BOK Financial Corporation (BOKF) 株式分析

企業概要

BOK Financial Corporation operates as the financial holding company for BOKF, NA, delivering a comprehensive suite of financial products and services across Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri through its Commercial and Consumer Banking segments. This regional banking entity functions within the broader Financial Services sector, specifically classified under the Banks - Regional industry, which implies a focus on localized market dynamics rather than nationwide diversification. The company demonstrates significant scale with a market capitalization of $8.25B and an annual revenue (TTM) of $2.17B, supported by a workforce of 5,034 employees. These valuation and revenue figures indicate that BOKF holds a substantial position within the regional banking landscape, managing a substantial asset base that supports its operations across seven distinct states while maintaining a mid-to-large-tier presence in the regional banking hierarchy.

財務健全性

The company reported revenue of $2.17B and net income of $573.98M over the trailing twelve months, while specific EBITDA figures are not disclosed in the available data. The substantial gap between the $2.17B revenue and the $573.98M net income reveals a cost structure where operating expenses and provisions for loan losses consume approximately 73.4% of top-line revenue before arriving at profit. Although free cash flow metrics are not available, the company holds $7.35B in cash against $5.26B in debt, suggesting a robust liquidity position that provides ample financial flexibility to meet obligations without immediate refinancing pressure. Analysis of the three key margins shows a gross margin of 0.0%, which is standard for financial intermediaries as revenue is primarily interest-based rather than product-markup based, alongside an operating margin of 38.6% and a profit margin of 26.6%. The operating margin indicates efficient cost management relative to revenue, while the profit margin reflects the final yield after all provisions and taxes. Comparing the $7.35B total cash to the $5.26B total debt highlights a conservative balance sheet posture, though the debt-to-equity ratio is not provided for precise leverage calculation. The current ratio is not available in the dataset, so a definitive statement on short-term liquidity relative to current liabilities cannot be made based on the provided metrics. Furthermore, the Return on Equity stands at 10.1% and the Return on Assets at 1.1%, metrics that reveal management effectiveness in generating shareholder value relative to equity invested and total assets managed respectively, with the low ROA being characteristic of the capital-intensive banking model.

バリュエーション評価

The stock carries a trailing P/E ratio of 14.80 and a forward P/E of 13.27, implying that the market expects earnings to grow sufficiently to justify the lower multiple in the coming year. The price-to-book ratio is 1.39, indicating that the market values the company at a premium of 39% over its net tangible asset book value. Additional valuation metrics include a price-to-sales ratio of 3.79, while the EV/EBITDA multiple is not available in the current data. The stock has traded between a 52-week low of $85.08 and a 52-week high of $138.42, meaning the current price sits within a range that reflects recent volatility but remains below the annual peak. The beta value of 0.84 suggests that the stock price exhibits lower volatility relative to the broader market, moving with roughly 16% less intensity than the overall market index. These valuation parameters collectively suggest a pricing structure that accounts for the regional nature of the business and the specific risk profile associated with its geographic concentration.

Growth & Income

Revenue growth year-over-year is recorded at 12.7%, while earnings growth year-over-year reaches 37.3%, indicating that earnings are expanding significantly faster than revenue. This divergence implies that the company is improving its efficiency or leveraging its asset base to generate higher returns per dollar of revenue without a proportional increase in top-line sales. As a dividend payer, the company offers a dividend yield of 1.9% with a payout ratio of 25.5%, a level that appears sustainable given the strong earnings growth and healthy profit margin. The low payout ratio suggests the company retains the majority of its earnings to strengthen the balance sheet or fund organic growth rather than distributing the full income to shareholders. Overall, the growth and income profile combines moderate revenue expansion with robust earnings acceleration and a conservative yet rewarding dividend policy.