A Business at a Glance
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PNC FINANCIAL SERVICES GROUP, INC.
PNC
$99.5B
Mkt Cap
$250.99
+0.69%
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a current P/E ratio of 15.1, compared to its historical median P/E of 11.2. The stock is currently considered Expensive based on its historical valuation range.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a 5-year average return on invested capital (ROIC) of 5.9%. This is below average and may indicate limited pricing power.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a market capitalization of $139.9B. It is classified as a large-cap stock.
Yes, PNC FINANCIAL SERVICES GROUP, INC. (PNC) pays a dividend with a trailing twelve-month yield of 1.92%. The company also returns capital through share buybacks, with a buyback yield of 1.34%.
Based on historical P/E analysis, PNC FINANCIAL SERVICES GROUP, INC. (PNC) appears expensive. The current P/E of 15.1 is 35% above its historical median of 11.2. The estimated fair value CAGR (P/E method) is 2.0%.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) operates in the National Commercial Banks industry, within the Financials sector.
PNC Financial Services Group is a diversified financial services holding company headquartered in Pittsburgh, Pennsylvania, operating as one of the largest banking institutions in the U.S. with consolidated total assets of $573.6 billion as of December 31, 2025. The company operates through three primary business segments: retail banking, corporate and institutional banking, and asset management, serving customers nationally through a coast-to-coast branch network and strategic international offices in four countries. PNC generates revenue through a broad range of deposit, credit, and fee-based products and services, including lending products, specialized corporate banking and real estate finance services, asset-based lending, wealth management, and capital markets advisory; the company also operates non-banking subsidiaries engaged in market-making, securities underwriting, and advisory services. The business model combines traditional deposit-taking and lending with capital markets and advisory services, supported by a diversified customer base spanning retail consumers, corporate clients, and institutional investors. PNC's competitive positioning is reinforced by its scale, geographic reach, and integrated service capabilities, with the January 2026 acquisition of FirstBank adding $26.4 billion in assets and expanding the company's market presence.
【Capital deployment and integration execution】 Management expects to deploy capital through continued quarterly share repurchases in the range of $600 million to $700 million throughout 2026, while executing the FirstBank integration with approximately $325 million in non-recurring merger and integration costs concentrated in the first half of the year. The company anticipates FirstBank will generate an annualized earnings run rate of approximately $1 per share by the end of 2026, with full integration expected by year-end and incremental contribution of approximately $1 per share to 2027 results. PNC is pursuing one of its largest investment agendas, including significant technology initiatives, payments capabilities, consumer rewards platforms, and branch expansions, while maintaining its $350 million annual Continuous Improvement Program cost-savings target independent of the acquisition. Management expects to exit 2026 with return on tangible common equity approaching 18%, with further improvement anticipated in 2027 driven by operating leverage and growth.
