# Barclays (BARC.LSE)

Canonical: https://gigainvestors.com/s/BARC.LSE

Analysis as of: 2026-10-16T07:33:46.140Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 432.40 per share; close as of 2026-10-15.

Estimated value: low GBX 333.79 per share, central GBX 367.17 per share, high GBX 407.96 per share. Buy at or below the central value GBX 367.17 per share. Valuation as of 2026-10-16T07:33:46.140Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.74×

Chart: Net income; fiscal year observations.

- FY2016: GBP 1.8B

- FY2017: GBP -1.7B

- FY2018: GBP 1.6B

- FY2019: GBP 2.5B

- FY2020: GBP 1.5B

- FY2021: GBP 6.4B

- FY2022: GBP 5.0B

- FY2023: GBP 5.3B

- FY2024: GBP 6.3B

- FY2025: GBP 7.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 6.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 3.1%

- FY2017: -3.1%

- FY2018: 2.9%

- FY2019: 4.4%

- FY2020: 2.6%

- FY2021: 10.5%

- FY2022: 8.4%

- FY2023: 8.3%

- FY2024: 9.9%

- FY2025: 10.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.0%

- Book return interval: 10 years

- Starting book value per share: GBP 3.07

- Ending book value per share: GBP 5.01

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 12.6%

- FY2017: -0.3%

- FY2018: -0.1%

- FY2019: 6.2%

- FY2020: 3.8%

- FY2021: 9.3%

- FY2022: 2.9%

- FY2023: 16.0%

- FY2024: 8.0%

- FY2025: 24.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -4.3%

- Share growth excluding flagged crisis recapitalisations: -1.9%

- Five-year share growth excluding flagged crisis recapitalisations: -4.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: GBP 1.94

- Earnings retained per share after dividends and buybacks: GBP -0.97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 1.5% a year forever · "Barclays profits surge 17% as investment bank cashes in on trading spurt" (uk.finance.yahoo.com, Jul 2026) · net income +13.7%

Story as of 2026-10-16T09:59:57.677Z; price observation 2026-10-15.

The price assumes profits grow 1.5% a year forever

- 2025-07-29: Barclays Trading Unit Boosted by Market Turmoil, Lifting Earnings Above Views ([finance.yahoo.com](https://finance.yahoo.com/m/71aa5113-84ec-3288-a634-5feb8493fbb7/barclays-trading-unit-boosted.html))

- 2025-10-22: Barclays earnings dip after raising car finance compensation bill to £325m ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/barclays-earnings-dip-raising-car-065316930.html))

- 2026-04-28: Barclays sets aside £823m for bad debts after fraud hit but profits rise ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/barclays-sets-aside-823m-bad-071154661.html))

- 2026-06-10: Barclays Drops Direct Investing Fee To Compete For Retail Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/barclays-drops-direct-investing-fee-021229407.html))

### Net income · FY2025

net income +13.7%; source https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html; observed 2026-02-17.

- FY2016: GBP 1.8B 

- FY2017: GBP -1.7B 

- FY2018: GBP 1.6B 

- FY2019: GBP 2.5B 

- FY2020: GBP 1.5B 

- FY2021: GBP 6.4B 

- FY2022: GBP 5.0B 

- FY2023: GBP 5.3B 

- FY2024: GBP 6.3B 

- FY2025: GBP 7.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are GBP 50.8 billion.

- Source: https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html (filed 2026-02-17); FY2025: revenue 50828000000.

### Why customers stay

It earns 6.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on tangible equity observations [[2016,0.030640278579802966],[2017,-0.03118310261167404],[2018,0.029258193943169118],[2019,0.04370449298526017],[2020,0.026379021244965342],[2021,0.10452361823875654],[2022,0.08364278220904868],[2023,0.08293644535562214],[2024,0.09925093632958802],[2025,0.10319424460431655]]; median 0.06332046917044115. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 6.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,1304000000],[2017,1273000000],[2018,1658000000],[2019,1912000000],[2020,936000000],[2021,1360000000],[2022,1978000000],[2023,2259000000],[2024,2261000000],[2025,2251000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html (filed 2026-02-17); FY2025: cash repurchases 6234000000 GBP.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BARC.LSE SharesStats.PercentInsiders = 0.124 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 1.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Price 432.4; FX 100; original perpetual distributable cash 0.3671655638180103; discount 0.1; growth 0.015086594861699748. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 190.30 per share

