# Wells Fargo & Company (WFC.US)

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

Analysis as of: 2026-10-16T07:33:05.565Z. Financial observations: FY2015–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: $82.75 per share; close as of 2026-10-15.

Estimated value: low $74.82 per share, central $93.53 per share, high $124.70 per share. Buy at or below the central value $93.53 per share. Valuation as of 2026-10-16T07:33:05.565Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% 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): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: $20B

- FY2017: $21B

- FY2018: $21B

- FY2019: $18B

- FY2020: $1.8B

- FY2021: $21B

- FY2022: $13B

- FY2023: $18B

- FY2024: $19B

- FY2025: $20B

### moat: fail

- Tangible common book per share

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 14.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.0%

- Cost / income, median: 66.7%

- Years with reported combined ratio: 0

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

- FY2016: 15.2%

- FY2017: 14.9%

- FY2018: 15.9%

- FY2019: 14.3%

- FY2020: 1.4%

- FY2021: 15.5%

- FY2022: 10.0%

- FY2023: 13.6%

- FY2024: 14.6%

- FY2025: 15.2%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 9.9%

- Book return interval: 10 years

- Starting book value per share: $24.64

- Ending book value per share: $41.09

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

- FY2016: 12.4%

- FY2017: 10.8%

- FY2018: 3.5%

- FY2019: 12.7%

- FY2020: 13.8%

- FY2021: 6.6%

- FY2022: 2.9%

- FY2023: 13.2%

- FY2024: 7.4%

- FY2025: 16.2%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -4.6%

- Diluted shares, 5-year annual growth: -4.7%

- Share growth excluding flagged crisis recapitalisations: -4.6%

- Five-year share growth excluding flagged crisis recapitalisations: -4.7%

- Flagged crisis recapitalisations: 0

- Book value created per share: $16.44

- Earnings retained per share after dividends and buybacks: -$10.69

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 1.5%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 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.

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

- [Thomas Russo](https://gigainvestors.com/GR): 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.

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

- [Harry Burn](https://gigainvestors.com/SSHFX): 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.

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

## Price story

The price assumes profits grow 5.5% a year forever · "Wells Fargo escapes Fed's asset cap after seven years, able to pursue growth" (finance.yahoo.com, Jun 2025) · net income +9%

Story as of 2026-10-16T09:59:51.523Z; price observation 2026-10-15.

The price assumes profits grow 5.5% a year forever

- 2025-06-03: Wells Fargo Stock Rises as Fed Finally Lifts Asset Cap ([finance.yahoo.com](https://finance.yahoo.com/m/30645b9c-7458-3513-8310-97dac4cab45f/wells-fargo-stock-rises-as.html))

- 2025-10-14: Wells Fargo Q3 Earnings Beat Estimates on Fee Income Growth, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/wells-fargo-q3-earnings-beat-181300222.html))

- 2025-12-10: WFC to Reshape Its Workforce for AI Era, Signals More Job Cuts in 2026 ([finance.yahoo.com](https://finance.yahoo.com/news/wfc-reshape-workforce-ai-era-175500203.html))

- 2026-04-15: Wells Fargo Shares Drop 4.8% As Q1 Revenue Misses Expectations ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wells-fargo-shares-drop-4-192632204.html))

- 2026-06-10: WFC Stock Rises as CFO Sees Stronger Q2 NII, Reaffirms $50B 2026 Target ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wfc-stock-rises-cfo-sees-174400670.html))

- 2026-07-14: Wells Fargo profit jumps as fee income, credit quality beat estimates ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wells-fargo-profit-jumps-fee-143000390.html))

### Net income · FY2025

net income +9%; source https://www.sec.gov/Archives/edgar/data/72971/000007297126000133/wfc-20251231_d2.htm; observed 2026-02-24.

- FY2016: $20B 

- FY2017: $21B 

- FY2018: $21B 

- FY2019: $18B 

- FY2020: $1.8B 

- FY2021: $21B 

- FY2022: $13B 

- FY2023: $18B 

- FY2024: $19B 

- FY2025: $20B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are USD 83.7 billion.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072971.json#0000072971-26-000133 (filed 2026-02-24); FY2025: revenue 83699000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WFC.US: Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services; and financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In addition, it offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.

### Why customers stay

It earns 14.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.15206908906338637],[2017,0.14858456467050285],[2018,0.15860689041873016],[2019,0.14337874227783937],[2020,0.013803550588544444],[2021,0.15514979877776122],[2022,0.10039480203954414],[2023,0.13560676902657537],[2024,0.14585391091670194],[2025,0.15227264196974816]]; median 0.1472192377936024. 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 19.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,9038000000],[2017,9109000000],[2018,9314000000],[2019,9589000000],[2020,6142000000],[2021,3627000000],[2022,5293000000],[2023,5930000000],[2024,6232000000],[2025,6484000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/72971/000007297126000133/wfc-20251231_d2.htm (filed 2026-02-24); FY2025: cash repurchases 19516000000 USD.