| Metric | Target | Period |
|---|---|---|
| Full year average loan growth | approximately 11% | FY2026 |
| Full year net interest income | up approximately 14.5% | FY2026 |
| Full year non-interest income | up approximately 6% | FY2026 |
| Full year total revenue | up approximately 11% | FY2026 |
| Full year non-interest expense (excluding integration expenses) | up approximately 7% | FY2026 |
| Effective tax rate | approximately 19.5% | FY2026 |
| Quarterly share repurchases | $600 million-$700 million | FY2026 |
| Non-recurring merger and integration costs | approximately $325 million | FY2026 |
| FirstBank annualized earnings run rate | approximately $1 per share | End of 2026 |
Full year average loan growth (FY2026): “We expect full year average loan growth to be up approximately 11%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 23.8B | 34.0B | 34.4B | 31.9B | 23.5B | 19.7B |
| Net Income | 6.9B | 6.6B | 5.5B | 5.1B | 5.7B | 5.4B |
| EPS | $12.53 | $16.59 | $13.74 | $12.79 | $13.85 | $12.70 |
| Free Cash Flow | 0 | 4.4B | 7.9B | 10.1B | 9.1B | 7.2B |
| ROIC | 0.0% | 5.6% | 4.6% | 4.5% | 6.7% | 8.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.05 | 0.94 | 1.14 | 1.41 | 1.30 | 0.55 |
| Dividends/Share | $4.83 | $6.60 | $6.30 | $6.10 | $5.75 | $4.80 |
| Operating Income | 0 | 8.5B | 7.2B | 6.7B | 7.5B | 7.0B |
| Operating Margin | 0.0% | 25.0% | 21.0% | 21.1% | 31.7% | 35.5% |
| ROE | 10.8% | 11.4% | 10.4% | 10.6% | 11.3% | 9.9% |
| Shares Outstanding | 557M | 396M | 400M | 401M | 412M | 426M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 16.3B | 16.3B | 16.4B | 18.0B | 19.1B | 20.6B | 18.3B | 19.7B | 23.5B | 31.9B | 34.4B | 34.0B | 23.8B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.6B | 4.8B | 4.9B | 5.3B | 5.5B | 5.6B | 5.7B | 7.1B | 7.2B | 7.4B | 7.3B | 7.8B | 8.0B |
| EBIT | 1.4B | 1.3B | 1.0B | 1.1B | 1.2B | 1.5B | 3.4B | 7.0B | 7.5B | 6.7B | 7.2B | 8.5B | 0 |
| Op. Margin | 8.5% | 8.2% | 6.3% | 6.0% | 6.3% | 7.1% | 18.8% | 35.5% | 31.7% | 21.1% | 21.0% | 25.0% | 0.0% |
| Net Income | 3.9B | 3.9B | 3.7B | 5.1B | 4.3B | 4.3B | 2.7B | 5.4B | 5.7B | 5.1B | 5.5B | 6.6B | 6.9B |
| Net Margin | 24.2% | 23.7% | 22.3% | 28.0% | 22.3% | 20.8% | 14.9% | 27.5% | 24.2% | 16.1% | 16.0% | 19.3% | 28.8% |
| Non-Recurring | 35M | 0 | 0 | 0 | 0 | 0 | 5.7B | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 7.8% | 6.8% | 9.1% | 8.1% | 8.7% | 4.7% | 8.2% | 6.7% | 4.5% | 4.6% | 5.6% | 0.0% |
| ROE | 9.1% | 8.7% | 8.1% | 10.8% | 8.9% | 8.8% | 5.3% | 9.9% | 11.3% | 10.6% | 10.4% | 11.4% | 10.8% |
| ROA | 1.2% | 1.1% | 1.0% | 1.4% | 1.1% | 1.1% | 0.6% | 1.1% | 1.0% | 0.9% | 1.0% | 1.2% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.6B | 5.5B | 3.5B | 5.6B | 7.8B | 7.4B | 4.7B | 7.2B | 9.1B | 10.1B | 7.9B | 4.4B | 6.8B |
| Free Cash Flow | 5.6B | 5.5B | 3.5B | 5.6B | 7.8B | 7.4B | 4.7B | 7.2B | 9.1B | 10.1B | 7.9B | 4.4B | 0 |
| Owner Earnings | 4.6B | 4.5B | 2.5B | 4.5B | 6.6B | 6.1B | 3.5B | 5.9B | 7.6B | 8.7B | 7.4B | 3.7B | -4.5B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 776M | 809M | 843M | 921M | 940M | 1.0B | 983M | 1.1B | 1.1B | 1.1B | 259M | 381M | 11.1B |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 776M | 809M | 843M | 921M | 940M | 1.0B | 983M | 1.1B | 1.1B | 1.1B | 259M | 381M | 11.1B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.0B | 1.0B | 1.1B | 1.3B | 1.6B | 1.9B | 2.0B | 2.1B | 2.4B | 2.5B | 2.5B | 2.6B | 2.7B |
