# Banca MPS (BMPS.MI)

Canonical: https://gigainvestors.com/s/BMPS.MI

Analysis as of: 2026-10-16T07:34:04.293Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 11.17 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 9 years

- Financial history: 9 years

- Profitable years in the last ten: 5

- Required profitable years: 9

Chart: Net income; fiscal year observations.

- FY2017: EUR -3.5B

- FY2018: EUR 279M

- FY2019: EUR -1.0B

- FY2020: EUR -1.7B

- FY2021: EUR 310M

- FY2022: EUR -205M

- FY2023: EUR 2.1B

- FY2024: EUR 2.0B

- FY2025: EUR 2.7B

### 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: 3.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -30.2%

- Years with reported combined ratio: 0

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

- FY2017: -34.5%

- FY2018: 3.2%

- FY2019: -12.7%

- FY2020: -30.2%

- FY2021: 5.2%

- FY2022: -2.7%

- FY2023: 20.9%

- FY2024: 17.0%

- FY2025: 11.0%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: -40.0%

- Book return interval: 8 years

- Starting book value per share: EUR 889.76

- Ending book value per share: EUR 13.94

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

- FY2018: -13.5%

- FY2019: -7.7%

- FY2020: -28.0%

- FY2021: 18.7%

- FY2022: -94.0%

- FY2023: -78.8%

- FY2024: 20.5%

- FY2025: 59.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 87.8%

- Diluted shares, 5-year annual growth: 176.6%

- Share growth excluding flagged crisis recapitalisations: 87.8%

- Five-year share growth excluding flagged crisis recapitalisations: 176.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -875.82

- Earnings retained per share after dividends and buybacks: EUR -197.70

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

## Holders

## Price story

Down 48% since Oct 2021 · net income +39.2%

Story as of 2026-10-16T09:59:58.954Z; price observation 2026-10-14.

### Net income · FY2025

net income +39.2%; source https://filings.xbrl.org/J4CP7MHCXR8DAQMKIL78/2025-12-31/ESEF/IT/0/J4CP7MHCXR8DAQMKIL78-2025-12-31-1-it/reports/J4CP7MHCXR8DAQMKIL78-2025-12-31-1-it.html; observed 2026-04-07.

- FY2017: EUR -3.5B 

- FY2018: EUR 279M 

- FY2019: EUR -1.0B 

- FY2020: EUR -1.7B 

- FY2021: EUR 310M 

- FY2022: EUR -205M 

- FY2023: EUR 2.1B 

- FY2024: EUR 2.0B 

- FY2025: EUR 2.7B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 7 billion.

- Source: https://eodhd.com/api/fundamentals/BMDPF.US.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 7009347000.

### Why customers stay

It earns 3.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 9-year return on tangible equity observations [[2017,-0.3451988298675519],[2018,0.03173580419763649],[2019,-0.12748467516004217],[2020,-0.3018271157921412],[2021,0.05169285684341995],[2022,-0.026593585190737845],[2023,0.2093604091494142],[2024,0.16973836501584197],[2025,0.11028219979548486]]; median 0.03173580419763649. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2017,360246000],[2018,110000],[2019,108000],[2020,331000],[2021,53000],[2022,86000],[2023,96000],[2024,315031000],[2025,1083438000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 2.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 11.166000366210938 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 3.9669708171106017; price multiple 2.8147422506989472. FY2025 cash earnings/share 1.5768610338012834. Closing-price date 2026-10-14.

