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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 60.4GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
13.3%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Amalgamated Financial Corp. (AMAL) receives a "Hold" rating with a composite score of 56.1/100, ranked #174 out of 4446 stocks. Key factor scores: Quality 60/100, Value 75/100, Momentum 64/100. This is quantitative analysis only — not investment advice.
Amalgamated Financial Corp. (AMAL) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Amalgamated Financial Corp. Do?
Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit. It also provides various commercial loans comprising commercial and industrial, multifamily mortgage, and commercial real estate loans; and retail loans, such as residential real estate, and consumer and other loans. In addition, the company offers online banking, bill payment, online cash management, and safe deposit box rental services; debit and ATM cards; and trust, custody, and investment management services comprising asset safekeeping, corporate actions, income collections, proxy, account transition, asset transfers, and conversion management services. Further, it provides investment products, such as equity, fixed-income, real estate, and alternative investment products; and brokerage, asset management, and insurance products. The company operates through its three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston, and digital banking platform. Amalgamated Financial Corp. was founded in 1923 and is headquartered in New York, New York. Amalgamated Financial Corp. (AMAL) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Priscilla S. Brown and employs approximately 380 people. With a market capitalization of $1.2B, AMAL is one of the notable companies in the Financials sector.
Amalgamated Financial Corp. (AMAL) Stock Rating — Hold (April 2026)
As of April 2026, Amalgamated Financial Corp. receives a Hold rating with a composite score of 56.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.AMAL ranks #174 out of 4,446 stocks in our coverage universe. Within the Financials sector, Amalgamated Financial Corp. ranks #65 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
AMAL Stock Price and 52-Week Range
Amalgamated Financial Corp. (AMAL) currently trades at $42.13. The stock lost $0.11 (0.3%) in the most recent trading session. The 52-week high for AMAL is $42.66, which means the stock is currently trading -1.2% from its annual peak. The 52-week low is $25.03, putting the stock 68.3% above its annual trough. Recent trading volume was 102K shares, suggesting relatively thin trading activity.
Is AMAL Overvalued or Undervalued? — Valuation Analysis
Amalgamated Financial Corp. (AMAL) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 11.71x, compared to the Financials sector average of 14.88x — a discount of 21%. The price-to-book ratio stands at 1.56x, versus the sector average of 1.22x. The price-to-sales ratio is 2.97x, compared to 0.90x for the average Financials stock. On an enterprise value basis, AMAL trades at 8.53x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, Amalgamated Financial Corp. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Amalgamated Financial Corp. Profitability — ROE, Margins, and Quality Score
Amalgamated Financial Corp. (AMAL) earns a quality factor score of 60/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 13.3%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 1.2% versus the sector average of 1.2%.
On a margin basis, Amalgamated Financial Corp. reports gross margins of 0.0%. The operating margin is 34.8% (sector: 21.8%). Net profit margin stands at 25.4%, versus 17.7% for the average Financials stock. Revenue growth is running at 10.7% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
AMAL Debt, Balance Sheet, and Financial Health
Amalgamated Financial Corp. has a debt-to-equity ratio of 1016.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.10x, suggesting adequate working capital coverage. Total debt on the balance sheet is $75M. Cash and equivalents stand at $5M.
AMAL has a beta of 0.88, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Amalgamated Financial Corp. is 76/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Amalgamated Financial Corp. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Amalgamated Financial Corp. reported revenue of $417M and earnings per share (EPS) of $3.44. Net income for the quarter was $106M. Gross margin was 0.0%. Operating income came in at $145M.
In FY 2025, Amalgamated Financial Corp. reported revenue of $422M and earnings per share (EPS) of $3.44. Net income for the quarter was $104M. Revenue grew 5.2% year-over-year compared to FY 2024. Operating income came in at $140M.
In Q3 2025, Amalgamated Financial Corp. reported revenue of $110M and earnings per share (EPS) of $0.89. Net income for the quarter was $27M. Revenue grew 6.6% year-over-year compared to Q3 2024. Operating income came in at $37M.
