Wells Fargo WFC

NYSE · National Commercial Banks · $264.4B

$84.80−3.01%Nov 5 close · Databento

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WFC Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $84.801D −3.01%3M −3.11%SMA20 $83.39SMA50 $84.42RSI(14) 53.2

84.80

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 53.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$264.4B

Enterprise value$266.5B

Revenue$83.7B +1.7%

EPS, diluted$6.26 +16.6%

Modern Valuation (EOD)

Market Cap$264.4B

Enterprise Value$266.5B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales3.18

P / E (GAAP)12.39

P / FCF—

P / Oper. CF—

P / Book1.44

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield8.1%

Shareholder Yield+8.1%

Buyback Yield6.6%

Dividend Yield2.00%

Dividend / sh$1.70

Payout Ratio26%

FCF / sh—

EPS (diluted)$6.26

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE11.7%

ROA1.0%

Gross Margin—

Oper. Margin—

Net Margin25.5%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+1.9%

SBC % of FCF—

SBC % of Rev1.8%

Reinvest. Rate—

Sales Growth Y/Y+1.7%

Sales 3Y CAGR+4.0%

EPS Growth Y/Y+16.6%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−6.5%

Balance Sheet & Scale

Revenue (FY)$83.7B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$21.3B

True FCF (ex-SBC)—

Cash & Equiv$172.6B

Total Debt$174.7B

Net Cash (Debt)$-2.1B

Net Cash % MCap−0.8%

Debt / FCF (yrs)—

Current Ratio—3.00B sh

Price & Technicals (EOD)

Perf Week−0.01%

Perf Month+5.66%

Perf Quarter−2.81%

Perf Half Y+7.12%

Perf YTD+3.45%

SMA 20 Dist+1.69%$83.39

SMA 50 Dist+0.45%$84.42

SMA 100 Dist−0.57%$85.28

Window High−6.08%$90.29

Window Low+15.50%$73.42

RSI (14) · Vol53.227%v

Income Distribution & Cash Flow ConversionHow every dollar of WFC revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$62.4B ($74.5 / $100)

Net Profit Kept$21.3B ($25.5 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$21.3B (25.5% margin)

Operating Cash Flow (OCF)$-19.0B(-22.7% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$1.5B

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$79.2B	$74.4B	$82.6B	$82.3B	$83.7B	+1.7%	+1.4%
Interest Expense	$3.9B	$9.1B	$32.7B	—	$32.7B	—	+70.1%
Income Tax Expense	$5.8B	$2.3B	$2.6B	$3.4B	$3.8B	+13.0%	−9.6%
GAAP Net Income	$22.1B	$13.7B	$19.1B	$19.7B	$21.3B	+8.2%	−0.9%
Diluted EPS	$5.08	$3.27	$4.83	$5.37	$6.26	+16.6%	+5.4%
Diluted Shares	4.10B	3.84B	3.72B	3.47B	3.24B	−6.5%	−5.7%
Balance Sheet
Cash & Equivalents	$234.2B	$159.2B	$236.1B	$201.9B	$172.6B	−14.5%	−7.4%
Total Assets	$1,948B	$1,881B	$1,932B	$1,930B	$2,149B	+11.3%	+2.5%
Total Debt (Short + Long Term)	$160.7B	$174.9B	$207.6B	$173.1B	$174.7B	+0.9%	+2.1%
Total Liabilities	$1,758B	$1,699B	$1,745B	$1,749B	$1,966B	+12.4%	+2.8%
Stockholders' Equity	$189.9B	$182.2B	$187.4B	$181.1B	$183.0B	+1.1%	−0.9%
Net Cash / (Net Debt)	$73.5B	$-15.7B	$28.5B	$28.8B	$-2.1B	−107.4%	—
Invested Capital	$116.3B	$197.9B	$159.0B	$152.2B	$185.2B	+21.6%	+12.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-11.5B	$27.0B	$40.4B	$3.0B	$-19.0B	−726.1%	—
Depreciation & Amortization (D&A)	$1.4B	$1.2B	$1.3B	$1.4B	$1.7B	+21.4%	+5.0%
Stock-Based Compensation (SBC)	$1.0B	$978.0M	$1.1B	$1.3B	$1.5B	+15.2%	+10.1%
Share Repurchases (Buybacks)	$14.5B	$6.0B	$11.9B	$19.4B	$17.5B	−9.9%	+4.9%
Dividends Paid	$2.4B	$4.2B	$4.8B	$5.1B	$5.4B	+5.9%	+22.4%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what WFC did at the next close after each story

Oct 22

US banks confront unauthorized AI agents inside customer accounts

ZeroHedge · 3:30 PM ET

—

Oct 12

Big banks face $19 billion stock-trading test in Tuesday earnings

Bloomberg Television · 11:21 AM ET

—

Oct 7

Trump administration probes Wells Fargo over Black homeownership programs

NYT Business · 5:40 PM ET

+2.21%

Sep 16

Wells Fargo raises prime rate to 7.00% effective Thursday

Investing.com · 4:56 PM ET

−0.18%

What happened · big days

13 big days in a year, and what we hold on each

A big day is a close more than 3.14% from the one before, three times WFC’s median day (1.05%). On 9 of the 13, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.14%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayWFCWhat we hold that dayGroup (median of 4) · each

