Bank Of New York Mellon Corp
BNYAbove valueExpectations · demandingHeld by 10 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31- Revenue growth
- +7.8%
- Net margin
- 27.6%
- ROE
- 12.5%
- FCF margin
- 25.8%
Fundamentals data incomplete — read with care.
What makes a business high qualityValuation · value band
Above fair value
Zero-growth floor
$60
Central IV
$68
Optimistic top
$79
Bank Of New York Mellon Corp (BNY): A conservative value band $60–$79 / sh (zero-growth floor to growth-capped optimistic top); central read about $68. Today’s price sits above that band (price $163 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $60
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $56.04 – $79.44 · Greenwald zero-growth $72.96 · zero-growth base $72.96 · reproduction $34.50
Moat Franchise (moat) · terminal value 40% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$59.70 – $72.96 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 116% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Reproduction value = tangible net assets $24.72B = $34.50 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 1% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
What the price is betting
Today's price pencils in about 17.7% a year in owner-earnings for the next few years. Revenue actually grew 5.1% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
10 holders · $2.55B combined · this quarter +0 opened / -0 exited
- Value$2.40BWeight (prev→now)1.5% → 1.3% ▼
- Value$53.0MWeight (prev→now)0.3% → 0.2% ▼
- Value$25.3MWeight (prev→now)2.7% → 2.1% ▼
- Value$20.2MWeight (prev→now)0.1% → 0.1% ▼
- Value$18.0MWeight (prev→now)0.1% → 0.1% ▲
- Value$14.8MWeight (prev→now)1.0% → 1.1% ▲
- Value$9.3MWeight (prev→now)0.6% → 0.1% ▼
- Value$6.1MWeight (prev→now)0.0% → 0.0% ▲
- Value$2.8MWeight (prev→now)0.0% → 0.0% ▼
- Value$1.3MWeight (prev→now)0.4% → 0.4% ▲
SEC 13F · notes
Written summary
Written summary
Bank Of New York Mellon Corp (BNY) is held by 10 of the superinvestors tracked on Compounder, with a combined $2.55B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 1.3% of the portfolio.
Other notable holders by value include Christopher Davis (0.2% of its book), David Katz (2.1% of its book) and Ray Dalio (0.1% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in BNY, 0 added to existing ones, 8 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Bank Of New York Mellon Corp (BNY) also commonly hold →
- Wells Fargo & CoWFC10 holders
- Alphabet Inc-Cl AGOOGL9 holders
- Microsoft CorpMSFT9 holders
- Alphabet Inc-Cl CGOOG9 holders
- Meta Platforms Inc-Class AMETA8 holders
- Visa Inc-Class A SharesV8 holders
BNY's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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