BPOP · Financials(state commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $7.7 billion its operations generated over 10 years, 25.9% went to acquisitions and 17.6% to dividends; the share count fell 34.6%. On the accounting screens, it passes 5 of 5 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow681.0M
Net debt ÷ EBITDA—net debt —
Piotroski F-score5/5tests 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
01B2B3B
2016Operating income 506.9M
2017Operating income 562.5M
2018Operating income 1.0B
2019Operating income 1.2B
2020Operating income 853.5M
2021Operating income 1.4B
2022Operating income 1.5B
2023Operating income 1.8B
2024Operating income 2.2B
2025Operating income 2.2B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+13.6%
+21.4%
+18.0%
Net income
-8.9%
+10.5%
+16.1%
Earnings per share
-5.6%
+15.9%
+21.8%
Free cash flow per share
-5.9%
+7.0%
+8.6%
Dividend per share
+10.8%
+13.5%
+18.4%
Shares
-3.5%
-4.7%
-4.6%
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.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
13.3%
Return on assets
1.1%
Asset turnover
—
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
00.5B1.0B1.5B
2016Net income 216.7MFree cash flow 496.3M
2017Net income 107.7MFree cash flow 573.8M
2018Net income 618.2MFree cash flow 767.0M
2019Net income 671.1MFree cash flow 629.7M
2020Net income 506.6MFree cash flow 618.7M
2021Net income 934.9MFree cash flow 932.4M
2022Net income 1.1BFree cash flow 910.7M
2023Net income 541.3MFree cash flow 478.6M
2024Net income 614.2MFree cash flow 461.3M
2025Net income 833.2MFree cash flow 681.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
7.7B generated by the business. Each band is its share of that total.
Reinvested in the business 15%1.2B
Acquisitions 26%2.0B
Dividends 18%1.4B
Share buybacks 3%217.3M
Kept, or used to pay down debt 39%3.0B
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$5$10$15
2016Earnings per share $2.10Free cash flow per share $4.80Dividend per share $0.64
2017Earnings per share $1.06Free cash flow per share $5.62Dividend per share $0.94
2018Earnings per share $6.10Free cash flow per share $7.57Dividend per share $1.04
2019Earnings per share $6.92Free cash flow per share $6.49Dividend per share $1.19
2020Earnings per share $5.89Free cash flow per share $7.20Dividend per share $1.55
2021Earnings per share $11.48Free cash flow per share $11.45Dividend per share $1.74
2022Earnings per share $14.65Free cash flow per share $12.10Dividend per share $2.15
2023Earnings per share $7.54Free cash flow per share $6.67Dividend per share $2.23
2024Earnings per share $8.58Free cash flow per share $6.44Dividend per share $2.52
2025Earnings per share $12.32Free cash flow per share $10.07Dividend per share $2.92
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
60M70M80M90M100M110M
2016Diluted shares 103.4M
2017Diluted shares 102.0M
2018Diluted shares 101.3M
2019Diluted shares 97.0M
2020Diluted shares 86.0M
2021Diluted shares 81.4M
2022Diluted shares 75.3M
2023Diluted shares 71.8M
2024Diluted shares 71.6M
2025Diluted shares 67.6M
2016201720182019202020212022202320242025
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 ÷ EBITDA
—
Interest coverage
2× 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.
5of 5 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 fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
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 5 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$8.3M4 sale(s) by 4 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.
