Banco Bilbao Vizcaya Argentaria, S.A.
Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia. The company offers traditional retail, wholesale, investment, and transaction banking. It also engages in financia…
Banco Bilbao Vizcaya Argentaria, S.A., together with its subsidiaries, provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia. The company offers traditional retail, wholesale, investment, and transaction banking. It also engages in financial, insurance, asset management, and capital markets businesses, as well as digital banking. The company was formerly known as Banco Bilbao Vizcaya, S.A. and changed its name to Banco Bilbao Vizcaya Argentaria, S.A. in January 2000. Banco Bilbao Vizcaya Argentaria, S.A. was founded in 1857 and is headquartered in Bilbao, Spain.Priced within the modelled range
Other models: EUR 26.01–290.35 (median 37.16). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price within modeled range
Justified P/B (ROE) using Fiscal year 2025 net income and book equity: return on equity of 18.3% gives a fair price-to-book of 2.21x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 5.76%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 5.8% (sector default 5.4%, own revenue history 4.2%, analyst revenue consensus 6.7%).
5-year outlook: relative outlook of about 12.2% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 6.7% a year; the growth assumption used is 5.8%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — EUR 22.07 (-4.2%)
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EPS-based Gordon proxy
— EUR 26.01 (+12.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 334.75 (+1352.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— EUR 290.35 (+1159.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— EUR 37.16 (+61.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 333.15 (+1345.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— EUR 69.26 (+200.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 18.36 | -25.6% |
| Base EUR 22.07 | -4.4% |
| Bull EUR 28.64 | 19.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 84 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue +4.2% a year | 12 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 48% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BBVA.MC (this company) | EUR 23.05 | -4.4% | 12.6 | 2.3 | 3.2% | 84 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.7% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: EUR 0.97 per share · yield 4.21% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.970 |
| 2025 | 0.730 |
| 2024 | 0.680 |
| 2023 | 0.470 |
| 2022 | 0.350 |
| 2021 | 0.139 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 36,930,000,000 |
|---|---|
| EBITDA | EUR 17,748,000,000 |
| EBIT | EUR 16,227,000,000 |
| Net income | EUR 10,511,000,000 |
| Free cash flow | EUR 117,304,000,000 |
| Capital expenditures | EUR 827,000,000 |
| Debt | EUR 168,381,000,000 |
| Cash | EUR 168,995,000,000 |
| Working capital | EUR -471,680,000,000 |
| Shares outstanding | 5,748,000,000 |
| Reported dividends per share | EUR 0.7300 |