- 2016-11: GBX 215.95 per share

- 2016-12: GBX 223.45 per share

- 2017-01: GBX 219.45 per share

- 2017-02: GBX 226.50 per share

- 2017-03: GBX 225.10 per share

- 2017-04: GBX 212.25 per share

- 2017-05: GBX 210.00 per share

- 2017-06: GBX 202.75 per share

- 2017-07: GBX 203.00 per share

- 2017-08: GBX 191.10 per share

- 2017-09: GBX 193.35 per share

- 2017-10: GBX 185.95 per share

- 2017-11: GBX 193.50 per share

- 2017-12: GBX 203.10 per share

- 2018-01: GBX 199.94 per share

- 2018-02: GBX 213.50 per share

- 2018-03: GBX 206.50 per share

- 2018-04: GBX 207.25 per share

- 2018-05: GBX 197.24 per share

- 2018-06: GBX 189.00 per share

- 2018-07: GBX 193.96 per share

- 2018-08: GBX 175.70 per share

- 2018-09: GBX 171.78 per share

- 2018-10: GBX 172.50 per share

- 2018-11: GBX 162.88 per share

- 2018-12: GBX 150.52 per share

- 2019-01: GBX 158.18 per share

- 2019-02: GBX 164.16 per share

- 2019-03: GBX 154.68 per share

- 2019-04: GBX 164.28 per share

- 2019-05: GBX 149.34 per share

- 2019-06: GBX 149.80 per share

- 2019-07: GBX 154.08 per share

- 2019-08: GBX 136.60 per share

- 2019-09: GBX 150.40 per share

- 2019-10: GBX 167.80 per share

- 2019-11: GBX 171.54 per share

- 2019-12: GBX 179.64 per share

- 2020-01: GBX 168.00 per share

- 2020-02: GBX 148.74 per share

- 2020-03: GBX 94.11 per share

- 2020-04: GBX 105.90 per share

- 2020-05: GBX 115.24 per share

- 2020-06: GBX 114.42 per share

- 2020-07: GBX 100.56 per share

- 2020-08: GBX 111.96 per share

- 2020-09: GBX 97.61 per share

- 2020-10: GBX 106.56 per share

- 2020-11: GBX 134.56 per share

- 2020-12: GBX 146.68 per share

- 2021-01: GBX 133.54 per share

- 2021-02: GBX 159.60 per share

- 2021-03: GBX 185.92 per share

- 2021-04: GBX 175.50 per share

- 2021-05: GBX 183.10 per share

- 2021-06: GBX 171.12 per share

- 2021-07: GBX 174.50 per share

- 2021-08: GBX 184.90 per share

- 2021-09: GBX 189.60 per share

- 2021-10: GBX 202.25 per share

- 2021-11: GBX 184.22 per share

- 2021-12: GBX 187.00 per share

- 2022-01: GBX 197.22 per share

- 2022-02: GBX 182.88 per share

- 2022-03: GBX 148.30 per share

- 2022-04: GBX 148.20 per share

- 2022-05: GBX 169.06 per share

- 2022-06: GBX 153.12 per share

- 2022-07: GBX 157.18 per share

- 2022-08: GBX 164.50 per share

- 2022-09: GBX 144.30 per share

- 2022-10: GBX 147.76 per share

- 2022-11: GBX 161.24 per share

- 2022-12: GBX 158.52 per share

- 2023-01: GBX 185.84 per share

- 2023-02: GBX 174.64 per share

- 2023-03: GBX 145.80 per share

- 2023-04: GBX 159.88 per share

- 2023-05: GBX 151.34 per share

- 2023-06: GBX 153.38 per share

- 2023-07: GBX 154.96 per share

- 2023-08: GBX 147.36 per share

- 2023-09: GBX 158.94 per share

- 2023-10: GBX 131.60 per share

- 2023-11: GBX 141.04 per share

- 2023-12: GBX 153.78 per share

- 2024-01: GBX 148.42 per share

- 2024-02: GBX 164.46 per share

- 2024-03: GBX 183.20 per share

- 2024-04: GBX 202.70 per share

- 2024-05: GBX 220.00 per share

- 2024-06: GBX 208.90 per share

- 2024-07: GBX 233.80 per share

- 2024-08: GBX 228.40 per share

- 2024-09: GBX 224.55 per share

- 2024-10: GBX 237.50 per share

- 2024-11: GBX 263.80 per share

- 2024-12: GBX 268.15 per share

- 2025-01: GBX 297.00 per share

- 2025-02: GBX 311.30 per share

- 2025-03: GBX 287.80 per share

- 2025-04: GBX 296.80 per share

- 2025-05: GBX 327.50 per share

- 2025-06: GBX 337.30 per share

- 2025-07: GBX 371.30 per share

- 2025-08: GBX 360.40 per share

- 2025-09: GBX 379.60 per share

- 2025-10: GBX 407.00 per share

- 2025-11: GBX 430.25 per share

- 2025-12: GBX 475.95 per share

- 2026-01: GBX 486.20 per share

- 2026-02: GBX 452.85 per share

- 2026-03: GBX 389.45 per share

- 2026-04: GBX 431.45 per share

- 2026-05: GBX 457.95 per share

- 2026-06: GBX 506.60 per share

- 2026-07: GBX 508.70 per share

- 2026-08: GBX 496.65 per share

- 2026-09: GBX 457.55 per share

- 2026-10: GBX 436.05 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 154.37 per share, central GBX 169.81 per share, high GBX 188.67 per share

- FY2017: low GBX 71.37 per share, central GBX 78.50 per share, high GBX 87.22 per share

- FY2018: low GBX 47.20 per share, central GBX 52.38 per share, high GBX 58.83 per share

- FY2019: low GBX 48.46 per share, central GBX 53.78 per share, high GBX 60.41 per share

- FY2020: low GBX 49.48 per share, central GBX 54.91 per share, high GBX 61.68 per share

- FY2021: low GBX 77.53 per share, central GBX 85.29 per share, high GBX 94.76 per share

- FY2022: low GBX 88.32 per share, central GBX 98.74 per share, high GBX 111.96 per share

- FY2023: low GBX 95.42 per share, central GBX 107.46 per share, high GBX 122.99 per share

- FY2024: low GBX 107.91 per share, central GBX 123.28 per share, high GBX 143.75 per share

- FY2025: low GBX 206.56 per share, central GBX 242.69 per share, high GBX 294.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:32.005Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 3,975,718 BCS shares; USD 106,788,000 reported position value; 1.16% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 20,525 BCS shares; USD 551,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.