Popular
BPOPNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $159.17 Prior regular-session close from the quote source.
- $158.04–$160.23 Regular-session low and high so far today.
- 310.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $109.01–$179.24 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BPOP if Popular (BPOP) is a regionally focused, diversified bank whose value comes from earning spreads on loans funded by low-cost deposits in its core franchise, converting that interest advantage into rising earnings and cash while.
BPOP price history
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Investment thesis
What must happen next
Popular’s revenue growth is causally driven by continued net-interest-income strength (loan growth/repricing funded by stable deposits) rather than one-time gains or transient fee spikes.StrengtheningMateriality: High
Revenue increased from $2.782248B (2023) to $2.941197B (2024) to $3.199222B (2025) in the filings, consistent with sustained top-line expansion. If NII and loan activity hold, top-line growth will provide the base for rising earnings and cash; if NII falls because deposits reprice or loans weaken, revenue will reverse and profits will be at risk.
Watch: A material rise in deposit beta or a sustained campaign by competitors/fintechs to move retail/business deposits to higher-yield accounts would lift funding costs and compress NII.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $2.782248B (2023) to $2.941197B (2024) to $3.199222B (2025) in the filings, consistent with sustained top-line expansion.
Open source ↗Rising net income depends on disciplined credit provisioning and operating expense control converting higher revenue into sustainable earnings rather than temporary boosts.StrengtheningMateriality: High
Net income rose from $541.342M (2023) to $614.212M (2024) to $833.159M (2025), implying improved conversion of revenue into profits across the period. If credit quality deteriorates or provisions rise, the recent jump in net income will reverse; if credit and expense discipline hold, net income can compound and fund capital returns.
Watch: An increase in nonperforming loans or a wave of charge-offs that forces materially higher loan-loss provisions (e.g., regional economic stress) would break earnings conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income rose from $541.342M (2023) to $614.212M (2024) to $833.159M (2025), implying improved conversion of revenue into profits across.
Open source ↗Operating cash flow stability and improvement shows core earnings quality and liquidity resilience, enabling the franchise to fund lending, absorb losses, and support shareholder returns.StrengtheningMateriality: Medium
Operating cash flow has been strong and rising: $686.612M (2023), $674.722M (2024), $878.447M (2025), indicating improving cash conversion in 2025. Sustained positive operating cash flow reduces reliance on wholesale funding and signals earnings are cash-backed; a sudden drop in operating cash flow would be an early sign of stress in deposits or loan collections.
Watch: Large deposit outflows or a need to replace deposits with expensive wholesale funding would appear before cash-flow deterioration.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow has been strong and rising: $686.612M (2023), $674.722M (2024), $878.447M (2025), indicating improving cash conversion in 2025.
Open source ↗Growing equity provides a regulatory and economic buffer that allows Popular to sustain dividends/repurchases and absorb credit shocks without immediate capital raises.StrengtheningMateriality: Medium
Reported stockholders' equity rose across the filings: $4.093425B (2022) → $5.146953B (2023) → $5.613066B (2024) → $6.249079B (2025), showing an improving capital base. If capital cushions hold, shareholder returns and confidence persist; if capital ratios fall because of losses or rapid risk-weighted asset growth, regulatory constraints could force actions that dilute shareholders or cut returns.
Watch: A sustained increase in credit losses (large provisions/charge-offs) that materially reduces equity and compels capital raises.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Reported stockholders' equity rose across the filings: $4.093425B (2022) → $5.146953B (2023) → $5.613066B (2024) → $6.249079B (2025), showing an.
Open source ↗Rising diluted EPS reflects a combination of genuine earnings growth and potentially share-count management (buybacks); sustained EPS gains require continued net income growth without excessive dilution.HoldingMateriality: Medium
Diluted EPS improved from $7.52 (2023) to $8.56 (2024) to $12.30 (2025), indicating sizable per-share earnings expansion. EPS is what equity investors ultimately value; if EPS gains come only from buybacks while core earnings falter, the stock is fragile to any reversal in buyback capacity.
Watch: Future share issuance to fund acquisitions or capital needs would dilute EPS and signal weaker capital flexibility.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Diluted EPS improved from $7.52 (2023) to $8.56 (2024) to $12.30 (2025), indicating sizable per-share earnings expansion.
