Wells Fargo & Company (WFC) intrinsic value & 10-year financials
Wells Fargo & Company (WFC) has a Graham intrinsic value of $101.32 per share. At $83.87 on Oct 17, 2026, the stock trades 17% below that value. Over the last 10 fiscal years revenue shrank 0.6% a year to $83.7B, with an average return on invested capital of 9.7%.
- Graham intrinsic value
- $101.32
- Share price (Oct 17, 2026)
- $83.87
- Price vs Graham value
- 17% below
- Market cap
- $271.9B
- Revenue (FY2025)
- $83.7B
- Revenue growth (10-yr CAGR)
- -0.6%
- ROIC (10-yr avg)
- 9.7%
- Free cash flow (FY2025)
- —
WFC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $83.7B | $21.3B | $6.26 | — | — | — |
| FY2024 | $82.3B | $19.7B | $5.37 | — | — | — |
| FY2023 | $82.6B | $19.1B | $4.83 | — | — | — |
| FY2022 | $73.8B | $13.2B | $3.14 | — | — | — |
| FY2021 | $78.5B | $21.5B | $4.95 | — | — | — |
| FY2020 | $72.3B | $3.3B | $0.41 | — | — | — |
| FY2019 | $85.1B | $19.5B | $4.05 | — | — | — |
| FY2018 | $86.4B | $22.4B | $4.28 | — | — | — |
| FY2017 | $88.4B | $22.2B | $4.10 | — | — | — |
| FY2016 | $88.3B | $21.9B | $3.99 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Wells Fargo is facing top-line stagnation, with revenue contracting over the decade.
Wells Fargo is evaluated as a financial franchise, with average ROE near 9.7% 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, Wells Fargo shows that management has aggressively returned capital to shareholders by retiring 36.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Wells Fargo is modeled at 5.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $101.32 per share.