U.S. Bancorp (USB)
Financials · $93.8B market cap · SEC CIK 0000036104
fundamentals score out of 100
Next reports on Oct 15, 2026, with analysts expecting $1.33 in earnings per share.
The case for USB
- Cheap on earnings at 11.5×, well under the market's usual 20×.
- 20% of revenue drops through to net profit.
- Pays a 5.2% dividend while you wait.
- A PEG of 0.61: a P/E of 11.5× is low for EPS growing 19%.
The case against
- Growth is weak (38/100): EPS +18.7%, +4.6% a year over five years.
- Weakest against its peers: return on equity of 12% is lower than 63% 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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 75 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 38 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 52 |
| Momentumhow the price has behaved lately | 66 |
| Stabilityhow violently it moves, what it owes and what it pays you | 61 |
- Its one-year revenue change (+84%) is far out of line with its five-year trend (+5% 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 74 Financials companies.
Key numbers
| Price / earnings | 11.5× |
|---|---|
| Price / book | 1.40× |
| Price / sales | 2.1× |
| Revenue growth (YoY) | +84.1% (not used: out of line with the five-year +4.6% a year) |
| EPS growth (YoY) | +18.7% |
| Gross margin | — |
| Operating margin | 25% |
| Net margin | 20% |
| Return on equity | 12% |
| Debt / equity | 1.42× |
| Current ratio | n/a |
| Dividend yield | 5.16% |
| Beta | 1.05 |
| 52-week range | $45.02 – $66.08 |
| Position in that range | 68% of the way up |
| 3-month return | +4.0% |
| 1-year return | +19.9% |
Five years of financials, as filed
Pulled from U.S. Bancorp's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $28.7B | $27.5B | $28.1B | $24.3B | — |
| Net income | $7.6B | $6.3B | $5.4B | $5.8B | $8.0B |
| Operating cash flow | $8.0B | $11.3B | $8.4B | $21.1B | $9.9B |
| Total assets | $692B | $678B | $663B | $675B | $573B |
| Total liabilities | $627B | $619B | $608B | $624B | $518B |
| Shareholder equity | $65.2B | $58.6B | $55.3B | $50.8B | $54.9B |
| Cash | $46.9B | $56.5B | $61.2B | $53.5B | $28.9B |
| Long-term debt | — | — | — | $39.8B | $32.1B |
| Net margin | 26.4% | 22.9% | 19.3% | 24.0% | — |
| Diluted shares | 1.6B | 1.6B | 1.5B | 1.5B | 1.5B |
Share count is up 4.6% over 4 years. Mild issuance.
What U.S. Bancorp says it does
Forward-Looking Statements The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This report contains forward-looking statements about U.S. Bancorp ("U.S. Bancorp" or the "Company"). Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as "anticipates," "targets," "expects," "hopes," "estimates," "projects," "forecasts," "intends," "plans," "goals," "believes," "continue"…
Risk factors USB lists in its 10-K
- Compensation, Health & Wellness Programs
- Regulatory Approval for Acquisitions
- Comprehensive Capital Analysis and Review
- Anti-Money Laundering and Sanctions
- Regulation of Brokerage, Investment Advisory and Insurance Activities
- Regulation of Derivatives and the Swaps Marketplace
- Executive and Incentive Compensation
- Environmental, Social and Sustainability
- Capital Securities, Preferred Stock or Exchangeable Preferred Stock
- (a) USB Realty Corp. is a subsidiary of USBNA