Itau Unibanco Holding (BSP:ITUB3) Cyclically Adjusted PS Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:ITUB3 Itau Unibanco Holding SA BSP:ITUB3
68 GF Score
Price R$46.37
GF Value R$31.70
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Itau Unibanco Holding Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Itau Unibanco Holding  (BSP:ITUB3) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Itau Unibanco Holding Cyclically Adjusted PS Ratio Related Terms


Itau Unibanco Holding Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Itau Unibanco Holding's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Itau Unibanco Holding Cyclically Adjusted PS Ratio Chart

Itau Unibanco Holding Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.24 1.35 1.69 1.52 2.20

Itau Unibanco Holding Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.95 2.02 2.20 2.55 2.61

Itau Unibanco Holding Cyclically Adjusted PS Ratio Competitor Comparison

For the Banks - Regional subindustry, Itau Unibanco Holding's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Itau Unibanco Holding Cyclically Adjusted PS Ratio vs Banks Industry

For the Banks industry and Financial Services sector, Itau Unibanco Holding's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Itau Unibanco Holding's Cyclically Adjusted PS Ratio falls into.


BSP:ITUB3
68GF Score
Itau Unibanco Holding SA BSP:ITUB3
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Itau Unibanco Holding Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Itau Unibanco Holding's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Itau Unibanco Holding's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=4.13/177.5443*177.5443
=4.130

Current CPI (Jun. 2026) = 177.5443.

Itau Unibanco Holding Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 2.813 109.986 4.541
201612 3.174 110.802 5.086
201703 3.059 111.869 4.855
201706 2.841 112.115 4.499
201709 3.035 112.777 4.778
201712 2.877 114.068 4.478
201803 1.882 114.868 2.909
201806 2.593 117.038 3.934
201809 2.751 117.881 4.143
201812 3.058 118.340 4.588
201903 2.723 120.124 4.025
201906 2.819 120.977 4.137
201909 2.806 121.292 4.107
201912 3.283 123.436 4.722
202003 2.233 124.092 3.195
202006 1.600 123.557 2.299
202009 2.426 125.095 3.443
202012 3.655 129.012 5.030
202103 2.760 131.660 3.722
202106 3.064 133.871 4.064
202109 2.532 137.913 3.260
202112 2.838 141.992 3.549
202203 3.955 146.537 4.792
202206 3.008 149.784 3.565
202209 3.422 147.800 4.111
202212 3.831 150.207 4.528
202303 3.473 153.352 4.021
202306 4.463 154.519 5.128
202309 3.697 155.464 4.222
202312 4.514 157.148 5.100
202403 4.031 159.372 4.491
202406 3.482 161.052 3.839
202409 4.557 162.342 4.984
202412 3.308 164.740 3.565
202503 5.279 168.102 5.576
202506 5.227 169.670 5.470
202509 4.609 170.739 4.793
202512 3.799 171.765 3.927
202603 3.726 175.066 3.779
202606 4.130 177.544 4.130

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Itau Unibanco Holding (BSP:ITUB3) Overvalued in 2026?

Based on GuruFocus' analysis, Itau Unibanco Holding stock appears to be overvalued. The current stock price of R$46.37 is trading 46.3% above its estimated GF Value™ of R$31.70. GuruFocus considers Itau Unibanco Holding to be Significantly Overvalued.

Key valuation signals for BSP:ITUB3:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: R$31.70 vs. price of R$46.37 (46.3% above fair value)
  • GF Score™: 68/100 with 8 warning signs

No single metric tells the full story. See the BSP:ITUB3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Itau Unibanco Holding Business Description

Address Praca Alfredo Egydio de Souza Aranha, 100, Torre Olavo Setubal, Parque Jabaquara, Sao Paulo, SP, BRA, 04344-902
Itaú Unibanco is the largest privately held bank in Brazil, the result of the 2008 merger between Banco Itaú and Unibanco. In addition to Brazil, the bank has significant operations in Chile, Colombia, Argentina, Uruguay, and Paraguay. Itaú's commercial and consumer loans account for 35% and 43% of the bank's total loans, respectively, while foreign loans account for 22% of its portfolio as of the end of 2025. The bank also operates the fifth-largest insurer in Brazil and is the second-largest asset manager in the country, giving it broad reach over the Brazilian financial system.
68GF Score

Get the complete analysis for BSP:ITUB3

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$46.37
Price
R$31.70
GF Value