# The Bank of New York Mellon (BNY.US)

Canonical: https://gigainvestors.com/s/BNY

Analysis as of: 2026-10-16T07:27:02.294Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $142.09 per share; close as of 2026-10-15.

Estimated value: low $116.12 per share, central $145.16 per share, high $193.54 per share. Buy at or below the central value $145.16 per share. Valuation as of 2026-10-16T07:27:02.294Z; scenarios are not confidence intervals.

Expected annual return: 10.1% at the stated quote. About 10.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.21×

Chart: Net income; fiscal year observations.

- FY2017: $4.1B

- FY2018: $4.3B

- FY2019: $4.4B

- FY2020: $3.6B

- FY2021: $3.8B

- FY2022: $2.6B

- FY2023: $3.3B

- FY2024: $4.5B

- FY2025: $5.5B

- LTM to Mar 2026: $6.0B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 22.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 15.5%

- Years with reported combined ratio: 0

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

- FY2017: 21.8%

- FY2018: 23.2%

- FY2019: 22.9%

- FY2020: 15.5%

- FY2021: 18.4%

- FY2022: 13.2%

- FY2023: 17.2%

- FY2024: 23.6%

- FY2025: 22.4%

- LTM to Mar 2026: 26.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.8%

- Book return interval: 10 years

- Starting book value per share: $15.56

- Ending book value per share: $31.87

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

- FY2017: 23.8%

- FY2018: 4.6%

- FY2019: 26.5%

- FY2020: 30.6%

- FY2021: 1.4%

- FY2022: 2.0%

- FY2023: 12.7%

- FY2024: 13.5%

- FY2025: 43.3%

- LTM to Mar 2026: -2.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -4.3%

- Diluted shares, 5-year annual growth: -4.6%

- Share growth excluding flagged crisis recapitalisations: -4.3%

- Five-year share growth excluding flagged crisis recapitalisations: -4.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: $21.20

- Earnings retained per share after dividends and buybacks: -$2.40

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

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

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

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

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

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

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

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

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

## Price story

The price assumes profits grow 5.9% a year forever · "BNY Sees Cross-Selling and AI Investments Fueling Its Next Growth Phase" (finance.yahoo.com, Sep 2026) · net income +7.4%

Story as of 2026-10-16T09:58:25.160Z; price observation 2026-10-15.

The price assumes profits grow 5.9% a year forever

### Net income · FY2026

net income +7.4%; source https://www.sec.gov/Archives/edgar/data/1390777/000139077726000033/bk-20251231.htm; observed 2026-02-25.

- FY2017: $4.1B 

- FY2018: $4.3B 

- FY2019: $4.4B 

- FY2020: $3.6B 

- FY2021: $3.8B 

- FY2022: $2.6B 

- FY2023: $3.3B 

- FY2024: $4.5B 

- FY2025: $5.5B 

- FY2026: $6.0B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are USD 40.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1390777/000139077726000033/bk-20251231.htm (filed 2026-02-25); FY2025: revenue 40441000000.

### Why customers stay

It earns 22.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on tangible equity observations [[2017,0.21781967300420726],[2018,0.23164639443961774],[2019,0.22891752577319588],[2020,0.15451322141056859],[2021,0.18394910692439442],[2022,0.13159656077845852],[2023,0.1717555266579974],[2024,0.2360235502526963],[2025,0.22443779323734023],[2026,0.2645923032535843]]; median 0.22112873312077375. 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 USD 4.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,900000000],[2017,1076000000],[2018,1221000000],[2019,1289000000],[2020,1296000000],[2021,1323000000],[2022,1376000000],[2023,1487000000],[2024,1542000000],[2025,1685000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1390777/000139077726000033/bk-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 4535000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNY.US SharesStats.PercentInsiders = 0.23600000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Price 142.09; FX 1; original perpetual distributable cash 5.806210166161366; discount 0.1; growth 0.05913709503722032. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: $43.27 per share

