BAC
Bank of America Corporation
BAC has lower modeled downside risk, despite its lower overall score.
CBOE
Cboe Global Markets, Inc.
CBOE has the edge over BAC overall, supported by stronger fundamentals.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
CBOE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
CBOE's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like CBOE.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 10x next year's earnings, in its cheap range.
CBOE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 23x | $330 | -10% |
| Forward | 24x | $369 | — |
| Current | 26x | $369 | — |
| Fair | 27x | $386 | +4.6% |
| Expensive | 32x | $448 | +22% |
Historical ranges are pointers, not guarantees.
CBOE has the edge over BAC in the historical PE scenario, which offers more potential upside but is not a forecast.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BAC, with profitability improving.
CBOE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for CBOE, with profitability improving.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC's earnings per share have climbed steadily: $4.19 over the past year, up 14% from the year before, and higher year over year for eight quarters in a row.
CBOE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.10 | +7.4% |
| Q3 2026 | $14.06 | +51% |
| Q2 2026 | $12.83 | +51% |
| Q1 2026 | $11.71 | +54% |
| Q4 2025 | $10.42 | +45% |
| Q3 2025 | $9.30 | +27% |
| Q2 2025 | $8.52 | +18% |
| Q1 2025 | $7.62 | +2.1% |
| Q4 2024 | $7.21 | +1.1% |
CBOE has the edge over BAC on earnings, with stronger typical year-over-year growth.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC's revenue has grown year over year for 10 quarters in a row: $30B last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC's operating margin was 30% last quarter, down 3.7 points from the same quarter a year ago.
CBOE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +19% |
| Q2 2026 | $1.4B | +23% |
| Q1 2026 | $1.3B | +6.5% |
| Q4 2025 | $1.2B | +8.7% |
| Q3 2025 | $1.1B | +8.1% |
| Q2 2025 | $1.2B | +20% |
| Q1 2025 | $1.2B | +25% |
| Q4 2024 | $1.1B | +14% |
CBOE has the edge over BAC on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | +6.9 points |
| Q2 2026 | 33% | +4.1 points |
| Q1 2026 | 40% | +10 points |
| Q4 2025 | 34% | +6.6 points |
| Q3 2025 | 32% | +3.3 points |
| Q2 2025 | 29% | +7.3 points |
| Q1 2025 | 30% | +0.1 points |
| Q4 2024 | 27% | -3.4 points |
CBOE has the edge over BAC on profitability, with a higher operating margin.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC's free cash flow was $41.4B over the past year, down 33% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BAC.
CBOE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $793M | +475% |
| Q2 2026 | -$536.3M | -271% |
| Q1 2026 | $1.9B | +116% |
| Q4 2025 | $332.1M | +$1.1B |
| Q3 2025 | $137.9M | +$728.4M |
| Q2 2025 | $313.4M | -79% |
| Q1 2025 | $898.2M | +1.1% |
| Q4 2024 | -$734.2M | -$528.1M |
CBOE has the edge over BAC on cash flow, with more consistent year-over-year improvement.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has the edge over CBOE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
CBOE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -200K shares |
| 1 year | -0.2% | -200K shares |
| 3 years | -1.3% | -1.4M shares |
| 5 years | -2.1% | -2.3M shares |
| Available history | -6.4% | -7.1M shares |
CBOE has 105M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $56.7M |
| Q2 2026 | $34.4M |
| Q1 2026 | $40.9M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $36.7M |
| Q1 2025 | $30M |
| Q4 2024 | $500,000 |
CBOE spent $132M buying back its own shares over the past year, up 96% from the year before.
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
CBOE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.4x | Very low |
CBOE has the edge over BAC on leverage, with a lower net debt burden relative to earnings.
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
CBOE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.6 | Neutral |
| Stochastic | 93.4 | Overbought |
CBOE's weekly RSI is 67 (neutral) and its Stochastic is 93 (overbought).
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC has the edge over CBOE on valuation relative to its sector.
CBOE PE vs Financial Services Sector
| Metric | CBOE | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 102% above |
| PE % | 38 | 63 | 25 pts below |
CBOE is trading at 26x earnings, a 102% premium to the Financial Services sector's median of 13x.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
CBOE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $318.3 | 16% above |
| 20 week MA | $298.9 | 23% above |
| 50 week MA | $291.7 | 26% above |
| 100 week MA | $259.2 | 42% above |
| 200 week MA | $214.0 | 72% above |
CBOE has the edge over BAC on trend strength, trading above more of its moving averages.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has finished higher in four of the last six years. It's down 10% so far in 2026.
CBOE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $118.8 | $92.1 | -23% |
| 2021 | $92.1 | $129.0 | +40% |
| 2022 | $129.0 | $126.2 | -2.2% |
| 2023 | $126.2 | $178.6 | +42% |
| 2024 | $178.6 | $197.2 | +10% |
| 2025 | $197.2 | $256.2 | +30% |
| 2026 YTD | $256.2 | $368.9 | +44% |
CBOE has the edge over BAC on returns for 2026, with the stronger performance.