Itau Unibanco Banco Holding SA (ITUB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Itau Unibanco Banco Holding SA $7.32, price $8.18, upside -10.5%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $2.36 – $9.47 · fair‑value band $5.49 – $9.14 · the $8.18 price screens above the $7.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Itaú Unibanco Holding S.A. provides various financial products and services to personal and corporate customers in Brazil and internationally. It operates through three segments: Retail Business, Wholesale Business and Activities with the Market + Corporation.
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Itaú Unibanco Holding S.A. provides various financial products and services to personal and corporate customers in Brazil and internationally. It operates through three segments: Retail Business, Wholesale Business and Activities with the Market + Corporation. The company offers current accounts; funds management; payments and collections; loans; credit and debit cards; investment and commercial banking services; real estate lending and financing services; economic, financial and brokerage advisory; and leasing and foreign exchange services. The company also provides non-life insurance products covering loss, damage, or liability for objects or people, as well as life insurance products covering death and personal accidents. It serves retail customers, account and non-account holders, individuals and legal entities, high income clients, microenterprises, and small companies, as well as middle-market companies and high net worth institutional clients. The company was formerly known as Itaú Unibanco Banco Múltiplo S.A. and changed its name to Itaú Unibanco Holding S.A. in April 2009. The company was incorporated in 1924 and is headquartered in São Paulo, Brazil. Itaú Unibanco Holding S.A. is a subsidiary of IUPAR - Itaú Unibanco Participações S.A.
Stock analysis
Itau Unibanco Banco Holding SA (ITUB) currently trades at $8.18, while our model-based Fair Value estimate is $7.32, implying the stock looks roughly 11.7% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $35.30 per share, and 4 of the 4 models we run sit above the $8.18 price.
Bear case: the Asset-Based group reads lowest at $12.24, and 0 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.49 (bear) to $9.14 (bull), the price of $8.18 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Itau Unibanco Banco Holding SA reported revenue of R$385B in FY2025 versus R$191B in FY2021, a compound +19.0%/yr. Reported net income was R$44.9B in FY2025, compounding +13.8%/yr from FY2021.
Key figures
Market cap $91.5B · P/E ratio 9.7 · P/S ratio 1.14 · EPS (TTM) $0.8000 · Net margin 11.7% · Return on equity 21.8% · Return on assets (EBIT) 1.7% · Operating margin 33.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −11%, ITUB screens cheaper than that median.
Fair Value models
Bear $5.49Fair Value $7.32Bull $9.14
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.2%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+8.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8% vs 6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 13%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−19.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−7.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in BRL, Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about −22.2% a year for the price and −10.8% for the forecasts.
Compare Itau Unibanco Banco Holding SA with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1074 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−11% · Above median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)33% · Above median
Operating margin (TTM)33% · Below median
Growth and dividend
Revenue growth−2% · Bottom 25%
Dividend yield (TTM)42.2% · Top 25%
Balance sheet
Debt / equity1.71× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Itau Unibanco Banco Holding SA Fair Value". https://www.fairvalue-calculator.com/stock/ITUB
Frequently asked questions
Is Itau Unibanco Banco Holding SA (ITUB) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $7.32 versus a price of $8.18, about −11% upside (overvalued).
What is the fair value of ITUB?
Our model-based fair value for Itau Unibanco Banco Holding SA is $7.32 (as of Sep 23, 2026), built from audited fundamentals. The current price: $8.18.
What is the quality score of ITUB?
Itau Unibanco Banco Holding SA has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Itau Unibanco Banco Holding SA (ITUB)?
Our model-based price target is the fair value of $7.32 (as of Sep 23, 2026) from 4 valuation models. Cautious scenario $5.49, optimistic scenario $9.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Itau Unibanco Banco Holding SA stock forecast for 2026?
Our models put fair value at $7.32, about −11% upside versus a price of $8.18 (overvalued). Cautious scenario $5.49, optimistic scenario $9.14. The calculation is refreshed regularly with new filings.
What is the revenue of Itau Unibanco Banco Holding SA (ITUB)?
Itau Unibanco Banco Holding SA reported trailing-twelve-month revenue of about R$138B (latest available figure, as of Sep 23, 2026).
What growth is priced into Itau Unibanco Banco Holding SA (ITUB)?
For today's price to be fair in a discounted-cash-flow model, Itau Unibanco Banco Holding SA would have to grow free cash flow by -19.6 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ITUB use?
Our models discount Itau Unibanco Banco Holding SA at 8.1 %: a base by market capitalisation (large), damped by beta 0.16, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Itau Unibanco Banco Holding SA that is -19.6 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Itau Unibanco Banco Holding SA (ITUB) delivered so far?
