Bank of America
BAC on NYSE. Bank of America sells banking and financial services to people, businesses, and institutions. Market value $438.4bn.
Not on tonight’s list. It failed one of the two tests; the numbers are below.
We could not compute this from the filings.
Not meaningful for banks and insurers, whose profit is not measured this way.
Not meaningful for banks and insurers, whose profit is not measured this way.
Five years of cash, in billions
| Revenue | $89.1bn | $95.0bn | $102.8bn | $105.9bn | $113.1bn |
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | 1.04 | 1.01 | 1.04 | 0.96 | 1.05 |
| Shares outstanding | 8.63bn | 8.07bn | 8.00bn | 7.87bn | 7.60bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksNot applicable to banks
- Debt1.05× equity
- Revenue growth, five yearsSlow, 6.1% a year
- Buying back its own sharesYes, 12% fewer since 2021
Dates
Funds that own it
| Manager | Value | Change |
|---|---|---|
| Diamond Hill Capital | $187m | Cut 36% |
| Daily Journal | $114m | Held |
| Dodge & Cox | $99m | Cut 4% |
| Davis Selected Advisers | $57m | Cut 14% |
| GAMCO Investors | $25m | Cut 2% |
| Kahn Brothers | $461,126 | Held |
| Berkshire Hathaway | $0 | Exited |
| GMO Asset Management | $0 | Exited |
| Bridgewater Associates | $0 | Exited |
| Gotham Asset Management | $0 | Exited |
| Brave Warrior Advisors | $0 | Exited |
| Smead Capital | $0 | Exited |
| First Eagle Investment | $0 | Exited |
| Ariel Investments | $0 | Exited |
| Aristotle Atlantic Partners | $0 | Exited |
| GoodHaven Capital | $0 | Exited |
| Harris Associates | $0 | Exited |
From 13F filings for the quarter ending 30 June 2026. These are reported 45 days late and only show long positions.
Insiders
We do not track insider filings for this company yet.
What could go wrong
Cheap for a reason is the question the numbers cannot answer. Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; the five-year figures are rounded.