Detailed financial statements for Grupo Aval Acciones y Valores S.A. (AVAL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Grupo Aval Acciones y Valores SA engages in the provision of financial services and products. It operates through the following segments: Banking Services, Merchant Banking, Pension and Severance Fund Management, and Holding. The Banking Services segment focuses on banking services, fund management and trust businesses, storage companies, and entities that manage low-value payment systems.
Analysis Summary
Grupo Aval Acciones y Valores S.A. reported revenue of 42.33T COP in the most recent fiscal year, growing at a 5-year CAGR of 30.5%. Net income reached 1.60T COP, with a -7.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.1%, operating margin 11.8%, net margin 4.1%. Free cash flow grew at -28.9% CAGR over 5 years.
At $4.34 (closing price, November 2, 2026), AVAL trades at a P/E of 9.63 and an ROE of 9.54%. Market capitalisation stands at $5.2B.
Balance sheet quality for AVAL: debt-to-equity ratio of 3.79, current ratio of 0.00 over the last 12 months, net debt of 20.20T COP at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 1.45T COP represents 91% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24.67T COP | 26.06T COP | 27.73T COP | 29.80T COP | 11.19T COP | 20.67T COP | 27.94T COP | 38.44T COP | 36.97T COP | 42.33T COP |
| Cost of Revenue | 11.40T COP | 12.35T COP | 11.63T COP | 12.46T COP | 0 | 7.85T COP | 14.78T COP | 27.38T COP | 25.67T COP | 20.78T COP |
| Gross Profit | 13.27T COP | 13.72T COP | 16.09T COP | 17.34T COP | 11.19T COP | 12.82T COP | 13.16T COP | 11.05T COP | 11.30T COP | 21.54T COP |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 4.63T COP | 4.77T COP | 5.06T COP | 4.99T COP | 3.16T COP | 3.42T COP | 3.70T COP | 4.05T COP | 4.36T COP | 3.01T COP |
| Operating Expenses | 7.70T COP | 8.80T COP | 8.76T COP | 9.89T COP | 4.90T COP | 6.45T COP | 6.88T COP | 7.57T COP | 8.17T COP | 17.69T COP |
| Operating Income | 5.57T COP | 4.92T COP | 7.33T COP | 7.45T COP | 6.30T COP | 6.36T COP | 6.27T COP | 3.49T COP | 3.14T COP | 3.86T COP |
| EBITDA | 6.35T COP | 5.82T COP | 8.29T COP | 8.75T COP | 0 | 7.81T COP | 7.36T COP | 4.64T COP | 4.41T COP | 3.86T COP |
| Interest Expense | 8.39T COP | 8.23T COP | 7.48T COP | 8.27T COP | 5.80T COP | 4.66T COP | 11.66T COP | 22.63T COP | 20.91T COP | 16.81T COP |
| Pre-tax Income | 5.57T COP | 4.92T COP | 7.33T COP | 7.45T COP | 4.84T COP | 6.36T COP | 6.27T COP | 3.49T COP | 3.14T COP | 3.86T COP |
| Income Tax | 2.06T COP | 1.75T COP | 2.15T COP | 2.09T COP | 1.36T COP | 2.32T COP | 2.27T COP | 1.31T COP | 946.43B COP | 1.33T COP |
| Net Income | 2.14T COP | 1.96T COP | 2.91T COP | 3.03T COP | 2.35T COP | 3.30T COP | 2.48T COP | 739.00B COP | 1.02T COP | 1.60T COP |
| EPS | 2,089.00 COP | 1,965.60 COP | 2,888.80 COP | 2,685.00 COP | 1,399.60 COP | 1,956.00 COP | 1,632.40 COP | 622.40 COP | 856.00 COP | 1,350.80 COP |
| EPS (Diluted) | 2,089.00 COP | 1,965.60 COP | 2,888.80 COP | 2,685.00 COP | 1,399.60 COP | 1,956.00 COP | 1,632.40 COP | 622.40 COP | 856.00 COP | 1,350.80 COP |
| Shares Outstanding (Diluted) | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,157.1 M | 1,187.2 M | 1,187.2 M | 1,187.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 9.39T COP | 11.51T COP | 9.71T COP | 11.66T COP |
| Gross Profit | 3.44T COP | 6.09T COP | 3.84T COP | 5.70T COP |
| Operating Income | 1.25T COP | 1.08T COP | 1.35T COP | 1.32T COP |
| EBITDA | 1.45T COP | 1.08T COP | 1.56T COP | 1.32T COP |
| Net Income | 521.00B COP | 340.28B COP | 336.60B COP | 533.62B COP |
| EPS | 438.80 COP | 286.60 COP | 284.00 COP | 433.60 COP |
