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BOK Financial Corporation

BOKF Financial Banks Regional

BOK Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, down 2.78% from fiscal 2024.

Revenue
+0.31%
EPS
+19.8%
Free cash flow
−68.5%
Total debt
+28.6%

Quarter to September 2026, against a year earlier

129.90 2.30 −1.74%
Market cap
$7.9B
P/E
11.8×
Fwd P/E
12.2×
Dividend yield
1.94%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

BOK Financial Corporation (BOKF) valuation and DCF model

What the price implies · reverse DCF

At $129.90 the price implies 18.2% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 3.3% a year over the last ten years, 2.6% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 9.9% over ten years; the price implies 11.1% for good.

In December 2017 the price assumed 18.3% a year; BOK Financial Corporation went on to grow the dividend a share 14.2% a year to FY2025.

Price implies
18.2%
Last 5 years, reported
2.6%
Last 10 years, reported
3.3%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
18.2% a year for ten years
$129.90
today’s price
Its base case
3.3% a year for five years, then 2.0%
$40.45
68.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record BOK Financial Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.2% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against BOK Financial Corporation’s own cost of capital: risk-free 4.3% + beta 0.78 × equity premium 4.5% = 7.8% cost of equity; weighted, 7.8%.

Use 7.8%
Base case value per share $40.45 ten years discounted, and what follows
Current price $129.90 market price per share
Below today’s price 68.9% downside at the base case’s assumptions

How we got there$18.68 10 years of dividends+$21.77 terminal value=$40.45 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 11.76× 12.28× 12.57× 6% below 12.02× 2% below
P/FCF 9.29× 10.51× 10.51× 12% below 10.60× 12% below
P/B 1.32× 1.26× 1.26× 4% above 1.23× 7% above
EV/Sales — 1.51× 2.85× — 3.90× —
P/E P/FCF P/B EV/Sales
0.95×1.19×1.43×1.67×10Y avg 1.26×2017201820192020202120222023202420252026

BOKF trades at 1.32× P/B, against a 10-year average of 1.26× (range 0.90×–1.70×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $124.34 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.