The Charles Schwab (SCHW) analysis

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Health is the firm's debt, not the client's. Quality separates the cash spread from the management fee. Growth follows balances and accounts, and they need not rise together. P/E is read against a year of high rates, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as income the rate does not move.

The P/E of a year of high rates is not the earnings if the client takes the cash away. EV/EBITDA is read without adding custodied securities as Schwab's cash. Do not use BlackRock's multiple, which charges for the fund, as if custody and the ETF fee were the same book. A dash if SCHW is missing.

Limits of this report

Not advice on Charles Schwab. Vaultflake does not count custodied assets and does not treat the cash spread as fixed. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report