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Bank of New York Mellon

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Analysis

BK 10-K Analysis: The Infrastructure Monopoly Hidden Inside America's Oldest Bank

Bank of New York Mellon reported record revenue of $20.1 billion and 28.4% ROTCE in FY 2025 — numbers that suggest an efficiently run financial institution earning outsized returns. But the 10-K reveals a paradox: one segment generates 49% operating margins on infrastructure that moves $614 billion in securities, while another runs at 17% margins with declining revenue and $16.8 billion in goodwill from an 18-year-old acquisition. At 15.5x earnings, the market prices one company. The filing shows it's two.

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15 min

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