In Q2 2025, Amalgamated Financial Corp. reported revenue of $104M and earnings per share (EPS) of $0.85. Net income for the quarter was $26M. Revenue grew 5.2% year-over-year compared to Q2 2024. Operating income came in at $35M.
Over the past 8 quarters, Amalgamated Financial Corp. has demonstrated a growth trajectory, with revenue expanding from $99M to $417M. Investors analyzing AMAL stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
AMAL Dividend Yield and Income Analysis
Amalgamated Financial Corp. (AMAL) does not currently pay a dividend. This is common among smaller companies in the Banking industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
AMAL Momentum and Technical Analysis Profile
Amalgamated Financial Corp. (AMAL) has a momentum factor score of 64/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 4/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
AMAL vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing AMAL against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full AMAL vs S&P 500 (SPY) comparison to assess how Amalgamated Financial Corp. stacks up against the broader market across all factor dimensions.
AMAL Next Earnings Date
No upcoming earnings date has been announced for Amalgamated Financial Corp. (AMAL) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy AMAL? — Investment Thesis Summary
Amalgamated Financial Corp. presents a balanced picture with arguments on both sides. The quality score of 60/100 indicates above-average profitability and business fundamentals. The value score of 75/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 64/100, suggesting the trend favors buyers. Low volatility (stability score 76/100) reduces downside risk.
In summary, Amalgamated Financial Corp. (AMAL) earns a Hold rating with a composite score of 56.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on AMAL stock.
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Institutional Research Dossier
Amalgamated Financial Corp. (AMAL) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Amalgamated Financial Corp. (AMAL). While the company exhibits strong profitability metrics relative to the sector and trades at a compelling valuation based on P/E and EV/EBITDA multiples, its relatively low investment score and high debt-to-equity ratio raise concerns about its long-term growth prospects and financial flexibility. The bank's unique positioning as a socially responsible institution catering to specific clientele provides some differentiation, but the competitive landscape and potential regulatory headwinds warrant a cautious approach.
The primary takeaway is that AMAL presents a mixed bag of attractive valuation and profitability metrics offset by concerns regarding capital allocation and leverage. Investors should carefully weigh the company's strengths in profitability and value against its weaknesses in investment and stability before making an investment decision. Further monitoring of its debt management and capital expenditure strategies is warranted.
Business Strategy & Overview
Amalgamated Financial Corp. operates as a bank holding company, with Amalgamated Bank as its primary subsidiary. The bank provides a range of commercial and retail banking services, including deposit accounts, commercial and industrial loans, multifamily mortgage loans, commercial real estate loans, residential real estate loans, and consumer loans. A key differentiator for Amalgamated Bank is its focus on socially responsible banking, catering to labor unions, non-profit organizations, political campaigns, and other socially conscious entities. This niche positioning allows the bank to attract customers who align with its values and seek banking services that support their missions.
The company generates revenue primarily through net interest income, which is the difference between the interest earned on loans and investments and the interest paid on deposits. Additionally, Amalgamated Bank earns revenue from fees associated with its various banking services, including trust and custody services, investment management, and brokerage services. The bank's strategic focus is on growing its loan portfolio while maintaining a strong credit quality and managing its interest rate risk effectively. The bank also invests in technology to enhance its digital banking platform and improve the customer experience.
Amalgamated Bank operates through a network of branch offices in key metropolitan areas, including New York City, Washington, D.C., and San Francisco, as well as a commercial office in Boston. The bank also offers its services through a digital banking platform, allowing customers to access their accounts and conduct transactions online. The company's strategic focus on socially responsible banking has enabled it to build a loyal customer base and differentiate itself from larger, more traditional banks. However, the bank also faces competition from other financial institutions that offer similar services, including community banks, regional banks, and national banks.