| EPS (Diluted) | 438.80 COP | 286.60 COP | 284.00 COP | 433.60 COP |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.19T COP | 21.97T COP | 28.15T COP | 30.07T COP | 33.95T COP | 35.62T COP | 15.90T COP | 17.38T COP | 15.53T COP | 19.33T COP |
| Short-term Investments | 18.39T COP | 18.61T COP | 0 | 0 | 0 | 0 | 0 | 24.44T COP | 28.47T COP | 29.07T COP |
| Receivables | 3.85T COP | 7.20T COP | 9.52T COP | 12.06T COP | 15.34T COP | 19.87T COP | 25.16T COP | 28.21T COP | 31.11T COP | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 44.69T COP | 48.01T COP | 38.04T COP | 42.66T COP | 49.88T COP | 56.26T COP | 74.09B COP | 70.04T COP | 75.11T COP | 48.40T COP |
| Property, Plant & Equipment | 5.95T COP | 5.87T COP | 5.75T COP | 8.02T COP | 8.17T COP | 8.25T COP | 0 | 6.09T COP | 6.27T COP | 8.64T COP |
| Goodwill | 6.82T COP | 6.90T COP | 7.32T COP | 7.35T COP | 7.71T COP | 8.49T COP | 2.25T COP | 2.20T COP | 2.22T COP | 2.05T COP |
| Intangible Assets | 3.54T COP | 3.96T COP | 6.55T COP | 8.73T COP | 10.81T COP | 12.98T COP | 15.28T COP | 15.94T COP | 17.07T COP | 16.43T COP |
| Total Assets | 224.07T COP | 236.54T COP | 259.68T COP | 278.83T COP | 322.90T COP | 366.90T COP | 295.59T COP | 301.18T COP | 327.86T COP | 348.56T COP |
| Accounts Payable | 1.61T COP | 1.82T COP | 1.85T COP | 1.88T COP | 2.66T COP | 3.23T COP | 2.80T COP | 3.47T COP | 3.25T COP | 0 |
| Short-term Debt | 802.27B COP | 697.58B COP | 690.20B COP | 789.68B COP | 864.50B COP | 806.07B COP | 0 | 1.03T COP | 1.57T COP | 0 |
| Total Current Liabilities | 146.94T COP | 157.70T COP | 167.71T COP | 179.12T COP | 215.37T COP | 238.50T COP | 4.09T COP | 186.49T COP | 205.69T COP | 0 |
| Long-term Debt | 45.52T COP | 45.28T COP | 51.21T COP | 54.84T COP | 58.62T COP | 73.28T COP | 72.12T COP | 59.01T COP | 66.93T COP | 68.60T COP |
| Total Liabilities | 199.41T COP | 210.67T COP | 230.12T COP | 245.48T COP | 287.46T COP | 327.43T COP | 264.77T COP | 269.66T COP | 294.70T COP | 313.86T COP |
| Retained Earnings | 6.52T COP | 7.17T COP | 8.60T COP | 10.29T COP | 11.30T COP | 13.38T COP | 8.02T COP | 7.73T COP | 8.16T COP | 0 |
| Total Equity | 15.60T COP | 16.29T COP | 17.79T COP | 19.85T COP | 20.66T COP | 23.01T COP | 16.47T COP | 16.78T COP | 17.45T COP | 18.43T COP |
| Total Debt | 46.33T COP | 45.98T COP | 51.91T COP | 55.64T COP | 59.49T COP | 74.09T COP | 72.12T COP | 62.82T COP | 71.36T COP | 68.60T COP |
| Net Debt | 5.74T COP | 5.40T COP | 23.76T COP | 25.57T COP | 25.54T COP | 38.46T COP | 56.22T COP | 21.00T COP | 27.36T COP | 20.20T COP |
| Working Capital | -102.25T COP | -109.69T COP | -129.67T COP | -136.46T COP | -165.49T COP | -182.25T COP | -4.01T COP | -116.45T COP | -130.58T COP | 48.40T COP |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 18.08T COP | 19.33T COP | 23.73T COP | 21.79T COP |
| Total Assets | 343.84T COP | 348.56T COP | 337.61T COP | 339.25T COP |
| Total Liabilities | 309.20T COP | 313.86T COP | 303.99T COP | 305.62T COP |
| Total Equity | 18.41T COP | 18.43T COP | 17.80T COP | 17.97T COP |
| Total Debt | 76.11T COP | 68.60T COP | 64.43T COP | 68.12T COP |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 5.57T COP | 4.92T COP | 7.33T COP | 7.45T COP | 6.48T COP | 8.52T COP | 2.48T COP | 739.00B COP | 1.02T COP | 1.58T COP |
| Depreciation & Amortization | 779.53B COP | 901.71B COP | 957.17B COP | 1.30T COP | 1.40T COP | 1.45T COP | 1.09T COP | 1.15T COP | 1.27T COP | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -1.40T COP | -2.17T COP | 2.03T COP | -509.06B COP | 5.18T COP | -672.72B COP | -20.47T COP | -7.56T COP | -11.34T COP | 1.70T COP |
| Operating Cash Flow | 2.49T COP | 5.11T COP | 8.73T COP | 5.63T COP | 10.02T COP | 5.90T COP | -19.45T COP | -9.35T COP | -14.04T COP | 2.04T COP |