- 2016-11: $47.42 per share

- 2016-12: $47.38 per share

- 2017-01: $44.73 per share

- 2017-02: $47.14 per share

- 2017-03: $47.23 per share

- 2017-04: $47.06 per share

- 2017-05: $47.12 per share

- 2017-06: $51.02 per share

- 2017-07: $53.03 per share

- 2017-08: $52.28 per share

- 2017-09: $53.02 per share

- 2017-10: $51.45 per share

- 2017-11: $54.74 per share

- 2017-12: $53.86 per share

- 2018-01: $56.70 per share

- 2018-02: $57.03 per share

- 2018-03: $51.53 per share

- 2018-04: $54.51 per share

- 2018-05: $54.75 per share

- 2018-06: $53.93 per share

- 2018-07: $53.47 per share

- 2018-08: $52.15 per share

- 2018-09: $50.99 per share

- 2018-10: $47.33 per share

- 2018-11: $51.31 per share

- 2018-12: $47.07 per share

- 2019-01: $52.32 per share

- 2019-02: $52.48 per share

- 2019-03: $50.43 per share

- 2019-04: $49.66 per share

- 2019-05: $42.69 per share

- 2019-06: $44.15 per share

- 2019-07: $46.92 per share

- 2019-08: $42.06 per share

- 2019-09: $45.21 per share

- 2019-10: $46.75 per share

- 2019-11: $48.97 per share

- 2019-12: $50.33 per share

- 2020-01: $44.78 per share

- 2020-02: $39.90 per share

- 2020-03: $33.68 per share

- 2020-04: $37.54 per share

- 2020-05: $37.17 per share

- 2020-06: $38.65 per share

- 2020-07: $35.85 per share

- 2020-08: $36.98 per share

- 2020-09: $34.34 per share

- 2020-10: $34.36 per share

- 2020-11: $39.12 per share

- 2020-12: $42.44 per share

- 2021-01: $39.83 per share

- 2021-02: $42.16 per share

- 2021-03: $47.29 per share

- 2021-04: $49.88 per share

- 2021-05: $52.08 per share

- 2021-06: $51.23 per share

- 2021-07: $51.33 per share

- 2021-08: $55.22 per share

- 2021-09: $51.84 per share

- 2021-10: $59.20 per share

- 2021-11: $54.79 per share

- 2021-12: $58.08 per share

- 2022-01: $59.26 per share

- 2022-02: $53.15 per share

- 2022-03: $49.63 per share

- 2022-04: $42.06 per share

- 2022-05: $46.61 per share

- 2022-06: $41.71 per share

- 2022-07: $43.46 per share

- 2022-08: $41.53 per share

- 2022-09: $38.52 per share

- 2022-10: $42.11 per share

- 2022-11: $45.90 per share

- 2022-12: $45.52 per share

- 2023-01: $50.57 per share

- 2023-02: $50.88 per share

- 2023-03: $45.44 per share

- 2023-04: $42.59 per share

- 2023-05: $40.20 per share

- 2023-06: $44.52 per share

- 2023-07: $45.36 per share

- 2023-08: $44.87 per share

- 2023-09: $42.65 per share

- 2023-10: $42.50 per share

- 2023-11: $48.32 per share

- 2023-12: $52.05 per share

- 2024-01: $55.46 per share

- 2024-02: $56.09 per share

- 2024-03: $57.62 per share

- 2024-04: $56.49 per share

- 2024-05: $59.61 per share

- 2024-06: $59.89 per share

- 2024-07: $65.07 per share

- 2024-08: $68.22 per share

- 2024-09: $71.86 per share

- 2024-10: $75.36 per share

- 2024-11: $81.87 per share

- 2024-12: $76.83 per share

- 2025-01: $85.93 per share

- 2025-02: $88.95 per share

- 2025-03: $83.87 per share

- 2025-04: $80.41 per share

- 2025-05: $88.61 per share

- 2025-06: $91.11 per share

- 2025-07: $101.45 per share

- 2025-08: $105.60 per share

