Banco Bradesco (BBD)
NYSE:BBD
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Banco Bradesco SA
(NYSE:BBD)
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Rating:54Neutral
Price Target:
$3.50
▲(2.04% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak cash flow trends, high leverage, and bearish technicals. These are partially offset by a relatively low P/E with a modest dividend yield and a broadly positive earnings-call narrative with reiterated 2026 growth/ROAE improvement guidance.
Positive Factors
Digital scale & productivity
A large, rapidly scaling digital base and GenAI adoption materially lower unit servicing costs and increase cross-sell reach. These structural productivity gains support durable margin expansion, cheaper client acquisition, and faster product rollout, underpinning long-term efficiency and revenue per client.
Negative Factors
Persistent negative cash generation
Sustained negative operating and free cash flow erodes internal funding, forcing reliance on external financing or asset sales. Over months this constrains capital allocation flexibility, limits cushion for shocks, and increases sensitivity to funding costs and liquidity cycles for a large bank operating across retail and corporate segments.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital scale & productivity
A large, rapidly scaling digital base and GenAI adoption materially lower unit servicing costs and increase cross-sell reach. These structural productivity gains support durable margin expansion, cheaper client acquisition, and faster product rollout, underpinning long-term efficiency and revenue per client.
Read all positive factors
Banco Bradesco SA (BBD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.84B
Dividend Yield2.48%
Average Volume (3M)34.08M
Price to Earnings (P/E)9.8
Beta (1Y)0.41
Revenue Growth27.54%
EPS Growth28.12%
CountryUS
Employees71,953
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.14
Shares Outstanding5,288,141,000
10 Day Avg. Volume32,971,518
30 Day Avg. Volume34,076,165
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.08
Price to Sales (P/S)0.56
P/FCF Ratio-0.61
Enterprise Value/Market Cap24.66
Enterprise Value/Revenue2.38
Enterprise Value/Gross Profit7.10
Enterprise Value/Ebitda-520.59
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.53
Revenue Forecast (FY)$29.99B
Banco Bradesco SA Business Overview & Revenue Model
Company Description
Banco Bradesco S.A., together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segment, Banking and Insurance. It provi...
How the Company Makes Money
Bradesco primarily makes money by earning net interest income and fee-based income across its banking and financial services platform. Net interest income is generated from the spread between interest earned on assets—such as consumer, mortgage, a...
Banco Bradesco SA Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial progress story: recurring net income, ROAE, digital adoption, SME share gains, NII and capital markets growth, and a high‑performing insurance business were prominent positives. Management is investing heavily in technology and transformation (22% higher tech spend) which supports medium‑term productivity gains but kept near‑term operating expenses elevated. Capital (CET1) is being actively managed but faces regulatory/prudential headwinds and the bank signaled possible short‑term volatility from elections and market expectations. Overall, the highlights — material earnings growth, improving efficiency, robust digital and SME traction and strong insurance results — meaningfully outweigh the lowlights tied to higher OpEx, capital monitoring and some product‑level tradeoffs.Positive Updates
Strong recurring net income and ROAE
Recurring net income of BRL 6.5 billion in Q4 (+20.6% YoY) and BRL 24.7 billion for the full year (+26.1% YoY); ROAE reached 15.2% in the quarter, exceeding cost of capital.
Negative Updates
Operating expense growth and near-term cost pressure
Operating expenses increased +8.5% YoY (or +7.2% excl. EloPar and Cielo); drivers include higher technology spending (+22% YoY), increased profit‑sharing/variable compensation and some one‑time marketing/advertising choices, meaning OpEx growth remains above some analysts' expectations.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong recurring net income and ROAE
Recurring net income of BRL 6.5 billion in Q4 (+20.6% YoY) and BRL 24.7 billion for the full year (+26.1% YoY); ROAE reached 15.2% in the quarter, exceeding cost of capital.
