BANC OF CALIFORNIA INC (BANC)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· bank

$18.23▼ 1.94%

EOD close · as of 2026-10-30

Market Cap

$2.89B

Enterprise Value

$4.95B

P/E

15.6×

P/S

1.6×

Revenue (FY)

$1.82B

Rev. growth

87.6%/yr

basis changed FY2021

Gross margin

—

Net margin

13%

ROIC

Net debt / EBITDA

n/a for a bank

Revenue· FY2025$1.82B

Net Income· FY2025$229.0M

Free Cash Flow· FY2025$234.8M

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 55th pct blended

P/E

11.9× now

2.2×31.5×

45th

mid

P/S

1.5× now

0.7×188.2×

44th

mid

P/B

0.8× now

0.3×0.8×

77th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.1× net income

1.12×

✓

Capital intensity

Reinvests 8% of operating cash flow

light

Returns on capital

ROIC 4%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 6.5%

DuPont — the three levers

Net margin

12.6%

profit / rev

Asset turns

0.05×

rev / assets

Leverage

9.83×

assets / year-end equity

ROE

6.5%

on year-end equity

ROE 6% against ROIC 4% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$2.06B

Cash & Equivalents

—

Net Debt

$2.06B

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

-3.8%

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Tax	86.4	106.2	46.9	15.9	8.8	-20.5	2.2	4.6
Net Income	811.4	598.2	330.1	44.9	26.0	-124.7	6.7	12.6

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

13%

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

13%

FY2025 · latest

Free cash flow

$234.8M

FY2025 · latest

Institutional ownership: 48 holders · 81th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on BANC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$18.23▼ 1.94%

EOD close · as of 2026-10-30

Market Cap

$2.89B

Enterprise Value

$4.95B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$1.82B 100.0%	$1.89B 100.0%	$1.52B 100.0%	$1.63B 100.0%	$1.35B 100.0%	$3.8M 100.0%	$4.0M 100.0%	$5.6M 100.0%	$6.6M 100.0%	$6.3M 100.0%
Interest Expense	—	$886.7M 46.9%	$1.22B 80.4%	$265.7M 16.3%	$54.9M 4.1%	$66.0M 1733.1%	$142.9M 3598.9%	$136.7M 2439.7%	$85.0M 1294.0%	$59.5M 941.1%
Pretax Income	$313.1M 17.2%	$168.7M 8.9%	-$2.21B -145.2%	$567.6M 34.8%	$822.3M 60.8%	$14.4M 377.0%	$28.0M 704.4%	$47.0M 838.5%	$26.9M 409.4%	$100.5M 1589.5%
Income Tax Expense	$84.1M 4.6%	$41.8M 2.2%	-$312.2M -20.5%	$144.0M 8.8%	$215.4M 15.9%	$1.8M 46.9%	$4.2M 106.2%	$4.8M 86.4%	-$26.6M -404.6%	$13.7M 217.5%
Net Income	$229.0M 12.6%	$126.9M 6.7%	-$1.90B -124.7%	$423.6M 26.0%	$607.0M 44.9%	$12.6M 330.1%	$23.8M 598.2%	$45.5M 811.4%	$57.7M 878.5%	$115.4M 1825.6%
Per Share
EPS (Basic)	$1.18	$0.52	-$22.71	$5.14	$7.76	—	$0.05	$0.45	$0.72	$1.97
EPS (Diluted)	$1.17	$0.52	-$22.71	$5.14	$7.76	—	$0.05	$0.45	$0.71	$1.94
Weighted Avg Shares (Basic)	159.8M	168.4M	85.4M	77.3M	76.9M	—	50.6M	50.6M	50.3M	46.8M
Weighted Avg Shares (Diluted)	161.7M	168.7M	85.4M	77.3M	76.9M	—	50.7M	50.9M	50.8M	47.6M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	not reported	1825.6%
FY2017	not reported	not reported	878.5%
FY2018	not reported	not reported	811.4%
FY2019	not reported	not reported	598.2%
FY2020	not reported	not reported	330.1%
FY2021	not reported	not reported	44.9%
FY2022	not reported	not reported	26.0%
FY2023	not reported	not reported	-124.7%
FY2024	not reported	not reported	6.7%
FY2025	not reported	not reported	12.6%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

ROE

ROIC

Gap

+2pts

Leverage and buybacks account for 2 points of the 6% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 1.90x of reported profit into free cash flow over 5 years, with accruals negative.