| Dividend Yield | 3.1% | 3.0% | 3.2% | 2.7% | 3.7% | 4.7% | 12.8% | 3.1% | 3.9% | 5.2% | 4.0% | 3.6% | 1.9% |
| Share Buybacks | 1.2B | 2.2B | 2.1B | 2.4B | 2.9B | 3.6B | 1.6B | 1.1B | 3.7B | 651M | 687M | 1.3B | 1.9B |
| Buyback Yield | 3.3% | 5.9% | 4.7% | 4.6% | 6.8% | 6.2% | 3.1% | 1.5% | 6.6% | 1.1% | 0.9% | 1.6% | 1.3% |
| Stock-Based Comp | 200M | 200M | 200M | 200M | 254M | 218M | 213M | 207M | 322M | 219M | 214M | 256M | 256M |
| Debt Repayment | 109M | 9.0M | 272M | 459M | 20M | 495M | 123M | 44M | 636M | 549M | 431M | 377M | 377M |
| Balance Sheet | |||||||||||||
| Net Debt | 52.4B | 50.5B | 47.8B | -3.2B | -11.6B | -14.0B | -57.2B | -51.5B | 25.0B | 21.5B | 15.9B | 17.0B | 35.3B |
| Cash & Equiv. | 4.4B | 4.1B | 4.9B | 5.2B | 5.6B | 5.1B | 7.0B | 82.3B | 34.4B | 50.7B | 46.3B | 39.7B | 31.7B |
| Long-Term Debt | 745M | 8.7B | 9.0B | 8.4B | 1.2B | 744M | 11.6B | 11.1B | 58.7B | 72.7B | 61.7B | 57.1B | 66.7B |
| Debt/Equity | 1.27 | 1.22 | 1.15 | 1.24 | 1.20 | 1.22 | 0.69 | 0.55 | 1.30 | 1.41 | 1.14 | 0.94 | 1.05 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 44.6B | 44.7B | 45.7B | 47.5B | 47.7B | 49.3B | 54.0B | 55.7B | 45.8B | 51.1B | 54.4B | 60.6B | 63.6B |
| Total Assets | 345.1B | 358.5B | 366.4B | 380.8B | 382.3B | 410.3B | 466.7B | 557.2B | 557.3B | 561.6B | 560.0B | 573.6B | 603.0B |
| Total Liabilities | 299.0B | 312.5B | 319.5B | 333.2B | 334.5B | 361.0B | 412.6B | 501.5B | 511.5B | 510.4B | 505.6B | 512.9B | 539.4B |
| Intangibles | 493M | 379M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 26.2B | 29.0B | 31.7B | 35.5B | 38.9B | 42.2B | 46.8B | 50.2B | 53.6B | 56.3B | 59.3B | 63.3B | 64.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 7.30 | 7.39 | 7.30 | 10.36 | 10.71 | 11.39 | 16.96 | 12.70 | 13.85 | 12.79 | 13.74 | 16.59 | 12.53 |
| Owner EPS | 8.55 | 8.64 | 4.90 | 9.14 | 16.73 | 16.24 | 21.62 | 13.95 | 18.49 | 21.81 | 18.52 | 9.45 | -8.06 |
| Book Value | 82.63 | 85.51 | 91.10 | 97.41 | 120.13 | 131.11 | 337.26 | 130.77 | 111.07 | 127.51 | 136.06 | 152.84 | 114.19 |
| Cash Flow/Share | 10.36 | 10.57 | 6.98 | 11.44 | 19.73 | 19.58 | 29.09 | 16.94 | 22.04 | 25.23 | 19.70 | 11.06 | 32.14 |
| Dividends/Share | 1.85 | 2.01 | 2.12 | 2.60 | 4.03 | 5.04 | 12.36 | 4.80 | 5.75 | 6.10 | 6.30 | 6.60 | 4.83 |
| Shares Out. | 539.2M | 522.9M | 501.6M | 487.7M | 397.3M | 376.1M | 160.1M | 425.9M | 412.1M | 400.8M | 400.0M | 396.4M | 557.2M |
| Valuation | |||||||||||||
| P/E Ratio | 8.9 | 9.3 | 11.8 | 10.6 | 8.3 | 11.2 | 7.2 | 13.5 | 9.9 | 11.2 | 13.5 | 12.8 | 20.0 |
| P/FCF | 6.3 | 6.5 | 12.4 | 9.6 | 4.5 | 6.5 | 4.2 | 10.1 | 6.2 | 5.7 | 9.4 | 19.2 | N/A |
| EV/EBIT | 60.1 | 61.8 | 77.0 | 95.0 | 25.3 | 4.4 | 8.3 | 12.2 | 10.7 | 9.1 | 8.0 | 8.2 | N/A |
| Price/Book | 0.8 | 0.8 | 1.0 | 1.1 | 0.9 | 1.2 | 1.0 | 1.3 | 1.2 | 1.1 | 1.4 | 1.4 | 2.2 |
| Price/Sales | 2.1 | 2.3 | 2.2 | 2.8 | 3.0 | 2.8 | 2.5 | 3.5 | 2.9 | 2.2 | 3.0 | 3.2 | 5.9 |
| FCF Yield | 15.9% | 15.3% | 8.0% | 10.4% | 18.7% | 12.8% | 8.9% | 9.8% | 16.0% | 17.5% | 10.6% | 5.2% | N/A |
| Market Cap | 35.2B | 36.2B | 43.6B | 53.7B | 42.0B | 57.6B | 52.1B | 73.2B | 56.7B | 57.8B | 74.4B | 84.7B | 139.9B |
| Avg. Price | 58.90 | 66.17 | 65.72 | 94.86 | 108.75 | 106.21 | 96.53 | 156.37 | 149.39 | 119.21 | 159.94 | 182.91 | 250.99 |
| Year-End Price | 65.03 | 68.94 | 86.24 | 109.57 | 88.92 | 127.91 | 121.40 | 171.13 | 137.03 | 143.35 | 184.96 | 212.26 | 250.99 |
PNC FINANCIAL SERVICES GROUP, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