Over the past 5 years revenue at Itau Unibanco Banco Holding SA grew +17.3 % a year. The price currently implies -19.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Itau Unibanco Banco Holding SA (ITUB) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Itau Unibanco Banco Holding SA (-19.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Itau Unibanco Banco Holding SA (ITUB)?
The free-cash-flow yield on the price is 27.11 %: that much free cash flow Itau Unibanco Banco Holding SA produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Itau Unibanco Banco Holding SA (ITUB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Itau Unibanco Banco Holding SA it is $7.32 per share (as of Sep 23, 2026), against a price of $8.18. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Itau Unibanco Banco Holding SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ITUB trades above its calculated fair value: price $8.18, fair value $7.32, a gap of about −11% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ITUB?
No. The price is what the market pays today ($8.18); the fair value is what the company's own numbers justify ($7.32). For Itau Unibanco Banco Holding SA the two are $0.8600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Itau Unibanco Banco Holding SA worth?
The market values Itau Unibanco Banco Holding SA at about $91.5B (market capitalisation, as of Sep 23, 2026). Per share that is $8.18; our models calculate a fair value of $7.32 per share.
What do the bullish and bearish scenarios say about ITUB?
Our models span a range for Itau Unibanco Banco Holding SA: cautious scenario $5.49, base $7.32, optimistic $9.14 per share (as of Sep 23, 2026, price $8.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ITUB?
Itau Unibanco Banco Holding SA trades at a price-to-earnings ratio of 9.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.32 is built from several models across several years. Other multiples: PEG 1.3, P/B 0.5, P/S 0.7, EV/EBITDA 3.0.
What is the PEG ratio of ITUB?
The PEG ratio of Itau Unibanco Banco Holding SA is 1.34 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Itau Unibanco Banco Holding SA (ITUB)?
Balance-sheet figures for Itau Unibanco Banco Holding SA (as of Sep 23, 2026): return on equity 21.8%, debt of 1.71 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is ITUB from its 52-week high?
Itau Unibanco Banco Holding SA trades at $8.18, about 14% below its 52-week high of $9.47 and 33% above the low of $6.14 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $7.32 is for.
Which stocks are comparable to Itau Unibanco Banco Holding SA?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Itau Unibanco Banco Holding SA stock attractive at the current price?
The data as of Sep 23, 2026: price $8.18, calculated fair value $7.32 (−11%), Quality Score 52/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ITUB calculated?
We run Itau Unibanco Banco Holding SA through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $7.32, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Itau Unibanco Banco Holding SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Itau Unibanco Banco Holding SA (ITUB)?
The closing price on Sep 23, 2026 was $8.18. Our model-based fair value is $7.32, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Itau Unibanco Banco Holding SA right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Itau Unibanco Banco Holding SA (ITUB) come from?
Earnings per share at Itau Unibanco Banco Holding SA grew +5.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, EBIT margin −1.5 %, tax rate +0.5 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Itau Unibanco Banco Holding SA
How large is the market capitalisation of Itau Unibanco Banco Holding SA (ITUB)?
The market capitalisation of Itau Unibanco Banco Holding SA is $91.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Itau Unibanco Banco Holding SA (ITUB)?
The price-to-sales ratio of Itau Unibanco Banco Holding SA is 1.14 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Itau Unibanco Banco Holding SA (ITUB)?
Earnings per share at Itau Unibanco Banco Holding SA are $0.8000 (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Itau Unibanco Banco Holding SA (ITUB)?
The net margin of Itau Unibanco Banco Holding SA is 11.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Itau Unibanco Banco Holding SA (ITUB)?
The return on equity (ROE) of Itau Unibanco Banco Holding SA is 21.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Itau Unibanco Banco Holding SA (ITUB)?
On an EBIT basis the return on assets of Itau Unibanco Banco Holding SA is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Itau Unibanco Banco Holding SA (ITUB)?
The operating margin of Itau Unibanco Banco Holding SA is 33.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Itau Unibanco Banco Holding SA (ITUB)?
Revenue at Itau Unibanco Banco Holding SA is growing −2.1% versus a year earlier (3y avg +15.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Itau Unibanco Banco Holding SA (ITUB)?
Earnings per share at Itau Unibanco Banco Holding SA are growing +11.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Itau Unibanco Banco Holding SA (ITUB) carry?
The net debt of Itau Unibanco Banco Holding SA is R$742B (fiscal year 2025, ≈ 5.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 23, 2026