A Business at a Glance
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Developments relating to individual aspects of the business of BOK Financial are described below. Additional discussion of the Company’s activities during the current year appears within Item 7 "Management’s Discussion and Analysis of Financial Condition and Results of Operations." Description of Business BOK Financial is a financial holding company incorporated in the state of Oklahoma in 1990 whose activities are governed by the BHCA, as amended by the Financial Services Modernization Act or Gramm-Leach-Bliley Act and the Dodd-Frank Act. BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. At December 31, 2025, the Company reported total consolidated assets of $52 billion. BOKF, NA is a wholly owned subsidiary bank of BOK Financial. BOKF, NA operates TransFund and Cavanal Hill Investment Management.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Fees and commissions revenue | $444M | $492M | $505M | $535M | $582M | 34% |
Fiduciary and asset management revenue | $178M | $196M | $207M | $231M | $257M | 15% |
Deposit service charges and fees | $104M | $111M | $109M | $119M | $126M | 7% |
Transaction card revenue | $97M | $104M | $107M | $109M | $118M | 7% |
Personal trust revenue | $98M | $99M | $95M | $103M | $111M | 6% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.4B | 3.5B | 3.1B | 2.0B | 1.9B |
| Net Income | 578M | 578M | 524M | 531M | 520M | 618M |
| EPS | $9.17 | $9.17 | $8.14 | $8.02 | $7.68 | $8.95 |
| Free Cash Flow | 575M | 575M | 1.3B | -100M | 4.9B | 3.5B |
| ROIC | 6.1% | 5.6% | 5.2% | 3.8% | 4.4% | 7.9% |
| Gross Margin | 71.7% | 71.7% | 70.0% | 78.5% | 89.6% | 91.6% |
| Debt/Equity | 0.78 | 0.78 | 0.80 | 1.74 | 1.52 | 0.47 |
| Dividends/Share | $2.34 | $2.34 | $2.22 | $2.17 | $2.13 | $2.09 |
| Operating Income | 741M | 741M | 667M | 683M | 660M | 796M |
| Operating Margin | 21.9% | 21.9% | 19.2% | 21.8% | 32.4% | 41.1% |
| ROE | 9.8% | 10.1% | 9.4% | 10.3% | 11.1% | 11.5% |
| Shares Outstanding | 63M | 63M | 64M | 66M | 68M | 69M |
BOK FINANCIAL CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
BOK FINANCIAL CORP trades at 14.8x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.8x vs a median of 3.6x. The company's 5-year average ROIC is 5.4% with a gross margin of 80.3%. Total shareholder yield (dividends + buybacks) is 6.6%. At current prices, the estimated annualized return to fair value is -25.3%.
BOK FINANCIAL CORP (BOKF) has a current P/E ratio of 14.8, compared to its historical median P/E of 11.5. The stock is currently considered Expensive based on its historical valuation range.
BOK FINANCIAL CORP (BOKF) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
BOK FINANCIAL CORP (BOKF) has a market capitalization of $8.5B. It is classified as a mid-cap stock.
Yes, BOK FINANCIAL CORP (BOKF) pays a dividend with a trailing twelve-month yield of 1.73%. The company also returns capital through share buybacks, with a buyback yield of 4.84%.
Based on historical P/E analysis, BOK FINANCIAL CORP (BOKF) appears expensive. The current P/E of 14.8 is 29% above its historical median of 11.5. The estimated fair value CAGR (P/E method) is 5.0%.
BOK FINANCIAL CORP (BOKF) operates in the National Commercial Banks industry, within the Financials sector.
BOK FINANCIAL CORP (BOKF) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
BOK FINANCIAL CORP (BOKF) has a net profit margin of 17.1%. This is a healthy margin.
BOK FINANCIAL CORP (BOKF) generated $575 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BOK FINANCIAL CORP (BOKF) has a debt-to-equity ratio of 0.78. This indicates moderate leverage.
BOK FINANCIAL CORP (BOKF) reported earnings per share (EPS) of $9.17 in its most recent fiscal year.
BOK FINANCIAL CORP (BOKF) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
BOK FINANCIAL CORP (BOKF) has a 5-year average gross margin of 80.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for BOK FINANCIAL CORP (BOKF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BOK FINANCIAL CORP (BOKF) has a book value per share of $93.90, based on its most recent annual SEC filing.
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