Westpac Banking Corporation (WBKCY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Westpac Banking Corporation $3.50, price $11.98, upside -70.8%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Westpac Banking Corporation provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe. It operates through the Consumer, Business & Wealth, Institutional, and New Zealand segments.
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Westpac Banking Corporation provides banking and other financial services in Australia, New Zealand, the Pacific Islands, Asia, the Americas, and Europe. It operates through the Consumer, Business & Wealth, Institutional, and New Zealand segments. The company offers bank accounts, home and personal loans, credit cards, international and travel banking services, insurance, superannuation, investments, share trading, margin lending, private banking, and online banking services; savings and transactions accounts, loans and finance, payment solutions, insurance for businesses, foreign exchange and international money transfer, commercial business and industry banking; bank guarantee, business digital wallet, business setup, and business term deposits; and corporate online banking, transaction banking, corporate and structured finance, and trade and supply chain finance services. It serves individuals and consumers; small to medium businesses and commercial and agribusiness customers; high-net-worth individuals; and corporate and institutional and government customers. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982. Westpac Banking Corporation was founded in 1817 and is headquartered in Sydney, Australia.
Stock analysis
Westpac Banking Corporation (WBKCY) currently trades at $11.98, while our model-based Fair Value estimate is $3.50, 70.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $4.46 per share, and 0 of the 6 models we run sit above the $11.98 price.
Bear case: the Asset-Based group reads lowest at $2.36, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: $3.17 (bear) to $4.24 (bull), the price of $11.98 sits above 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 47/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
Westpac Banking Corporation reported revenue of A$21.6B in FY2024 versus A$20.4B in FY2022, a compound +2.8%/yr. Reported net income was A$7.0B in FY2024, compounding +10.8%/yr from FY2022.
Key figures
Market cap $172B · P/E ratio 35.4 · P/S ratio 11.5 · EPS (TTM) $1.42 · Dividend yield 2.2% · Net margin 32.4% · Return on equity 9.8% · Return on assets 0.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at −71%, WBKCY screens richer than that median.
Fair Value models
Bear $3.17Fair Value $3.50Bull $4.24
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.24/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
News mood ⓘNews mood, the average tone of recent news (8 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Compare Westpac Banking Corporation with another stock
Price, fair value, quality and upside side by side.
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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 - Diversified · 43 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Bottom 25%
Fair Value upside−24.4% · Above median
Profitability
Return on equity (TTM)9.8% · Below median
Return on assets0.6% · Below median
Net margin (TTM)31.5% · Above median
Operating margin (TTM)50.4% · Top 25%
Growth and dividend
Revenue growth1.5% · Bottom 25%
Dividend yield (TTM)2.2% · Bottom 25%
Balance sheet
Debt / equity2.56× · Highest 25%
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
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Is Westpac Banking Corporation (WBKCY) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $3.50 versus a price of $11.98, about −71% upside (overvalued).
What is the fair value of WBKCY?
Our model-based fair value for Westpac Banking Corporation is $3.50 (as of Sep 29, 2026), built from audited fundamentals. The current price: $11.98.
What is the quality score of WBKCY?
Westpac Banking Corporation has a Quality Score of 47/100. 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 Westpac Banking Corporation (WBKCY)?
Our model-based price target is the fair value of $3.50 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario $3.17, optimistic scenario $4.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Westpac Banking Corporation stock forecast for 2026?
Our models put fair value at $3.50, about −71% upside versus a price of $11.98 (overvalued). Cautious scenario $3.17, optimistic scenario $4.24. The calculation is refreshed regularly with new filings.
What is the revenue of Westpac Banking Corporation (WBKCY)?
Westpac Banking Corporation reported trailing-twelve-month revenue of about A$22.3B (latest available figure, as of Sep 29, 2026).
Does Westpac Banking Corporation pay a dividend?
Westpac Banking Corporation currently shows a dividend yield of about 2.20% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of Westpac Banking Corporation (WBKCY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Westpac Banking Corporation it is $3.50 per share (as of Sep 29, 2026), against a price of $11.98. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Westpac Banking Corporation stock overvalued or undervalued in 2026?
As of Sep 29, 2026, WBKCY trades above its calculated fair value: price $11.98, fair value $3.50, a gap of about −71% (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 WBKCY?
No. The price is what the market pays today ($11.98); the fair value is what the company's own numbers justify ($3.50). For Westpac Banking Corporation the two are $8.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Westpac Banking Corporation worth?
The market values Westpac Banking Corporation at about $172B (market capitalisation, as of Sep 29, 2026). Per share that is $11.98; our models calculate a fair value of $3.50 per share.
What do the bullish and bearish scenarios say about WBKCY?
Our models span a range for Westpac Banking Corporation: cautious scenario $3.17, base $3.50, optimistic $4.24 per share (as of Sep 29, 2026, price $11.98). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WBKCY?
Westpac Banking Corporation trades at a price-to-earnings ratio of 35.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.50 is built from several models across several years.
How solid is the balance sheet of Westpac Banking Corporation (WBKCY)?
Balance-sheet figures for Westpac Banking Corporation (as of Sep 29, 2026): return on equity 9.8%, debt of 2.56 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
Which stocks are comparable to Westpac Banking Corporation?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Industrial and Commercial Bank of China Limited, China Construction Bank Corporation, Bank of America Corporation, 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 Westpac Banking Corporation stock attractive at the current price?
The data as of Sep 29, 2026: price $11.98, calculated fair value $3.50 (−71%), Quality Score 47/100, from 6 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 WBKCY calculated?
We run Westpac Banking Corporation through 6 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 $3.50, 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 14.5 % above its aggregate fair value. Westpac Banking Corporation 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 Westpac Banking Corporation (WBKCY)?
The closing price on Oct 2, 2026 was $11.98. Our model-based fair value is $3.50, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Westpac Banking Corporation right now?
The price sits above even our optimistic bull case ($4.24). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Westpac Banking Corporation
How large is the market capitalisation of Westpac Banking Corporation (WBKCY)?
The market capitalisation of Westpac Banking Corporation is $172B. 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 Westpac Banking Corporation (WBKCY)?
The price-to-sales ratio of Westpac Banking Corporation is 11.5 (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 Westpac Banking Corporation (WBKCY)?
Earnings per share at Westpac Banking Corporation are $1.42 (price ÷ EPS = P/E 35.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Westpac Banking Corporation (WBKCY)?
The dividend yield of Westpac Banking Corporation is 2.2% (payout 18.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Westpac Banking Corporation (WBKCY)?
The net margin of Westpac Banking Corporation is 32.4% (fiscal year 2024). 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 Westpac Banking Corporation (WBKCY)?
The return on equity (ROE) of Westpac Banking Corporation is 9.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Westpac Banking Corporation (WBKCY)?
The return on assets (ROA) of Westpac Banking Corporation is 0.6% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Westpac Banking Corporation (WBKCY)?
The operating margin of Westpac Banking Corporation is 50.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Westpac Banking Corporation (WBKCY)?
Revenue at Westpac Banking Corporation is growing +1.5% versus a year earlier. 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 Westpac Banking Corporation (WBKCY)?
Earnings per share at Westpac Banking Corporation are growing +5.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Westpac Banking Corporation (WBKCY) generate?
The free cash flow of Westpac Banking Corporation is −A$20.8B (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Westpac Banking Corporation (WBKCY) carry?
The net debt of Westpac Banking Corporation is A$141B (fiscal year 2024). 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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Sep 29, 2026