Citigroup (C)
Financials · $205B market cap · SEC CIK 0000831001
ahead of 34% of the S&P 500 · #56 of 76 in Financials
Next reports on Jan 14, 2027, after the close, with analysts expecting $2.39 in earnings per share.
52-week range $95.83 to $147.96. 17% below its 52-week high and 28% above its low.
The case for C
- Cheap for its growth: 10.6× earnings, where 6% a year of growth plus a 4.7% dividend would justify about 24×.
- Earnings per share up 42.9%.
- Pays a 4.7% dividend while you wait.
- Trades at 1.02× book value, close to what the balance sheet says it owns.
- Price/sales of 1.1× is lower than 93% of Financials companies.
The case against
- Growth is weak (41/100): EPS +42.9%, +3.9% a year over five years.
- Weakest against its peers: return on equity of 9% is lower than 81% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 68 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 41 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 45 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Its one-year revenue change (+99%) is far out of line with its five-year trend (+4% a year). In the Financials sector that is usually interest income swinging with rates rather than growth, so only the five-year figure is used.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 76 Financials companies.
The financials
Revenue growth
Is the business growing? Slowly
| Last 12 months | +99.2%* |
|---|---|
| Over 5 years | +3.9% a year |
| FY2025 revenue | $85.2B (+6%) |
Free cash flow
Is it generating real cash? Not meaningful for a financial company
Profit margins
Is profitability improving? Yes, improving
| Gross margin | n/a |
|---|---|
| Operating margin | 23% |
| Net margin, FY24 → FY25 | 15.7% → 16.8% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $350B |
|---|---|
| Long-term debt | $316B |
| Net cash | $33.8B |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 10.6× |
|---|---|
| Fair P/E for its growth | 24× |
| Price / book | 1.02× |
| Fair P/B for its ROE | 0.9× |
| Forward P/E | 9.7× |
At 10.6× earnings it trades well below the 24× that 6% a year of growth plus a 4.7% dividend would justify. At 1.02× book it trades close to the 0.9× that its 9% return on equity would justify; for a financial company that counts for more than earnings.
The financials, five years deep
Pulled from Citigroup's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $85.2B | $80.7B | $78.1B | $75.3B | $71.9B |
| Change on the year | +6% | +3% | +4% | +5% | — |
| Free cash flow | |||||
| Free cash flow | −$74.2B | −$26.2B | −$80.0B | $19.4B | $43.0B |
| Of revenue | −87% | −32% | −102% | 26% | 60% |
| Profit margins | |||||
| Net margin | 16.8% | 15.7% | 11.8% | 19.7% | 30.5% |
| Debt vs. cash | |||||
| Cash | $350B | $277B | $261B | $342B | $262B |
| Long-term debt | $316B | $287B | $287B | $272B | $254B |
| Net cash (debt) | $33.8B | −$10.8B | −$25.7B | $70.4B | $7.7B |
Filings
The text of this 10-K could not be read automatically. The original is linked below.