Itau Unibanco Holding (FRA:BVXB) Cyclically Adjusted PS Ratio: (As of Sep. 22, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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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.

FRA:BVXB Itau Unibanco Holding SA FRA:BVXB
61 GF Score
Price €7.05
GF Value €4.90
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  (FRA:BVXB) 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 0.78 1.08 1.58 1.24 1.75

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 1.57 1.73 1.73 2.07 2.07

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.


FRA:BVXB
61GF Score
Itau Unibanco Holding SA FRA:BVXB
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)
=0.703/177.5443*177.5443
=0.703

Current CPI (Jun. 2026) = 177.5443.

Itau Unibanco Holding Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 0.777 109.986 1.254
201612 0.892 110.802 1.429
201703 0.913 111.869 1.449
201706 0.803 112.115 1.272
201709 0.816 112.777 1.285
201712 0.753 114.068 1.172
201803 0.707 114.868 1.093
201806 0.604 117.038 0.916
201809 0.599 117.881 0.902
201812 0.704 118.340 1.056
201903 0.637 120.124 0.941
201906 0.640 120.977 0.939
201909 0.636 121.292 0.931
201912 0.720 123.436 1.036
202003 0.454 124.092 0.650
202006 0.270 123.557 0.388
202009 0.386 125.095 0.548
202012 0.568 129.012 0.782
202103 0.418 131.660 0.564
202106 0.480 133.871 0.637
202109 0.411 137.913 0.529
202112 0.444 141.992 0.555
202203 0.674 146.537 0.817
202206 0.573 149.784 0.679
202209 0.648 147.800 0.778
202212 0.715 150.207 0.845
202303 0.623 153.352 0.721
202306 0.827 154.519 0.950
202309 0.696 155.464 0.795
202312 0.847 157.148 0.957
202403 0.750 159.372 0.836
202406 0.621 161.052 0.685
202409 0.748 162.342 0.818
202412 0.531 164.740 0.572
202503 0.858 168.102 0.906
202506 0.814 169.670 0.852
202509 0.724 170.739 0.753
202512 0.605 171.765 0.625
202603 0.606 175.066 0.615
202606 0.703 177.544 0.703

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 (FRA:BVXB) Overvalued in 2026?

Based on GuruFocus' analysis, Itau Unibanco Holding stock appears to be overvalued. The current stock price of €7.05 is trading 43.9% above its estimated GF Value™ of €4.90. GuruFocus considers Itau Unibanco Holding to be Significantly Overvalued.

Key valuation signals for FRA:BVXB:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €4.90 vs. price of €7.05 (43.9% above fair value)
  • GF Score™: 61/100 with 8 warning signs

No single metric tells the full story. See the FRA:BVXB 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.
61GF Score

Get the complete analysis for FRA:BVXB

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

€7.05
Price
€4.90
GF Value