Financials Charles Schwab

Equities

SCHW

US8085131055

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
74.99 ^USD	+0.13%		+2.14%	+9.00%

Apr. 26	Schwab Charles Insider Sold Shares Worth $413,855, According to a Recent SEC Filing	MT
Apr. 26	News Highlights : Top Global Markets News of the Day - Friday at 5 PM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,095	99,666	158,999	155,425	125,446	137,003	-	-
Enterprise Value (EV) ¹	36,895	49,166	119,799	153,125	141,246	137,423	155,304	153,146
P/E ratio	17.8 x	25 x	29.7 x	23.8 x	27.1 x	23.7 x	18.9 x	16.1 x
Yield	1.43%	1.36%	0.86%	1.01%	1.45%	1.37%	1.53%	1.62%
Capitalization / Revenue	5.7 x	8.53 x	8.59 x	7.49 x	6.66 x	6.88 x	6.01 x	5.62 x
EV / Revenue	3.44 x	4.21 x	6.47 x	7.38 x	7.5 x	6.9 x	6.81 x	6.28 x
EV / EBITDA	7.1 x	9.2 x	12 x	13.2 x	15.4 x	12 x	13 x	11.4 x
EV / FCF	4.28 x	16.2 x	22.8 x	22.9 x	-	18.4 x	12.2 x	15.2 x
FCF Yield	23.4%	6.16%	4.38%	4.36%	-	5.44%	8.2%	6.58%
Price to Book	2.81 x	1.7 x	2.71 x	4.1 x	3.07 x	3.16 x	3.17 x	2.89 x
Nbr of stocks (in thousands)	1,284,579	1,879,078	1,890,600	1,866,739	1,823,343	1,826,951	-	-
Reference price ²	47.56	53.04	84.10	83.26	68.80	74.99	74.99	74.99
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,721	11,691	18,520	20,762	18,837	19,914	22,797	24,395
EBITDA ¹	5,197	5,346	9,960	11,624	9,146	11,414	11,907	13,462
EBIT ¹	4,848	4,932	8,796	10,376	7,808	7,983	10,115	11,951
Operating Margin	45.22%	42.19%	47.49%	49.98%	41.45%	40.09%	44.37%	48.99%
Earnings before Tax (EBT) ¹	4,848	4,300	7,713	9,388	6,378	8,067	10,131	11,733
Net income ¹	3,526	3,043	5,360	6,635	4,649	5,716	7,269	8,206
Net margin	32.89%	26.03%	28.94%	31.96%	24.68%	28.7%	31.89%	33.64%
EPS ²	2.670	2.120	2.830	3.500	2.540	3.159	3.965	4.666
Free Cash Flow ¹	8,617	3,030	5,247	6,682	-	7,475	12,734	10,076
FCF margin	80.37%	25.92%	28.33%	32.18%	-	37.54%	55.86%	41.3%
FCF Conversion (EBITDA)	165.81%	56.68%	52.68%	57.48%	-	65.49%	106.94%	74.84%
FCF Conversion (Net income)	244.38%	99.57%	97.89%	100.71%	-	130.77%	175.17%	122.79%
Dividend per Share ²	0.6800	0.7200	0.7200	0.8400	1.000	1.024	1.145	1.216
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,570	4,708	4,672	5,093	5,500	5,497	5,116	4,656	4,606	4,459	4,740	4,902	5,016	5,196	5,328
EBITDA ¹	2,561	2,577	2,393	2,835	3,249	3,147	2,655	2,280	2,236	1,975	2,296	2,606	2,760	2,871	3,003
EBIT ¹	2,268	2,278	2,089	2,522	2,930	2,835	2,343	1,955	1,903	1,607	1,938	1,919	2,002	2,186	-
Operating Margin	49.63%	48.39%	44.71%	49.52%	53.27%	51.57%	45.8%	41.99%	41.32%	36.04%	40.89%	39.15%	39.91%	42.07%	-
Earnings before Tax (EBT) ¹	2,011	2,023	1,839	2,274	2,677	2,598	2,110	1,691	1,383	1,194	1,798	1,956	2,100	2,293	2,393
Net income ¹	1,406	1,449	1,278	1,652	1,884	1,821	1,533	1,173	1,017	926	1,251	1,368	1,483	1,624	1,685
Net margin	30.77%	30.78%	27.35%	32.44%	34.25%	33.13%	29.96%	25.19%	22.08%	20.77%	26.39%	27.92%	29.57%	31.25%	31.62%
EPS ²	0.7400	0.7600	0.6700	0.8700	0.9900	0.9700	0.8300	0.6400	0.5600	0.5100	0.6800	0.7542	0.8308	0.9024	0.9215
Dividend per Share ²	0.1800	0.1800	0.2000	0.2000	0.2200	0.2200	0.2500	0.2500	0.2500	0.2500	0.2650	0.2575	0.2575	0.2575	0.3233
Announcement Date	10/15/21	1/18/22	4/18/22	7/18/22	10/17/22	1/18/23	4/17/23	7/18/23	10/16/23	1/17/24	4/15/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	15,800	420	18,301	16,143
Net Cash position ¹	24,200	50,500	39,200	2,300	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	1.728 x	0.0368 x	1.537 x	1.199 x
Free Cash Flow ¹	8,617	3,030	5,247	6,682	-	7,475	12,734	10,076
ROE (net income / shareholders' equity)	19%	9%	11%	18%	16%	15.2%	16.5%	19%
ROA (Net income/ Total Assets)	1.19%	0.72%	1.02%	1.21%	1.1%	1.92%	1.54%	1.56%
Assets ¹	295,260	421,497	527,871	547,578	423,098	298,186	471,019	526,007
Book Value Per Share ²	16.90	31.10	31.00	20.30	22.40	23.70	23.70	25.90
Cash Flow per Share	7.060	4.770	1.120	1.090	-	-	-	-
Capex ¹	708	631	916	971	804	637	740	811
Capex / Sales	6.6%	5.4%	4.95%	4.68%	4.27%	3.2%	3.25%	3.32%
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Charles Schwab

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

74.99 USD

Average target price

79 USD

Spread / Average Target

+5.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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CSC FINANCIAL CO., LTD.	-9.42%	21.24B
LPL FINANCIAL HOLDINGS INC.	+17.00%	19.89B
NOMURA HOLDINGS, INC.	+43.36%	17.26B
CHINA MERCHANTS SECURITIES CO., LTD.	+11.73%	16.69B

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