# Eastern Bankshares (EBC.US)

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

Analysis as of: 2026-10-16T07:28:09.606Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## 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: $21.14 per share; close as of 2026-10-15.

Estimated value: low $6.44 per share, central $7.68 per share, high $9.51 per share. Buy at or below the central value $7.68 per share. Valuation as of 2026-10-16T07:28:09.606Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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: 8 years

- Profitable years in the last ten: 8

- Required profitable years: 8

- Return on common equity variation (informational): 0.57×

Chart: Net income; fiscal year observations.

- FY2018: $123M

- FY2019: $135M

- FY2020: $23M

- FY2021: $155M

- FY2022: $200M

- FY2023: $295M

- FY2024: $120M

- FY2025: $88M

### 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

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 8.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.9%

- Cost / income, median: 69.6%

- Years with reported combined ratio: 0

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

- FY2018: 11.7%

- FY2019: 11.1%

- FY2020: 0.7%

- FY2021: 5.5%

- FY2022: 10.6%

- FY2023: 12.2%

- FY2024: 4.7%

- FY2025: 2.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 30.5%

- Book return interval: 7 years

- Starting book value per share: $5.01

- Ending book value per share: $14.88

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

- FY2019: 21.1%

- FY2020: 450.8%

- FY2021: -5.8%

- FY2022: -28.0%

- FY2023: 33.4%

- FY2024: -2.1%

- FY2025: 9.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: 3.5%

- Share growth excluding flagged crisis recapitalisations: -0.4%

- Five-year share growth excluding flagged crisis recapitalisations: 3.5%

- Flagged crisis recapitalisations: 0

- Book value created per share: $9.87

- Earnings retained per share after dividends and buybacks: -$13.21

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.1% a year forever · net income -26.2%

Story as of 2026-10-16T09:58:40.173Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

- 2025-07-25: Eastern Bankshares raises 2025 loan growth outlook to 3%-5% while increasing fee income guidance ([seekingalpha.com](https://seekingalpha.com/news/4472375-eastern-bankshares-raises-2025-loan-growth-outlook-to-3-percentminus-5-percent-while?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-25: Eastern Bankshares (EBC) Beats On Earnings And Lifts Payouts, Is The 2% Upside Enough? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/eastern-bankshares-ebc-beats-earnings-211451795.html))

### Net income · FY2025

net income -26.2%; source https://www.sec.gov/Archives/edgar/data/1810546/000162828026013126/ebc-20251231.htm; observed 2026-03-02.

- FY2018: $123M 

- FY2019: $135M 

- FY2020: $23M 

- FY2021: $155M 

- FY2022: $200M 

- FY2023: $295M 

- FY2024: $120M 

- FY2025: $88M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are USD 722.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1810546/000162828026013126/ebc-20251231.htm#000162828026013126 (filed 2026-03-02); FY2025: revenue 722649000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBC.US: Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking, trust, and investment services to retail, commercial, and small business customers in the United States. The company offers deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. It also provides commercial and industrial products, such as asset based lending portfolio; commercial real estate and construction; small business, residential real estate, and home equity loans; lines of credit; and other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company offers wealth management and trust services, financial planning, and portfolio management; and automated lock box collection, cash management, and account reconciliation services. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts.

### Why customers stay

It earns 8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 8-year return on tangible equity observations [[2018,0.116675619019551],[2019,0.11051693404634581],[2020,0.007451373382034778],[2021,0.054642096300666666],[2022,0.1055111023313866],[2023,0.12241961264608806],[2024,0.046670536328040066],[2025,0.029023007129502572]]; median 0.08007659931602663. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 106.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2018,51564000],[2019,51564000],[2020,2454985000],[2021,51564000],[2022,65886000],[2023,66671000],[2024,82541000],[2025,105717000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1810546/000162828026013126/ebc-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 106589000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBC.US SharesStats.PercentInsiders = 1.261 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Price 21.14; FX 1; original perpetual distributable cash 0.39971504007828557; discount 0.1; growth 0.08109200378059199. 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)

- 2020-10: $11.95 per share

- 2020-11: $14.80 per share

- 2020-12: $16.31 per share

- 2021-01: $15.94 per share

- 2021-02: $17.61 per share

- 2021-03: $19.29 per share

- 2021-04: $21.33 per share

- 2021-05: $22.40 per share

- 2021-06: $20.57 per share

- 2021-07: $18.25 per share

- 2021-08: $19.78 per share

- 2021-09: $20.30 per share

- 2021-10: $20.77 per share

- 2021-11: $20.13 per share

- 2021-12: $20.17 per share

- 2022-01: $21.29 per share

- 2022-02: $21.86 per share

- 2022-03: $21.54 per share

- 2022-04: $19.16 per share

- 2022-05: $19.47 per share

- 2022-06: $18.46 per share

- 2022-07: $20.40 per share

- 2022-08: $19.40 per share

- 2022-09: $19.64 per share

- 2022-10: $19.17 per share

- 2022-11: $19.61 per share

- 2022-12: $17.25 per share

- 2023-01: $16.17 per share

- 2023-02: $15.68 per share

- 2023-03: $12.62 per share

- 2023-04: $11.65 per share

- 2023-05: $10.85 per share

- 2023-06: $12.27 per share

- 2023-07: $14.12 per share

- 2023-08: $13.46 per share

- 2023-09: $12.54 per share

- 2023-10: $11.01 per share

- 2023-11: $11.96 per share

- 2023-12: $14.20 per share

- 2024-01: $13.96 per share

- 2024-02: $12.92 per share

- 2024-03: $13.78 per share

- 2024-04: $12.56 per share

- 2024-05: $13.70 per share

- 2024-06: $13.98 per share

- 2024-07: $16.64 per share

- 2024-08: $16.97 per share

- 2024-09: $16.39 per share

- 2024-10: $16.33 per share

- 2024-11: $18.64 per share

- 2024-12: $17.25 per share

- 2025-01: $18.36 per share

- 2025-02: $17.89 per share

- 2025-03: $16.40 per share

- 2025-04: $14.92 per share

- 2025-05: $15.00 per share

- 2025-06: $15.27 per share

- 2025-07: $15.45 per share

- 2025-08: $17.11 per share

- 2025-09: $18.15 per share

- 2025-10: $17.53 per share

- 2025-11: $18.83 per share

- 2025-12: $18.43 per share

- 2026-01: $20.49 per share

- 2026-02: $19.56 per share

- 2026-03: $19.56 per share

- 2026-04: $20.23 per share

- 2026-05: $19.73 per share

- 2026-06: $22.24 per share

- 2026-07: $22.96 per share

- 2026-08: $21.96 per share

- 2026-09: $20.93 per share

- 2026-10: $21.14 per share

## Annual estimated value (USD per share)

- FY2022: low $10.40 per share, central $13.00 per share, high $17.34 per share

- FY2023: low $14.56 per share, central $16.02 per share, high $17.80 per share

- FY2024: low $12.80 per share, central $16.00 per share, high $21.33 per share

- FY2025: low $7.70 per share, central $9.18 per share, high $11.36 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 10-K filing](https://www.sec.gov/Archives/edgar/data/1810546/000162828026013126/ebc-20251231.htm); period 2025-12-31, filed 2026-03-02.

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.