# Westpac Banking (WBC.AU)

Canonical: https://gigainvestors.com/s/WBC.AU

Analysis as of: 2026-10-16T07:33:44.531Z. Financial observations: FY2015–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 35.71 per share; close as of 2026-10-15.

Estimated value: low AUD 19.56 per share, central AUD 22.40 per share, high AUD 26.21 per share. Buy at or below the central value AUD 22.40 per share. Valuation as of 2026-10-16T07:33:44.531Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 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): 0.29×

Chart: Net income; fiscal year observations.

- FY2016: AUD 7.4B

- FY2017: AUD 8.0B

- FY2018: AUD 8.1B

- FY2019: AUD 6.8B

- FY2020: AUD 2.3B

- FY2021: AUD 5.5B

- FY2022: AUD 5.7B

- FY2023: AUD 7.2B

- FY2024: AUD 7.0B

- FY2025: AUD 6.9B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

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

- FY2016: 16.0%

- FY2017: 16.1%

- FY2018: 15.3%

- FY2019: 12.7%

- FY2020: 4.0%

- FY2021: 8.8%

- FY2022: 9.5%

- FY2023: 11.7%

- FY2024: 11.5%

- FY2025: 11.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.1%

- Book return interval: 10 years

- Starting book value per share: AUD 11.91

- Ending book value per share: AUD 16.90

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

- FY2016: 21.4%

- FY2017: 16.2%

- FY2018: 14.9%

- FY2019: 15.2%

- FY2020: -4.1%

- FY2021: 19.4%

- FY2022: 5.6%

- FY2023: 9.9%

- FY2024: 8.0%

- FY2025: 17.0%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -2.2%

- Share growth excluding flagged crisis recapitalisations: 0.6%

- Five-year share growth excluding flagged crisis recapitalisations: -2.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.55×

- Book value created per share: AUD 4.99

- Earnings retained per share after dividends and buybacks: AUD 3.23

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

- FY2015: 100

- FY2016: 103

- FY2017: 104

- FY2018: 107

- FY2019: 103

- FY2020: 118

- FY2021: 113

- FY2022: 112

- FY2023: 112

- FY2024: 112

- FY2025: 106

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.7% a year forever · "Australia's Westpac profit grows 5% on margin lift and higher lending" (ca.finance.yahoo.com, Aug 2025) · net income -1%

Story as of 2026-10-16T09:59:57.605Z; price observation 2026-10-15.

The price assumes profits grow 5.7% a year forever

- 2025-08-13: Australia's Westpac profit grows 5% on margin lift and higher lending ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/australias-westpac-posts-more-5-214300393.html))

- 2026-04-13: Westpac flags Middle East risks, weaker markets income; RAMS sale costs hit profit ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/westpac-flags-middle-east-risks-224210674.html))

### Net income · FY2025

net income -1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 7.4B 

- FY2017: AUD 8.0B 

- FY2018: AUD 8.1B 

- FY2019: AUD 6.8B 

- FY2020: AUD 2.3B 

- FY2021: AUD 5.5B 

- FY2022: AUD 5.7B 

- FY2023: AUD 7.2B 

- FY2024: AUD 7.0B 

- FY2025: AUD 6.9B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are AUD 55 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.531Z); FY2025: revenue 55042000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WBC.AU: Westpac Banking Corporation provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe. It operates through the Consumer, Business & Wealth, Institutional, and New Zealand segments. The company offers bank accounts, home and personal loans, credit cards, international and travel banking services, insurance, superannuation, investments, share trading, margin lending, private banking, and online banking services; savings and transactions accounts, loans and finance, payment solutions, insurance for businesses, foreign exchange and international money transfer, commercial business and industry banking; bank guarantee, business digital wallet, business setup, and business term deposits; and corporate online banking, transaction banking, corporate and structured finance, and trade and supply chain finance services. It serves individuals and consumers; small to medium businesses and commercial and agribusiness customers; high-net-worth individuals; and corporate and institutional and government customers. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982. Westpac Banking Corporation was founded in 1817 and is headquartered in Sydney, Australia.