Read all positive updates
Company Guidance
The company reiterated 2026 guidance for continued revenue and balance-sheet growth: expanded loan portfolio growth roughly in the mid-to-high single digits (management cited ranges around ~8.5%–10.5% and referenced ~9.5% as a planning point), operating expenses guided to grow about 8% (with ~3% of that attributable to technology investments and the remainder roughly in line with inflation/personnel), CET1 capital expected to be around 11% through 2026, and interest on equity budgeted above BRL 15 billion. Management expects continued ROAE improvement from the Q4 2025 level of 15.2% and reiterated targets to raise scale and efficiency (efficiency ratio down to ~50% in 2025 with a medium‑term ambition of ~40% by 2028). Other explicit operational targets include growing digital retail from 19 million toward ~40 million clients in 2026, upgrading the affluent base to ~4.7 million (Principal ~800,000 clients and ~50 new offices), further SME penetration after reaching ~16.6% market share, and sustaining strong insurance performance (insurance growth/operations previously guided at ~16.1%, technical provisions ~BRL 446 billion); overall recurring net income in 2025 was BRL 24.7 billion (Q4 BRL 6.5 billion), which management expects to build on in 2026.Banco Bradesco SA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 360.70B | 342.23B | 249.61B | 254.71B | 239.65B | 157.55B |
| Gross Profit | 121.07B | 118.43B | 78.69B | 68.16B | 82.50B | 93.07B |
| EBITDA | -1.65B | -3.56B | 23.63B | 16.73B | 30.28B | 38.63B |
| Net Income | 22.78B | 23.21B | 17.25B | 14.25B | 21.22B | 23.17B |
Balance Sheet | ||||||
| Total Assets | 466.33B | 2.33T | 2.07T | 1.93T | 1.79T | 1.68T |
| Cash, Cash Equivalents and Short-Term Investments | 28.55B | 278.36B | 292.77B | 41.54B | 28.55B | 21.28B |
| Total Debt | 161.74B | 798.39B | 689.53B | 359.49B | 338.99B | 284.55B |
| Total Liabilities | 431.80B | 2.15T | 1.90T | 1.76T | 1.63T | 1.53T |
| Stockholders Equity | 34.42B | 178.42B | 168.41B | 166.33B | 159.53B | 149.78B |
Cash Flow | ||||||
| Free Cash Flow | -39.59B | -315.80B | -93.62B | -9.32B | 32.35B | -106.41B |
| Operating Cash Flow | -32.41B | -310.78B | -91.33B | -177.63M | 41.77B | -102.00B |
| Investing Cash Flow | -56.81B | 59.83B | -5.01B | 83.61B | -17.78B | -19.31B |
| Financing Cash Flow | 201.95B | 236.53B | 117.88B | -23.06B | 21.92B | -1.61B |
Banco Bradesco SA Technical Analysis
Negative
3.43
Price Trends
3.75
Negative
3.75
Negative
3.46
Positive
Market Momentum
-0.09
Positive
36.53
Neutral
13.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BBD, the sentiment is Negative. The current price of 3.43 is below the 20-day moving average (MA) of 3.78, below the 50-day MA of 3.75, and below the 200-day MA of 3.46, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 36.53 is Neutral, neither overbought nor oversold. The STOCH value of 13.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BBD.
Banco Bradesco SA Risk Analysis
Banco Bradesco SA disclosed 42 risk factors in its most recent earnings report. Banco Bradesco SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Banco Bradesco SA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.82B | 0.02 | 5.81% | 2.37% | -23.62% | -22.31% | |
64 Neutral | $14.43B | 13.38 | 20.90% | 4.29% | -3.09% | 2.72% | |
64 Neutral | $16.79B | 10.86 | 17.47% | 10.29% | -0.51% | -19.76% | |
58 Neutral | $18.36B | 15.60 | 20.11% | 5.56% | -7.31% | -7.03% | |
58 Neutral | $20.14B | 17.87 | 11.11% | 4.98% | 17.17% | -1.33% | |
54 Neutral | $34.84B | 9.83 | 13.55% | 2.48% | 27.54% | 28.12% |
* Financial Sector Average
BBD
Banco Bradesco SA
3.51
0.88
33.41%
BCH
Banco De Chile
36.48
6.60
22.09%
BMA
Banco Macro SA
72.58
-17.10
-19.07%
BSBR
Banco Santander Brasil
5.40
0.34
6.72%
BSAC
Banco Santander Chile
30.54
6.11
25.01%
CIB
Grupo Cibest
64.02
22.55
54.37%
Banco Bradesco SA Corporate Events
Banco Bradesco Reports No Insider Trading Activity in April 2026
May 13, 2026
In a Form 6-K filing for May 2026, Banco Bradesco reported that in April 2026 there were no transactions in securities or derivatives by its controlling shareholder group and their dependent family members, and that their holdings of common and no...
