Returns against tangible book

Banks trade on returns against tangible book value, not on earnings multiples. Both halves of that frame are below, at the same quarter end — a price measured on the day the book was measured, rather than today's price over last quarter's book.

These are quarter-end prices, not current ones. No free price feed permits redistribution, so this site does not have one and does not pretend to. What it has is arithmetic on a public filing: every institutional manager over $100m files a Form 13F listing each holding's market value and share count at quarter end, and value ÷ shares is the closing price that day. A figure appears here only where two independent managers agree to the cent; where they do not, the cell is an em-dash.

Q2 2026, ordered by ROTCE. Every figure here is computed by this site. ROTCE is annualized from a single quarter on a two-point average equity base and is not the figure any of these banks reports. The price is the close on the last trading day of the quarter, recovered from Form 13F holdings tables filed 38 to 45 days later — so it describes that date and is never current. P/TBV divides the two, both measured at the same quarter end. Formulas, filers and caveats.

Looking for today's price? It is not here, and dividing it by the book value above would describe no date at all — that figure is this quarter's, the quote is now. The live quote is one click away at the exchange these shares trade on: JPM · BAC · WFC · C · GS · MS.

The once-a-year price point, from the filings themselves

As of the last business day of June 2025 — not current. Every 10-K cover page states the aggregate market value of the company's shares held by non-affiliates, measured at the end of its second fiscal quarter. That figure is price times share count, it is public domain, and dividing it by shares outstanding at the same date recovers the price each bank itself used. One point per bank per year, dated, and sourced to the 10-K it came from.

Bank	Public float	Implied price derived	TBVPS derived	P / TBV derived
Big Five
JPM JPMorgan Chase	$794.4bn	$288.91	$102.78	2.81×
GS Goldman Sachs	$213.2bn	$703.98	$337.14	2.09×
WFC Wells Fargo	$257.3bn	$79.90	$43.30	1.85×
BAC Bank of America	$351.9bn	$47.32	$27.38	1.73×
C Citigroup	$156.2bn	$84.85	$93.75	0.91×
Also tracked
MS Morgan Stanley also tracked	$218.0bn	$136.38	$47.25	2.89×

All four columns are measured at the same date — end of June 2025 — so the ratio is internally consistent, but it describes that date, not today. The implied price sits below the market price by construction: the float excludes shares held by affiliates while the divisor counts all shares outstanding, so the gap between the two IS the affiliate holding. The quarter-end price above now measures it. At this float date it runs from 0.0% to 0.5% for five of the six — and 3.2% for Morgan Stanley, whose affiliates hold about ten times the share the others' do. Neither figure is wrong; they count different things, and having two unrelated routes to one quantity is what makes the difference legible at all. Full derivation and caveats.

Six observations is a very small sample. No fitted line is drawn across them, because a regression through six points describes those six points and nothing else.