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olivLaw · US equity research

Barclays PLC BCS

Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)

23.70USD+5.80% · 1 dayClose 04 Nov 2026

Barclays PLC is a British universal bank running five divisions, from UK retail and corporate banking to investment banking and a US co-branded card business. In 2025 it reported income of £29.1bn, while its three-year plan emphasises higher returns and a larger share of activity in the UK.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Barclays PLC (BCS) stock was 23.70 USD (+5.80% on the day), with beta 1.31, 52-week range 20.07–28.56 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 0.42 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.31
Volatility (1y) 32%
52-week range
20.0728.56

Price history

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Technical reading

RSI (14)
55.1
strong (55–70)
Bollinger (20, 2)
21.77 – 23.53
above the upper band · %B 1.10 · band width 7.8%
SMA 50 / 200
24.30 / 24.80
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.38 / -0.59
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.5%−1.1%+1.6 pp—
3 months−16.7%−0.5%−16.3 pp—
6 months−1.3%+4.4%−5.7 pp—
Year to date−6.9%+12.3%−19.2 pp—
1 year+12.3%+13.5%−1.3 pp+23.0%
3 years+249.6%+76.4%+173.1 pp+123.9%
5 years+124.6%+63.7%+61.0 pp—
Max drawdown (1y)
−27.1%
03 Feb 2026 → 20 Mar 2026
Max drawdown (5y)
−50.0%
14 Jan 2022 → 12 Oct 2022
Compound annual growth (5y)
+17.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue8.8 bn9.0 bn8.5 bn9.8 bn9.5 bn10.0 bn10.7 bn11.1 bn
Revenue YoYunavailable+2.6%−5.4%+14.5%−2.7%+5.1%+7.3%+3.7%
Net income2.3 bn3.3 bn2.4 bn7.0 bn5.9 bn5.3 bn6.3 bn7.2 bn
Net income YoYunavailable+39.4%−27.2%+194.1%−15.4%−11.3%+19.9%+13.7%
Diluted EPS0.090.140.090.360.300.270.350.42
Diluted EPS YoYunavailable+53.3%−39.0%+314.0%−16.3%−9.7%+29.4%+21.6%
net %26.8%36.4%28.0%71.8%62.4%52.7%58.9%64.6%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
256.5 bn GBP
Financial debt
unavailable GBP
Net debt
unavailable GBP
Equity
78.2 bn GBP
Total assets
unavailable GBP
Debt / equity
unavailable
Current ratio
unavailable
ROE
9.5%
ROA
unavailable
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (GBP)

Income statement · GBP

Pre-tax income
2023
6.6 bn
2024
8.1 bn
2025
9.1 bn

SEC (XBRL)· 10 Feb 2026verified

Net income
2023
5.3 bn
2024
6.3 bn
2025
7.2 bn

SEC (XBRL)· 10 Feb 2026verified

Diluted EPS
2023
0.27
2024
0.35
2025
0.42

SEC (XBRL)· 10 Feb 2026verified

Balance sheet · GBP

Cash
2023
248.0 bn
2024
235.6 bn
2025
256.5 bn

SEC (XBRL)· 10 Feb 2026verified

Total assets
2023
—
2024
—
2025
—

SEC (XBRL)· 23 Feb 2022verified

Total liabilities
2023
1,405.6 bn
2024
1,445.7 bn
2025
1,465.9 bn

SEC (XBRL)· 10 Feb 2026verified

Equity
2023
71.9 bn
2024
72.5 bn
2025
78.2 bn

SEC (XBRL)· 10 Feb 2026verified

Shares outstanding at year end
2023
15.2 bn
2024
14.4 bn
2025
13.9 bn

SEC (XBRL)· 10 Feb 2026verified

Cash flow · GBP

Share repurchases
2023
4.8 bn
2024
4.5 bn
2025
5.6 bn

SEC (XBRL)· 10 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
5.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
5.4%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
13.7%
computed by olivLawFY 2025
Net income CAGR 3Y
6.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
24.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
21.6%
computed by olivLawFY 2025
EPS CAGR 3Y
12.4%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
37.5%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
64.6%
computed by olivLawFY 2025

