COF · US
COF.US Capital One: latest print still Q2 — Q3 date not named on IR
Capital One Card bank and Discover integration. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch credit costs, network integration, NIM.
Cite a section with a deep link, e.g. /en/r/cof-us-research#thesis
Snapshot
- Price
- USD 202.43
- Market cap
- USD 124.2B
- 2026-Q2 net revenue
- USD 15.8B
- PE TTM
- 10.7
As-of 2026-09-27 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Capital One (COF) Leading US card/consumer bank. Discover adds a network. Watch credit costs, network integration, NIM.
Business
Model: card/consumer NII + Discover network. Flagships: cards, auto, network. Edge: data underwriting. Strategy: Discover integration, credit discipline. Entity: Capital One Financial Corporation.
Value chain
Consumer-credit midstream. Risks: card cycle, integration, Visa/MC competition.
Corporate events
Material items (public filings / IR):
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2025 | 重大并购 | Capital One 收购 Discover（卡组织+发卡） | 从纯发卡扩展到网络；跟踪协同、商誉与信贷口径 |
Valuation
Very credit-sensitive; integration synergies are an option.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 10.7 | 腾讯财经行情；历史季为 null |
| PB | 1.09 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 202.43 / $124.19B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue Revenues and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
ACL, CET1, integration goodwill. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: loans and network volume; price: loan yield; cost: NCOs and integration.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $15.85B | 2026-Q2 | SEC Revenues CYyyyyQn |
| 最新单季净利润 | $3.02B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $58.93B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 202.43 / $124.19B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 10.74 / 1.09 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| Capital One | 信用卡+网络 | 中 | 核贷数据 | 存款特许权弱于大行 |
| American Express | 闭环高端 | 高 | 品牌 | 大众卡弱于 COF |
| JPMorgan | 发卡+存款 | 高 | 资产负债表 | 独立网络弱 |
| Ally | 汽车金融 | 中 | 汽车贷款 | 规模远小于 COF |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Richard Fairbank | 1994 | 创始人 CEO，长期在任 |
| CFO | Andrew Young | 2021+ | 以最新 10-K 为准 |
| 董事长 | Richard Fairbank | 长期 | 两职合一 |
Stability: Founder-led stability; Discover integration is the 24m swing factor.
Outlook
Near-term: Q3 FY26 print not named on company IR; financials still stop at Q2 — do not borrow peer calendars. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 信用卡信贷成本 | 高 | 失业率上行时损失滞后 |
| Discover 整合 | 高 | 技术/商户/文化整合不及预期 |
| 网络竞争 | 中 | Visa/MC 生态更强 |
| NIM | 中 | 存款成本与贷款收益率 |
| 监管审批与资本 | 低 | 大规模并购后的持续监管 |
Tracking
Check the next 10-Q / earnings release for:
- Q3 FY26 print not named on company IR in this window; pack financials still stop at Q2 SEC frames. Peer banks often print mid-October — defer to IR
- Net charge-off rate
- Loan growth
- Network volume
- Integration costs
References
- IR: https://investor.capitalone.com/
- SEC companyfacts CIK 0000927628 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000927628.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
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