TD vs BBVA
Major Canadian bank with retail and wealth management vs Spanish bank with international operations in Spain and Mexico. Which is the better buy for your portfolio in September 2026? Plain-English answer below.
TD Bank has built a North American retail banking powerhouse with more U.S. branches than Canadian ones and a reputation for convenience-focused consumer banking, while BBVA is a Spanish global bank with dominant franchises in Mexico and Spain and a digital banking strategy that's earned it some of Europe's best efficiency ratios. Both are major international banks competing for retail and commercial customers across multiple continents. The TD vs BBVA comparison reveals how two internationally ambitious banks with different home markets are positioning themselves for growth in a world where digital banking is rewriting the competitive rulebook.
TD Bank has built a North American retail banking powerhouse with more U.S. branches than Canadian ones and a reputation for convenience-focused consumer banking, while BBVA is a Spanish global bank w...
Why It’s Moving
TD shares are under pressure as analysts focus on turnaround progress and lingering risk.
- Analysts are watching TD’s post-earnings rerating closely after the bank’s latest update showed stronger earnings momentum, but also kept attention on remaining credit and regulatory risks.
- Investors are parsing management’s comments that provisions for credit losses may land at the low end of the bank’s guidance range, which can support confidence but also signals the outlook still depends on a stable credit environment.
- Recent executive changes and strategy updates suggest TD is trying to accelerate execution, but the turnover adds another layer of uncertainty as the market weighs turnaround progress against lingering U.S. remediation costs.
BBVA stays in focus as analyst confidence and buyback momentum keep the stock supported.
- JPMorgan reiterated a positive stance on BBVA and raised its target slightly, reinforcing the view that the bank’s earnings and balance-sheet strength still look resilient even after a strong run.
- The broader European bank trade remains firm, with investors still leaning on healthy loan growth, supportive rates, and steady capital returns as the sector keeps attracting attention.
- BBVA’s buyback progress continues to support sentiment, as investors tend to read ongoing capital returns as a sign management sees the stock as undervalued and the capital base as robust.
TD shares are under pressure as analysts focus on turnaround progress and lingering risk.
- Analysts are watching TD’s post-earnings rerating closely after the bank’s latest update showed stronger earnings momentum, but also kept attention on remaining credit and regulatory risks.
- Investors are parsing management’s comments that provisions for credit losses may land at the low end of the bank’s guidance range, which can support confidence but also signals the outlook still depends on a stable credit environment.
- Recent executive changes and strategy updates suggest TD is trying to accelerate execution, but the turnover adds another layer of uncertainty as the market weighs turnaround progress against lingering U.S. remediation costs.
BBVA stays in focus as analyst confidence and buyback momentum keep the stock supported.
- JPMorgan reiterated a positive stance on BBVA and raised its target slightly, reinforcing the view that the bank’s earnings and balance-sheet strength still look resilient even after a strong run.
- The broader European bank trade remains firm, with investors still leaning on healthy loan growth, supportive rates, and steady capital returns as the sector keeps attracting attention.
- BBVA’s buyback progress continues to support sentiment, as investors tend to read ongoing capital returns as a sign management sees the stock as undervalued and the capital base as robust.
Investment Analysis
TD
TD
Pros
- TD operates a diversified business model spanning Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management, Insurance, and Wholesale Banking, reducing concentration risk.
- The bank has strong profitability with a net income of $14.69 billion and an EPS of 8.44, supported by consistent loan growth and projected net interest income increase.
- TD maintains a solid dividend yield of 3.66%, providing income appeal, with several analysts recommending a buy and a price target implying approximately 29% upside.
Considerations
- Analyst price forecasts for TD in 2025 show mixed signals, with some predicting a slight share price decline due to near-term volatility and uncertain macro conditions.
- TD faces increased expenses due to anti-money laundering regulatory compliance, which could weigh on earnings and make 2025 operationally challenging.
- Its stock price has a beta of 1.0, indicating market-level volatility exposure, which may add risk during economic downturns or financial sector disruptions.
BBVA
BBVA
Pros
- BBVA is trading significantly below its estimated fair value by over 20%, indicating potential upside relative to its intrinsic valuation using discounted cash flow models.
- The bank has a strong earnings momentum and is forecasted to continue improving capital returns, supporting long-term profitability growth.
- BBVA's profitability is solid with a PE ratio around 9.6 and earnings of €10.12 billion, suggesting efficient operational performance relative to the sector.
Considerations
- BBVA’s PEG ratio of 2.8 indicates the stock may be somewhat overvalued on growth-adjusted terms despite current undervaluation based on price to earnings.
- The bank operates in regions that may have regulatory and macroeconomic volatility, which could introduce execution risk and impact financial results.
- BBVA's valuation metrics show mixed signals with a fair price estimate below current market price, possibly reflecting investor caution or sector risk.
TD (TD) Next Earnings Date
TD Bank Group’s next earnings date is December 3, 2026, when it is expected to report Q4 2026 results. The company’s most recent earnings were released on August 27, 2026 for Q3 2026, which makes the December date the next scheduled report. This timing is consistent with TD’s usual late-quarter earnings cadence.
BBVA (BBVA) Next Earnings Date
BBVA’s next earnings date is October 29, 2026, and it is expected to cover Q3 2026 results. This fits the company’s usual late-October reporting pattern for third-quarter earnings. Investors should expect the release to be presented in Madrid time.
TD (TD) Next Earnings Date
TD Bank Group’s next earnings date is December 3, 2026, when it is expected to report Q4 2026 results. The company’s most recent earnings were released on August 27, 2026 for Q3 2026, which makes the December date the next scheduled report. This timing is consistent with TD’s usual late-quarter earnings cadence.
BBVA (BBVA) Next Earnings Date
BBVA’s next earnings date is October 29, 2026, and it is expected to cover Q3 2026 results. This fits the company’s usual late-October reporting pattern for third-quarter earnings. Investors should expect the release to be presented in Madrid time.
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