BKU · Financials(savings institution, federally chartered) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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BankUnited, Inc. reported revenue of $21.7 million in fiscal 2025. Of the $6.3 billion its operations generated over 10 years, 21.9% went to buybacks and 10.9% to dividends. On the accounting screens, it passes 6 of 7 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 202521.7M
Operating margin6208.9%gross margin —
Return on invested capital29.9%23.2% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA0.1×net debt 79.1M
Piotroski F-score6/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
00.5B1.0B1.5B
2018
2018Revenue 14.4MOperating income 814.7M
2019Revenue 16.5MOperating income 933.1M
2020
2020Revenue 16.5MOperating income 565.2M
2021Revenue 21.7MOperating income 613.1M
2022Revenue 22.5MOperating income 692.6M
2023Revenue 20.9MOperating income 1.2B
2024Revenue 20.2MOperating income 1.2B
2025Revenue 21.7MOperating income 1.3B
2018201820192020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-1.2%
+5.7%
—
Operating income
+24.9%
+19.0%
—
Net income
-2.0%
+6.3%
—
Earnings per share
-0.0%
+10.9%
—
Dividend per share
+7.1%
+5.6%
—
Shares
-1.9%
-4.1%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%2000%4000%6000%8000%
2018
2018Operating 5652.9%Net 2254.1%
2019Operating 5641.7%Net 1893.1%
2020
2020Operating 3426.3%Net 1199.4%
2021Operating 2827.5%Net 1913.7%
2022Operating 3077.0%Net 1266.0%
2023Operating 5839.8%Net 854.6%
2024Operating 6084.3%Net 1149.3%
2025Operating 6208.9%Net 1234.8%
2018201820192020202020212022202320242025
Return on invested capital
Return on invested capital
0%10%20%30%
2018
2018Return on invested capital 19.2%
2019Return on invested capital 21.4%
2020
2020Return on invested capital 12.2%
2021Return on invested capital 15.2%
2022Return on invested capital 16.8%
2023Return on invested capital 28.2%
2024Return on invested capital 25.9%
2025Return on invested capital 29.9%
2018201820192020202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
8.8%
Return on assets
0.8%
Asset turnover
0.00×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200M400M600M
2018
2018Net income 324.9M
2019Net income 313.1M
2020
2020Net income 197.9M
2021Net income 415.0M
2022Net income 285.0M
2023Net income 178.7M
2024Net income 232.5M
2025Net income 268.4M
2018201820192020202020212022202320242025
Where 10 years of operating cash went, 2018–2025
6.3B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 0%0
Dividends 11%683.6M
Share buybacks 22%1.4B
Kept, or used to pay down debt 67%4.2B
Over the same years it paid 165.4M in stock. 1.2B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$2$4$6
2018
2018Earnings per share $3.12Dividend per share $0.88
2019Earnings per share $3.27Dividend per share $0.88
2020
2020Earnings per share $2.16Dividend per share $0.94
2021Earnings per share $4.59Dividend per share $0.95
2022Earnings per share $3.62Dividend per share $1.01
2023Earnings per share $2.43Dividend per share $1.08
2024Earnings per share $3.14Dividend per share $1.16
2025Earnings per share $3.61Dividend per share $1.24
2018201820192020202020212022202320242025
Shares outstanding
Diluted shares
70M80M90M100M110M
2018
2018Diluted shares 104.1M
2019Diluted shares 95.7M
2020
2020Diluted shares 91.7M
2021Diluted shares 90.4M
2022Diluted shares 78.8M
2023Diluted shares 73.5M
2024Diluted shares 74.0M
2025Diluted shares 74.3M
2018201820192020202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0100M200M300M400M
2018
2018Net debt 12.3M
2019Net debt 180.4M
2020
2020Net debt 292.2M
2021Net debt 376.3M
2022Net debt 119.9M
2023Net debt 94.2M
2024Net debt 192.8M
2025Net debt 79.1M
2018201820192020202020212022202320242025
Net debt ÷ EBITDA
0.1×
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$384,3503 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
