# Itau Unibanco Banco Holding (ITUB.US)

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

Analysis as of: 2026-10-16T07:29:26.338Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: BRL.

## 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: $9.50 per share; close as of 2026-10-15.

Estimated value: low $9.77 per share, central $12.21 per share, high $16.28 per share. Buy at or below the central value $12.21 per share. Valuation as of 2026-10-16T07:29:26.338Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% 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): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: BRL 22B

- FY2017: BRL 23B

- FY2018: BRL 25B

- FY2019: BRL 27B

- FY2020: BRL 19B

- FY2021: BRL 27B

- FY2022: BRL 30B

- FY2023: BRL 33B

- FY2024: BRL 41B

- FY2025: BRL 45B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 20.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 18.4%

- Years with reported combined ratio: 0

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

- FY2016: 18.4%

- FY2017: 20.7%

- FY2018: 21.2%

- FY2019: 23.1%

- FY2020: 15.0%

- FY2021: 20.3%

- FY2022: 20.5%

- FY2023: 19.8%

- FY2024: 22.0%

- FY2025: 24.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.1%

- Book return interval: 10 years

- Starting book value per share: BRL 10.81

- Ending book value per share: BRL 16.11

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

- FY2016: 18.6%

- FY2017: 4.2%

- FY2018: 144.5%

- FY2019: 21.3%

- FY2020: 16.6%

- FY2021: 9.4%

- FY2022: 14.3%

- FY2023: -45.3%

- FY2024: 24.9%

- FY2025: 21.5%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 17.7%

- Share growth excluding flagged crisis recapitalisations: 1.4%

- Five-year share growth excluding flagged crisis recapitalisations: 17.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.32×

- Book value created per share: BRL 5.31

- Earnings retained per share after dividends and buybacks: BRL 16.77

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 50

- FY2019: 50

- FY2020: 51

- FY2021: 51

- FY2022: 51

- FY2023: 114

- FY2024: 114

- FY2025: 114

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

## Price story

The price assumes profits grow 4.9% a year forever · "Lender Itau hikes net interest income outlook as profit slightly beat forecasts" (ca.finance.yahoo.com, Aug 2025) · net income +9.2%

Story as of 2026-10-16T09:58:58.436Z; price observation 2026-10-15.

The price assumes profits grow 4.9% a year forever

- 2025-08-05: Lender Itau hikes net interest income outlook as profit slightly beat forecasts ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/lender-itau-hikes-net-interest-222202688.html))

- 2026-02-25: Itaú Unibanco (ITUB) Hits Record 23.4% ROE Following Major Digital Transformation Success ([finance.yahoo.com](https://finance.yahoo.com/news/ita-unibanco-itub-hits-record-111921263.html))

### Net income · FY2025

net income +9.2%; source https://www.sec.gov/Archives/edgar/data/1132597/000113259726000132/itub-20251231.htm; observed 2026-04-30.

- FY2016: BRL 22B 

- FY2017: BRL 23B 

- FY2018: BRL 25B 

- FY2019: BRL 27B 

- FY2020: BRL 19B 

- FY2021: BRL 27B 

- FY2022: BRL 30B 

- FY2023: BRL 33B 

- FY2024: BRL 41B 

- FY2025: BRL 45B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are BRL 167.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1132597/000113259726000132/itub-20251231.htm#000113259726000132 (filed 2026-04-30); FY2025: revenue 167780000000.

### Why customers stay

It earns 20.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on tangible equity observations [[2016,0.18365631209769187],[2017,0.20708960221438458],[2018,0.21205929180182712],[2019,0.2313277477262256],[2020,0.15037043521163748],[2021,0.20310578805956556],[2022,0.20540376064120386],[2023,0.19845575584636688],[2024,0.21959667117422885],[2025,0.24877508344366742]]; median 0.20624668142779423. 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 BRL 3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,7673000000],[2017,10382000000],[2018,20093000000],[2019,25915000000],[2020,11552000000],[2021,6267000000],[2022,6706000000],[2023,10348000000],[2024,21314000000],[2025,47350253000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1132597/000113259726000132/itub-20251231.htm (filed 2026-04-30); FY2025: cash repurchases 3024401000 BRL.

### 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); ITUB.US SharesStats.PercentInsiders = 0.002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Price 9.5; FX 0.19614; original perpetual distributable cash 2.4902674385642873; discount 0.1; growth 0.04858515206315797. 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)

