PNC Financial Services (PNC)
Financials · $91.8B market cap · SEC CIK 0000713676
ahead of 57% of the S&P 500 · #36 of 76 in Financials
Next reports on Jan 18, 2027, before the open, with analysts expecting $5.09 in earnings per share.
52-week range $177.08 to $258.96. 11% below its 52-week high and 31% above its low.
The case for PNC
- Cheap for its growth: 11.6× earnings, where 4% a year of growth plus a 4.8% dividend would justify about 21×.
- 29% of revenue drops through to net profit.
- Pays a 4.8% dividend while you wait.
The case against
- Growth is weak (36/100): EPS +20.3%, +7.4% a year over five years.
- Weakest against its peers: return on equity of 13% is lower than 65% 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 | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 36 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 69 |
| Momentumhow the price has behaved lately | 58 |
| Stabilityhow violently it moves, what it owes and what it pays you | 70 |
- Its one-year revenue change (+72%) is far out of line with its five-year trend (+7% 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 | +72.3%* |
|---|---|
| Over 5 years | +7.4% a year |
| FY2025 revenue | $23.1B (+7%) |
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 | 35% |
| Net margin, FY24 → FY25 | 27.6% → 30.3% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $39.7B |
|---|---|
| Long-term debt | $57.1B |
| Net debt | $17.4B |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 11.6× |
|---|---|
| Fair P/E for its growth | 21× |
| Price / book | 1.42× |
| Fair P/B for its ROE | 1.3× |
| Forward P/E | 10.9× |
At 11.6× earnings it trades well below the 21× that 4% a year of growth plus a 4.8% dividend would justify. At 1.42× book it trades close to the 1.3× that its 13% return on equity would justify; for a financial company that counts for more than earnings.
The financials, five years deep
Pulled from PNC Financial Services's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $23.1B | $21.6B | $21.5B | $21.1B | $19.2B |
| Change on the year | +7% | 0% | +2% | +10% | — |
| Profit margins | |||||
| Net margin | 30.3% | 27.6% | 26.3% | 28.9% | 29.8% |
| Debt vs. cash | |||||
| Cash | $39.7B | $46.3B | $50.7B | $34.4B | $82.3B |
| Long-term debt | $57.1B | $61.7B | $72.7B | $58.7B | — |
| Net cash (debt) | −$17.4B | −$15.4B | −$22.0B | −$24.4B | — |
What PNC Financial Services says it does
, the Liquidity and Capital Management portion of the Risk Management section of this Item 7 and Note 19 Regulatory Matters for additional information regarding our 2025 liquidity and capital activities. See Note 9 Borrowed Funds for additional information related to our borrowings. See the Average Consolidated Balance Sheet and Net Interest Analysis and Analysis of Year-to-Year Changes in Net Interest Income sections of this Item 7 for additional information on year-over-year volume and related funding cost changes. Shareholders’ Equity Total shareholders’ equity of $60.6 billion at December 31, 2025 increased $6.2 billion compared to December 31, 2024, primarily due to the benefit of net income of $7.0 billion and an improvement in AOCI of $3.2 billion, partially offset by dividends paid of $3.0 billion and common share repurchases of $1.2 billion. B USINESS S EGMENTS R EVIEW We have three reportable business segments: Retail…