olivLaw · US equity research
The PNC Financial Services Group, Inc. PNC
National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)
PNC Financial Services Group is a Pittsburgh-based financial services holding company and one of the largest diversified financial institutions in the U.S., with total assets of $573.6 billion at December 31, 2025. The January 2026 FirstBank acquisition added $26.4 billion of assets, and the third quarter 2026 release reported net income of $2.1 billion and diluted EPS of $4.97.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The PNC Financial Services Group, Inc. (PNC) stock was 233.45 USD (+1.76% on the day), with market capitalisation 92.6 bn USD, P/E 12.2 on diluted EPS of 19.20 USD over the last 12 months, dividend yield 3.04%, beta 0.87, 52-week range 179.04–256.97 USD. Latest reported quarter (Q3 2026): revenue of 6.6 bn USD (+10.9% YoY), net income of 2.1 bn USD (+15.1% YoY), diluted EPS 4.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.9
- strong (55–70)
- Bollinger (20, 2)
- 212.53 – 234.83
- in the upper half of the band · %B 0.94 · band width 10.0%
- SMA 50 / 200
- 229.34 / 229.14
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.17 / -0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.0% | −1.1% | +7.1 pp | — |
| 3 months | −8.6% | −0.5% | −8.1 pp | — |
| 6 months | +5.0% | +4.4% | +0.6 pp | — |
| Year to date | +11.8% | +12.3% | −0.5 pp | — |
| 1 year | +27.6% | +13.5% | +14.1 pp | +8.0% |
| 3 years | +89.5% | +76.4% | +13.1 pp | +74.0% |
| 5 years | +12.7% | +63.7% | −51.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 5.5 bn | 5.7 bn | 5.9 bn | 6.1 bn | 6.2 bn | 6.9 bn | 6.6 bn |
| Depreciation & amortisation | -587.0 m | 90.0 m | 82.0 m ≈ | 101.0 m ≈ | 108.0 m | 66.0 m | 107.0 m ≈ | 127.0 m ≈ |
| Pre-tax income | 1.9 bn | 1.8 bn | 2.0 bn | 2.3 bn | 2.3 bn | 2.2 bn | 2.6 bn | 2.6 bn |
| Income tax | 278.0 m | 347.0 m | 381.0 m | 465.0 m | 296.0 m | 415.0 m | 531.0 m | 525.0 m |
| Net income | 1.6 bn | 1.5 bn | 1.6 bn | 1.8 bn | 2.1 bn | 1.8 bn | 2.0 bn | 2.1 bn |
| Diluted EPS | 4.07 ≈ | 3.51 | 3.85 | 4.35 | 5.29 ≈ | 4.13 | 4.81 | 4.97 |
| Operating cash flow | 1.8 bn | -509.0 m | 1.5 bn ≈ | 2.7 bn ≈ | 757.0 m | 1.9 bn | 2.1 bn ≈ | 3.1 bn ≈ |
| Dividends paid | 644.0 m | 639.0 m | 642.0 m ≈ | 678.0 m ≈ | 676.0 m | 696.0 m | 691.0 m ≈ | 809.0 m ≈ |
| Share repurchases | 221.0 m | 262.0 m | 336.0 m ≈ | 334.0 m ≈ | 406.0 m | 796.0 m | 622.0 m ≈ | 566.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 45 percentile of its own 44-quarter history (min 6.4, median 12.2, max 16.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.2 bn | 16.8 bn | 16.9 bn | 19.2 bn | 21.1 bn | 21.5 bn | 21.6 bn | 23.1 bn |
| Revenue YoY | −0.9% | +4.0% | +0.4% | +13.7% | +9.9% | +1.8% | +0.3% | +7.2% |
| Net income | 5.3 bn | 5.4 bn | 7.6 bn | 5.7 bn | 6.1 bn | 5.6 bn | 6.0 bn | 7.0 bn |
| Net income YoY | −0.8% | +1.3% | +39.5% | −24.3% | +6.8% | −7.6% | +5.4% | +17.5% |
| Diluted EPS | 10.71 | 11.39 | 16.96 | 12.70 | 13.85 | 12.79 | 13.74 | 16.59 |
| Diluted EPS YoY | +3.4% | +6.3% | +48.9% | −25.1% | +9.1% | −7.7% | +7.4% | +20.7% |
| net % | 33.0% | 32.2% | 44.7% | 29.8% | 28.9% | 26.3% | 27.6% | 30.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 39.7 bn USD
- Financial debt
- 57.1 bn USD
- Net debt
- 17.4 bn USD
- Equity
- 60.6 bn USD
- Total assets
- 573.6 bn USD
- Debt / equity
- 0.94x
- Current ratio
- unavailable
- ROE
- 12.2%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 9.9 bn | 10.6 bn | 13.0 bn | 13.9 bn | 13.5 bn | 14.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Net fee income | 7.0 bn | 8.6 bn | 8.1 bn | 7.6 bn | 8.1 bn | 8.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Non-interest expense | 10.3 bn | 13.0 bn | 13.2 bn | 14.0 bn | 13.5 bn | 13.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 3.4 bn | 7.0 bn | 7.5 bn | 6.7 bn | 7.2 bn | 8.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 7.6 bn | 5.7 bn | 6.1 bn | 5.6 bn | 6.0 bn | 7.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 16.96 | 12.70 | 13.85 | 12.79 | 13.74 | 16.59 | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | — | 4.80 | 5.75 | 6.10 | 6.30 | 6.60 | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.0 bn | 82.3 bn | 34.4 bn | 50.7 bn | 46.3 bn | 39.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Loans | 236.6 bn | 283.5 bn | 321.3 bn | 316.7 bn | 312.0 bn | 327.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 466.7 bn | 557.2 bn | 557.3 bn | 561.6 bn | 560.0 bn | 573.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Deposits | 365.3 bn | 457.3 bn | 436.3 bn | 421.4 bn | 426.7 bn | 440.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | — | — | 58.7 bn | 72.7 bn | 61.7 bn | 57.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 412.6 bn | 501.5 bn | 511.5 bn | 510.4 bn | 505.6 bn | 512.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 54.0 bn | 55.7 bn | 45.8 bn | 51.1 bn | 54.5 bn | 60.6 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 2.0 bn | 2.1 bn | 2.4 bn | 2.5 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 1.6 bn | 1.1 bn | 3.7 bn | 651.0 m | 687.0 m | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 92.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation31
