Bank of New York Mellon Corp
$153.41
+0.62 (+0.41%) · delayed · Nov 13, 2026
Five-year price
52w $105.42 to $165.84
- Market cap
- $103.2B
- Enterprise value
- $130.0B
- P/E
- 20.7×
- 26.9× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 5.0%
- ROIC
- —
- Debt / equity
- 0.72
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 9.3%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 160% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.9%
- ●Shrinking share countDiluted shares -19.7% over 5y
Value
25
- ○P/E below 15P/E 20.7
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 5.0%
- ○Price below Graham NumberGraham Number $104.71
- ●P/B below 3P/B 2.3
Safety
33
- ○Debt / equity below 0.5D/E 0.72
- ○Debt payable in < 4 yrs of earningsNet debt $26.8B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $20.1B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 63%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 26.9
- ○P/E × P/B ≤ 22.5Product 62.7
Valuation lab
What do you have to believe?
At $153.41, the market is pricing in about 8.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $26.8B · 673M shares · 5y revenue CAGR 4.9%
Intrinsic value
$106.70
Price
$153.41
Premium paid
44%
What the price implies
The market is paying for 8.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY15 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 15,126 | 15,543 | 16,392 | 16,462 | 15,808 | 15,931 | 16,529 | 17,697 | 18,619 | 20,080 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 4,171 | — | — | — | — | — | — | — | — | — |
| Income tax | 1,013 | 496 | 938 | 1,120 | 842 | 877 | 937 | 979 | 1,305 | 1,475 |
| Net income | 3,158 | 4,090 | 4,266 | 4,441 | 3,617 | 3,759 | 2,556 | 3,302 | 4,530 | 5,549 |
| EPS (diluted) | 2.71 | 3.72 | 4.04 | 4.51 | 3.83 | 4.14 | 2.88 | 3.89 | 5.80 | 7.40 |
| Diluted shares | 1,113 | 1,040 | 1,007 | 943 | 893 | 856 | 815 | 788 | 748 | 717 |
Who owns it