BAC
Bank of America Corporation
BAC has the edge over PAX overall, supported by stronger fundamentals and stronger modeled upside.
PAX
Patria Investments Limited
PAX trails on the overall score without a compensating advantage in the available component scores.
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.
PAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
PAX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PAX.
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.
PAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.9x | $9.18 | — |
| Cheap | 17x | $7.80 | -15% |
| Current | 20x | $9.18 | — |
| Fair | 23x | $10.23 | +11% |
| Expensive | 29x | $12.85 | +40% |
Historical ranges are pointers, not guarantees.
PAX 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 |
BAC has the edge over PAX on the outlook, with more favorable earnings and profitability expectations.
PAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PAX's revenue to grow, but its profitability to weaken.
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 PAX on earnings, with more consistent year-over-year improvement.
PAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.33 | +196% |
| Q2 2026 | $0.45 | -18% |
| Q1 2026 | $0.47 | 0% |
| Q4 2025 | $0.54 | +10% |
| Q3 2025 | $0.69 | +60% |
| Q2 2025 | $0.55 | +1.9% |
| Q1 2025 | $0.47 | -39% |
| Q4 2024 | $0.49 | -38% |
| Q3 2024 | $0.43 | -46% |
PAX's earnings per share have fallen from their peak: $0.45 over the past year, against $0.95 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'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 has the edge over PAX on profitability, with a higher operating margin.
PAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $111.3M | +35% |
| Q1 2026 | $98.2M | +23% |
| Q4 2025 | $134.4M | -15% |
| Q3 2025 | $86.5M | +11% |
| Q2 2025 | $82.5M | +10% |
| Q1 2025 | $79.6M | +25% |
| Q4 2024 | $157.2M | +41% |
| Q3 2024 | $78.1M | +23% |
PAX's revenue is recovering but still below its 2024 peak: $111M last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | -18 points |
| Q1 2026 | 26% | -11 points |
| Q4 2025 | 37% | -14 points |
| Q3 2025 | 35% | -0.5 points |
| Q2 2025 | 37% | -0.9 points |
| Q1 2025 | 37% | -10 points |
| Q4 2024 | 51% | +1.2 points |
| Q3 2024 | 36% | -12 points |
PAX's operating margin was 19% last quarter, down 18 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.
PAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $35.5M | -51% |
| Q1 2026 | $28.4M | -71% |
| Q4 2025 | $32.3M | +40% |
| Q3 2025 | $52.1M | -22% |
| Q2 2025 | $72.9M | +879% |
| Q1 2025 | $97.8M | +144% |
| Q4 2024 | $23.1M | -29% |
| Q3 2024 | $67M | +75% |
PAX's free cash flow was $148M over the past year, down 43% from the year before. Free cash flow isn't a meaningful measure for financial services companies like PAX.
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 PAX 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.
PAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +953K shares |
| 1 year | +0.9% | +1.5M shares |
| 3 years | +7.7% | +11.4M shares |
| 5 years | +19% | +25.6M shares |
| Available history | +36% | +42.6M shares |
PAX has 160M diluted shares, up 0.9% from a year ago, despite $69M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $12.7M |
| Q4 2025 | — |
| Q3 2025 | $56.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PAX spent $69M buying back its own shares over the past year, after none 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.
PAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.5x | Healthy |
| Q3 2024 | 1.1x | Healthy |
PAX 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).
PAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.2 | Neutral |
| Stochastic | 8.1 | Oversold |
PAX's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
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 PAX on valuation relative to its sector.
PAX PE vs Financial Services Sector
| Metric | PAX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 57% above |
| PE % | 40 | 62 | 22 pts below |
PAX is trading at 20x earnings, a 57% 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 the edge over PAX on trend strength, trading above more of its moving averages.
PAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 12% below |
| 20 week MA | $10.8 | 15% below |
| 50 week MA | $12.4 | 26% below |
| 100 week MA | $12.6 | 27% below |
| 200 week MA | $13.2 | 31% below |
PAX is in a downtrend: it's below all five of its weekly moving averages, and 31% 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 PAX on returns for 2026, with the stronger performance.
PAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $19.9 | $16.5 | -17% |
| 2022 | $16.5 | $13.7 | -17% |
| 2023 | $13.7 | $15.5 | +13% |
| 2024 | $15.5 | $11.6 | -25% |
| 2025 | $11.6 | $16.2 | +39% |
| 2026 YTD | $16.2 | $9.18 | -43% |
PAX has finished lower in three of the last five years. It's down 43% so far in 2026.