 19.8% | 21.9% | 23.7% | 21.3% | 20.5% | 20.2% | 22.0% | 11.6% | 9.0% | 10.9% | 13.0% | 27.6% |
| Non-Recurring | 0 | 0 | 4.0M | 0 | 0 | 1.0M | 0 | 0 | 680M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.3% | 5.2% | 5.6% | 5.9% | 5.9% | 6.2% | 4.9% | 5.0% | 3.3% | 4.3% | 6.0% | 7.2% | 0.0% |
| ROE | 6.7% | 8.1% | 8.9% | 9.8% | 10.0% | 10.4% | 7.8% | 8.0% | 5.6% | 7.5% | 10.6% | 12.4% | 12.8% |
| ROA | 0.7% | 0.8% | 0.9% | 1.1% | 1.1% | 1.1% | 0.8% | 0.8% | 0.6% | 0.8% | 1.0% | 1.2% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.5B | 4.1B | 6.3B | 4.7B | 6.0B | 96M | 5.0B | 2.8B | 15.1B | 5.9B | 687M | 6.7B | 3.3B |
| Free Cash Flow | 3.7B | 3.5B | 5.4B | 3.5B | 4.9B | -1.1B | 3.8B | 1.6B | 13.7B | 4.7B | -782M | 5.2B | 1.5B |
| Owner Earnings | 3.8B | 3.5B | 5.6B | 4.2B | 5.6B | -229M | 4.7B | 2.7B | 15.0B | 5.9B | 637M | 6.7B | 1.5B |
| CapEx | 791M | 601M | 825M | 1.2B | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.2B | 1.5B | 1.6B | 1.8B |
| Maint. CapEx | 298M | 261M | 237M | 209M | 180M | 117M | 104M | 82M | 67M | 57M | 50M | 45M | 1.8B |
| Growth CapEx | 493M | 340M | 588M | 988M | 928M | 1.1B | 1.1B | 1.1B | 1.3B | 1.2B | 1.4B | 1.5B | 29M |
| D&A | 298M | 261M | 237M | 209M | 180M | 117M | 104M | 82M | 67M | 57M | 50M | 45M | 1.8B |
| CapEx/OCF | 17.6% | 14.6% | 13.2% | 25.6% | 18.5% | 1260.4% | 24.3% | 42.8% | 8.9% | 20.6% | 213.8% | 23.1% | 56.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 760M | 760M | 778M | 901M | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B |
| Dividend Yield | 2.4% | 2.1% | 2.3% | 2.2% | 2.4% | 3.0% | 3.8% | 3.0% | 3.4% | 3.8% | 2.9% | 2.1% | 1.9% |
| Share Buybacks | 1.7B | 2.4B | 2.4B | 2.7B | 3.3B | 3.3B | 989M | 4.6B | 124M | 2.6B | 3.1B | 3.5B | 3.8B |
| Buyback Yield | 4.6% | 6.6% | 5.9% | 5.9% | 8.5% | 8.4% | 3.1% | 10.3% | 0.4% | 6.7% | 5.4% | 4.2% | 4.6% |
| Stock-Based Comp | 370M | 326M | 438M | 224M | 207M | 208M | 238M | 8.0M | 3.0M | 0 | 0 | 869K | 869K |
| Debt Repayment | 4.4B | 3.7B | 3.0B | 1.0B | 3.6B | 5.3B | 5.2B | 4.7B | 4.0B | 6.1B | 6.0B | 5.5B | 5.5B |
| Balance Sheet | |||||||||||||
| Net Debt | -85.0B | -65.1B | -57.6B | -58.7B | -64.8B | -68.3B | -91.9B | -85.8B | -67.7B | -53.9B | 25.6B | 25.9B | 26.2B |
| Cash & Equiv. | 7.0B | 10.8B | 8.2B | 7.1B | 8.3B | 7.3B | 9.4B | 9.9B | 11.5B | 8.3B | 5.6B | 8.0B | 6.4B |
| Long-Term Debt | 20.3B | 21.5B | 24.5B | 28.0B | 29.2B | 27.5B | 26.0B | 25.9B | 30.5B | 31.3B | 30.9B | 31.9B | 32.6B |
| Debt/Equity | 0.54 | 0.57 | 0.63 | 0.68 | 0.72 | 0.66 | 0.57 | 0.60 | 0.75 | 0.77 | 0.75 | 0.76 | 0.73 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 37.4B | 38.0B | 38.8B | 41.3B | 40.6B | 41.5B | 45.8B | 43.0B | 40.7B | 40.8B | 41.3B | 44.3B | 44.8B |
| Total Assets | 385.3B | 393.8B | 333.5B | 371.8B | 362.9B | 381.5B | 469.6B | 444.4B | 405.6B | 409.9B | 416.1B | 472.3B | 561.5B |
| Total Liabilities | 346.6B | 354.8B | 293.9B | 330.0B | 322.0B | 339.8B | 423.5B | 401.0B | 364.9B | 369.0B | 374.3B | 427.5B | 516.2B |
| Intangibles | 4.1B | 3.8B | 3.6B | 3.4B | 3.2B | 3.1B | 3.0B | 3.0B | 2.9B | 2.9B | 2.9B | 2.8B | 2.8B |
| Retained Earnings | 17.7B | 20.0B | 22.6B | 25.6B | 28.7B | 31.9B | 34.2B | 36.7B | 37.9B | 39.5B | 42.5B | 46.4B | 47.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.15 | 2.71 | 3.15 | 3.72 | 4.04 | 4.51 | 3.83 | 4.14 | 2.88 | 3.89 | 5.80 | 7.40 | 8.24 |
| Owner EPS | 3.29 | 3.14 | 5.14 | 4.02 | 5.53 | -0.24 | 5.25 | 3.20 | 18.42 | 7.43 | 0.85 | 9.32 | 2.16 |
| Book Value | 32.28 | 33.76 | 35.69 | 39.20 | 40.07 | 43.79 | 51.25 | 50.16 | 50.03 | 51.71 | 55.27 | 61.80 | 65.25 |
| Cash Flow/Share | 3.87 | 3.66 | 5.76 | 4.43 | 5.91 | 0.10 | 5.64 | 3.31 | 18.51 | 7.50 | 0.92 | 9.39 | 10.99 |
| Dividends/Share | 0.66 | 0.68 | 0.72 | 0.86 | 1.04 | 1.18 | 1.24 | 1.30 | 1.42 | 1.58 | 1.78 | 2.00 | 2.24 |
| Shares Out. | 1.2B | 1.1B | 1.1B | 1.1B | 1.0B | 947.2M | 893.7M | 858.0M | 814.2M | 788.4M | 747.6M | 717.0M | 686.4M |
| Valuation | |||||||||||||
| P/E Ratio | 14.6 | 11.7 | 11.9 | 11.6 | 9.4 | 9.3 | 9.3 | 12.5 | 14.2 | 12.7 | 13.0 | 15.8 | 14.5 |
