A Business at a Glance
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WELLS FARGO & COMPANY/MN
WFC
$279.7B
Mkt Cap
$86.31
+0.14%
WELLS FARGO & COMPANY/MN (WFC) has a current P/E ratio of 13.8, compared to its historical median P/E of 11.5. The stock is currently considered Fair based on its historical valuation range.
WELLS FARGO & COMPANY/MN (WFC) has a 5-year average return on invested capital (ROIC) of 4.9%. This is below average and may indicate limited pricing power.
WELLS FARGO & COMPANY/MN (WFC) has a market capitalization of $264.5B. It is classified as a mega-cap stock.
Yes, WELLS FARGO & COMPANY/MN (WFC) pays a dividend with a trailing twelve-month yield of 2.08%. The company also returns capital through share buybacks, with a buyback yield of 6.81%.
Based on historical P/E analysis, WELLS FARGO & COMPANY/MN (WFC) appears fair. The current P/E of 13.8 is 20% above its historical median of 11.5. The estimated fair value CAGR (P/E method) is 14.1%.
WELLS FARGO & COMPANY/MN (WFC) operates in the National Commercial Banks industry, within the Financials sector.
WELLS FARGO & COMPANY/MN (WFC) reported annual revenue of $123.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Wells Fargo operates as a diversified financial services company serving consumers, businesses, and institutional clients through consumer banking and lending, commercial banking, corporate investment banking, and markets businesses. The company earns revenue through net interest income on loans and deposits, investment banking fees, trading revenues, and wealth management commissions, with a business model that combines traditional deposit-taking and lending with capital markets and advisory services. The company has historically been constrained by an asset cap but now operates with greater balance sheet flexibility to grow loans, deposits, and markets-related client financing activities, which tend to be lower-margin but lower-risk assets. Wells Fargo maintains a broad geographic footprint across the United States and internationally, with a focus on high-density markets where it has identified growth opportunities, and competes through its scale, integrated capabilities across businesses, and investments in digital banking and customer service. The company's competitive positioning is supported by its ability to serve clients across multiple business lines, its commercial banking relationships with middle-market and larger corporations, and its consumer banking franchise, though it continues to invest in modernizing its digital offerings and expanding its deposit base.
【Balance sheet growth resuming】 Management expects continued momentum in loan and deposit growth throughout 2026, with average loans projected to grow at mid-single-digit rates and deposits expanding across all operating segments, particularly in interest-bearing products as the asset cap remains lifted. The company anticipates that higher energy prices and geopolitical volatility will create both headwinds and opportunities for customer borrowing and business activity, though the financial health of consumers and businesses remains strong. Markets business revenue is expected to grow despite margin compression from lower-margin client financing activities, and the company is targeting a medium-term return on tangible common equity of 17%–18% through a combination of revenue growth, expense discipline, and capital optimization. Management remains focused on organic growth investments, including hiring coverage bankers in targeted markets and enhancing digital capabilities, while maintaining capital discipline and managing the CET1 ratio within a 10%–10.5% target range.
