Stock fact sheet · data as of
ICICI Bank Limited (IBN): fair value, margin of safety and Wheel Score
Ticker symbol IBN · Financial Services · Banks - Regional · India · ADR · Speculative
IBN is an American depositary share (ADR): the US listing of ICICI Bank Limited, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is IBN undervalued?
IBN closed at 31.26 on 5 Nov 2026, 23% below the GLS average fair value of 40.56 from 9 models (6 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" Wheel Trade Filter, with room for a bigger discount on the Value part.
There is a wide gap between DDM (3.78) and Graham Growth (82.65). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files IBN under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for IBN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 37.99 | +22% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 20.44 | -35% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 82.65 | +164% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 34.90 | +12% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 56.04 | +79% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 49.41 | +58% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 60.54 | +94% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 3.78 | -88% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 19.26 | -38% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -66.94 | -314% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
ICICI Bank Limited scores only 3 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 7.6/10 puts IBN among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are moderate - ROIC 9.3%, ROE 14.9%, ROA 1.9% - with debt at 0.61 times equity and negative free cash flow.
The dividend yield is 0.82% with a payout ratio of 0% - a small yield that leaves most of the earnings in the business.
Institutional ownership scores 2/10, insider activity 4/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | 9.3% |
|---|---|---|---|
| GLS Moat | 7.6 / 10 | ROE | 14.9% |
| Debt / equity | 0.61 | ROA | 1.9% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 2 / 10 | Insiders · Congress | 4 · 5 / 10 |
Wheel Score 46: Weak
With a Wheel Score of 46 ICICI Bank Limited sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 3/9 (under 6); Health (weak) is its weakest part.
Implied volatility is 29% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 22,852 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 7.6M shares a day on a market cap of $112.2B, with a beta of 0.23 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Good | 23% below fair value | |
| Premium | Fair | implied volatility 29% | |
| Moat | Good | moat 7.6/10 | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Fair | 1,064 contracts a day, 22,852 open interest | |
| Stability | Strong | beta 0.23, $112.2B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 15 Jan 2027, 71 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to ICICI Bank Limited by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| MFG Mizuho Financial Group, Inc. | 9.80 | 9.23 | -6% | 37Weak | $118.5B |
| HDB HDFC Bank Limited | 24.33 | 59.81 | +59% | 91Prime | $124.8B |
| USB U.S. Bancorp | 61.03 | 60.45 | -1% | 48Weak | $95.1B |
| PNC The PNC Financial Services Group, Inc. | 233.45 | 161.88 | -44% | 40Weak | $92.7B |
| LYG Lloyds Banking Group plc | 5.27 | 9.92 | +47% | 47Weak | $77.2B |
| DB Deutsche Bank AG | 36.73 | 76.89 | +52% | 51Fair | $68.1B |
| TFC Truist Financial Corporation | 50.87 | 92.14 | +45% | 77Good | $61.0B |
| NU Nu Holdings Ltd. | 11.99 | 22.62 | +47% | 53Fair | $57.9B |
| FITB Fifth Third Bancorp | 54.72 | 69.09 | +21% | 80Good | $49.6B |
| KB KB Financial Group Inc. | 114.98 | 238.31 | +52% | 49Weak | $40.6B |
| BSBR Banco Santander (Brasil) S.A. | 4.76 | 8.85 | +46% | 37Weak | $35.6B |
| HBANL Huntington Bancshares Incorporated | 24.69 | 21.93 | -13% | 23No options | $34.1B |
⚖ Compare IBN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about IBN
Is IBN undervalued right now?
By the GLS models, moderately: at 31.26 the stock trades 23% below the average fair value of 40.56 (data as of 5 Nov 2026).
What is the Wheel Score of IBN and what does it mean?
IBN scores 46 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for IBN?
40.56 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does ICICI Bank Limited report earnings next?
The next earnings report is due on 15 Jan 2027, 71 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does IBN have listed options, and how liquid are they?
Yes. The nightly snapshot found 94 listed contracts with 22,852 open interest across all expiries and implied volatility of 29% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is IBN an ADR?
Yes. IBN is an American depositary share (ADR): the US listing of ICICI Bank Limited, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.