PNC FINANCIAL SERVICES GROUP, INC. trades at 15.1x trailing earnings, compared to its 15-year median P/E of 11.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 22.8x vs a median of 8.0x. The company's 5-year average ROIC is 5.9%. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +5.4%.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) reported annual revenue of $34.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a net profit margin of 19.3%. This is a healthy margin.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) generated $4.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a debt-to-equity ratio of 0.94. This indicates moderate leverage.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) reported earnings per share (EPS) of $16.59 in its most recent fiscal year.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a return on equity (ROE) of 11.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for PNC FINANCIAL SERVICES GROUP, INC. (PNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PNC FINANCIAL SERVICES GROUP, INC. (PNC) has a book value per share of $152.84, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to deploy capital through continued quarterly share repurchases in the range of $600 million to $700 million throughout 2026, while executing the FirstBank integration with approximately $325 million in non-recurring merger and integration costs concentrated in the first half of the year. The company anticipates FirstBank will generate an annualized earnings run rate of approximately $1 per share by the end of 2026, with full integration expected by year-end and incremental contribution of approximately $1 per share to 2027 results. PNC is pursuing one of its largest investment agendas, including significant technology initiatives, payments capabilities, consumer rewards platforms, and branch expansions, while maintaining its $350 million annual Continuous Improvement Program cost-savings target independent of the acquisition. Management expects to exit 2026 with return on tangible common equity approaching 18%, with further improvement anticipated in 2027 driven by operating leverage and growth.
Based on recent SEC filings and earnings calls, PNC FINANCIAL SERVICES GROUP, INC. (PNC) has provided the following forward guidance: Full year average loan growth: approximately 11% (FY2026); Full year net interest income: up approximately 14.5% (FY2026); Full year non-interest income: up approximately 6% (FY2026); Full year total revenue: up approximately 11% (FY2026); Full year non-interest expense (excluding integration expenses): up approximately 7% (FY2026), plus 4 additional metrics.
Full year net interest income (FY2026): “We expect full year net interest income to be up approximately 14.5%.”
Full year non-interest income (FY2026): “We expect non-interest income to be up approximately 6%.”
Full year total revenue (FY2026): “Taking the component pieces of revenue together, we expect total revenue to be up approximately 11%”
Full year non-interest expense (excluding integration expenses) (FY2026): “non-interest expense, excluding integration expenses, to be up approximately 7%”
Effective tax rate (FY2026): “we expect our effective tax rate to be approximately 19.5%”
Quarterly share repurchases (FY2026): “We continue to expect quarterly repurchases to be in the range of $600 million-$700 million going forward.”
Non-recurring merger and integration costs (FY2026): “Our expectation for non-recurring merger and integration costs is approximately $325 million.”