| P/FCF | 9.8 | 10.1 | 7.5 | 13.1 | 7.9 | N/A | 8.4 | 27.4 | 2.4 | 8.3 | N/A | 16.2 | 56.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 14.6 | 16.1 | N/A |
| Price/Book | 1.0 | 0.9 | 1.0 | 1.1 | 0.9 | 1.0 | 0.7 | 1.0 | 0.8 | 1.0 | 1.4 | 1.9 | 1.8 |
| Price/Sales | 2.0 | 2.4 | 2.2 | 2.7 | 2.6 | 2.3 | 1.8 | 2.4 | 2.1 | 1.9 | 2.5 | 3.4 | 3.9 |
| FCF Yield | 10.2% | 9.9% | 13.4% | 7.6% | 12.7% | -2.8% | 12.0% | 3.7% | 41.4% | 12.0% | -1.4% | 6.2% | 1.8% |
| Market Cap | 36.3B | 35.7B | 40.6B | 45.5B | 38.5B | 39.8B | 31.9B | 44.4B | 33.2B | 39.0B | 56.5B | 83.9B | 81.7B |
| Avg. Price | 27.36 | 31.59 | 31.34 | 39.64 | 42.74 | 39.28 | 32.57 | 44.43 | 42.12 | 42.31 | 61.65 | 94.03 | 119.10 |
| Year-End Price | 31.29 | 31.69 | 37.38 | 43.20 | 37.99 | 41.99 | 35.71 | 51.74 | 40.76 | 49.43 | 75.55 | 116.95 | 119.10 |
Bank of New York Mellon Corp passes 3 of 9 quality checks, indicating weak fundamentals.
Bank of New York Mellon Corp trades at 16.1x trailing earnings, compared to its 15-year median P/E of 12.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.5x vs a median of 8.3x. The company's 5-year average ROIC is 5.2%. Total shareholder yield (dividends + buybacks) is 6.5%. At current prices, the estimated annualized return to fair value is +24.0%.
Bank of New York Mellon Corp (BK) reported annual revenue of $40.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bank of New York Mellon Corp (BK) has a net profit margin of 13.0%. This is a healthy margin.
Bank of New York Mellon Corp (BK) generated $5.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bank of New York Mellon Corp (BK) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
Bank of New York Mellon Corp (BK) reported earnings per share (EPS) of $7.40 in its most recent fiscal year.
Bank of New York Mellon Corp (BK) has a return on equity (ROE) of 12.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for Bank of New York Mellon Corp (BK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bank of New York Mellon Corp (BK) has a book value per share of $61.80, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects net interest revenue to remain under pressure from low interest rates and money market fee waivers, with guidance indicating full-year net interest revenue down approximately 11%-14% compared to prior years depending on forward rate curves and deposit levels. Fee revenue excluding waivers is expected to grow, with management noting organic growth momentum across the franchise and confidence in achieving growth rates in the 7%-8.5% range as volumes and new business initiatives gain traction. The company is investing in growth and modernization opportunities, including digital payments capabilities, real-time payments and collections, custody enhancements, and cryptocurrency and digital asset solutions, with management acknowledging that some of these investments will take one to three years to generate meaningful revenue contributions. Capital generation remains strong, positioning the company to return capital well in excess of 100% of earnings to shareholders through dividends and share repurchases, while maintaining capital ratios well above regulatory minimums.
Based on recent SEC filings and earnings calls, Bank of New York Mellon Corp (BK) has provided the following forward guidance: Net Interest Revenue: Down 11%-14% compared to 2020 (Full year 2021); Net Interest Revenue: Down approximately 14% compared to 2020 (Full year 2021); Fee revenue excluding waivers: Up 7%-8.5% for full year (Full year 2021); Fee revenue excluding waivers: Up 7%-8% for full year (Full year 2021); Expenses: Up approximately 5% for full year (Full year 2021), plus 2 additional metrics.
Expenses (Full year 2021): “On expenses, we continue to expect the full year to be up about 5%, excluding notable items.”
Expenses (Full year 2021): “On expenses, we now expect the full year to be up closer to 4%, excluding notable items.”
Effective tax rate (Full year 2021): “We also expect our effective tax rate for the year to be approximately 19%.”
No recent press releases.