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

- 2016-11: EUR 445.91 per share

- 2016-12: EUR 314.22 per share

- 2017-01: EUR 314.22 per share

- 2017-02: EUR 314.22 per share

- 2017-03: EUR 314.22 per share

- 2017-04: EUR 314.22 per share

- 2017-05: EUR 314.22 per share

- 2017-06: EUR 314.22 per share

- 2017-07: EUR 314.22 per share

- 2017-08: EUR 314.22 per share

- 2017-09: EUR 314.22 per share

- 2017-10: EUR 98.35 per share

- 2017-11: EUR 85.43 per share

- 2017-12: EUR 81.56 per share

- 2018-01: EUR 78.76 per share

- 2018-02: EUR 66.99 per share

- 2018-03: EUR 53.59 per share

- 2018-04: EUR 55.88 per share

- 2018-05: EUR 55.84 per share

- 2018-06: EUR 51.36 per share

- 2018-07: EUR 55.38 per share

- 2018-08: EUR 43.13 per share

- 2018-09: EUR 46.72 per share

- 2018-10: EUR 30.27 per share

- 2018-11: EUR 33.43 per share

- 2018-12: EUR 31.16 per share

- 2019-01: EUR 25.73 per share

- 2019-02: EUR 28.37 per share

- 2019-03: EUR 25.94 per share

- 2019-04: EUR 28.17 per share

- 2019-05: EUR 21.75 per share

- 2019-06: EUR 22.46 per share

- 2019-07: EUR 27.34 per share

- 2019-08: EUR 30.21 per share

- 2019-09: EUR 31.84 per share

- 2019-10: EUR 30.07 per share

- 2019-11: EUR 30.73 per share

- 2019-12: EUR 29.13 per share

- 2020-01: EUR 35.32 per share

- 2020-02: EUR 38.03 per share

- 2020-03: EUR 23.61 per share

- 2020-04: EUR 23.21 per share

- 2020-05: EUR 27.40 per share

- 2020-06: EUR 32.86 per share

- 2020-07: EUR 31.90 per share

- 2020-08: EUR 29.86 per share

- 2020-09: EUR 28.92 per share

- 2020-10: EUR 21.55 per share

- 2020-11: EUR 24.21 per share

- 2020-12: EUR 21.73 per share

- 2021-01: EUR 21.50 per share

- 2021-02: EUR 25.17 per share

- 2021-03: EUR 23.84 per share

- 2021-04: EUR 23.68 per share

- 2021-05: EUR 25.67 per share

- 2021-06: EUR 24.05 per share

- 2021-07: EUR 24.40 per share

- 2021-08: EUR 23.45 per share

- 2021-09: EUR 22.52 per share

- 2021-10: EUR 21.48 per share

- 2021-11: EUR 16.82 per share

- 2021-12: EUR 18.59 per share

- 2022-01: EUR 19.01 per share

- 2022-02: EUR 17.89 per share

- 2022-03: EUR 19.49 per share

- 2022-04: EUR 16.77 per share

- 2022-05: EUR 16.04 per share

- 2022-06: EUR 11.27 per share

- 2022-07: EUR 8.62 per share

- 2022-08: EUR 6.61 per share

- 2022-09: EUR 4.99 per share

- 2022-10: EUR 1.91 per share

- 2022-11: EUR 1.88 per share

- 2022-12: EUR 1.92 per share

- 2023-01: EUR 2.45 per share

- 2023-02: EUR 2.52 per share

- 2023-03: EUR 2.01 per share

- 2023-04: EUR 2.09 per share

- 2023-05: EUR 2.11 per share

- 2023-06: EUR 2.30 per share

- 2023-07: EUR 2.63 per share

- 2023-08: EUR 2.56 per share

- 2023-09: EUR 2.41 per share

- 2023-10: EUR 2.55 per share

- 2023-11: EUR 3.12 per share

- 2023-12: EUR 3.05 per share

- 2024-01: EUR 3.27 per share

- 2024-02: EUR 3.78 per share

- 2024-03: EUR 4.20 per share

- 2024-04: EUR 4.55 per share

- 2024-05: EUR 4.94 per share

- 2024-06: EUR 4.39 per share

- 2024-07: EUR 5.04 per share

- 2024-08: EUR 5.26 per share

- 2024-09: EUR 5.18 per share

- 2024-10: EUR 5.03 per share

- 2024-11: EUR 6.22 per share

- 2024-12: EUR 6.81 per share

- 2025-01: EUR 6.21 per share

- 2025-02: EUR 6.97 per share

- 2025-03: EUR 7.30 per share

- 2025-04: EUR 7.42 per share

- 2025-05: EUR 7.27 per share

- 2025-06: EUR 7.22 per share

- 2025-07: EUR 7.47 per share

- 2025-08: EUR 7.84 per share

- 2025-09: EUR 7.54 per share

- 2025-10: EUR 7.58 per share

- 2025-11: EUR 8.15 per share

- 2025-12: EUR 9.13 per share

- 2026-01: EUR 8.73 per share

- 2026-02: EUR 8.30 per share

- 2026-03: EUR 7.43 per share

- 2026-04: EUR 9.05 per share

- 2026-05: EUR 9.23 per share

- 2026-06: EUR 10.86 per share

- 2026-07: EUR 11.57 per share

- 2026-08: EUR 11.57 per share

- 2026-09: EUR 11.75 per share

- 2026-10: EUR 11.06 per share

## Annual estimated value (EUR 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/J4CP7MHCXR8DAQMKIL78/2025-12-31/ESEF/IT/0/J4CP7MHCXR8DAQMKIL78-2025-12-31-1-it/reports/J4CP7MHCXR8DAQMKIL78-2025-12-31-1-it.html); period 2025-12-31, filed 2026-04-07.