Banco Bradesco Posts Strong 1Q26 Profit as Secured Lending and Transformation Drive Gains
May 7, 2026
In the first quarter of 2026, Bradesco reported its ninth consecutive quarterly rise in recurring net income, which reached R$6.8 billion, up 16.1% year-on-year, driven by a 14.0% increase in total revenue to R$36.9 billion and robust growth in ne...
Banco Bradesco Boosts Capital, Restructures Health Unit and Ramps Up AI in 1Q26
May 7, 2026
Banco Bradesco reported its consolidated financial statements for the first quarter of 2026, prepared under IFRS, against a backdrop of a Brazilian economy showing mixed signals, with restrictive monetary policy weighing on some sectors while tax ...
Banco Bradesco Posts Ninth Straight Quarterly Profit Gain on Revenue and Secured Credit Growth in 1Q26
May 7, 2026
In the first quarter of 2026, Bradesco reported recurring net income of R$6.8 billion, up 16.1% year-on-year and its ninth consecutive quarterly increase, driven by a 14.0% rise in total revenue to R$36.9 billion and stronger net interest income. ...
Banco Bradesco Completes Key Step in Healthcare Business Consolidation
May 1, 2026
On April 30, 2026, Banco Bradesco announced the completion of the merger of shares of Bradesco Gestão de Saúde S.A. into Bradsaúde S.A., the new corporate name of Odontoprev S.A., confirming the previously agreed exchange ratio with...
Banco Bradesco Clarifies Non-Material BRB Loan Portfolio Acquisition
Apr 16, 2026
Banco Bradesco S.A. disclosed that, through a 50-50 consortium with Itaú Unibanco, it has been acquiring loan portfolios originated by BRB Banco de Brasília and granted to Brazilian states and municipalities, as reported in a news articl...
Banco Bradesco Discloses March 2026 Insider Shareholdings and Trading Activity
Apr 14, 2026
In a Form 6-K filed for April 2026, Banco Bradesco reported that its controlling shareholder group and related family dependants held 3.81 billion common shares and 121.07 million non-voting shares at both the opening and close of March 2026, indi...
Banco Bradesco Files Routine April 2026 Form 6‑K With U.S. SEC
Apr 10, 2026
Banco Bradesco S.A. filed a Form 6‑K with the U.S. Securities and Exchange Commission for April 2026, confirming its status as a foreign private issuer that reports annually on Form 20‑F. The filing, signed on April 10, 2026 by Chairma...
Banco Bradesco Advances Healthcare Business Consolidation in Odontoprev
Apr 7, 2026
On April 6, 2026, Banco Bradesco announced progress in its plan to consolidate the Bradesco Organization’s healthcare businesses within Odontoprev S.A., as shareholders of Odontoprev and Bradesco Gestão de Saúde S.A. (BGS) approved...
Banco Bradesco Shareholders Approve Partial Spin-Off of Bradseg Participações
Apr 1, 2026
On March 31, 2026, Banco Bradesco informed shareholders that a Special Shareholders’ Meeting approved all items related to the partial spin-off of Bradseg Participações S.A., whose spun-off assets will be absorbed by the bank. The ...
Banco Bradesco Shareholders Approve Bradseg Partial Spin-Off and Reorganization
Apr 1, 2026
On March 31, 2026, Banco Bradesco S.A. held a Special Shareholders’ Meeting in Osasco, São Paulo, focused on a corporate reorganization involving its subsidiary Bradseg Participações S.A. The bank subsequently disclosed the Fi...
Banco Bradesco Shareholders Back Bradseg Spin-Off in March 31, 2026 Meeting
Mar 30, 2026
Banco Bradesco S.A. reported the consolidated summary voting map for its Special Shareholders’ Meeting scheduled for March 31, 2026, where investors voted remotely between February 27 and March 27 on a series of corporate restructuring items...
Banco Bradesco Approves R$3 Billion Interim Interest on Shareholders’ Equity
Mar 26, 2026
On March 25, 2026, Banco Bradesco’s board of directors approved management’s proposal to pay R$3 billion in interim interest on shareholders’ equity, equivalent to R$0.270307744 per common share and R$0.297338519 per preferred sh...