The company's growth strategy involves expanding its loan portfolio, increasing its deposit base, and enhancing its fee income streams. Amalgamated Bank also seeks to expand its geographic footprint by opening new branch offices in strategic locations and by leveraging its digital banking platform to reach customers across the country. The bank's management team is focused on maintaining a strong capital position and managing its risk effectively to ensure the long-term sustainability of the business. The bank's commitment to social responsibility also extends to its investment practices, with a focus on supporting companies and projects that align with its values.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
10.7%
Sector: 9.4%
+14% VS SCTR
Economic Moat Analysis
Amalgamated Financial Corp.'s economic moat is likely Narrow. While the company's focus on socially responsible banking provides some differentiation, it does not create a wide and sustainable competitive advantage. The banking industry is highly competitive, with numerous players offering similar products and services. Amalgamated Bank's niche positioning allows it to attract a specific customer base, but it also limits its potential market size. The bank's brand reputation as a socially responsible institution could be considered an intangible asset, but it is not strong enough to create a wide moat.
Switching costs in the banking industry are relatively low, as customers can easily move their accounts to other financial institutions. While some customers may be loyal to Amalgamated Bank due to its social mission, others may be more price-sensitive and willing to switch to a competitor that offers better rates or fees. The bank's size and scale are also relatively small compared to larger national and regional banks, which limits its ability to achieve cost advantages. Amalgamated Bank does not possess a significant cost advantage over its competitors.
Network effects are not a significant factor in the banking industry, as the value of a bank's services does not increase significantly as more customers join. While a larger customer base can lead to economies of scale, it does not create a strong competitive advantage. Efficient scale is also not a major factor, as the banking industry is not characterized by high fixed costs and limited capacity. Amalgamated Bank's branch network is relatively small, and it does not have a significant advantage in terms of scale.
The bank's focus on socially responsible banking may create some customer loyalty and brand recognition, but it is not sufficient to create a wide economic moat. The banking industry is subject to intense competition and regulatory scrutiny, which limits the ability of any one bank to establish a dominant market position. Amalgamated Bank's narrow moat is primarily based on its niche positioning and its reputation as a socially responsible institution. However, this moat is vulnerable to competition from other banks that may offer similar services or adopt similar social missions.
Financial Health & Profitability
Amalgamated Financial Corp. demonstrates solid profitability metrics. The company's net income for the most recent fiscal year was $104.45 million on revenue of $422.23 million, translating to a net margin of 25.4%. This is significantly higher than the sector average of 17.8%. The operating margin of 34.8% also exceeds the sector average of 22.0%. The company's ROE of 13.3% is also notably higher than the sector average of 8.5%, indicating efficient use of equity to generate profits. However, the company's free cash flow is negative at $-57.49 million, which warrants further investigation into its capital expenditure and working capital management.
Reviewing the quarterly financial history reveals a consistent trend of strong operating margins, generally hovering around the mid-30s percentage range. Revenue has shown steady growth, increasing from $358.08 million in FY2023 to $422.23 million in FY2025. Net income has also generally increased over this period, although it experienced a slight dip from $106.43 million in FY2024 to $104.45 million in FY2025. EPS has remained relatively stable, indicating consistent profitability on a per-share basis.
The company's balance sheet presents a mixed picture. While the current ratio of 1.10 indicates sufficient liquidity to cover short-term obligations, the total debt of $75.48 million relative to a cash balance of only $5.03 million is a concern. The debt-to-equity ratio of 1,016.00 is significantly higher than the sector average of 115.00, indicating a high degree of leverage. This high leverage could increase the company's vulnerability to interest rate fluctuations and economic downturns. The company's ability to manage its debt effectively will be crucial to its long-term financial health.
The negative free cash flow is a point of concern that needs to be monitored. While the company is profitable on a net income basis, the negative free cash flow suggests that it is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. This could lead to increased borrowing or a reduction in investment in the future. The company's management needs to address this issue to ensure the long-term sustainability of its business. Overall, Amalgamated Financial Corp. exhibits strong profitability but faces challenges related to its high leverage and negative free cash flow.
Valuation Assessment
Amalgamated Financial Corp. appears undervalued based on several key metrics. The company's P/E ratio of 10.9x is significantly lower than the sector average of 15.5x, suggesting that the market is not fully recognizing the company's earnings potential. Similarly, the EV/EBITDA ratio of 2.0x is substantially lower than the sector average of 3.5x, indicating that the company is undervalued relative to its earnings before interest, taxes, depreciation, and amortization. These metrics suggest that the stock is trading at a discount to its peers.
