Bank of New York Mellon Corp (BK) intrinsic value & 10-year financials
Bank of New York Mellon Corp (BK) has a Graham intrinsic value of $181.31 per share. Over the last 10 fiscal years revenue grew 34.4% a year to $20.1B, with an average return on invested capital of 9.5%.
- Graham intrinsic value
- $181.31
- Revenue (FY2025)
- $20.1B
- Revenue growth (10-yr CAGR)
- 34.4%
- ROIC (10-yr avg)
- 9.5%
- Free cash flow (FY2025)
- $5.2B
BK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $20.1B | $5.5B | $7.40 | $5.2B | — | — |
| FY2024 | $18.6B | $4.5B | $5.80 | -$782.0M | — | — |
| FY2023 | $17.5B | $3.3B | $3.87 | $4.7B | — | — |
| FY2022 | $16.4B | $2.6B | $2.90 | $13.7B | — | — |
| FY2021 | $15.9B | $3.8B | $4.14 | $1.6B | — | — |
| FY2020 | $15.8B | $3.6B | $3.83 | $3.8B | — | — |
| FY2019 | $16.5B | $4.4B | $4.51 | -$1.1B | — | — |
| FY2018 | $16.4B | $4.3B | $4.04 | $4.9B | — | — |
| FY2017 | $15.5B | $4.1B | $3.72 | $3.4B | — | — |
| FY2016 | $1.4B | $3.5B | $3.15 | $5.4B | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Bank of New York Mellon Corp is a consistent compounder, expanding top-line revenue at 34.4% annually over the past decade.
Bank of New York Mellon Corp is evaluated as a financial franchise, with average ROE near 9.6% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, Bank of New York Mellon Corp shows that management has aggressively returned capital to shareholders by retiring 33.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Bank of New York Mellon Corp is modeled at 9.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $181.31 per share.