- 2025-09: $108.96 per share

- 2025-10: $107.93 per share

- 2025-11: $112.10 per share

- 2025-12: $116.09 per share

- 2026-01: $119.92 per share

- 2026-02: $119.10 per share

- 2026-03: $118.63 per share

- 2026-04: $134.37 per share

- 2026-05: $139.43 per share

- 2026-06: $144.61 per share

- 2026-07: $156.33 per share

- 2026-08: $161.28 per share

- 2026-09: $144.63 per share

- 2026-10: $141.03 per share

## Annual estimated value (USD per share)

- FY2016: low $47.17 per share, central $58.97 per share, high $78.62 per share

- FY2017: low $55.24 per share, central $69.05 per share, high $92.07 per share

- FY2018: low $54.18 per share, central $67.72 per share, high $90.30 per share

- FY2019: low $66.49 per share, central $83.11 per share, high $110.81 per share

- FY2020: low $79.57 per share, central $99.46 per share, high $132.61 per share

- FY2021: low $45.86 per share, central $50.44 per share, high $56.05 per share

- FY2022: low $42.36 per share, central $46.59 per share, high $51.77 per share

- FY2023: low $67.58 per share, central $84.48 per share, high $112.63 per share

- FY2024: low $79.30 per share, central $99.12 per share, high $132.16 per share

- FY2025: low $109.98 per share, central $137.48 per share, high $183.30 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 2026-10-15T06:32:41.395Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1390777/000139077726000033/bk-20251231.htm); period 2025-12-31, filed 2026-02-25.

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

- [David Hoeft](https://gigainvestors.com/DAC): 16,608,370 BNY shares; USD 2,401,736,000 reported position value; 1.26% of portfolio; reduce; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 366,448 BNY shares; USD 52,992,000 reported position value; 0.23% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 9,266,915 BNY shares; USD 1,340,088,000 reported position value; 2.21% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 42,419 BNY shares; USD 6,134,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 159,110 BNY shares; USD 23,012,000 reported position value; 1.9% of portfolio; reduce; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 124,500 BNY shares; USD 18,004,000 reported position value; 0.14% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 5,888 BNY shares; USD 851,000 reported position value; 0.01% of portfolio; hold; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 1,584 BNY shares; USD 229,000 reported position value; 0.03% of portfolio; new; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 102,246 BNY shares; USD 14,786,000 reported position value; 1.12% of portfolio; reduce; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 64,400 BNY shares; USD 9,313,000 reported position value; 0.12% of portfolio; reduce; quarter 2026 Q2.

# BNY — Bank of New York Mellon Corp.

Held by 1 investor · USD 23,012,000 total · 2026 Q3 · reported price USD 144.63 (split-adjusted).
Page: https://gigainvestors.com/s/BNY

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 23,012,000 | 1.9% | reduce -9% |