- 2016-11: $5.02 per share

- 2016-12: $4.99 per share

- 2017-01: $5.73 per share

- 2017-02: $6.20 per share

- 2017-03: $5.85 per share

- 2017-04: $5.97 per share

- 2017-05: $5.29 per share

- 2017-06: $5.36 per share

- 2017-07: $5.78 per share

- 2017-08: $6.19 per share

- 2017-09: $6.65 per share

- 2017-10: $6.21 per share

- 2017-11: $6.09 per share

- 2017-12: $6.31 per share

- 2018-01: $7.96 per share

- 2018-02: $7.55 per share

- 2018-03: $7.57 per share

- 2018-04: $7.05 per share

- 2018-05: $5.60 per share

- 2018-06: $5.04 per share

- 2018-07: $5.82 per share

- 2018-08: $5.05 per share

- 2018-09: $5.33 per share

- 2018-10: $6.39 per share

- 2018-11: $6.79 per share

- 2018-12: $6.65 per share

- 2019-01: $7.74 per share

- 2019-02: $6.84 per share

- 2019-03: $6.41 per share

- 2019-04: $6.29 per share

- 2019-05: $6.48 per share

- 2019-06: $6.85 per share

- 2019-07: $6.66 per share

- 2019-08: $6.00 per share

- 2019-09: $6.12 per share

- 2019-10: $6.57 per share

- 2019-11: $5.92 per share

- 2019-12: $6.66 per share

- 2020-01: $5.54 per share

- 2020-02: $5.14 per share

- 2020-03: $3.27 per share

- 2020-04: $3.06 per share

- 2020-05: $3.09 per share

- 2020-06: $3.41 per share

- 2020-07: $3.71 per share

- 2020-08: $3.10 per share

- 2020-09: $2.90 per share

- 2020-10: $2.98 per share

- 2020-11: $3.89 per share

- 2020-12: $4.43 per share

- 2021-01: $3.80 per share

- 2021-02: $3.30 per share

- 2021-03: $3.61 per share

- 2021-04: $3.64 per share

- 2021-05: $4.15 per share

- 2021-06: $4.37 per share

- 2021-07: $4.20 per share

- 2021-08: $4.31 per share

- 2021-09: $3.83 per share

- 2021-10: $3.59 per share

- 2021-11: $3.46 per share

- 2021-12: $3.31 per share

- 2022-01: $4.17 per share

- 2022-02: $4.26 per share

- 2022-03: $5.04 per share

- 2022-04: $4.23 per share

- 2022-05: $4.84 per share

- 2022-06: $3.78 per share

- 2022-07: $3.97 per share

- 2022-08: $4.36 per share

- 2022-09: $4.56 per share

- 2022-10: $5.14 per share

- 2022-11: $4.40 per share

- 2022-12: $4.16 per share

- 2023-01: $4.40 per share

- 2023-02: $4.25 per share

- 2023-03: $4.30 per share

- 2023-04: $4.55 per share

- 2023-05: $4.54 per share

- 2023-06: $5.21 per share

- 2023-07: $5.30 per share

- 2023-08: $4.85 per share

- 2023-09: $4.74 per share

- 2023-10: $4.69 per share

- 2023-11: $5.65 per share

- 2023-12: $6.13 per share

- 2024-01: $5.83 per share

- 2024-02: $6.02 per share

- 2024-03: $6.12 per share

- 2024-04: $5.34 per share

- 2024-05: $5.29 per share

- 2024-06: $5.15 per share

- 2024-07: $5.31 per share

- 2024-08: $5.75 per share

- 2024-09: $5.87 per share

- 2024-10: $5.34 per share

- 2024-11: $4.73 per share

- 2024-12: $4.38 per share

- 2025-01: $5.12 per share

- 2025-02: $4.85 per share

- 2025-03: $5.34 per share

- 2025-04: $6.13 per share

- 2025-05: $6.40 per share

- 2025-06: $6.59 per share

- 2025-07: $6.09 per share

- 2025-08: $6.93 per share

- 2025-09: $7.13 per share

- 2025-10: $7.15 per share

- 2025-11: $7.57 per share

- 2025-12: $7.16 per share

- 2026-01: $8.59 per share

- 2026-02: $9.05 per share

- 2026-03: $8.38 per share

- 2026-04: $8.70 per share

- 2026-05: $7.88 per share

- 2026-06: $8.17 per share

- 2026-07: $8.46 per share

- 2026-08: $7.61 per share

- 2026-09: $8.53 per share

- 2026-10: $10.16 per share

## Annual estimated value (USD per share)

- FY2016: low $7.55 per share, central $9.44 per share, high $12.59 per share

- FY2017: low $4.34 per share, central $4.78 per share, high $5.31 per share

- FY2018: low $9.17 per share, central $10.09 per share, high $11.21 per share

- FY2019: low $9.11 per share, central $10.02 per share, high $11.14 per share

- FY2020: low $9.50 per share, central $10.45 per share, high $11.61 per share

- FY2021: low $15.58 per share, central $19.47 per share, high $25.96 per share

- FY2022: low $17.02 per share, central $21.27 per share, high $28.36 per share

- FY2023: low $8.50 per share, central $10.63 per share, high $14.17 per share

- FY2024: low $9.53 per share, central $11.92 per share, high $15.89 per share

- FY2025: low $9.17 per share, central $11.47 per share, high $15.29 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 2026-10-15T06:35:10.337Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1132597/000113259726000132/itub-20251231.htm); period 2025-12-31, filed 2026-04-30.

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.