Research report · October 30, 2026
ITUB4
Itaú Unibanco Holding S.A.
Reference price
R$ 38.69
Consensus across all agents
Research synthesis
Business quality is high — durable profitability, conservative finances, and a resilient franchise support long-term ownership.
Valuation is the key debate — if the shares are not truly discounted, future returns could be only moderate despite a strong business.
Watch whether profitability and capital discipline remain steady while the market price continues to offer a clear margin of safety.
Agent conviction.
Value & Moat agent
Warren Buffett
Scoring radar
Financial metrics.
Revenue vs net income
BRL thousands · 2014–2025
Balance sheet components
BRL thousands · 2014–2025
Leverage & efficiency
Excellent financial position
Consistently positive operating margin with low variability.
Return on equity has consistently exceeded the cost of capital, indicating value creation.
Return on invested capital has consistently exceeded the cost of capital, indicating value creation.
Operating margin
% · 2014–2025
Ownership & distributions.
Voting ownership
| Shareholder | Voting % |
|---|---|
| Family Villela Setubal | 41.7% |
| Family Moreira Salles | 25.9% |
| Free float | 32.4% |
Payout history
Dividend per share
R$ 0.000
Dec 2025
Dividend per share
R$ 2.300
Dec 2024
Dividend per share
R$ 0.000
Dec 2023
Dividend per share
R$ 0.753
Dec 2022