| Metric | Target | Period |
|---|---|---|
| Non-Interest Expense | approximately $55.7 billion | FY2026 |
| Markets Net Interest Income | approximately $2 billion | FY2026 |
| Net Interest Income excluding markets | approximately $48 billion | FY2026 |
| Medium-term Return on Tangible Common Equity (ROTCE) target | 17%-18% | Medium-term |
Non-Interest Expense (FY2026): “we still expect 2026 non-interest expense to be approximately $55.7 billion”
Markets Net Interest Income (FY2026): “our expectation of approximately $2 billion in 2024 seems appropriate”
Net Interest Income excluding markets (FY2026): “we currently expect NII excluding markets to be approximately $48 billion in 2026”
Medium-term Return on Tangible Common Equity (ROTCE) target (Medium-term): “we have a new medium-term ROTCE target of 17%-18%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Investment advisory and other asset-based fees | $11.01B | $9.00B | $8.67B | $9.78B | $10.50B | 29% |
Operating Segments | $9.57B | $8.85B | $8.45B | $9.53B | $10.26B | 28% |
Deposit-related fees | $5.47B | $5.32B | $4.69B | $5.01B | $5.10B | 14% |
Interchange and merchant services fees | — | — | $3.83B | $3.83B | $3.97B | 11% |
Investment banking fees | $2.35B | $1.44B | $1.65B | $2.67B | $3.03B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 85.0B | 123.5B | 125.4B | 115.3B | 83.4B | 83.1B |
| Net Income | 20.7B | 20.3B | 18.6B | 18.0B | 12.6B | 20.8B |
| EPS | $6.60 | $6.26 | $5.37 | $4.83 | $3.27 | $5.08 |
| Free Cash Flow | 0 | -19.0B | 3.0B | 40.4B | 27.0B | -11.5B |
| ROIC | 5.7% | 5.7% | 5.0% | 4.8% | 3.6% | 5.6% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.21 | 1.07 | 0.98 | 1.60 | 1.25 | 1.04 |
| Dividends/Share | $1.80 | $1.70 | $1.50 | $1.30 | $1.10 | $0.60 |
| Operating Income | 2.2B | 2.5B | 2.2B | 1.9B | 2.8B | 4.4B |
| Operating Margin | 2.6% | 2.1% | 1.8% | 1.6% | 3.4% | 5.3% |
| ROE | 11.6% | 11.3% | 10.2% | 9.8% | 6.8% | 11.2% |
| Shares Outstanding | 3,064M | 3,240M | 3,465M | 3,723M | 3,842M | 4,098M |
WELLS FARGO & COMPANY/MN passes 3 of 9 quality checks, indicating weak fundamentals.
WELLS FARGO & COMPANY/MN trades at 13.8x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 4.9%. Total shareholder yield (dividends + buybacks) is 8.9%. At current prices, the estimated annualized return to fair value is +20.6%.
WELLS FARGO & COMPANY/MN (WFC) has a net profit margin of 16.4%. This is a healthy margin.
WELLS FARGO & COMPANY/MN (WFC) generated $-19.0 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
WELLS FARGO & COMPANY/MN (WFC) has a debt-to-equity ratio of 1.07. This indicates moderate leverage.
WELLS FARGO & COMPANY/MN (WFC) reported earnings per share (EPS) of $6.26 in its most recent fiscal year.
WELLS FARGO & COMPANY/MN (WFC) has a return on equity (ROE) of 11.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for WELLS FARGO & COMPANY/MN (WFC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WELLS FARGO & COMPANY/MN (WFC) has a book value per share of $55.89, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in loan and deposit growth throughout 2026, with average loans projected to grow at mid-single-digit rates and deposits expanding across all operating segments, particularly in interest-bearing products as the asset cap remains lifted. The company anticipates that higher energy prices and geopolitical volatility will create both headwinds and opportunities for customer borrowing and business activity, though the financial health of consumers and businesses remains strong. Markets business revenue is expected to grow despite margin compression from lower-margin client financing activities, and the company is targeting a medium-term return on tangible common equity of 17%–18% through a combination of revenue growth, expense discipline, and capital optimization. Management remains focused on organic growth investments, including hiring coverage bankers in targeted markets and enhancing digital capabilities, while maintaining capital discipline and managing the CET1 ratio within a 10%–10.5% target range.
Based on recent SEC filings and earnings calls, WELLS FARGO & COMPANY/MN (WFC) has provided the following forward guidance: Non-Interest Expense: approximately $55.7 billion (FY2026); Markets Net Interest Income: approximately $2 billion (FY2026); Net Interest Income excluding markets: approximately $48 billion (FY2026); Medium-term Return on Tangible Common Equity (ROTCE) target: 17%-18% (Medium-term).
No recent press releases.