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Banco Bilbao Vizcaya Argentaria SA ADR BBVA

Rating as of

Morningstar’s Analysis

Currency in USD
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1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Banco Bilbao Vizcaya Argentaria's Capital Allocation Is Exemplary

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

We believe Banco Bilbao Vizcaya Argentaria, or BBVA, allocates capital in an excellent way and award it an Exemplary rating. BBVA’s recent disposal of its US operations is a textbook example of excellent capital allocation. With this transaction, BBVA strengthened its balance sheet, sharpened its strategic focus, improved profitability, and returned excess capital to shareholders. In other smaller transactions, BBVA achieved similar results in the past. We maintain our narrow moat rating and our EUR 6.10/share fair value estimate.

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Company Profile

Business Description

Despite its Spanish origins, BBVA generates three quarters of its profits in emerging markets, especially Mexico that contributes nearly half of BBVA's net profit. BBVA is overwhelmingly a retail and commercial bank with corporate and investment banking forming a smaller part of the overall business.

Plaza de San Nicolas, 4
Bilbao, 48005, Spain
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 111,322