Banco Bilbao Vizcaya Argentaria, S.A. (BBVA.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+18.1%

€25.07

vs €21.22 price

Levered DCF

€103.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.29

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.39×	5.63×	6.53×	5.74×	7.84×	28.86×	10.6×	6.19×
P/B	2.01×	0.98×	0.97×	0.74×	0.77×	0.6×	0.68×	0.65×
P/S	3.12×	1.54×	0.86×	0.86×	1.07×	1.21×	1.42×	1.31×
EV / EBITDA	12.04×	8.21×	10.58×	5.55×	8.86×	9.91×	11.8×	8.65×
Gross margin	83.6%	-18.8%	49.8%	61.1%	63.8%	100.0%	100.0%	100.0%
Operating margin	43.9%	43.4%	21.3%	25.4%	23.1%	23.6%	30.3%	32.1%
Net margin	28.5%	28.3%	13.8%	15.7%	14.9%	5.9%	15.1%	22.9%
Current ratio	0.26×	0.3×	0.47×	0.48×	0.55×	0.52×	0.41×	0.42×
Debt / equity	2.94×	2.6×	3.47×	2.44×	2.64×	2.49×	2.38×	2.27×
Interest coverage	0×	0.42×	0.5×	0.83×	0.87×	0.67×	0.59×	0.65×
Dividend yield	3.6%	7.2%	5.6%	6.3%	2.8%	4.0%	6.5%	6.8%
Payout ratio	39.9%	38.9%	35.0%	34.4%	19.9%	81.6%	61.1%	39.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	18.1%	15.5%	13.6%	10.6%	2.9%	7.2%	11.5%
Return on invested capital	3.7%	3.7%	2.8%	2.5%	1.9%	1.1%	1.9%	2.2%
Return on assets	1.2%	1.3%	1.0%	0.9%	0.7%	0.2%	0.5%	0.8%
Free cash flow yield	101.8%	60.1%	-5.1%	61.1%	-6.5%	142.2%	-29.0%	23.3%
Earnings yield	9.1%	18.4%	16.0%	18.2%	13.8%	4.9%	10.6%	17.5%
Enterprise value	€213.7B	€139.1B	€146.2B	€64.4B	€75.1B	€64.8B	€99.5B	€74.4B
Net debt / EBITDA	5.55×	4.99×	6.94×	2.55×	4.9×	5.8×	7.87×	5.07×
Cash conversion cycle (days)	0	494	86	109	112	157	177	188