Bank of New York Mellon Corp. (BNY) intrinsic value & 10-year financials
Bank of New York Mellon Corp. (BNY) has a Graham intrinsic value of $181.31 per share. At $143.30 on Oct 17, 2026, the stock trades 21% below that value. Over the last 10 fiscal years revenue grew 34.4% a year to $20.1B, with an average return on invested capital of 6.1%.
- Graham intrinsic value
- $181.31
- Share price (Oct 17, 2026)
- $143.30
- Price vs Graham value
- 21% below
- Market cap
- $102.7B
- Revenue (FY2025)
- $20.1B
- Revenue growth (10-yr CAGR)
- 34.4%
- ROIC (10-yr avg)
- 6.1%
- Free cash flow (FY2025)
- $5.2B
BNY 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 | — | 7.9% |
| FY2024 | $18.6B | $4.5B | $5.80 | -$782.0M | — | 6.7% |
| FY2023 | $17.5B | $3.3B | $3.87 | $4.7B | — | 4.9% |
| FY2022 | $16.4B | $2.6B | $2.90 | $13.7B | — | 4.0% |
| FY2021 | $15.9B | $3.8B | $4.14 | $1.6B | — | 5.9% |
| FY2020 | $15.8B | $3.6B | $3.83 | $3.8B | — | 5.6% |
| FY2019 | $16.5B | $4.4B | $4.51 | -$1.1B | — | 6.9% |
| FY2018 | $16.4B | $4.3B | $4.04 | $4.9B | — | 6.7% |
| FY2017 | $15.5B | $4.1B | $3.72 | $3.4B | — | 6.7% |
| FY2016 | $1.4B | $3.5B | $3.15 | $5.4B | — | 6.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BNY Mellon is a consistent compounder, expanding top-line revenue at 34.4% annually over the past decade.
BNY Mellon has historically struggled to out-earn its cost of capital, averaging just 6.1% ROIC.
Over the decade, BNY Mellon 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, BNY Mellon 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.