## Total held by quarter

- 2006 Q4: USD 20,936,966 · 2 holders · USD 39.37
- 2007 Q1: USD 17,570,725 · 2 holders · USD 40.56
- 2007 Q2: USD 18,660,762 · 2 holders · USD 41.45
- 2007 Q3: USD 17,372,577 · 1 holder · USD 44.14
- 2007 Q4: USD 19,190,912 · 1 holder · USD 48.76
- 2008 Q1: USD 16,380,778 · 1 holder · USD 41.73
- 2008 Q2: USD 11,256,165 · 1 holder · USD 37.83
- 2008 Q3: USD 7,521,560 · 2 holders · USD 32.60
- 2008 Q4: USD 8,523,052 · 2 holders · USD 28.33
- 2009 Q1: USD 8,385,984 · 2 holders · USD 28.25
- 2009 Q2: USD 8,466,164 · 2 holders · USD 29.31
- 2009 Q3: USD 8,663,633 · 2 holders · USD 28.99
- 2009 Q4: USD 9,281,817 · 2 holders · USD 27.97
- 2010 Q1: USD 10,278,377 · 2 holders · USD 30.88
- 2010 Q2: USD 8,225,449 · 2 holders · USD 24.69
- 2010 Q3: USD 60,775,976 · 3 holders · USD 26.13
- 2010 Q4: USD 64,539,333 · 3 holders · USD 30.20
- 2011 Q1: USD 63,834,102 · 3 holders · USD 29.87
- 2011 Q2: USD 54,700,339 · 3 holders · USD 25.62
- 2011 Q3: USD 38,636,787 · 3 holders · USD 18.59
- 2011 Q4: USD 40,418,575 · 2 holders · USD 19.91
- 2012 Q1: USD 140,983,676 · 2 holders · USD 24.13
- 2012 Q2: USD 415,931,889 · 2 holders · USD 21.95
- 2012 Q3: USD 449,311,488 · 2 holders · USD 22.62
- 2012 Q4: USD 510,490,948 · 2 holders · USD 25.70
- 2013 Q1: USD 537,174,592 · 2 holders · USD 27.99
- 2013 Q2: USD 698,629,428 · 2 holders · USD 28.05
- 2013 Q3: USD 752,166,914 · 2 holders · USD 30.19
- 2013 Q4: USD 865,269,499 · 2 holders · USD 34.94
- 2014 Q1: USD 869,998,582 · 1 holder · USD 35.29
- 2014 Q2: USD 923,988,293 · 1 holder · USD 37.48
- 2014 Q3: USD 905,414,564 · 1 holder · USD 38.73
- 2014 Q4: USD 893,051,304 · 1 holder · USD 40.57
- 2015 Q1: USD 2,048,459,814 · 2 holders · USD 40.24
- 2015 Q2: USD 2,136,527,296 · 2 holders · USD 41.97
- 2015 Q3: USD 1,970,846,822 · 2 holders · USD 39.15
- 2015 Q4: USD 2,104,187,349 · 2 holders · USD 41.22
- 2016 Q1: USD 1,939,244,794 · 2 holders · USD 36.83
- 2016 Q2: USD 2,060,907,457 · 2 holders · USD 38.85
- 2016 Q3: USD 2,133,952,400 · 2 holders · USD 39.88
- 2016 Q4: USD 2,560,634,332 · 2 holders · USD 47.38
- 2017 Q1: USD 3,088,120,090 · 2 holders · USD 47.23
- 2017 Q2: USD 4,214,511,029 · 2 holders · USD 51.02
- 2017 Q3: USD 3,849,521,183 · 2 holders · USD 53.02
- 2017 Q4: USD 4,125,418,280 · 2 holders · USD 53.86
- 2018 Q1: USD 4,036,244,107 · 2 holders · USD 51.53
- 2018 Q2: USD 4,365,057,420 · 2 holders · USD 53.93
- 2018 Q3: USD 4,792,469,434 · 2 holders · USD 50.99
- 2018 Q4: USD 4,739,941,564 · 3 holders · USD 47.07
- 2019 Q1: USD 4,932,201,104 · 3 holders · USD 50.43
- 2019 Q2: USD 4,293,876,374 · 4 holders · USD 44.15
- 2019 Q3: USD 5,236,318,091 · 5 holders · USD 45.21
- 2019 Q4: USD 6,562,971,453 · 6 holders · USD 50.33
- 2020 Q1: USD 4,286,754,666 · 6 holders · USD 33.68
- 2020 Q2: USD 4,453,270,160 · 6 holders · USD 38.65
- 2020 Q3: USD 3,807,737,501 · 5 holders · USD 34.34
- 2020 Q4: USD 4,678,236,701 · 5 holders · USD 42.44
- 2021 Q1: USD 5,116,861,184 · 5 holders · USD 47.29
- 2021 Q2: USD 5,543,948,560 · 6 holders · USD 51.23
- 2021 Q3: USD 5,579,129,198 · 6 holders · USD 51.84
- 2021 Q4: USD 6,240,669,399 · 6 holders · USD 58.08
- 2022 Q1: USD 5,301,342,152 · 6 holders · USD 49.63
- 2022 Q2: USD 4,480,183,884 · 6 holders · USD 41.71
- 2022 Q3: USD 3,736,527,671 · 6 holders · USD 38.52
- 2022 Q4: USD 2,733,774,839 · 6 holders · USD 45.52
- 2023 Q1: USD 1,567,028,436 · 5 holders · USD 45.44
- 2023 Q2: USD 1,525,763,751 · 5 holders · USD 44.52
- 2023 Q3: USD 1,447,318,324 · 5 holders · USD 42.65
- 2023 Q4: USD 1,730,807,460 · 5 holders · USD 52.05
- 2024 Q1: USD 5,519,048,325 · 9 holders · USD 57.62
- 2024 Q2: USD 5,523,774,120 · 9 holders · USD 59.89
- 2024 Q3: USD 5,951,264,831 · 8 holders · USD 71.86
- 2024 Q4: USD 5,559,728,348 · 8 holders · USD 76.83
- 2025 Q1: USD 5,563,641,836 · 8 holders · USD 83.87
- 2025 Q2: USD 5,291,036,572 · 9 holders · USD 91.11
- 2025 Q3: USD 5,506,092,278 · 9 holders · USD 108.96
- 2025 Q4: USD 4,298,603,744 · 9 holders · USD 116.09
- 2026 Q1: USD 4,114,045,698 · 9 holders · USD 118.63
- 2026 Q2: USD 3,869,417,914 · 10 holders · USD 144.61
- 2026 Q3: USD 23,012,000 · 1 holder · USD 144.63