- Returns50
- Quality66
- Balance sheet49
- Growth43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 86.73 – 288.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income167.07 – 174.65 (Mid 170.80)
- Justified P/B214.43 – 288.36 (Mid 245.96)
- Dividend discount (DDM)86.73 – 116.64 (Mid 99.49)
- Peers: P/E228.19 – 233.99 (Mid 232.26)7 companies used · median multiple 12.1x · quartiles 11.9x – 12.2xBAC, COF, HBAN, KEY, RF, USB, WFC
- Peers: P/B173.77 – 210.12 (Mid 194.73)8 companies used · median multiple 1.2x · quartiles 1.1x – 1.3xBAC, C, COF, HBAN, KEY, RF, USB, WFC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 13.1% | 100 (vs peers) | 19% |
| ROA · Quality | 1.3% | 67 (on a fixed band) | 7% |
| Cost-to-income · Quality | 59.3% | 23 (on a fixed band) | 12% |
| Net interest margin · Quality | 2.7% | 47 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 6.2% | 52 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 3.0% | 30 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 80.3% | 49 (on a fixed band) | 5% |
| P/B · Valuation | 1.5x | 13 (vs peers) | 12% |
| P/E (TTM) · Valuation | 12.2x | 50 (vs peers) | 12% |
| Dividend yield · Returns | 3.0% | 50 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial49/100 · 1/3 factors with a value
- Growth43/100 · 2/2 factors with a value
- Quality66/100 · 4/4 factors with a value
- Returns50/100 · 1/1 factors with a value
- Valuation31/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PNC Financial Services Group, Inc. (PNC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 14.4 bn USD in 2025; YoY growth 7.2%; net margin 31.1%; ROE 13.1%.
The estimated value range is 173.77–210.12 USD per share (median of 5 methods, agreement: medium); assumptions are illustrative. Against the central value of 194.73 USD, the price of 233.45 USD leaves a potential of -16.6% (value / price − 1) and a margin of safety of -19.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 13.1%
What contradicts it
- Cost-to-income: 59.3%
- P/B: 1.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 11.2 bn and 719.8 bn (within 8× of the company's); 32 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BACBofA Finance LLC | 356.3 bn | 12.2 | 10.8% | 26.8% | +6.8% | −4% / +69% |
| WFCWells Fargo & Company | 262.5 bn | 12.2 | 12.9% | — | −1.6% | +2% / +96% |
| CCitigroup Inc | 218.2 bn | 17.8 | 6.8% | 16.8% | +5.6% | +20% / +171% |
| COFCapital One Financial Corp | 124.1 bn | 12.1 | 9.7% | 17.2% | +36.6% | −6% / +85% |
| USBUs Bancorp \de\ | 95.1 bn | 12.0 | 12.7% | 27.5% | +4.4% | +24% / +60% |
| PNCPNC Financial Services Group, Inc. | 92.6 bn | 12.2 | 13.1% | 31.1% | +7.2% | +28% / +89% |
| HBANHuntington Bancshares Incorporated | 32.4 bn | 12.9 | 9.1% | 133.3% | +6.4% | −1% / +43% |
| RFRegions Financial Corporation | 24.7 bn | 11.7 | 11.9% | — | +23.8% | +14% / +74% |
| KEYKeyCorp | 22.8 bn | 11.6 | 11.2% | 26.6% | +62.7% | +17% / +74% |
1- and 3-year price returns: for PNC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 142.27 Total return -37% · Per year -37% | 251.70 Total return 11% · Per year 11% | 379.38 Total return 66% · Per year 66% |
| 3 years | 134.03 Total return -35% · Per year -14% | 267.19 Total return 25% · Per year 8% | 442.75 Total return 102% · Per year 27% |
| 5 years | 126.26 Total return -34% · Per year -8% | 283.63 Total return 39% · Per year 7% | 516.72 Total return 145% · Per year 20% |
- Exit P/E± 66.80
- Net margin± 46.76
- Annual revenue growth± 38.93
- Annual dilution± 3.93
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
In brief
PNC Financial Services Group is a Pittsburgh-based financial services holding company and one of the largest diversified financial institutions in the U.S., with total assets of $573.6 billion at December 31, 2025 1. The January 2026 FirstBank acquisition added $26.4 billion of assets 1, and the third quarter 2026 release reported net income of $2.1 billion and diluted EPS of $4.97 3.
