WFC · US
WFC.US Wells Fargo: latest print still Q2 — IR set Q3 for Oct 13
Wells Fargo Retail/commercial bank. No new P&L in this window; financials still Q2. IR quarterly page sets Q3 for **2026-10-13** 10:00 ET. Watch remaining consent orders, efficiency, CRE.
Cite a section with a deep link, e.g. /en/r/wfc-us-research#thesis
Snapshot
- Price
- USD 86.12
- Market cap
- USD 260.4B
- 2026-Q2 net revenue
- USD 22.6B
- PE TTM
- 12.5
As-of 2026-09-27 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Wells Fargo (WFC) Big-four retail/commercial bank. Remaining consent orders are the multi-year overlay. Watch orders, efficiency, CRE.
Business
Model: retail/commercial NII + fees. Flagships: community bank, commercial. Edge: western deposit franchise. Strategy: remediation, efficiency, capital return. Entity: Wells Fargo & Company.
Value chain
Retail/commercial midstream. Risks: remediation, CRE, deposit costs.
Corporate events
No new 8-K P&L in this window. The table only records the named Q3 calendar and the still-current Q2 print.
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2026-Q2 | 财报 | 最新正式打印仍为 Q2（SEC companyfacts 单季 frame） | 收入/净利图不停在未披露的 Q3 |
| 2026-10-13 | 日历 | Q3 FY26 出数 / 电话会（10:00 ET call） | Wells Fargo IR quarterly earnings page |
Valuation
Multiple embeds a remediation option; PB sensitive to remaining orders.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 12.5 | 腾讯财经行情；历史季为 null |
| PB | 1.58 | 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 | 86.12 / $260.43B | 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 RevenuesNetOfInterestExpense 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)
Watch consent-order progress, CET1, CRE ACL. 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/deposits; price: NIM; cost: efficiency and remediation.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $22.62B | 2026-Q2 | SEC RevenuesNetOfInterestExpense CYyyyyQn |
| 最新单季净利润 | $6.41B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $86.33B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 86.12 / $260.43B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 12.52 / 1.58 | 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 |
|---|---|---|---|---|
| Wells Fargo | 零售/商业 | 中 | 西部特许权 | 监管约束历史 |
| JPMorgan | 全能 | 高 | 综合钱包 | 估值更高 |
| Bank of America | 消费+批发 | 中高 | 全国存款 | 西部密度低于 WFC |
| U.S. Bancorp | 区域优质 | 中 | 支付/商户 | 规模远小于 WFC |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Charles Scharf | 2019 | 整改周期任命，24m 续任 |
| CFO | Michael Santomassimo | 2020+ | 稳定 |
| 董事长 | Charles Scharf | 2021+ | 两职合一 |
Stability: Remediation team stable; path still depends on supervisors.
Outlook
Near-term: Q3 FY26 print scheduled 2026-10-13 (10:00 ET call). This pack does not pre-fill an undisclosed P&L. 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 |
|---|---|---|
| 监管同意令 | 高 | 整改不及预期会限制增长与回购 |
| 商业地产信贷 | 高 | 办公楼敞口是市场定价焦点 |
| NIM | 中 | 存款成本与贷款重定价 |
| 营运与合规事件 | 中 | 历史丑闻后的尾部声誉风险 |
| 人才与效率 | 低 | 费用节省若伤及服务会流失存款 |
Tracking
Check the next 10-Q / earnings release for:
- Q3 FY26 print scheduled 2026-10-13 (10:00 ET call; Wells Fargo IR quarterly earnings page) — pack financials still stop at Q2 SEC frames; do not extrapolate
- Consent-order public progress
- Efficiency ratio
- CRE criticized loans
- NIM
References
- IR: https://www.wellsfargo.com/about/investor-relations/
- SEC companyfacts CIK 0000072971 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000072971.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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