However, it's important to consider the company's growth prospects and financial health when assessing its valuation. While the company has demonstrated solid revenue growth of 10.7% compared to the sector average of 9.3%, its high debt-to-equity ratio and negative free cash flow raise concerns about its long-term sustainability. These factors may be contributing to the market's reluctance to assign a higher valuation to the stock. The market may be pricing in the risk associated with the company's high leverage and its need to address its negative free cash flow.
A discounted cash flow (DCF) analysis would provide a more comprehensive valuation assessment, but the lack of detailed free cash flow data makes it difficult to perform such an analysis. However, based on the available data, it appears that the stock is trading at a discount to its intrinsic value. The company's strong profitability metrics and revenue growth suggest that it has the potential to generate higher earnings in the future. If the company can successfully manage its debt and improve its free cash flow, its valuation could increase significantly.
The current valuation reflects a degree of skepticism regarding the company's ability to sustain its growth and manage its financial risks. While the P/E and EV/EBITDA multiples suggest undervaluation, the market is likely factoring in the company's high leverage and negative free cash flow. Investors should carefully consider these factors when making an investment decision. The stock may be attractive to value investors seeking undervalued companies, but it also carries a higher degree of risk due to its financial challenges. Overall, the valuation of Amalgamated Financial Corp. is compelling but requires careful consideration of its financial health and growth prospects.
Risk & Uncertainty
Amalgamated Financial Corp. faces several specific risks that could negatively impact its business and financial performance. One significant risk is the potential for increased regulatory scrutiny. As a bank holding company, Amalgamated Financial is subject to extensive regulation by federal and state banking authorities. Changes in regulations, such as increased capital requirements or stricter lending standards, could increase the company's compliance costs and limit its ability to grow its loan portfolio. The political climate and the increasing focus on social responsibility could also lead to new regulations that specifically target the company's business model.
Another risk is the intense competition in the banking industry. Amalgamated Financial competes with a wide range of financial institutions, including community banks, regional banks, and national banks. These competitors may have greater financial resources, a larger customer base, and a more established brand reputation. The company's ability to attract and retain customers will depend on its ability to offer competitive products and services and to differentiate itself from its competitors. The rise of fintech companies and online banking platforms also poses a threat to traditional banks like Amalgamated Financial.
The company's high debt-to-equity ratio also poses a significant risk. High leverage increases the company's vulnerability to interest rate fluctuations and economic downturns. If interest rates rise, the company's interest expense will increase, which could reduce its profitability. In an economic downturn, the company's borrowers may default on their loans, which could lead to increased loan losses and a decline in its asset quality. The company's ability to manage its debt effectively will be crucial to its long-term financial health.
Finally, the company's reliance on a specific niche market – socially responsible banking – could also be a risk. While this niche positioning allows the company to attract a loyal customer base, it also limits its potential market size. If the demand for socially responsible banking declines, the company's growth prospects could be negatively impacted. The company's ability to diversify its customer base and expand into new markets will be important to its long-term success.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAmalgamated Financial's focus on socially responsible banking provides a competitive advantage, attracting a loyal customer base and differentiating it from larger, less socially conscious banks.
BULL VIEWThe company's strong profitability metrics, including high ROE and net margin, indicate efficient operations and the potential for continued earnings growth.
BULL VIEWThe stock's low P/E and EV/EBITDA multiples suggest it is undervalued, offering an attractive entry point for value investors.
The Bear Case
BEAR VIEWAmalgamated Financial's high debt-to-equity ratio increases its vulnerability to interest rate fluctuations and economic downturns, potentially hindering future growth.
BEAR VIEWThe company's negative free cash flow raises concerns about its ability to fund future investments and maintain its current level of profitability without additional borrowing.
BEAR VIEWThe bank's niche focus on socially responsible banking limits its potential market size and makes it susceptible to changes in demand for such services.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score AMAL and 4,400+ other equities.
Amalgamated Financial Corp. exhibits a 100% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
34.8%
Sector: 21.8%
Net Margin
Bottom-line profitability
25.4%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