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.
← Companies

Banca MPS

BMPS · MI

STOXX Europe 600 · FTSE MIB

Not a wonderful business

4 quality tests fail. A lower price would not fix the business.

Share price
EUR 11.17
Quality tests
Fail
Annual history
9 years
Market value
$41B

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 5 years (at least 9 needed).

9y median
EUR 279M
Worst year
EUR -3.5B
Latest · 2025
EUR 2.7B

Earned a median 3.2% on tangible equity (minimum 12%), and the second-worst year -30.2% (minimum 5%).

9y median
3.2%
Worst year
-34.5%
Latest · 2025
11.0%

Book value plus dividends grew -40% a year (minimum 7%).

8y median
-10.6%
Worst year
-94.0%
Latest · 2025
59.4%

Ordinary share growth was 87.8% over the full period and 176.6% over five years (either must be at most 2% a year), and book value gained -875.82 per share against 0 kept (must cover the amount kept).

Filing signals · estimated likelihood
Founder / family8%Acquisition-led15%
Founder or family ownership or board role: 8% estimated likelihood. ; Acquisitions are the main growth strategy: 15% estimated likelihood.
per-share value change
Passing bar
≥ EUR 0

0 accounting warnings were found (none allowed).

accounting warnings
0
Passing bar
≤ 0

Profit record · fail 4 loss years in 9 (at most 2), three-year average earnings per share 1.57 EUR. 4 loss years in the last 10; at most 2 allowed.

Net incomeEUR 2.7B
2.7B-3.5B20172025
FY2017 · Net income: EUR -3.5B; FY2018 · Net income: EUR 279M; FY2019 · Net income: EUR -1.0B; FY2020 · Net income: EUR -1.7B; FY2021 · Net income: EUR 310M; FY2022 · Net income: EUR -205M; FY2023 · Net income: EUR 2.1B; FY2024 · Net income: EUR 2.0B; FY2025 · Net income: EUR 2.7B
Net income
Book / shareEUR 13.94
889.76020172025
FY2017 · Book / share: EUR 889.76; FY2018 · Book / share: EUR 769.81; FY2019 · Book / share: EUR 710.61; FY2020 · Book / share: EUR 511.55; FY2021 · Book / share: EUR 607.21; FY2022 · Book / share: EUR 36.68; FY2023 · Book / share: EUR 7.78; FY2024 · Book / share: EUR 9.13; FY2025 · Book / share: EUR 13.94
Book / share
Dividend / shareEUR 0.61
31.59020172025
FY2017 · Dividend / share: EUR 31.59; FY2018 · Dividend / share: EUR 0.01; FY2019 · Dividend / share: EUR 0.01; FY2020 · Dividend / share: EUR 0.03; FY2021 · Dividend / share: EUR 0.01; FY2022 · Dividend / share: EUR 0.00; FY2023 · Dividend / share: EUR 0.00; FY2024 · Dividend / share: EUR 0.25; FY2025 · Dividend / share: EUR 0.61
Dividend / share
Return on tangible equity11.0%
20.9%-34.5%20172025
FY2017 · Return on tangible equity: -34.5%; FY2018 · Return on tangible equity: 3.2%; FY2019 · Return on tangible equity: -12.7%; FY2020 · Return on tangible equity: -30.2%; FY2021 · Return on tangible equity: 5.2%; FY2022 · Return on tangible equity: -2.7%; FY2023 · Return on tangible equity: 20.9%; FY2024 · Return on tangible equity: 17.0%; FY2025 · Return on tangible equity: 11.0%
Return on tangible equity
Diluted shares1.8B
1.8B020172025
FY2017 · Diluted shares: 11M; FY2018 · Diluted shares: 11M; FY2019 · Diluted shares: 11M; FY2020 · Diluted shares: 11M; FY2021 · Diluted shares: 9.9M; FY2022 · Diluted shares: 210M; FY2023 · Diluted shares: 1.3B; FY2024 · Diluted shares: 1.3B; FY2025 · Diluted shares: 1.8B
Diluted shares
Prices 14 Oct 2026 · FY2025Original filing ↗ ·