1 Dec 3, 2025+3.51%
Before our storiesgroup +1.6%, did not move with it
1Dec 3, 2025+3.51%
Before our stories
+1.6% did not move with itC +3.4 · BAC +1.7 · COF +1.4 · JPM +1.4
2 Jan 14, 2026−4.61%
Resultsgroup −2.1%, did not move with it
2Jan 14, 2026−4.61%
ResultsFirst close after the Jan 14 results filing
−2.1% did not move with itBAC −3.8 · C −3.3 · JPM −1.0 · COF +1.3
3 Feb 11, 2026−3.22%
Before our storiesgroup −2.6%, moved with WFC
3Feb 11, 2026−3.22%
Before our stories
−2.6% moved with WFCC −3.9 · BAC −2.8 · COF −2.5 · JPM −2.3
4 Feb 23, 2026−4.00%
Before our storiesgroup −4.4%, moved with WFC
4Feb 23, 2026−4.00%
Before our stories
−4.4% moved with WFCCOF −8.8 · C −4.5 · JPM −4.2 · BAC −3.8
5 Feb 27, 2026−5.62%
Before our storiesgroup −4.9%, moved with WFC
5Feb 27, 2026−5.62%
Before our stories
−4.9% moved with WFCCOF −6.2 · C −5.2 · BAC −4.7 · JPM −1.9
6 Mar 31, 2026+3.66%
Before our storiesgroup +3.4%, moved with WFC
6Mar 31, 2026+3.66%
Before our stories
+3.4% moved with WFCC +5.7 · JPM +3.7 · BAC +3.2 · COF +2.4
7 Apr 8, 2026+3.56%
Before our storiesgroup +4.5%, moved with WFC
7Apr 8, 2026+3.56%
Before our stories
+4.5% moved with WFCCOF +6.2 · C +5.4 · JPM +3.5 · BAC +3.2
8 Apr 14, 2026−5.70%
Resultsgroup +0.6%, did not move with it
8Apr 14, 2026−5.70%
ResultsFirst close after the Apr 14 results filing
+0.6% did not move with itJPM −0.8 · BAC 0.0 · COF +1.2 · C +2.6
9 May 8, 2026−4.45%
Before our storiesgroup −2.2%, did not move with it
9May 8, 2026−4.45%
Before our stories
−2.2% did not move with itC −2.7 · BAC −2.7 · COF −1.6 · JPM −1.4
10 Jun 4, 2026+3.74%
Before our storiesgroup +3.4%, moved with WFC
10Jun 4, 2026+3.74%
Before our stories
+3.4% moved with WFCC +4.0 · BAC +3.4 · JPM +3.3 · COF +3.1
11 Jul 1, 2026+3.99%
Nothing on WFCgroup +2.1%, moved with WFC
11Jul 1, 2026+3.99%
Nothing on WFCNo WFC story, brief or results filing in our record that day
+2.1% moved with WFCBAC +2.4 · COF +2.1 · JPM +2.1 · C +0.1
12 Jul 29, 2026−3.45%
Nothing on WFCgroup −3.0%, moved with WFC
12Jul 29, 2026−3.45%
Nothing on WFCNo WFC story, brief or results filing in our record that day
−3.0% moved with WFCC −4.0 · JPM −3.5 · BAC −2.5 · COF −1.7
13 Sep 22, 2026−3.92%
Nothing on WFCgroup −2.6%, moved with WFC
13Sep 22, 2026−3.92%
Nothing on WFCNo WFC story, brief or results filing in our record that day
−2.6% moved with WFCJPM −3.4 · BAC −3.0 · COF −2.1 · C −1.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of JPM, BAC, C and COF that day, the largest companies in WFC’s SEC industry; “moved with WFC” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). WFC reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 14, 2026

day 1−4.61%day 6−5.90%

Reported Apr 14, 2026

day 1−5.70%day 6−5.87%

Reported Jul 14, 2026

day 1−2.71%day 6+0.08%

Reported Oct 13, 2026

day 1−3.10%day 6−1.34%

Next report: expected mid JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 13 report: +4.93%. Four reports is a small sample.

Every report since 2026 →

Each line is WFC’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

WFC against four bank peers, a year at 100

WFC is up 1.6% in a year. Citigroup is up 23.8% and JPMorgan Chase 12.1%. Of these four, Bank of America (−3.0%) and Capital One Financial (−6.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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WFC +1.6%. Citigroup +23.8%, JPMorgan Chase +12.1%, Bank of America −3.0%, Capital One Financial −6.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in WFC’s SEC industry (National Commercial Banks) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

JPM	JPMorgan Chase	$936.0B	−4.19%
BAC	Bank of America	$361.0B	−3.62%
C	Citigroup	$218.2B	−5.04%
COF	Capital One Financial	$126.6B	−1.20%
USB	US Bancorp de	$95.1B	−2.10%
PNC	PNC Financial Services	$93.1B	−2.87%
TFC	Truist Financial	$62.1B	−2.02%
HBAN	Huntington Bancshares	$32.4B	−2.80%