BAC
Bank of America Corporation
BAC has the edge over CG overall, supported by stronger fundamentals and stronger valuation.
CG
The Carlyle Group Inc.
CG's outlook is improving despite an expensive valuation.
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.
CG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
CG's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like CG.
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 has the edge over CG in the historical PE scenario, which offers more potential upside but is not a forecast.
CG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.4x | $5.99 | -85% |
| Forward | 9.5x | $39.36 | — |
| Fair | 14x | $13.43 | -66% |
| Expensive | 36x | $33.42 | -15% |
| Current | 42x | $39.36 | — |
Historical ranges are pointers, not guarantees.
CG's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 9.5x next year's earnings, in its fair range.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over CG on the outlook, with more favorable profitability expectations.
CG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CG, with profitability holding steady. However, they disagree widely on these estimates.
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 has the edge over CG on earnings, with more consistent year-over-year improvement.
CG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.16 | +343% |
| Q3 2026 | $0.94 | -47% |
| Q2 2026 | $0.96 | -72% |
| Q1 2026 | $1.46 | -50% |
| Q4 2025 | $2.18 | -21% |
| Q3 2025 | $1.78 | +493% |
| Q2 2025 | $3.41 | +$4.52 |
| Q1 2025 | $2.94 | +$4.72 |
| Q4 2024 | $2.77 | +$4.45 |
CG's earnings per share have fallen from their peak: $0.94 over the past year, against $8.20 in late 2021.
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 has the edge over CG on sales, with more consistent year-over-year improvement.
| 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 has the edge over CG on profitability, with a higher operating margin.
CG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $334.1M | +0.4% |
| Q2 2026 | $1.1B | -29% |
| Q1 2026 | $254M | -74% |
| Q4 2025 | $1.9B | +84% |
| Q3 2025 | $332.7M | -87% |
| Q2 2025 | $1.6B | +47% |
| Q1 2025 | $973.1M | +41% |
| Q4 2024 | $1B | +11% |
CG's revenue has slid since its 2021 peak: $334M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -5 points |
| Q2 2026 | 22% | -3 points |
| Q1 2026 | -45% | -62 points |
| Q4 2025 | 27% | +4.9 points |
| Q3 2025 | -11% | -41 points |
| Q2 2025 | 25% | +4.1 points |
| Q1 2025 | 17% | -1.6 points |
| Q4 2024 | 22% | +113 points |
CG's operating margin was −16% last quarter, down 5 points from the same quarter a year ago.
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 has the edge over CG on cash generation, producing positive trailing cash flow while its opponent burns cash.
CG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $333.7M | +$1.9B |
| Q2 2026 | -$32.5M | +$153.8M |
| Q1 2026 | -$1.3B | -$901.7M |
| Q4 2025 | -$1.2B | -$857.6M |
| Q3 2025 | -$1.6B | -305% |
| Q2 2025 | -$186.3M | +$1.1B |
| Q1 2025 | -$368.8M | -748% |
| Q4 2024 | -$379.5M | -260% |
CG's free cash flow was −$2.2B over the past year, against −$2.5B the year before. Free cash flow isn't a meaningful measure for financial services companies like CG.
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 7.2B diluted shares, down 5.3% from a year ago, with $25.6B in buybacks over the past year.
| 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.
CG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.5% | -13M shares |
| 1 year | -5.9% | -22.2M shares |
| 3 years | -2.6% | -9.4M shares |
| 5 years | -2.9% | -10.4M shares |
| Available history | -0.8% | -3M shares |
CG has the edge over BAC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $210.4M |
| Q2 2026 | $304.1M |
| Q1 2026 | $204.8M |
| Q4 2025 | $203.7M |
| Q3 2025 | $202.7M |
| Q2 2025 | $103.6M |
| Q1 2025 | $176.5M |
| Q4 2024 | $75.8M |
CG spent $923M buying back its own shares over the past year, up 65% 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.
CG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.0x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.8x | Net Cash |
| Q4 2025 | -1.6x | Net Cash |
| Q3 2025 | -2.4x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
CG 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).
CG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 26.1 | Neutral |
CG's weekly RSI is 39 (neutral) and its Stochastic is 26 (neutral).
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 CG on valuation relative to its sector.
CG PE vs Financial Services Sector
| Metric | CG | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 222% above |
| PE % | 87 | 63 | 24 pts above |
CG is trading at 42x earnings, a 222% 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.
CG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.1 | 0.8% above |
| 20 week MA | $43.1 | 8.7% below |
| 50 week MA | $48.5 | 19% below |
| 100 week MA | $50.5 | 22% below |
| 200 week MA | $44.4 | 11% below |
CG has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 11% below its 200-week average.
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 the edge over CG on returns for 2026, with the stronger performance.
CG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.2 | $31.4 | +0.4% |
| 2021 | $31.4 | $55.5 | +77% |
| 2022 | $55.5 | $29.9 | -46% |
| 2023 | $29.9 | $40.7 | +36% |
| 2024 | $40.7 | $50.9 | +25% |
| 2025 | $50.9 | $61.1 | +20% |
| 2026 YTD | $61.1 | $39.4 | -36% |
CG is down 36% so far in 2026, after finishing higher in five of the previous six years.