PNC Financial Services
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The Retail Banking segment offers checking, savings, and mone…
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The Retail Banking segment offers checking, savings, and money market accounts, and time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services. This segment serves consumer and small business customers through a network of branches, digital channels, ATMs, and through phone-based customer contact centers. The Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit, and equipment leases; cash and investment management, receivables and disbursement management, funds transfer, international payment, and access to online/mobile information management and reporting services; asset-backed financing, securities underwriting, loan syndications, mergers and acquisitions and equity capital markets advisory, and customer related services; and commercial loan servicing and technology solutions. It serves mid-sized and large corporations, and government and not-for-profit entities. The Asset Management Group segment offers investment and retirement planning, customized investment management, credit and cash management solutions, and trust management and administration services for high net worth and ultra high net worth individuals, and their families; and multi-generational family planning services. It also offers outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services for institutional clients. The company was founded in 1865 and is headquartered in Pittsburgh, Pennsylvania.Priced within the modelled range
Other models: USD 280.22–625.12 (median 522.07). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price within modeled range
Justified P/B (ROE) using TTM through 30 Sep 2026 net income and book equity: return on equity of 12.7% gives a fair price-to-book of 1.43x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 4.94%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 4.9% (sector default 5.4%, own revenue history 3.0%, analyst revenue consensus 5.7%).
5-year outlook: relative outlook of about 11.6% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 5.7% a year; the growth assumption used is 4.9%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — USD 221.82 (-2.2%)
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EPS-based Gordon proxy
— USD 280.22 (+23.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 553.98 (+144.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— USD 522.07 (+130.2%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— USD 625.12 (+175.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 552.81 (+143.8%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— USD 968.58 (+327.2%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 190.50 | -19.0% |
| Base USD 221.82 | -2.2% |
| Bull USD 277.24 | 18.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +14.1% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 36% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| PNC (this company) | USD 226.75 | -2.2% | 11.5 | 1.5 | 3.5% | 100 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.7% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: USD 7.40 per share · yield 3.26% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 7.400 |
| 2025 | 6.600 |
| 2024 | 6.300 |
| 2023 | 6.100 |
| 2022 | 5.750 |
| 2021 | 4.800 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 05 Nov 2026 16:06
| Revenue | USD 35,733,000,000 |
|---|---|
| EBITDA | USD 12,803,000,000 |
| EBIT | USD 9,724,000,000 |
| Net income | USD 7,901,000,000 |
| Free cash flow | USD 7,897,000,000 |
| Capital expenditures | USD 0 |
| Debt | USD 79,757,000,000 |
| Cash | USD 176,795,000,000 |
| Working capital | USD -289,510,000,000 |
| Shares outstanding | 401,000,000 |
| Reported dividends per share | USD 7.9451 |