Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

PNC Financial Services (PNC)

Price updated 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 05 Nov 2026 16:06.

Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 226.75. Growth begins at 4.9% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 35.8%, net 22.1%, free cash flow 22.1% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

For banks, insurers and holding companies, revenue and cash flow mix in interest and investment flows. Read net income rather than free cash flow.
Year 1 uses analyst consensus revenue growth (5.7%); year 2 is halfway back to the model's own path.
USD 221.82Model fair value (Justified P/B (ROE)); range USD 190.50 to USD 277.24
-2%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years.

9.0%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 51.84BRevenue in year 10 (base)
USD 11.46BNet income in year 10 (base)
USD 11.46BFree cash flow in year 10 (base)
USD 11.53Dividend per share in year 10 (base)
USD 436.83Implied share price in year 10 (base), today USD 226.75
12.6%Year-10 free cash flow per share vs today's price

Book value per share over time

USD 0.00 USD 86.13 USD 172.26 USD 258.38 USD 344.51 TTM through 30 Sep 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Book value per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -0.3% USD 272.64 5.8%
Base 5.7% USD 304.52 7.0%
Bull 11.7% USD 344.51 8.3%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– USD 35.73BUSD 12.80BUSD 7.90BUSD 7.90B 19.7019.697.95155.49226.75
Year 15.7% USD 37.76BUSD 13.53BUSD 8.35BUSD 8.35B 20.8220.818.40167.92244.07
Year 25.2% USD 39.71BUSD 14.23BUSD 8.78BUSD 8.78B 21.9021.898.83180.99262.21
Year 34.4% USD 41.45BUSD 14.85BUSD 9.17BUSD 9.16B 22.8622.859.22194.63281.04
Year 44.1% USD 43.15BUSD 15.46BUSD 9.54BUSD 9.54B 23.7923.789.59208.83300.55
Year 53.8% USD 44.79BUSD 16.05BUSD 9.90BUSD 9.90B 24.7024.699.96223.57320.71
Year 63.5% USD 46.37BUSD 16.62BUSD 10.25BUSD 10.25B 25.5725.5610.31238.83342.60
Year 73.2% USD 47.88BUSD 17.16BUSD 10.59BUSD 10.58B 26.4026.3910.65254.58365.20
Year 83.0% USD 49.30BUSD 17.66BUSD 10.90BUSD 10.90B 27.1827.1710.96270.80388.47
Year 92.7% USD 50.62BUSD 18.14BUSD 11.19BUSD 11.19B 27.9127.9011.26287.46412.36
Year 102.4% USD 51.84BUSD 18.57BUSD 11.46BUSD 11.46B 28.5828.5711.53304.52436.83

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.