| Capital Expenditure | -1.63T COP | -1.38T COP | -1.42T COP | -1.73T COP | -2.03T COP | -2.26T COP | -547.74B COP | -615.19B COP | -662.67B COP | -586.35B COP |
| Acquisitions | -2.71B COP | 40.09B COP | 0 | -608.74B COP | -1.34T COP | -1.08T COP | 0 | 0 | 0 | 178.03B COP |
| Stock Repurchased | -238.0M COP | 0 | -67.16B COP | -67.10B COP | -51.00B COP | -29.75B COP | -15.01B COP | 0 | -55.00B COP | 0 |
| Dividends Paid | -1.26T COP | -1.31T COP | -1.13T COP | -1.27T COP | -1.33T COP | -1.23T COP | -414.27B COP | -766.54B COP | -728.18B COP | -582.89B COP |
| Free Cash Flow | 850.87B COP | 3.73T COP | 7.31T COP | 3.91T COP | 7.99T COP | 3.65T COP | -20.00T COP | -9.96T COP | -14.70T COP | 1.45T COP |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.45T COP | -921.38B COP | -7.28B COP | 2.15T COP |
| Capital Expenditure | -142.91B COP | -209.81B COP | -99.90B COP | -126.63B COP |
| Free Cash Flow | 1.30T COP | -1.13T COP | -107.18B COP | 2.02T COP |
| Dividends Paid | -161.75B COP | -152.15B COP | -160.18B COP | -165.88B COP |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.7% | +6.4% | +7.5% | -62.4% | +84.7% | +35.2% | +37.6% | -3.8% | +14.5% | |
| Net Income Growth (YoY) | -8.3% | +48.4% | +4.2% | -22.6% | +40.4% | -24.7% | -70.2% | +37.4% | +58.0% | |
| EPS Growth (YoY) | -5.9% | +47.0% | -7.1% | -47.9% | +39.8% | -16.5% | -61.9% | +37.5% | +57.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | -0.0% | +0.0% | +0.0% | +3.9% | +2.6% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +338.4% | +95.9% | -46.5% | +104.4% | -54.4% | -648.6% | +50.2% | -47.6% | +109.9% | |
| Gross Margin | 53.8% | 52.6% | 58.0% | 58.2% | 100.0% | 62.0% | 47.1% | 28.8% | 30.6% | 50.9% |
| Operating Margin | 22.6% | 18.9% | 26.5% | 25.0% | 56.2% | 30.8% | 22.5% | 9.1% | 8.5% | 9.1% |
| EBITDA Margin | 25.8% | 22.3% | 29.9% | 29.4% | 0.0% | 37.8% | 26.4% | 12.1% | 11.9% | 9.1% |
| Net Margin | 8.7% | 7.5% | 10.5% | 10.2% | 21.0% | 16.0% | 8.9% | 1.9% | 2.7% | 3.8% |
| FCF Margin | 3.4% | 14.3% | 26.4% | 13.1% | 71.3% | 17.6% | -71.6% | -25.9% | -39.8% | 3.4% |
| Effective Tax Rate | 36.9% | 35.7% | 29.3% | 28.0% | 28.1% | 36.5% | 36.2% | 37.6% | 30.2% | 34.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 763.76 COP | 3,348.58 COP | 6,559.17 COP | 3,507.87 COP | 7,169.07 COP | 3,272.16 COP | -17,283.05 COP | -8,391.24 COP | -12,385.80 COP | 1,223.21 COP |
| Dividends Per Share | 1,131.79 COP | 1,173.67 COP | 1,013.00 COP | 1,137.22 COP | 1,194.06 COP | 1,104.83 COP | 358.01 COP | 645.68 COP | 613.37 COP | 490.99 COP |
| Shares Outstanding (Basic) | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,114.1 M | 1,157.1 M | 1,187.2 M | 1,187.2 M | 1,187.2 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 9.54% |
| Return on Invested Capital | 0.95% |
| Return on Assets | 0.51% |
| Gross Margin | 45.11% |
| Operating Margin | 11.82% |
| Net Margin | 4.10% |
Financial Health
| Debt / Equity | 3.79 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 0.36 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 11.40 | 13.13 | 6.63 | 10.67 | 16.78 | 10.62 | 7.52 | 15.12 | 10.44 | 11.31 |
| P/B | 1.70 | 1.77 | 1.20 | 1.61 | 1.27 | 1.01 | 0.86 | 0.67 | 0.61 | 0.98 |
| P/S | 1.08 | 1.10 | 0.77 | 1.07 | 2.34 | 1.12 | 0.51 | 0.29 | 0.29 | 0.43 |
| Gross Margin | 53.8% | 52.6% | 58.0% | 58.2% | 100.0% | 62.0% | 47.1% | 28.8% | 30.6% | 50.9% |
| Operating Margin | 22.6% | 18.9% | 26.5% | 25.0% | 56.2% | 30.8% | 22.5% | 9.1% | 8.5% | 9.1% |
| Net Margin | 8.7% | 7.5% | 10.5% | 10.2% | 21.0% | 16.0% | 8.9% | 1.9% | 2.7% | 3.8% |
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Explore sector: Financial Services · Banks - Regional
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