### 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); WFC.US SharesStats.PercentInsiders = 0.09 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Price 82.75; FX 1; original perpetual distributable cash 3.741047714423461; discount 0.1; growth 0.054790964176151535. 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: $46.01 per share

- 2016-11: $52.92 per share

- 2016-12: $55.11 per share

- 2017-01: $56.33 per share

- 2017-02: $57.88 per share

- 2017-03: $55.66 per share

- 2017-04: $53.84 per share

- 2017-05: $51.14 per share

- 2017-06: $55.41 per share

- 2017-07: $53.94 per share

- 2017-08: $51.07 per share

- 2017-09: $55.15 per share

- 2017-10: $56.14 per share

- 2017-11: $56.47 per share

- 2017-12: $60.67 per share

- 2018-01: $65.78 per share

- 2018-02: $58.41 per share

- 2018-03: $52.41 per share

- 2018-04: $51.96 per share

- 2018-05: $53.99 per share

- 2018-06: $55.44 per share

- 2018-07: $57.29 per share

- 2018-08: $58.48 per share

- 2018-09: $52.56 per share

- 2018-10: $53.23 per share

- 2018-11: $54.28 per share

- 2018-12: $46.08 per share

- 2019-01: $48.91 per share

- 2019-02: $49.89 per share

- 2019-03: $48.32 per share

- 2019-04: $48.41 per share

- 2019-05: $44.37 per share

- 2019-06: $47.32 per share

- 2019-07: $48.41 per share

- 2019-08: $46.57 per share

- 2019-09: $50.44 per share

- 2019-10: $51.63 per share

- 2019-11: $54.46 per share

- 2019-12: $53.80 per share

- 2020-01: $46.94 per share

- 2020-02: $40.85 per share

- 2020-03: $28.70 per share

- 2020-04: $29.05 per share

- 2020-05: $26.47 per share

- 2020-06: $25.60 per share

- 2020-07: $24.26 per share

- 2020-08: $24.15 per share

- 2020-09: $23.51 per share

- 2020-10: $21.45 per share

- 2020-11: $27.35 per share

- 2020-12: $30.18 per share

- 2021-01: $29.88 per share

- 2021-02: $36.17 per share

- 2021-03: $39.07 per share

- 2021-04: $45.05 per share

- 2021-05: $46.72 per share

- 2021-06: $45.29 per share

- 2021-07: $45.94 per share

- 2021-08: $45.70 per share

- 2021-09: $46.41 per share

- 2021-10: $51.16 per share

- 2021-11: $47.78 per share

- 2021-12: $47.98 per share

- 2022-01: $53.80 per share

- 2022-02: $53.37 per share

- 2022-03: $48.46 per share

- 2022-04: $43.63 per share

- 2022-05: $45.77 per share

- 2022-06: $39.17 per share

- 2022-07: $43.87 per share

- 2022-08: $43.71 per share

- 2022-09: $40.22 per share

- 2022-10: $45.99 per share

- 2022-11: $47.95 per share

- 2022-12: $41.29 per share

- 2023-01: $46.87 per share

- 2023-02: $46.77 per share

- 2023-03: $37.38 per share

- 2023-04: $39.75 per share

- 2023-05: $39.81 per share

- 2023-06: $42.68 per share

- 2023-07: $46.16 per share

- 2023-08: $41.29 per share

- 2023-09: $40.86 per share

- 2023-10: $39.77 per share

- 2023-11: $44.59 per share

- 2023-12: $49.22 per share

- 2024-01: $50.18 per share

- 2024-02: $55.59 per share

- 2024-03: $57.96 per share

- 2024-04: $59.32 per share

- 2024-05: $59.92 per share

- 2024-06: $59.39 per share

- 2024-07: $59.34 per share

- 2024-08: $58.47 per share

- 2024-09: $56.49 per share

- 2024-10: $64.92 per share

- 2024-11: $76.17 per share

- 2024-12: $70.24 per share

- 2025-01: $78.80 per share

- 2025-02: $78.32 per share

- 2025-03: $71.79 per share

- 2025-04: $71.01 per share

- 2025-05: $74.78 per share

- 2025-06: $80.12 per share

- 2025-07: $80.63 per share

- 2025-08: $82.18 per share

- 2025-09: $83.82 per share

- 2025-10: $86.97 per share

- 2025-11: $85.85 per share

- 2025-12: $93.20 per share

- 2026-01: $90.49 per share

- 2026-02: $81.45 per share

- 2026-03: $79.61 per share

- 2026-04: $82.23 per share

- 2026-05: $77.54 per share

- 2026-06: $82.64 per share

- 2026-07: $86.45 per share

- 2026-08: $86.39 per share

- 2026-09: $80.05 per share

- 2026-10: $82.75 per share

## Annual estimated value (USD per share)

- FY2016: low $66.29 per share, central $82.86 per share, high $110.49 per share

- FY2017: low $68.24 per share, central $85.30 per share, high $113.74 per share

- FY2018: low $66.43 per share, central $83.04 per share, high $110.72 per share

- FY2019: low $48.03 per share, central $52.84 per share, high $58.71 per share

- FY2020: low $49.28 per share, central $54.21 per share, high $60.23 per share

- FY2021: low $49.48 per share, central $54.42 per share, high $60.47 per share

- FY2022: low $48.25 per share, central $53.08 per share, high $58.97 per share

- FY2023: low $62.90 per share, central $78.63 per share, high $104.84 per share

- FY2024: low $63.42 per share, central $79.27 per share, high $105.69 per share

- FY2025: low $69.52 per share, central $86.90 per share, high $115.86 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/72971/000007297126000133/wfc-20251231_d2.htm); period 2025-12-31, filed 2026-02-24.

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.