Bank of New York Mellon Corp (BNY) 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

+185.3%

$423.39

vs $148.39 price

Levered DCF

$322.43

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.21

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	15.56×	13.16×	13.31×	15.64×	13.93×	11.05×	11.11×	11.59×
P/B	1.85×	1.38×	1×	0.91×	1.15×	0.83×	1.14×	1.2×
P/S	2.02×	1.44×	1.21×	1.86×	3.12×	2.28×	2.31×	2.6×
EV / EBITDA	-1.78×	0.07×	-6.18×	-5.18×	-5.16×	-14.22×	-3.47×	1.46×
Gross margin	48.9%	46.0%	51.4%	81.6%	100.0%	91.2%	78.8%	85.1%
Operating margin	17.5%	14.8%	12.7%	17.6%	29.3%	26.9%	27.3%	27.6%
Net margin	13.7%	11.5%	9.8%	12.9%	23.7%	21.8%	21.7%	22.7%
Current ratio	0.7×	0.65×	0.78×	0.74×	0.77×	0.84×	0.85×	0.85×
Debt / equity	0.76×	1.1×	1.13×	1.06×	0.89×	0.82×	1.05×	1.2×
Interest coverage	0.34×	0.27×	0.26×	0.96×	20.48×	3.95×	1.28×	1.84×
Dividend yield	2.1%	2.7%	3.6%	3.7%	2.7%	3.4%	2.7%	2.5%
Payout ratio	30.4%	34.0%	45.0%	53.8%	35.2%	35.8%	29.0%	28.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	11.0%	8.1%	6.3%	8.7%	7.9%	10.7%	10.5%
Return on invested capital	6.4%	4.3%	3.1%	2.5%	3.9%	3.6%	4.4%	4.1%
Return on assets	1.2%	1.1%	0.8%	0.6%	0.8%	0.8%	1.2%	1.2%
Free cash flow yield	6.3%	-1.4%	11.5%	37.2%	3.3%	10.1%	-2.4%	10.0%
Earnings yield	6.8%	7.9%	8.1%	6.9%	7.6%	9.6%	9.4%	8.7%
Enterprise value	-$15.8B	$560M	-$38.1B	-$27.2B	-$33.6B	-$86.7B	-$23.9B	$9.5B
Net debt / EBITDA	-10.96×	-7.38×	-12.8×	-12.2×	-12.75×	-20.42×	-10.32×	-6.04×
Cash conversion cycle (days)	352	-278	-316	-2,214	2,295,073	-6,111	-1,474	-2,432