WFC
Structural scoring is not meaningful for this business
Structural scoring uses gross margin, free cash flow and Altman Z — measures built for operating companies. For banks, insurers and asset managers they produce artifacts, because the cash-flow statement is dominated by lending and deposit flows rather than operations. Treat the structural and composite figures below as not comparable with other sectors, in either direction.
- Cost of goods sold is not reported, so gross margin reads as 100%
Some scores are at the bottom of their range
This score sits at the bottom of the 0–100 range. The underlying calculation was negative, so the displayed value is a floor, not a measurement of zero.
- Structural Score: displayed 0, underlying value -21.0
- Tactical Score: displayed 0, underlying value -15.7
Daily closes · 1Y (252 sessions) · +11.9% · range 73.42–96.39
The Businesswhat the company reports
Business & cash flow
| OCF / assets | -0.9% |
|---|---|
| FCF / revenue | -22.7% |
| Gross margin | 100.0% |
| ROIC | 1.0% |
| Forward P/E | 11.3 |
This company does not report capital expenditure in the standard filing tag, so free cash flow cannot be derived and FCF/assets is not shown — common for asset managers, REITs, insurers and utilities. OCF/assets is shown instead, and it is the other measure Brown Bear's testing found to survive. Assets are from the latest annual filing (FY2025).
Price vs Earnings growth
Forward EPS growth has outpaced trailing price return by +1.0pp
Confidence 95.0/100
Drivers
| Forward EPS growth | +12.9% |
|---|---|
| Trailing price return (1y) | +11.9% |
| Forward P/E compression | +11.4% |
Figures
| Trailing EPS | 7.00 |
|---|---|
| Forward EPS | 7.90 |
| Trailing P/E | 12.70 |
| Forward P/E | 11.26 |
Revisions
Stable (+0.4%, 10 dates)
Takeaway Price and forward earnings growth are broadly in step; no strong valuation lean either way.
Reported earnings
Revenue Net incomeEPS (GAAP) (-0.58–1.38, own scale) Derived Q4
12 quarters to Q3 20. Revenue and net income share one scale, so the gap between them is the margin. The baseline is zero — bars below it are losses. The line is GAAP EPS — it spans every quarter shown, where the reported figure only goes back as far as the consensus feed does.
| Quarter ending | Revenue | YoY | Net income | EPS (GAAP) | Filed |
|---|---|---|---|---|---|
| 2020-09-30 | 18.86bn | -14.3% | 2.04bn | 0.49 | 2020-11-02 |
| 2020-06-30 | 17.84bn | -17.4% | -2.38bn | -0.58 | 2020-08-04 |
| 2020-03-31 | 17.72bn | -18.0% | 653.00m | 0.16 | 2020-05-05 |
| 2019-12-31 (derived) | 19.86bn | — | 2.87bn | 0.65 | 2020-02-27 |
| 2019-09-30 | 22.01bn | +0.3% | 4.61bn | 1.05 | 2019-11-01 |
| 2019-06-30 | 21.58bn | +0.1% | 6.21bn | 1.38 | 2019-08-02 |
| 2019-03-31 | 21.61bn | -1.5% | 5.86bn | 1.28 | 2019-05-03 |
| 2018-09-30 | 21.94bn | +0.4% | 6.01bn | 1.25 | 2018-11-06 |
| 2018-06-30 | 21.55bn | -3.1% | 5.19bn | 1.06 | 2018-08-03 |
| 2018-03-31 | 21.93bn | — | 5.14bn | 1.04 | 2018-05-04 |
| 2017-09-30 | 21.85bn | — | 4.60bn | 0.92 | 2018-11-06 |
| 2017-06-30 | 22.23bn | — | 5.81bn | 1.15 | 2018-08-03 |
Share count
Diluted shares Return since the previous filing
| Direction | Shrinking — shares retired |
|---|---|
| Diluted shares | 3,117.7M as at 2026-03-31 |
| Change over 1 year | -13.4% |
| Change over 3 years | -24.6% |
| Public float | $257.30bn as at 2025-06-30 (10-K) |
The Pricewhat the chart is doingTop ↑
Price Levels
| Strategy | Current Price Reasonable |
|---|---|
| Reference band | 87.60 — 89.82 |
| Protective stop | 84.92 (Structure, 4.3% risk) |
| Support | 85.75 (7 touches, 3.7% away) |
| Resistance | 89.07 (0.2% away) |
Takeaway The shares are nearer the ceiling than the floor: about 0.2% below 89.07, where sellers have turned up before, and 3.7% above 85.75, where buyers have stepped in before. That floor has held 7 times, which is how it was spotted. If someone bought at today's price and sold if it dropped through the level below, they would be about 4.3% out of pocket. That is all this figure means — an illustration of the risk, not a price to sell at.
