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Banco Bilbao Vizcaya Argentaria
(BME:BBVA)
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Rating:79Outperform
Price Target:
€29.00
▲(26.86% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong underlying financial performance (high profitability and strong recent cash generation) and a constructive earnings-call outlook with upgraded guidance and significant buybacks. Technicals are supportive due to a clear uptrend, but near-term indicators look overbought, and valuation is reasonable rather than exceptionally cheap; elevated leverage and cross-period volatility remain key risks.
Positive Factors
Strong profitability
High returns and double-digit profit growth indicate strong franchise economics and effective deployment of capital. Management’s 2026 ROTE target near 21% suggests profitability is expected to remain structurally strong rather than relying only on a single quarter.
Negative Factors
Elevated leverage and reduced capital buffer
Higher leverage makes results more sensitive to credit losses, funding costs and adverse market conditions. Buybacks also reduce the capital cushion, leaving less flexibility if risk-weighted assets rise or regional asset quality deteriorates unexpectedly.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High returns and double-digit profit growth indicate strong franchise economics and effective deployment of capital. Management’s 2026 ROTE target near 21% suggests profitability is expected to remain structurally strong rather than relying only on a single quarter.
Read all positive factors
Banco Bilbao Vizcaya Argentaria (BBVA) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€137.06B
Dividend Yield3.29%
Average Volume (3M)7.77M
Price to Earnings (P/E)12.7
Beta (1Y)1.33
Revenue Growth-8.98%
EPS Growth6.81%
CountryES
Employees127,174
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)1.93
Shares Outstanding5,581,204,600
10 Day Avg. Volume8,267,449
30 Day Avg. Volume7,765,916
Financial Highlights & Ratios
PEG Ratio2.39
Price to Book (P/B)2.01
Price to Sales (P/S)3.12
P/FCF Ratio0.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€24.85Price Target Upside8.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)2.07
Revenue Forecast (FY)€42.19B
Banco Bilbao Vizcaya Argentaria Business Overview & Revenue Model
Company Description
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), founded in Bilbao, Spain, in 1857, operates as a global financial services group offering a comprehensive range of retail, wholesale, and asset management solutions. The bank's diverse offerings includ...
How the Company Makes Money
BBVA primarily makes money by earning net interest income and fee-based income from a diversified set of banking and financial services activities. Net interest income is generated from the spread between interest earned on assets (such as mortgag...
Banco Bilbao Vizcaya Argentaria Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance: record earnings, double‑digit revenue growth across core lines, robust loan growth, upgraded guidance in key regions (Mexico and South America), solid capital generation and continued shareholder returns (new EUR 2bn buyback). Key challenges flagged include elevated headline expense growth (partly one‑off), pockets of higher provisioning in Turkey and Argentina, normalization of trading income and some ALCO/market‑sensitivity risks. Management reiterated disciplined capital targets and emphasized profitable, client‑driven growth and AI transformation. Overall, positive momentum across major franchises outweighs the regional and non‑recurring challenges noted.Positive Updates
Record Earnings and Strong Profitability
Net attributable profit reached EUR 3.062 billion in Q2 (+11.4% year‑over‑year, +2.4% quarter‑over‑quarter) and EUR 6.051 billion in H1. Return on tangible equity stood at 22.2% and return on equity at 21.1%. Earnings per share increased 15.2% year‑over‑year (helped by buybacks).
Negative Updates
Expense Growth and One‑off Impacts
Operating expenses rose 17.9% year‑over‑year in H1 (impacted by voluntary redundancies and VAT regularization). Excluding one‑offs cost growth would be 14.5%, but headline expense growth remains elevated versus revenues.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Earnings and Strong Profitability
Net attributable profit reached EUR 3.062 billion in Q2 (+11.4% year‑over‑year, +2.4% quarter‑over‑quarter) and EUR 6.051 billion in H1. Return on tangible equity stood at 22.2% and return on equity at 21.1%. Earnings per share increased 15.2% year‑over‑year (helped by buybacks).