SWOT
Strengths
- A broad deposit base and a nationwide diversified network give stable funding and a wide product range for retail and corporate clients 1.
- A solid capital position, with a well capitalized classification, supports shareholder distributions and acquisition flexibility 13.
- Diversification across banking, capital markets and asset management has supported fee income growth 1.
Weaknesses
Opportunities
Risks
- Loan portfolio qualityhigh
Rising commercial nonperforming loans and provisions could weigh on profitability if the economy weakens 13.
- Federal Reserve policymedium
Uncertainty about the pace of rate cuts could produce market volatility and pressure on margins 1.
- FirstBank integrationmedium
Difficulties in integrating customers and staff could delay synergies and raise operating costs 23.
- Regulation and compliancemedium
Changes to Basel III or long-term debt requirements could force capital adjustments 1.
- Visa litigation and derivativeslow
Visa-related derivative and litigation effects could create recurring though relatively small revenue adjustments 3.
Investment thesis
What would need to be true (bull case)
- If revenue growth from interest and fees continues and efficiency keeps improving, profitability could stay elevated 23.
- The FirstBank deal and digital expansion could add stable, longer-term customers and deposits 12.
- A strong capital position could allow steady shareholder distributions and further strategic acquisitions 13.
What would break the thesis
What to watch
- Trajectory of net interest margin and fee incomeQ4 2026
- FirstBank integration and related expense levelsQ1 2027
- Commercial loan quality and provision levelsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
The business
PNC conducts most of its business through PNC Bank, spanning retail banking, corporate and institutional banking and asset management, with a coast-to-coast branch network and strategic offices in four countries outside the U.S. 1. At December 31, 2025, total deposits were $440.9 billion and shareholders' equity $60.6 billion 1. The company is supervised by the Federal Reserve as a bank holding company, and PNC Bank by the OCC 1.
Stated strategy focuses on growing customers, loans and deposits, expanding into new markets and digital platforms, deepening relationships and using technology for efficiency 1. Capital priorities are to support customers, fund investments and return excess capital to shareholders 2.
Segments
Corporate and institutional banking
This line serves corporations and government entities with corporate banking, real estate finance and asset-based lending, and capital markets and advisory fees were a growth driver in 2025 1.
Asset and wealth management
Wealth and asset management contribute fee income, and asset management and brokerage income rose in 2025 1.
Market context
PNC operates as one of the largest diversified U.S. financial institutions, with most activity domestic and international exposure limited to four countries, so foreign economic conditions have a relatively small direct effect 1.
Loan and deposit growth in 2026, supported by the FirstBank deal and commercial demand, could strengthen PNC's position in western markets if integration stays on track 23.
Trends
- Consolidation through acquisitionmixed
The FirstBank acquisition brought new customers and deposits but also integration costs, and could support growth over time if synergies materialise 12.
- Capital and liquidity regulationheadwind
Proposed federal Basel III implementation and long-term debt rules could raise compliance costs, though PNC remains a Category III institution with lighter requirements 1.
- Credit qualitymixed
Net charge-offs fell in 2025 and stayed moderate in 2026, but higher commercial nonperforming loans in the third quarter of 2026 could signal a trend to monitor 13.
Competitive position
PNC competes with other large diversified U.S. banks, with sources pointing to competitors in corporate, retail and asset management markets.
Positioning depends on PNC keeping deposits and commercial clients in a competitive setting where rivals can offer similar terms, and the durability of its advantages remains uncertain 1.
- Other large U.S. commercial banks
Direct competition in retail and corporate banking across the national branch footprint 1.
- Regional banks with concentrated markets
Local competition for commercial loans and deposits, where PNC aims to expand through acquisitions and digital reach 2.
- Digital financial service providers
Pressure on payment fees and retail customers, an area where PNC invests in digital platforms 1.
- Brokerage and asset management firms
Competition for wealth management and capital markets revenue, where PNC reported growth in 2025 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- PNC Financial Services Stock: Is PNC Underperforming the Financials Sector?Yahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report23 Oct 2026Other events · Financial statements and exhibits
- Current report15 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Current report29 Sept 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report21 Jul 2026Other events · Financial statements and exhibits
- Current report15 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The PNC Financial Services Group, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The PNC Financial Services Group, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The PNC Financial Services Group, Inc. · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.