WFC
Wells Fargo
Bank / BV
★ Quality 27/100Price today
$89.97
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See what it is worthcharlieapp.co
What this business is made of
The business
Wells Fargo lives off how lazy you are to move your paycheck.
Wells Fargo is one of the four biggest U.S. banks: it takes in cheap deposits and lends to households and businesses, earning the rate spread. In 2025 it generated $83.7B in revenue and $21.3B in net profit, split across consumer, commercial, corporate, and wealth management banking.
The real moat is the deposit base: money that comes in cheap and stays out of inertia. Replicating thousands of branches, decades of relationships, and regulatory trust costs more than any rival is willing to pay. It's not a monopoly, but moving a direct-deposit account is still a huge pain.
Revenue history
From $78.5B to $83.7B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $83.7B · FY2025
Of every $100 in sales, $74 goes to costs and operations; $26 is left as net profit (26% margin).
Catalysts and risks
The Fed lifted the asset cap in June 2025: it can finally grow its balance sheet after seven years tied down.
Aggressive buybacks with the excess capital now freed up.
Net interest margin holding up if rates stay elevated.
High leverage: $174.7B in debt and cash reported at zero — a bank is a black box of credit risk.
Cycle sensitivity: a recession hits delinquencies and revenue at the same time.
Reputational track record: the fake-accounts scandal cost it years of regulatory oversight.
Charlie's note
“It spent seven years in regulatory penance; now the handcuffs are off. At 1.14x book value you're not paying for miracles, you're paying for a boring bank that can get back to work.”
Analysis · June 2026
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