FCF / net income

1.90×↘ narrowing

5-year average; latest 1.03x

Sloan accruals

-0.1%

(net income − OCF) / assets · negative is better

Share count since FY2019

196.2%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

The other side

Shares outstanding are up 196% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $18.59, free cash flow must compound 15.63%/yr for 10 years. It has done 22.41%/yr over 6 years, though across a reporting-basis change.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−0.0%	15.6%
FY2021	596.1%	15.6%
FY2022	40.4%	15.6%
FY2023	−82.3%	15.6%
FY2024	−46.6%	15.6%
FY2025	265.0%	15.6%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 3 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth. The record spans a reporting-basis change, so part of the variation is the restatement rather than the business.

Implied FCF growth

15.6%

for 10 years, discounted at 10.0% (published default — this company's cost of capital could not be computed)

Achieved FCF growth

22.4%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

0.70×

above 1 means the price asks for more than the record

P / E

15.9× · med 15.9× · 13.2×–17.2×

P / S

1.6× · med 3.6× · 3.0×–4.9×

EV / EBITDA

not reported for this company

P / B

0.79× · med 1.5× · 1.2×–2.2×

BANC cohort median p25–p7515 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.

Basis: FY2025Source: SEC EDGAR XBRL

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BANC vs. National Commercial Banks peers

Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

BANC 15.9× · med 15.9× · p25–p75 13.2×–17.2×

56th pct

P / S

BANC 1.6× · med 3.6× · p25–p75 3.0×–4.9×

100th pct

EV / EBITDA

BANC — · med 12.3×

not enough peer data

—

P / B

BANC 0.8× · med 1.5× · p25–p75 1.2×–2.2×

100th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

BANC -3.8% · med 7.2% · p25–p75 5.3%–14.2%

6th pct

ProfitabilityMargins vs the sector

Gross margin

BANC —

not enough peer data

—

Operating margin

BANC — · med 28.2%

not enough peer data

—

Net margin

BANC 12.6% · med 27.0% · p25–p75 22.1%–29.0%

6th pct

FCF margin

BANC 12.9% · med 26.0% · p25–p75 9.8%–33.9%

33rd pct

Returns on capitalHow hard the capital works

Return on equity

BANC 6.5% · med 11.1% · p25–p75 9.0%–13.3%

12th pct

Return on invested capital

BANC 4.1% · med 9.2% · p25–p75 5.9%–12.8%

19th pct

LeverageLess debt scores higher

Net debt / EBITDA

BANC — · med 0.0×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

BANC 48 · med 199 · p25–p75 59–683

23rd pct

Institutional ownership

BANC — · med 2.3% · p25–p75 1.5%–3.2%

not enough peer data

—

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
JPMJPMORGAN CHASE & CO	$912.4B	17.2×	—	5.0×	2.8%	—	31.3%	15.7%	13.4%	—	1,974
BACBANK OF AMERICA CORP /…	$354.0B	13.4×	—	3.1×	6.8%	—	27.0%	10.1%	4.9%	—	1,281
CCITIGROUP INC	$208.2B	18.0×	—	2.4×	5.6%	—	16.8%	6.7%	2.5%	—	—
COFCAPITAL ONE FINANCIAL …	$128.1B	51.8×	—	2.4×	36.6%	—	4.6%	2.2%	2.1%	—	645
USBUS BANCORP DE	$94.5B	13.1×	—	3.3×	4.4%	—	26.4%	11.6%	9.2%	—	685
PNCPNC FINANCIAL SERVICES…	$92.1B	14.0×	—	4.0×	7.2%	—	30.3%	11.5%	5.9%	—	677
KEYKEYCORP /NEW/	$22.7B	14.1×	—	3.0×	62.7%	—	24.3%	9.0%	6.0%	—	248
FHNFIRST HORIZON CORP	$11.2B	12.7×	—	3.3×	7.2%	—	28.7%	11.1%	8.1%	—	—
CFRCULLEN/FROST BANKERS, …	$9.8B	15.9×	—	4.4×	8.3%	—	29.0%	14.2%	14.2%	—	149
WBHCWILSON BANK HOLDING CO	$6.8B	87.9×	—	19.1×	14.2%	—	21.2%	13.0%	12.8%	—	—
CBUCOMMUNITY FINANCIAL SY…	$3.3B	16.0×	—	4.1×	9.6%	—	25.7%	10.5%	10.5%	—	58
PRKPARK NATIONAL CORP /OH…	$3.3B	16.3×	—	4.9×	2.9%	—	27.1%	13.3%	12.6%	—	61
BANCBANC OF CALIFORNIA, IN…	$2.9B	15.9×	—	1.6×	-3.8%	—	12.6%	6.5%	4.1%	—	48
NBTBNBT BANCORP INC	$2.8B	15.9×	—	15.0×	10.4%	—	92.5%	8.9%	8.3%	—	62
CASHPATHWARD FINANCIAL, IN…	$1.6B	9.7×	—	1.9×	5.3%	—	22.1%	21.7%	20.6%	—	46
HAFCHANMI FINANCIAL CORP	$977M	13.2×	12.3×	3.6×	15.3%	—	28.2%	9.6%	9.6%	0.0×	38

Peers = companies sharing BANC's sector (National Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$296k · 1 holder

Discretionary sales

$645.6m · 4 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 44 filings

1 open-market purchase and 6 discretionary sales against the share price · hover a marker

2025-10-31$16.45 – $21.142026-10-23

Shares held by reporting insiders1 → 17 insiders reporting — no comparable change

2026-02-02 · 02026-09-10 · 3,676,715 (17 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-10	Dotan Ido GENERAL COUNSEL, CORP SECRTY	Open-market saleindirect	10,541	$18.30	$193k
2026-08-04	Lindsay Olivia I CHIEF RISK OFFICER	Open-market sale	6,000	$19.50	$117k
2026-08-02	Kauder Joseph CHIEF FINANCIAL OFFICER	Tax withholding	5,444	$19.15	$104k
2026-07-08	2 co-filers

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Step	Amount	Running total
Net income	$229M	$229M
Share-based comp	not reported	not reported
Other non-cash & working capital	$27M	$256M
Operating cash flow	$256M	$256M
Capex	−$21M	$235M
Free cash flow	$235M	$235M

Fiscal year	Revenue growth	Receivables growth	Gap
FY2020	-4.1%	not reported	not reported
FY2021	35412.1%	not reported	not reported
FY2022	20.6%	not reported	not reported
FY2023	-6.7%	not reported	not reported
FY2024	24.1%	not reported	not reported
FY2025	-3.8%	not reported	not reported

Fiscal year	Accruals / assets
FY2019	-0.7 percent
FY2020	-0.8 percent
FY2021	1.1 percent
FY2022	-0.7 percent
FY2023	-5.3 percent
FY2024	0.1 percent
FY2025	-0.1 percent

BANC OF CALIFORNIA INC (BANC)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 6.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -39%

BANC vs. National Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

BANC vs. National Commercial Banks peers

Where it ranks

Peer table

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Reverse DCF — what growth does the price assume?

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

Ownership Map

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -39%

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 6.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Is the business good?