Download PDF

1. Company Snapshot

1.a. Company Description

CaixaBank, S.A., together with its subsidiaries, provides various banking products and financial services in Spain and internationally.The company operates through Banking and Insurance, Equity Investments, and BPI segments.It also provides solutions related to security, protection, internationalization, and financing; traditional financial advice, independent advice, and broker services; asset management; liquidity management; capital markets, cash management, project finance, asset finance, and M&A services; and various financial services and solutions to public and private sector institutions, as well as distributes non-life and life risk insurance policies; and private banking services.


In addition, the company is involved in the real estate business.As of September 30, 2021, it had 5,415 branches and 13,678 ATMs in Spain; and 316 branches and 1,440 ATMs in Portugal.CaixaBank, S.A. was founded in 1904 and is based in Valencia, Spain.

Show Full description

1.b. Last Insights on CABK

CaixaBank's recent momentum is driven by reassessment of its earnings power and risk profile. The European banking sector posted its strongest year on record in 2025, fueled by resilient growth, high margins, and capital returns. Focus is shifting to earnings growth, efficiency gains, and sustained shareholder payouts. KBRA's recent ratings assignment to Clavel Residential 4 DAC, a Spanish RMBS securitization, signals continued stability in the mortgage market. A strong dividend payout history also positions CaixaBank as an attractive option for investors seeking income.

1.c. Company Highlights

2. CaixaBank's Strong 2025 Performance: A Closer Look

CaixaBank reported a net income of EUR 5.9 billion, up 1.8% in the year, with a return on tangible equity (ROTE) of 17.5%. The bank's revenue from services grew 5.4%, driven by wealth management and protection insurance, while expenses grew 5.0%. Earnings per share (EPS) came in at EUR 0.1969, beating estimates of EUR 0.1925. The bank's net interest income (NII) was down 3.9%, in line with guidance, but volumes grew 7%, with customer funds and lending above expectations. As Gonzalo Gortazar, the CEO, noted, "We had a very good year, with a balanced growth in activity."

Publication Date: 08:26

📋 Highlights
  • Net Interest Income (NII) Growth:: NII grew 1.5% in Q4 2025, driven by 7% volume growth in customer funds and lending, though full-year NII declined 3.9% annually.
  • Return on Tangible Equity (ROTE):: ROTE reached 17.5% in 2025, with a target to increase to 20% by 2027, supported by cost-income ratio reduction from low 40s to high 30s.
  • Nonperforming Loans (NPLs):: NPL ratio fell to 2.07% in Q4 2025, surpassing the 2027 target of 1.75%, with 4Q gross NPL inflows at a 10-year low.
  • Customer Deposits and Costs:: Noninterest-bearing deposits rose EUR 17 billion in 2025, stabilizing interest-bearing deposits at 27% average, with deposit costs down 10 bps Q-on-Q.
  • Capital and Cost Management:: CET1 ratio reached 12.56% in 2025 (up 13 bps YoY), with EUR 5 billion allocated to AI/digital investments (2025–2027) to drive productivity and cost base reduction from 2027 onwards.

Financial Performance

The bank's asset quality improved, with a reduction in non-performing assets and a cost of risk of 22 basis points. The NPL ratio decreased to 2.07%, ahead of the bank's target of 2% by the end of 2027. The bank's liquidity position remains strong, with an LCR above 200% and an NSFR just below 150%. CaixaBank's guidance for 2027 includes an ROE of 20%, a cost income ratio of the high 30s, and a 4% annual growth for NII.

Valuation Metrics

CaixaBank's current valuation metrics indicate a Price-to-Tangible Book Value (P/TBV) of 2.11, a Net Interest Margin (NIM) that is not explicitly stated but can be inferred to be around 302 basis points, and a Dividend Yield of 3.67%. Analysts estimate next year's revenue growth at 7.0%. Given the bank's strong performance and guidance, its current valuation appears reasonable, with a P/E Ratio of 13.78 and an ROE of 15.64%. The bank's ability to maintain its dividend yield while investing in growth initiatives is a positive sign.

Outlook

CaixaBank's management is confident in its ability to achieve its guidance, driven by a strong economy and a conservative approach to cost of risk. The bank's focus on digital investments and technological transformation is expected to drive productivity gains and cost savings. With a strong position in Spain and a growing operation in Portugal, CaixaBank is well-positioned to continue its growth trajectory.