Open source ↗
Full investment case & evidence
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Original research
Popular’s revenue growth is causally driven by continued net-interest-income strength (loan growth/repricing funded by stable deposits) rather than one-time gains or transient fee spikes. If NII and loan activity hold, top-line growth will provide the base for rising earnings and cash; if NII falls because deposits reprice or loans weaken, revenue will reverse and profits will be at risk.
Rising net income depends on disciplined credit provisioning and operating expense control converting higher revenue into sustainable earnings rather than temporary boosts. If credit quality deteriorates or provisions rise, the recent jump in net income will reverse; if credit and expense discipline hold, net income can compound and fund capital returns.
Operating cash flow stability and improvement shows core earnings quality and liquidity resilience, enabling the franchise to fund lending, absorb losses, and support shareholder returns. Sustained positive operating cash flow reduces reliance on wholesale funding and signals earnings are cash-backed; a sudden drop in operating cash flow would be an early sign of stress in deposits or loan collections.
Growing equity provides a regulatory and economic buffer that allows Popular to sustain dividends/repurchases and absorb credit shocks without immediate capital raises. If capital cushions hold, shareholder returns and confidence persist; if capital ratios fall because of losses or rapid risk-weighted asset growth, regulatory constraints could force actions that dilute shareholders or cut returns.
Rising diluted EPS reflects a combination of genuine earnings growth and potentially share-count management (buybacks); sustained EPS gains require continued net income growth without excessive dilution. EPS is what equity investors ultimately value; if EPS gains come only from buybacks while core earnings falter, the stock is fragile to any reversal in buyback capacity.
All standing thesis claims
Original report summary
Popular (BPOP) is a regionally focused, diversified bank whose value comes from earning spreads on loans funded by low-cost deposits in its core franchise, converting that interest advantage into rising earnings and cash while.
Bull case and bear case
Bull case and bear case for Popular
Where the evidence on Popular stands: Holding on the latest evidence (Oct 13, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Popular’s revenue growth is causally driven by continued net-interest-income strength (loan growth/repricing funded by stable deposits) rather than one-time gains or transient fee spikes.
Rising net income depends on disciplined credit provisioning and operating expense control converting higher revenue into sustainable earnings rather than temporary boosts.
Operating cash flow stability and improvement shows core earnings quality and liquidity resilience, enabling the franchise to fund lending, absorb losses, and support shareholder returns.
Growing equity provides a regulatory and economic buffer that allows Popular to sustain dividends/repurchases and absorb credit shocks without immediate capital raises.
Rising diluted EPS reflects a combination of genuine earnings growth and potentially share-count management (buybacks); sustained EPS gains require continued net income growth without excessive dilution.
Bear case: what would count against it
A material rise in deposit beta or a sustained campaign by competitors/fintechs to move retail/business deposits to higher-yield accounts would lift funding costs and compress NII.
An increase in nonperforming loans or a wave of charge-offs that forces materially higher loan-loss provisions (e.g., regional economic stress) would break earnings conversion.
Large deposit outflows or a need to replace deposits with expensive wholesale funding would appear before cash-flow deterioration.
Thesis-Break Engine
Thesis-break watch · Popular
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Popular filed an SEC 8-K on 2026-08-20: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedOther material event.
Popular filed an SEC 8-K on 2026-08-20: Other material event. It is a dated development that tests the current thesis.
- MixedOther material event.
Popular filed an SEC 8-K on 2026-07-23: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A material rise in deposit beta or a sustained campaign by competitors/fintechs to move retail/business deposits to higher-yield accounts would lift funding costs and compress NII.
- An increase in nonperforming loans or a wave of charge-offs that forces materially higher loan-loss provisions (e.g., regional economic stress) would break earnings conversion.
- Large deposit outflows or a need to replace deposits with expensive wholesale funding would appear before cash-flow deterioration.
- A sustained increase in credit losses (large provisions/charge-offs) that materially reduces equity and compels capital raises.
- Future share issuance to fund acquisitions or capital needs would dilute EPS and signal weaker capital flexibility.
BPOP news
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Financial statements
BPOP income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BPOP: quick answers
- Which well-known investors own BPOP?
- 1 of the 37 well-known funds tracked here reported BPOP shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.2%. Fund portfolios
BPOP in well-known investors’ portfolios
1 of 37 funds reported BPOP shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.19% | $45.7M | −12.3% | Q2 2026 |