Banco Bradesco Shareholders Approve BRL 6.67 Billion Capital Increase and New Management Profit-Sharing Rules
Mar 19, 2026
On March 10, 2026, Banco Bradesco held a special shareholders’ meeting that approved a BRL 6.67 billion increase in its stock capital, raising it from BRL 87.1 billion to BRL 93.77 billion through the capitalization of legal profit reserves ...
Banco Bradesco Shareholders Approve Capital Increase, 2025 Results and New Board Slate
Mar 19, 2026
At a digitally held special and annual shareholders’ meeting on March 10, 2026, Banco Bradesco’s investors approved a R$6.67 billion increase in stock capital to R$93.77 billion via capitalization of legal profit reserves, without issu...
Banco Bradesco Updates Bylaws After March 10 EGM to Tighten Governance and Capital Rules
Mar 19, 2026
On March 10, 2026, Banco Bradesco’s extraordinary general meeting approved updated corporate bylaws that reaffirm the bank’s governance under B3’s Tier 1 Corporate Governance segment and formalize its indefinite duration and Osas...
Banco Bradesco Shareholders Approve Capital Increase and Governance Proposals at March 2026 Meetings
Mar 12, 2026
At Annual and Special Shareholders’ Meetings held on March 10, 2026, Banco Bradesco shareholders approved a R$6.67 billion increase in stock capital via capitalization of legal profit reserves, raising capital from R$87.1 billion to R$93.77 ...
Banco Bradesco Details February Insider Holdings and Board Change in March 2026 Filing
Mar 11, 2026
Banco Bradesco S.A. reported to the U.S. Securities and Exchange Commission for March 2026 that its controlling shareholder group’s stake in the bank remained unchanged in February 2026, holding roughly 3.81 billion common shares and 121.1 m...
Banco Bradesco Shareholders Approve Capital Increase, 2025 Results and New Board Slate
Mar 11, 2026
On March 10, 2026, Banco Bradesco held combined Annual and Special Shareholders’ Meetings in Osasco, approving a R$6.67 billion capital increase via capitalization of legal profit reserves, without issuing new shares, and related bylaw chang...
Banco Bradesco Shareholders Back Capital Increase and Governance Changes Ahead of March 10 Meetings
Mar 10, 2026
Banco Bradesco has disclosed the consolidated summary voting results from distance ballots ahead of its Annual and Special Shareholders’ Meetings scheduled for March 10, 2026, in Osasco, São Paulo. The disclosure, made under Brazilian s...
Banco Bradesco Files March 2026 Form 6-K With U.S. SEC
Mar 2, 2026
Banco Bradesco S.A., one of Brazil’s leading private banks based in Osasco, São Paulo, filed a Form 6-K with the U.S. Securities and Exchange Commission for the month of March 2026, reaffirming its status as a foreign private issuer rep...
Banco Bradesco Publishes 2026 Calendar for Financial Disclosures and Governance Events
Feb 27, 2026
Banco Bradesco S.A. has released its 2026 annual calendar of corporate events, detailing the timetable for key financial disclosures and governance milestones tied to the fiscal year ended December 31, 2025 and the current fiscal year. The complet...
Banco Bradesco Calls March 31 Digital Meeting to Advance Healthcare Business Consolidation via Bradseg Spin-Off
Feb 27, 2026
On February 27, 2026, Banco Bradesco released the manual and call notice for an Extraordinary General Meeting to be held digitally on March 31, 2026, at 4:00 p.m., focused on restructuring its healthcare-related holdings. The agenda centers on app...
Banco Bradesco to Consolidate Healthcare Operations in Odontoprev and Rename It Bradsaúde
Feb 27, 2026
On February 26, 2026, Banco Bradesco and its subsidiaries Bradseg Participações and Bradesco Gestão de Saúde, together with Odontoprev, agreed on a multi-step corporate reorganization to consolidate Bradesco’s healthcare-...
Banco Bradesco Calls March 31 EGM to Approve Healthcare Business Reorganization
Feb 27, 2026
Banco Bradesco has called an Extraordinary General Meeting for March 31, 2026, to be held exclusively in digital format, to vote on a partial spin-off of its subsidiary Bradseg Participações. The spun-off net assets would be absorbed by ...
Banco Bradesco Files February 2026 Form 6-K With U.S. SEC
Feb 19, 2026
Banco Bradesco S.A., one of Brazil’s leading private-sector banks, provides comprehensive retail and corporate banking, credit, insurance and investment services, and maintains an international presence with securities listed for U.S. invest...
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.