US BANCORP \DE\
$60.99
+0.52 (+0.86%) · delayed · Nov 13, 2026
Five-year price
52w $45.02 to $66.08
- Market cap
- $95.0B
- Enterprise value
- $65.3B
- P/E
- 13.2×
- 15.7× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 8.4%
- ROIC
- —
- Debt / equity
- 0.26
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 11.5%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 190% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.5%
- ●Shrinking share countDiluted shares -7.4% over 5y
Value
100
- ●P/E below 15P/E 13.2
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 8.4%
- ●Price below Graham NumberGraham Number $65.95
- ●P/B below 3P/B 1.5
Safety
100
- ●Debt / equity below 0.5D/E 0.26
- ●Debt payable in < 4 yrs of earningsNet debt $-29.7B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $28.7B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 26%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 15.7
- ○P/E × P/B ≤ 22.5Product 22.8
Valuation lab
What do you have to believe?
At $60.99, the market is pricing in about −6.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$29.7B · 1558M shares · 5y revenue CAGR 5.5%
Intrinsic value
$124.10
Price
$60.99
Margin of safety
51%
What the price implies
The market is paying for −6.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19,602 | 20,161 | 20,306 | 21,308 | 21,902 | 22,637 | 24,302 | 28,144 | 27,455 | 28,656 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 7,764 | 7,995 | 8,030 | 8,105 | 7,517 | 8,678 | 7,301 | 6,865 | 7,909 | 9,517 |
| Income tax | 2,032 | 2,087 | 2,097 | 2,161 | 1,264 | 1,554 | 1,463 | 1,407 | 1,580 | 1,921 |
| Net income | 5,836 | 5,851 | 5,879 | 5,888 | 6,218 | 7,096 | 5,825 | 5,429 | 6,299 | 7,570 |
| EPS (diluted) | 3.00 | 3.08 | 3.16 | 3.24 | 3.51 | 4.14 | 3.69 | 3.27 | 3.79 | 4.62 |
| Diluted shares | 1,849 | 1,813 | 1,772 | 1,724 | 1,683 | 1,638 | 1,490 | 1,543 | 1,561 | 1,558 |
Who owns it