### Why customers stay

It earns 11.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.531Z); 10-year return on tangible equity observations [[2016,0.16034828336817603],[2017,0.1608509952453864],[2018,0.15334167330073165],[2019,0.12668922076222874],[2020,0.040476948660793266],[2021,0.08810515776895003],[2022,0.09465280665280665],[2023,0.11670372835137724],[2024,0.11455240407487],[2025,0.11091314746151747]]; median 0.11562806621312362. 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 AUD 786 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.531Z); Dividend observations: [[2016,5402000000],[2017,4839000000],[2018,5769000000],[2019,4977000000],[2020,2518000000],[2021,2846000000],[2022,4337000000],[2023,4504000000],[2024,5652000000],[2025,5215000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.531Z); FY2025: cash repurchases 786000000 AUD.

### 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); WBC.AU SharesStats.PercentInsiders = 0.092 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.531Z); Price 35.71; FX 1; original perpetual distributable cash 1.5408574647415088; discount 0.1; growth 0.05685081308480794. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: AUD 30.47 per share

- 2016-11: AUD 31.27 per share

- 2016-12: AUD 32.60 per share

- 2017-01: AUD 31.71 per share

- 2017-02: AUD 33.70 per share

- 2017-03: AUD 35.06 per share

- 2017-04: AUD 35.06 per share

- 2017-05: AUD 30.50 per share

- 2017-06: AUD 30.51 per share

- 2017-07: AUD 31.82 per share

- 2017-08: AUD 31.27 per share

- 2017-09: AUD 31.92 per share

- 2017-10: AUD 32.99 per share

- 2017-11: AUD 31.47 per share

- 2017-12: AUD 31.35 per share

- 2018-01: AUD 30.96 per share

- 2018-02: AUD 30.77 per share

- 2018-03: AUD 28.62 per share

- 2018-04: AUD 28.64 per share

- 2018-05: AUD 27.85 per share

- 2018-06: AUD 29.30 per share

- 2018-07: AUD 29.46 per share

- 2018-08: AUD 28.54 per share

- 2018-09: AUD 27.93 per share

- 2018-10: AUD 26.85 per share

- 2018-11: AUD 25.97 per share

- 2018-12: AUD 25.04 per share

- 2019-01: AUD 24.55 per share

- 2019-02: AUD 26.96 per share

- 2019-03: AUD 25.92 per share

- 2019-04: AUD 27.51 per share

- 2019-05: AUD 27.44 per share

- 2019-06: AUD 28.36 per share

- 2019-07: AUD 28.65 per share

- 2019-08: AUD 28.22 per share

- 2019-09: AUD 29.64 per share

- 2019-10: AUD 28.21 per share

- 2019-11: AUD 24.52 per share

- 2019-12: AUD 24.23 per share

- 2020-01: AUD 25.12 per share

- 2020-02: AUD 23.64 per share

- 2020-03: AUD 16.50 per share

- 2020-04: AUD 16.28 per share

- 2020-05: AUD 17.22 per share

- 2020-06: AUD 17.95 per share

- 2020-07: AUD 17.09 per share

- 2020-08: AUD 17.54 per share

- 2020-09: AUD 16.84 per share

- 2020-10: AUD 17.91 per share

- 2020-11: AUD 20.13 per share

- 2020-12: AUD 19.37 per share

- 2021-01: AUD 21.13 per share

- 2021-02: AUD 23.82 per share

- 2021-03: AUD 24.41 per share

- 2021-04: AUD 24.98 per share

- 2021-05: AUD 26.42 per share

- 2021-06: AUD 25.81 per share

- 2021-07: AUD 24.52 per share

- 2021-08: AUD 25.82 per share