Returns

ROE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Banking

Net interest margin
unavailable
input data missing
Cost-to-income
unavailable
input data missing
Loan-to-deposit
unavailable
input data missing
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 30.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.70 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
ROE
9.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
64.6%
computed by olivLawFY 2025
Revenue growth (YoY)
3.7%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

9/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 10 Feb 2026
verified 228derived 1

Score by group

30% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Commercial Banks, NEC (SIC 6029)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 30.0% of at least 60%

    FactorValueScoreWeight used
    ROE · Quality9.6%26 (vs peers)53%
    ROA · Qualityunavailableunavailable—
    Cost-to-income · Qualityunavailableunavailable—
    Net interest margin · Qualityunavailableunavailable—
    EPS CAGR 3Y · Growth12.4%100 (on a fixed band)27%
    Revenue CAGR 3Y · Growth5.4%54 (on a fixed band)20%
    NPL ratio · Balance sheetunavailableunavailable—
    Cost of risk · Balance sheetunavailableunavailable—
    Loan-to-deposit · Balance sheetunavailableunavailable—
    P/B · Valuationunavailableunavailable—
    P/E (TTM) · Valuationunavailableunavailable—
    Dividend yield · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet· partialunavailable · 0/3 factors with a value
    • Growth80/100 · 2/2 factors with a value
    • Quality· partial26/100 · 1/4 factors with a value
    • Returns· partialunavailable · 0/1 factors with a value
    • Valuation· partialunavailable · 0/2 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    BARCLAYS PLC (BCS). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: YoY growth 3.7%; net margin 64.6%; ROE 9.6%.

    The estimated value range is 3.52–5.37 GBP per share (median of 5 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 30.0% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • EPS CAGR 3Y: 12.4%

    What contradicts it

    • ROE: 9.6%

    Not assessed (insufficient data or a ratio without meaning): ROA, Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.

    Versus the vertical median

    Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 10.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 3.7x
    P/B
    —
    vertical median 1.4x
    ROE
    9.6%
    vertical median 13.6%
    below median (−29.3%)
    Net margin
    64.6%
    vertical median 24.0%
    above median (+169.0%)
    EBIT margin
    —
    vertical median —
    Revenue YoY
    3.7%
    vertical median 11.1%
    below median (−66.4%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 1.1%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BCHBank of Chile3,989.2 bn3.225,665.4%1,571,522.8%−10.7%+5% / +74%
    HDBHdfc Bank Limited186.2 bn23.49.1%30.8%+15.2%−34% / −19%
    KBKB Financial Group Inc.41.2 bn13.48.3%0.0%+17.8%+35% / +185%
    NTBThe Bank of N.T. Butterfield & Son Limited2.2 bn10.121.4%38.2%+4.6%+19% / +100%
    BLXForeign Trade Bank Of Latin America, Inc.1.9 bn9.216.2%67.8%+14.1%+14% / +110%
    PGCPeapack Gladstone Financial Corp839.4 m16.47.7%16.4%+24.1%+75% / +91%
    AVALGrupo Aval Acciones Y Valores S.A.300.1——−2.4%+3% / +93%
    BMOBank Of Montreal——10.1%24.0%+10.6%+41% / +116%
    SUPVGrupo Supervielle S.A.——13.6%12.2%−13.9%−48% / +73%
    CMCanadian Imperial Bank Of Commerce——13.7%28.9%+13.8%+39% / +190%
    BAPCredicorp Ltd——16.5%20.0%+7.0%+40% / +186%
    VBNKVersaBank——6.1%22.8%+11.7%+90% / +193%
    LYGLloyds Banking Group plc——10.0%24.0%+7.9%+3% / +141%
    NWGNatWest Group plc——14.2%19.3%+3.1%−1% / +209%
    TDToronto Dominion Bank——16.9%30.3%+18.4%+53% / +110%
    INTRINTER & Co, INC.——11.1%14.2%+34.7%−56% / −25%
    SANBanco Santander, S.A.——12.8%—+0.0%+12% / +194%
    MUFGMitsubishi UFJ Financial Group, Inc.——9.1%14.6%+9.5%+39% / +156%
    INGIng Groep NV——15.6%32.4%+21.8%+27% / +133%
    BCSBarclays PLC——9.6%64.6%+3.7%+12% / +250%
    RYRoyal Bank Of Canada——15.3%30.6%+16.1%+36% / +132%

    1- and 3-year price returns: for BCS from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026).