Levels are computed from price structure. They describe where the engine locates support and extension — they are not targets, and not advice.
Ichimoku Cloud (Adaptive)
| Daily cloud | Price ABOVE the cloud | periods 9/26/52 (99% of classic 9/26/52) |
|---|---|
| Lines | Tenkan/Kijun BULL | cloud twist BULL |
| Cloud thickness | 38% percentile |
| Chikou span | Above price from 26 periods ago |
| Weekly cloud | Price ABOVE the weekly cloud (context only, not scored) |
Takeaway The stock is trading above its cloud — a shaded band drawn from several of its own moving averages, currently 83.25 to 85.58. Being above it means the medium-term picture is pointing upwards, and that band is the first place the stock has recent support if it slips back. Its shorter-term averages agree with that.
Trailing returns
| 21 days | +4.3% |
|---|---|
| 63 days | +18.3% |
| 126 days | -3.2% |
| 252 days | +14.6% |
| Below 252d high | 7.7% |
Trend context
| Position | Above trend |
|---|---|
| Extension | Extremely extended |
| Trend slope | Rising |
| Direction of travel | Diverging from trend |
Takeaway Extreme upside extension is still moving away from fair trend; chase risk is elevated.
Volatility
| State | In a squeeze |
|---|---|
| Current band width | 5.6% of price |
| Recent tightest | 4.8% (8 sessions ago, narrower than 99.0% of its history) |
| Expansion since | 1.18× |
| Band | 84.70 — 89.57 |
Takeaway Lately this share price has been swinging around inside a range roughly 6% wide, and it recently went unusually quiet — calmer than it has been 99% of the time. When a stock goes quiet like this, its next move tends to look big by comparison. But quiet says nothing about which way it will go: Brown Bear tested calm-before-a-move as a reason to buy, and it did not work.
Historical trends
History begins when the site started recording, not when the company listed, so a short line means a short record and nothing more.
Repair Pathway
- Nearest Trigger MACD bullish crossover repair trigger repair engine identifies this as the nearest technical repair catalyst · Broadly stable
- Trigger 2 Relative momentum rank above 0.65 +0.11 rank relative momentum leadership is not yet strong enough for the next action tier · Broadly stable
- Trigger 3 MACD histogram above zero 0.01 gap is broadly stable · Broadly stable
- Trigger 4 ADX turns up from weak trend zone secondary repair secondary repair catalyst could add confirmation if the primary trigger develops · Deteriorating
- Trigger 5 EMA20 continuation hold already above Track 2 pathway: price is above a rising EMA20; sustained hold would support momentum continuation · Broadly stable
Who's Tradingthe flow behind the priceTop ↑
Insider activity
| Activity | No filings in the window |
|---|---|
| Buy filings | 0 |
| Sell filings | 0 |
Open-market Form 4 purchases and sales over the last 75 days, read from SEC EDGAR Form 4. Grants, option exercises, gifts and shares withheld for tax are excluded — they are compensation mechanics, not a decision to buy or sell. Reported Form 4 activity. Brown Bear tested insider cluster-buying as a return signal and rejected it as era-unstable; shown as fact, not signal.
