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

+21.5%

$29.33

vs $24.14 price

Levered DCF

$11.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.6

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	11.74×	5.59×	6.39×	5.73×	7.7×	28.87×	10.59×	6.07×
P/B	2.07×	0.97×	0.95×	0.74×	0.75×	0.6×	0.68×	0.65×
P/S	3.21×	1.53×	0.84×	0.86×	1.05×	0.89×	0.94×	0.87×
EV / EBITDA	5.99×	8.19×	10.55×	5.62×	8.79×	9.91×	11.79×	8.63×
Gross margin	83.6%	-18.8%	49.8%	61.1%	63.8%	56.3%	55.9%	56.5%
Operating margin	43.9%	43.4%	21.3%	25.4%	23.1%	17.5%	20.0%	21.5%
Net margin	28.5%	28.3%	13.8%	15.7%	14.9%	4.3%	10.0%	15.3%
Current ratio	0.44×	0.32×	0.35×	0.4×	0.38×	0.52×	0.41×	0.42×
Debt / equity	1.43×	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	3.5%	7.2%	5.7%	6.3%	2.8%	4.0%	6.5%	6.9%
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	4.9%	4.0%	2.8%	2.6%	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	11.1%	-35.8%	-5.2%	61.2%	-6.6%	142.1%	-29.0%	23.4%
Earnings yield	8.9%	18.6%	16.3%	18.3%	14.1%	4.9%	10.6%	17.6%
Enterprise value	$106.4B	$138.7B	$145.8B	$65.1B	$74.6B	$64.8B	$99.4B	$74.2B
Net debt / EBITDA	-0.68×	4.99×	7×	2.62×	4.9×	5.8×	7.87×	5.07×
Cash conversion cycle (days)	0	326	157	235	339	305	296	306