    In brief

    Barclays PLC is a British universal bank running five divisions, from UK retail and corporate banking to investment banking and a US co-branded card business. In 2025 it reported income of £29.1bn, while its three-year plan emphasises higher returns and a larger share of activity in the UK 1.

    SWOT

    Strengths

    • The bank has a diversified revenue base across five divisions and a strong presence in the UK 1.
    • Brand strength and a broad customer base support winning and retaining clients over the long term 1.
    • The Investment Bank is a top-tier franchise with strong positions in research and capital markets 1.

    Weaknesses

    • Investment Bank returns remain below those of the retail and wealth divisions 1.
    • Operating costs and legacy technology require continued investment to simplify the business 1.
    • Reliance on trading activity makes revenue more sensitive to market volatility 1.

    Opportunities

    • Growth in UK lending and the Tesco Bank integration could open new sources of income 1.
    • Expansion in the Middle East and Asia could grow the wealth management business 1.
    • Artificial intelligence could lower costs and improve the client experience 1.

    Threats

    • Geopolitical tensions and protectionism could reduce cross-border trading volumes 1.
    • Rising cyber security threats add operational and reputational risk 1.
    • Regulatory divergence across jurisdictions could complicate cross-border operations 1.

    Risks

    • Credit riskmedium

      Loan losses could rise if the economy slows, although the bank says it manages its loan loss rate within its stated risk appetite 1.

    • Market riskhigh

      Market volatility could affect Investment Bank results during periods of instability 1.

    • Cyber riskhigh

      Rising cyber threats could affect systems and client confidence 1.

    • Regulatory riskmedium

      Implementing capital rules and regulatory divergence could change capital requirements 1.

    • Execution riskmedium

      The simplification plan and the Tesco Bank integration depend on operational delivery and cost reduction 1.

    Investment thesis

    What would need to be true (bull case)

    • If the return targets in the three-year plan are met, the bank could benefit from a shift towards more stable income and a larger share of UK activity 1.
    • The wealth management division reports very high returns, which could support growth in fee income 1.
    • Investment in technology and AI could lower costs and improve operating efficiency 1.

    What would break the thesis

    • If market volatility stays high, Investment Bank revenue could remain uneven 1.
    • If credit risk rises with an economic slowdown, provisioning costs could reduce profit 1.
    • Delays to capital rules and regulatory complexity could slow progress towards the stated targets 1.

    What to watch

    • Progress towards the 2026 statutory return on tangible equity target2026
    • Trend in Investment Bank RWAs against the 2028 target2028

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 10 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026).

    The business

    Barclays describes its model as universal banking, linking lending, saving, investing and payments across the group. The group is organised into five business areas: Barclays UK, Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays US Consumer Bank 1. The stated aim is a simpler, better and more balanced bank, with targets set to 2028 1.

    Segments

    Private Bank and Wealth Management

    PBWM delivered a return on equity of 24.3% in 2025, supported by the Smart Investor digital platform and expansion in the Middle East and Asia 1.

    Trends

    • Geopolitical tensions and protectionismheadwind

      Ongoing conflicts and rising protectionism could reshape trade flows and financing demand, which could weigh on investment banking revenue 1.

    • Adoption of AItailwind

      The bank is investing in AI for customer service, productivity and software development, with partners including Amazon Web Services and Microsoft 1. If these investments lower costs, they could support the cost to income target 1.

    • Interest in digital assets and investingmixed

      Growing interest in digital investing and crypto could help attract clients to investment platforms, but it also brings new compliance risks 1.

    Competitive position

    In investment banking, Barclays says it ranks sixth among investment banks, competing with large American and European banks 1. In retail and cards, rivals include traditional banks and co-branded card issuers 1.

    • JPMorgan ChaseJPM

      Named among the peer banks used in Barclays' Global Markets and Investment Banking comparisons 1.

    • Goldman SachsGS

      Included in the peer group Barclays uses for its Global Markets comparison 1.

    • Morgan StanleyMS

      Mentioned in the bank's peer group for capital markets and advisory 1.

    • UBS

      European bank included in the Barclays reference group for investment banking 1.

    News & filings

    In the press

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Barclays PLC · 10 Feb 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Barclays PLC (BCS): stock, results, valuation and forecast · olivLaw