Volume confirmation
| Volume-price trend | Above its signal line |
|---|---|
| Confirmation | Marginal |
No absorption or distribution event in the recent window.
Takeaway Slightly more shares change hands on rising days than on falling ones, but the gap is too small to read anything into.
Options Positioning
No binary-event flag
WFC: no binary-event flag. Near IV 21%, far IV 26% (ratio 0.80), implied move 2.6%.
| Implied volatility | 21% near (9d) · 26% far (65d) |
|---|---|
| Term structure | 0.80× near/far |
| Historical volatility | 22% |
| Implied vs historical | 0.95× |
| Implied move | ±2.6% by 2026-08-21 |
| Implied move vs ATR | 0.46× |
| Skew | Call Skew (0.86×) |
| Call wall | 135.00 (+51.8% away) |
| Put wall | 42.50 (-52.2% away) |
| Gamma pin | 42.50 |
Takeaway Insuring against a move in this stock costs less for the next few weeks than for the next few months, which is the normal state of affairs and suggests no particular date is worrying anyone. Options traders are positioned for a move of around 2.6% in either direction by 2026-08-21.
Chain as at 2026-08-12. This is a risk read on whether a specific event is being priced — not a directional view.
Context & Methodthe record, and how it was builtTop ↑
Relative Rotation
Early Stock Rotation
Rotation health 55.9/100; Mixed Rotation.
| Rotation health | 55.9 |
|---|---|
| Rotation strength | 86.1 |
| Leg | Quadrant | RS-Ratio | RS-Mom |
|---|---|---|---|
| Stock vs sector | Improving | 93.4 | 110.3 |
| Stock vs SPY | Improving | 81.3 | 126.0 |
| Sector vs SPY | Lagging | 76.4 | 91.0 |
Direction of travel: North-East / strengthening leadership
Position only. Brown Bear's RRG redesign programme is closed — five constructions, none beat an appropriate null — so this section describes where the name sits, and is not a signal.
News Headlines
- Loading headlines\u2026
Headlines are supplied by third-party feeds and are not written, ranked or interpreted by Brown Bear. They feed no score on this page.
Detailed Scoring
Positive signals
- Gross margin quality: 100.0% (+6.0)
- FCF margin improving by -26.4 pts (+-1.0)
- High earnings quality (accrual ratio 0.019) (+1.0)
- Track 2: bullish DI spread 5.3 (+3.0)
- Track 2: relative momentum rank 0.54 (+1.2)
- Track 2: price above EMA20 by 2.1% (+1.8)
- Track 2: EMA20 slope expanding 0.5% (+1.4)
- Track 2: RSI trend quality 60.1, 5-day change +6.3 (+5.1)
- Track 2: VPT strength 0.00 (+0.1)
- Track 2: price above EMA50 by 4.2% (+3.4)
- Track 2: EMA50 slope improving 1.4% (+3.3)
- Track 2: Bollinger position 0.87 (+7.0)
Negative signals
- Track 2: weak MACD line/signal structure (-15.0)
- Track 2: MACD slope deteriorating (-5.0)
- Track 2: weak volume for momentum setup (0.49x average)
- Track 2: negative 20-day momentum acceleration (-0.04)
- Track 2: weak/falling ADX (15.4, flat)
- Weak Piotroski F-score (2/9)
- Below-average Altman Z-score (1.36)
- ROIC improving by -0.1 pts (+-2.0)
- Track 2 structural exemption: Z-Score 1.36 below the 1.8 insolvency-risk floor and structural score 0.0/100 below the 25 quality floor; this is an unowned speculative candidate, so the universal SELL gate was skipped and the Track 2 momentum/RRG grid was allowed to evaluate instead. Structural quality here is weak by design for this kind of candidate -- treat any resulting BUY as higher risk than a Track 1 signal.
Chase risk is not elevated for this name, so extension penalties are omitted from the negative signals above.