BAC
Bank of America Corporation
BAC has the edge over FHN overall, supported by stronger fundamentals and stronger modeled upside.
FHN
First Horizon Corporation
FHN's outlook is improving, though it still trails on the overall score.
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.
FHN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
FHN's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like FHN.
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 FHN in the historical PE scenario, which offers more potential upside but is not a forecast.
FHN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $10.71 | -54% |
| Forward | 10x | $23.41 | — |
| Fair | 12x | $16.07 | -31% |
| Expensive | 15x | $20.09 | -14% |
| Current | 17x | $23.41 | — |
Historical ranges are pointers, not guarantees.
FHN's PE is in its expensive range at 17x. If earnings grow as analysts expect, today's price would be 10x 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 FHN on the outlook, with more favorable revenue expectations.
FHN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect FHN's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
FHN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.25 | +63% |
| Q3 2026 | $1.38 | -16% |
| Q2 2026 | $2.08 | +34% |
| Q1 2026 | $1.99 | +38% |
| Q4 2025 | $1.87 | +38% |
| Q3 2025 | $1.65 | +19% |
| Q2 2025 | $1.55 | +27% |
| Q1 2025 | $1.44 | 0% |
| Q4 2024 | $1.36 | -12% |
FHN's earnings per share have fallen from their peak: $1.38 over the past year, against $2.61 in mid-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 FHN 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 FHN on profitability, with a higher operating margin.
FHN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $407M | -54% |
| Q2 2026 | $887M | +6.9% |
| Q1 2026 | $862M | +6.2% |
| Q4 2025 | $888M | +22% |
| Q3 2025 | $889M | +7.5% |
| Q2 2025 | $830M | +1.8% |
| Q1 2025 | $812M | -0.9% |
| Q4 2024 | $728M | -8.9% |
FHN's revenue has slid since its 2020 peak: $407M last quarter, down 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | -63 points |
| Q2 2026 | 38% | +1.1 points |
| Q1 2026 | 40% | +4.6 points |
| Q4 2025 | 39% | +9.8 points |
| Q3 2025 | 39% | +4.7 points |
| Q2 2025 | 37% | +5.3 points |
| Q1 2025 | 35% | +4.1 points |
| Q4 2024 | 29% | +6.6 points |
FHN's operating margin was −24% last quarter, down 63 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
FHN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $594M | +$802M |
| Q2 2026 | $566M | +665% |
| Q1 2026 | $270M | -21% |
| Q4 2025 | $389M | +124% |
| Q2 2025 | $74M | +$224M |
| Q1 2025 | $340M | -59% |
| Q2 2024 | -$150M | -149% |
| Q1 2024 | $838M | +$907M |
FHN 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 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.
FHN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -6.3M shares |
| 1 year | -7.2% | -36.5M shares |
| 3 years | -16% | -87.6M shares |
| 5 years | -14% | -76M shares |
| Available history | +50% | +158M shares |
FHN has the edge over BAC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4M |
| Q2 2026 | $121M |
| Q1 2026 | $235M |
| Q4 2025 | $335M |
| Q3 2025 | $190M |
| Q2 2025 | $28M |
| Q1 2025 | $365M |
| Q4 2024 | $164M |
FHN spent $695M buying back its own shares over the past year, down 7% 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.
FHN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 1.7x | Healthy |
| Q4 2022 | 1.2x | Healthy |
| Q3 2022 | 0.2x | Very low |
| Q2 2022 | 0.7x | Very low |
| Q1 2022 | 0.4x | Very low |
FHN 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).
FHN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.4 | Neutral |
| Stochastic | 23.9 | Neutral |
FHN's weekly RSI is 44 (neutral) and its Stochastic is 24 (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 FHN on valuation relative to its sector.
FHN PE vs Financial Services Sector
| Metric | FHN | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 13x | 30% above |
| PE % | 100 | 63 | 37 pts above |
FHN is trading at 17x earnings, a 30% 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.
FHN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.3 | 0.7% above |
| 20 week MA | $24.4 | 4.2% below |
| 50 week MA | $24.2 | 3.3% below |
| 100 week MA | $22.5 | 4.1% above |
| 200 week MA | $18.9 | 24% above |
FHN 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.
FHN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.5 | $12.6 | -23% |
| 2021 | $12.6 | $16.0 | +26% |
| 2022 | $16.0 | $24.5 | +53% |
| 2023 | $24.5 | $14.2 | -42% |
| 2024 | $14.2 | $20.2 | +43% |
| 2025 | $20.2 | $24.5 | +21% |
| 2026 YTD | $24.5 | $23.4 | -4.5% |
FHN has the edge over BAC on returns for 2026, with the stronger performance.