BACBANK OF AMERICA CORP /DE/

National Commercial Banks

Revenue: $113.1B; 6.8% YoY
Operating margin: —
EBITDA: —
Market cap: $346.2B
Employees: 213,000; $531K revenue each
Net debt / EBITDA: —; $17.7B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
41% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
183% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$531K · 90th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$346.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$31M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$89.1B	$95.0B	$102.8B	$105.9B	$113.1B	6.8%
Net income	$32.0B	$27.5B	$26.3B	$27.0B	$30.5B	13%
Operating cash flow	−$7.2B	−$6.3B	$45.0B	−$8.8B	$12.6B	243%
Stock-based comp	$2.8B	$2.9B	$2.9B	$3.4B	$4.0B	17%
Buybacks	$25.1B	$5.1B	$4.6B	$13.1B	$21.4B	64%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $785K · 57
Open-market sells, 12 mo: $32M · 139
Net: −$31M

Pay vs performance

No pay-versus-performance disclosure yet.