- 2021-09: AUD 26.00 per share

- 2021-10: AUD 25.67 per share

- 2021-11: AUD 20.52 per share

- 2021-12: AUD 21.35 per share

- 2022-01: AUD 20.30 per share

- 2022-02: AUD 22.81 per share

- 2022-03: AUD 24.24 per share

- 2022-04: AUD 23.87 per share

- 2022-05: AUD 23.87 per share

- 2022-06: AUD 19.50 per share

- 2022-07: AUD 21.51 per share

- 2022-08: AUD 21.61 per share

- 2022-09: AUD 20.64 per share

- 2022-10: AUD 24.11 per share

- 2022-11: AUD 23.77 per share

- 2022-12: AUD 23.35 per share

- 2023-01: AUD 23.72 per share

- 2023-02: AUD 22.53 per share

- 2023-03: AUD 21.66 per share

- 2023-04: AUD 22.47 per share

- 2023-05: AUD 20.68 per share

- 2023-06: AUD 21.34 per share

- 2023-07: AUD 22.34 per share

- 2023-08: AUD 21.95 per share

- 2023-09: AUD 21.15 per share

- 2023-10: AUD 20.60 per share

- 2023-11: AUD 21.37 per share

- 2023-12: AUD 22.90 per share

- 2024-01: AUD 24.18 per share

- 2024-02: AUD 26.35 per share

- 2024-03: AUD 26.10 per share

- 2024-04: AUD 25.96 per share

- 2024-05: AUD 25.98 per share

- 2024-06: AUD 27.23 per share

- 2024-07: AUD 29.80 per share

- 2024-08: AUD 31.24 per share

- 2024-09: AUD 31.72 per share

- 2024-10: AUD 32.12 per share

- 2024-11: AUD 33.36 per share

- 2024-12: AUD 32.32 per share

- 2025-01: AUD 33.73 per share

- 2025-02: AUD 31.81 per share

- 2025-03: AUD 31.57 per share

- 2025-04: AUD 32.84 per share

- 2025-05: AUD 32.56 per share

- 2025-06: AUD 33.86 per share

- 2025-07: AUD 33.82 per share

- 2025-08: AUD 38.61 per share

- 2025-09: AUD 38.97 per share

- 2025-10: AUD 38.74 per share

- 2025-11: AUD 37.59 per share

- 2025-12: AUD 38.60 per share

- 2026-01: AUD 38.82 per share

- 2026-02: AUD 42.54 per share

- 2026-03: AUD 39.47 per share

- 2026-04: AUD 38.50 per share

- 2026-05: AUD 36.00 per share

- 2026-06: AUD 35.21 per share

- 2026-07: AUD 37.87 per share

- 2026-08: AUD 34.55 per share

- 2026-09: AUD 35.07 per share

- 2026-10: AUD 35.16 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 37.36 per share, central AUD 46.70 per share, high AUD 62.27 per share

- FY2017: low AUD 37.11 per share, central AUD 46.38 per share, high AUD 61.84 per share

- FY2018: low AUD 36.38 per share, central AUD 45.00 per share, high AUD 58.97 per share

- FY2019: low AUD 26.06 per share, central AUD 28.67 per share, high AUD 31.85 per share

- FY2020: low AUD 21.94 per share, central AUD 24.14 per share, high AUD 26.82 per share

- FY2021: low AUD 27.92 per share, central AUD 33.00 per share, high AUD 40.33 per share

- FY2022: low AUD 22.04 per share, central AUD 24.25 per share, high AUD 26.94 per share

- FY2023: low AUD 22.55 per share, central AUD 26.27 per share, high AUD 31.44 per share

- FY2024: low AUD 18.07 per share, central AUD 20.82 per share, high AUD 24.54 per share

- FY2025: low AUD 18.11 per share, central AUD 20.75 per share, high AUD 24.28 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 2026-10-15T06:39:30.530Z where newer inputs omit a numeric field or fiscal period.

## Sources

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