3. NewsRoom

Card image cap

European Dividend Stocks To Watch In January 2026

Jan -15

Source:

Card image cap

Jefferies Financial Group Inc. Announces Pricing of $1,500,000,000 5.500% Senior Notes Due 2036

Jan -13

Source:

Card image cap

VINCI: ASF successfully issued an 8-year €500 million bond

Jan -12

Source:

Card image cap

Pre-stabilisation Announcement

Jan -12

Source:

Card image cap

Financial Services Roundup: Market Talk

Jan -09

Source:

Card image cap

European banks' best year on record: What's the outlook for 2026?

Dec -13

Source:

Card image cap

Reassessing CaixaBank (BME:CABK) Valuation After a Strong Year-to-Date Share Price Rally

Dec -04

Source:

Card image cap

10 EU Banks Unite to Launch Euro Stablecoin by 2026

Dec -03

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.32%)

6. Segments

Banking (Incl. Non-Core Real Estate)

Expected Growth: 5.5%

CaixaBank's core and non-core real estate lending activities will drive growth, leveraging its strong market position and increasing demand for mortgage financing in Spain.

Portuguese Investment Bank (BPI)

Expected Growth: 3.5%

CaixaBank’s growth is driven by its strong presence in Spain, increasing digitalization, and a diversified revenue stream, positioning it for steady growth in the banking sector.

Insurance

Expected Growth: 5.5%

CaixaBank’s growth is driven by its strong brand presence, increasing digitalization, and a diversified business model, enabling it to navigate the challenging Spanish banking landscape.

Corporate Center

Expected Growth: 4.3%

Strong brand presence, strategic investments in digital transformation, and a growing presence in Latin America drive CaixaBank's growth in Madrid, Spain.

7. Detailed Products

Personal Banking

CaixaBank's personal banking services provide individuals with a range of financial products and services, including current and savings accounts, credit cards, personal loans, and mortgages.

Business Banking

CaixaBank's business banking services offer companies and entrepreneurs a range of financial solutions, including business accounts, loans, and cash management services.

Private Banking

CaixaBank's private banking services provide high net worth individuals with personalized financial advice, investment management, and wealth management solutions.

Corporate Banking

CaixaBank's corporate banking services offer large corporations and institutions a range of financial solutions, including cash management, trade finance, and risk management services.

Markets and Investment Banking

CaixaBank's markets and investment banking services provide clients with access to capital markets, debt and equity issuance, and mergers and acquisitions advisory services.

Insurance and Pensions

CaixaBank's insurance and pensions services offer a range of life and non-life insurance products, as well as pension plans and retirement savings solutions.

Digital Banking

CaixaBank's digital banking services provide customers with online and mobile banking platforms, allowing them to manage their finances and conduct transactions remotely.

8. CaixaBank, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

CaixaBank, S.A. operates in a highly competitive market, with many substitutes available to customers. However, the bank's strong brand recognition and extensive branch network help to mitigate the threat of substitutes.

Bargaining Power Of Customers

CaixaBank, S.A. has a large customer base, which gives customers significant bargaining power. The bank's customers have many options to choose from, and the bank must offer competitive rates and services to retain them.

Bargaining Power Of Suppliers

CaixaBank, S.A. has a diverse supplier base, which reduces the bargaining power of individual suppliers. The bank's large size and scale of operations also give it significant negotiating power with suppliers.

Threat Of New Entrants

The banking industry has significant barriers to entry, including regulatory hurdles and high capital requirements. This makes it difficult for new entrants to enter the market and compete with established players like CaixaBank, S.A.

Intensity Of Rivalry

The banking industry is highly competitive, with many players competing for market share. CaixaBank, S.A. faces intense competition from other banks, fintech companies, and digital payment providers, which puts pressure on its market share and profitability.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 68.52%
Debt Cost 5.63%
Equity Weight 31.48%
Equity Cost 7.79%
WACC 6.31%
Leverage 217.67%

11. Quality Control: CaixaBank, S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 9.4

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
CaixaBank

A-Score: 7.2/10

Value: 4.0

Growth: 6.9

Quality: 6.9

Yield: 8.1

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
DNB Bank

A-Score: 7.0/10

Value: 5.5

Growth: 5.7

Quality: 5.1

Yield: 9.4

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Intesa Sanpaolo

A-Score: 6.9/10

Value: 4.7

Growth: 5.2

Quality: 5.7

Yield: 9.4

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
BNP Paribas

A-Score: 6.2/10

Value: 7.0

Growth: 3.4

Quality: 3.9

Yield: 9.4

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Commerzbank

A-Score: 5.4/10

Value: 5.2

Growth: 6.2

Quality: 4.9

Yield: 3.1

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.41$

Current Price

11.41$

Potential

-0.00%

Expected Cash-Flows