Read all positive updates
Company Guidance
BBVA upgraded and confirmed several forward-looking metrics: group return on tangible equity is now guided to around 21% for 2026; management targets CET1 in the 11.5–12% range (using 12% as the operational upper bound and committing to distribute excess above 12%), reported CET1 was 12.90% this quarter (+7 bps q/q, SRT +6 bps) and the bank will complete a €4.0bn buyback by Aug‑3 and launch a new €2.0bn extraordinary buyback (first €1.0bn tranche from Aug‑5), leaving pro‑forma CET1 ≈12.41%; SRT issuance is expected to continue at roughly 30–40 bps p.a. (towards the upper end). Regional guidance was upgraded for Mexico (loan growth ~10%, NII growth at high‑single digits, NIM broadly stable, cost of risk to finish <335 bps) and South America (gross revenues to grow in the high‑teens, full‑year cost of risk converging below 250 bps); Turkey’s cost‑of‑risk guidance was revised to ~220 bps (from ~200 bps) with a roughly €1bn net‑income run‑rate for the year with a downside bias. Group cost of risk was 143 bps in H1 and is expected to remain around current levels by year‑end; expense growth guidance is mid‑ to high‑single digits with a 2026 efficiency target below 35% and a mid‑term efficiency objective in the low‑30s (~30%) by 2028.Banco Bilbao Vizcaya Argentaria Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.75B | 36.93B | 35.48B | 58.19B | 40.37B | 31.32B |
| Gross Profit | 33.94B | 30.86B | -6.66B | 28.97B | 24.68B | 19.97B |
| EBITDA | 18.99B | 17.75B | 16.94B | 13.82B | 11.60B | 8.48B |
| Net Income | 11.12B | 10.51B | 10.05B | 8.02B | 6.36B | 4.65B |
Balance Sheet | ||||||
| Total Assets | 965.43B | 859.58B | 772.40B | 775.56B | 712.09B | 662.88B |
| Cash, Cash Equivalents and Short-Term Investments | 325.42B | 169.00B | 118.86B | 256.84B | 225.41B | 228.87B |
| Total Debt | 202.75B | 168.38B | 144.43B | 179.35B | 114.64B | 116.09B |
| Total Liabilities | 901.63B | 797.78B | 712.39B | 720.29B | 661.57B | 614.13B |
| Stockholders Equity | 58.95B | 57.35B | 55.65B | 51.70B | 46.90B | 43.91B |
Cash Flow | ||||||
| Free Cash Flow | 133.19B | 117.30B | 32.74B | -2.54B | 21.28B | -2.19B |
| Operating Cash Flow | 134.43B | 118.13B | 33.94B | -721.00M | 23.72B | -1.24B |
| Investing Cash Flow | -101.91B | -104.57B | -53.55B | -1.42B | -3.91B | -1.63B |
| Financing Cash Flow | -8.82B | -3.67B | -2.57B | -1.84B | -7.56B | -4.35B |
Banco Bilbao Vizcaya Argentaria Technical Analysis
Positive
22.86
Price Trends
22.79
Positive
20.97
Positive
19.95
Positive
Market Momentum
0.65
Positive
62.72
Neutral
43.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:BBVA, the sentiment is Positive. The current price of 22.86 is below the 20-day moving average (MA) of 24.19, above the 50-day MA of 22.79, and above the 200-day MA of 19.95, indicating a bullish trend. The MACD of 0.65 indicates Positive momentum. The RSI at 62.72 is Neutral, neither overbought nor oversold. The STOCH value of 43.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:BBVA.
Banco Bilbao Vizcaya Argentaria Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €137.06B | 12.70 | 19.31% | 3.53% | -8.98% | 6.81% | |
73 Outperform | €17.20B | 8.68 | 13.05% | 6.83% | -33.66% | -32.82% | |
72 Outperform | €796.16M | 14.85 | 26.13% | 3.66% | 13.97% | 49.25% | |
69 Neutral | €180.49B | 11.01 | 15.48% | 1.96% | 8.23% | 24.66% | |
69 Neutral | €9.07B | 13.83 | 9.44% | 8.48% | -6.69% | 5.62% | |
68 Neutral | €13.30B | 11.29 | 12.31% | 4.18% | 4.58% | 10.93% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ES:BBVA
Banco Bilbao Vizcaya Argentaria
24.51
8.75
55.56%
ES:SAB
Banco de Sabadell
3.64
0.72
24.74%
ES:SAN
Banco Santander
12.23
4.13
51.09%
ES:MAP
Mapfre, SA
4.35
0.64
17.26%
ES:UNI
Unicaja Banco SA
3.54
1.24
53.94%
ES:R4
Renta 4 Banco, S.A.
19.60
0.37
1.92%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.