Itaú Unibanco Holding S.A.

ITUB

Banks - Regional · Financial Services

Price

$8.20

-0.10 (-1.20%)

Market Cap

$90.37B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+13.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 9.83B (2021) → 11.19B (2025)

Itaú Unibanco is the largest private bank in Brazil and one of the biggest banks in Latin America. It offers everyday banking services like checking accounts, savings accounts, credit cards, loans, and insurance to millions of individual customers and businesses. It also serves large corporations with investment banking and wealth management services.

The bank makes money by charging interest on loans, collecting fees for banking services, and earning premiums on insurance products. It operates mainly in Brazil but also has a presence in other Latin American countries, including Argentina, Chile, Colombia, and Uruguay. Its massive customer base of over 60 million clients and its deep brand recognition in Brazil give it a strong competitive position. The main risk the company faces is Brazil's economic volatility — when inflation rises or the economy slows, more borrowers struggle to repay loans, which can hurt the bank's profits.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

46.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$2.4T cash & investments at current burn rate

Growth context

Itaú Unibanco Holding S.A. is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

34.0%

Modest — 34.0% gross margin

Operating Margin

13.2%

Healthy — 13.2% operating margin

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+14.7%

Fast-growing sales (14.7% YoY)

EPS YoY

+4.0%

Modest earnings growth (4.0% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

282%

Turns 282% of profit into real cash

FCF Margin

32.5%

Converts sales into free cash efficiently (32.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

4.98

Heavy debt load (4.98)

Interest Cover

0.23x

Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

2.0x

Attractive valuation — P/E 2.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

12.58%

Healthy income — 12.58% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-83.8%

Dividend cut (-83.8% YoY) — warning sign

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