olivLaw · US equity research
Truist Financial Corporation TFC
National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)
Truist Financial Corporation is a U.S. commercial bank headquartered in Charlotte, North Carolina, with total assets of 547.5 bn USD and 1,927 branches at 31 December 2025. It reported diluted EPS of 3.82 USD for 2025, and in the third quarter of 2026 diluted EPS was 0.56 USD with adjusted diluted EPS of 1.16 USD after securities and RAC-related losses.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Truist Financial Corporation (TFC) stock was 49.84 USD (−2.02% on the day), with market capitalisation 59.7 bn USD, P/E 12.7 on diluted EPS of 3.93 USD over the last 12 months, dividend yield 4.17%, beta 0.99, 52-week range 43.83–55.81 USD. Latest reported quarter (Q3 2026): net income of 799.0 m USD (−45.0% YoY), diluted EPS 0.56 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)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 45.04 – 50.99
- in the upper half of the band · %B 0.81 · band width 12.4%
- SMA 50 / 200
- 48.35 / 49.50
- mixed trend
- MACD (12, 26, 9)
- 0.62 / 0.27
- 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 | +7.8% | −5.9% | +13.7 pp | — |
| 3 months | −5.2% | −4.6% | −0.6 pp | — |
| 6 months | +0.2% | +0.2% | −0.0 pp | — |
| Year to date | +1.3% | +7.4% | −6.1 pp | — |
| 1 year | +13.1% | +8.2% | +4.9 pp | +5.2% |
| 3 years | +62.1% | +68.4% | −6.3 pp | +69.8% |
| 5 years | −22.5% | +56.5% | −79.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Pre-tax income | 1.6 bn | 1.5 bn | 1.5 bn | 1.7 bn | 1.6 bn | 1.7 bn | 1.8 bn | 895.0 m |
| Income tax | 265.0 m | 274.0 m | 273.0 m | 285.0 m | 210.0 m | 209.0 m | 262.0 m | 96.0 m |
| Net income | 1.3 bn | 1.3 bn | 1.2 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.6 bn | 799.0 m |
| Diluted EPS | 0.97 ≈ | 0.87 | 0.90 | 1.04 | 1.05 ≈ | 1.09 | 1.23 | 0.56 |
| Operating cash flow | 775.0 m | 746.0 m | 914.0 m ≈ | 1.5 bn ≈ | 2.6 bn | 679.0 m | 1.0 bn ≈ | 1.8 bn ≈ |
| Dividends paid | 685.0 m | 679.0 m | 670.0 m ≈ | 665.0 m ≈ | 658.0 m | 645.0 m | 636.0 m ≈ | 629.0 m ≈ |
| Share repurchases | 500.0 m | 500.0 m | 750.0 m ≈ | 500.0 m ≈ | 750.0 m | 1.1 bn | 1.2 bn ≈ | 1.2 bn ≈ |
≈ 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 40-quarter history (min 6.9, median 12.8, max 17.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 3.3 bn | 3.2 bn | 4.5 bn | 6.4 bn | 6.3 bn | -1.0 bn | 4.8 bn | 5.3 bn |
| Net income YoY | +34.9% | −0.6% | +38.8% | +43.3% | −2.6% | −116.7% | unavailable | +9.6% |
| Diluted EPS | 3.91 | 3.71 | 3.08 | 4.47 | 4.43 | -1.09 | 3.36 | 3.82 |
| Diluted EPS YoY | +42.7% | −5.1% | −17.0% | +45.1% | −0.9% | −124.6% | unavailable | +13.7% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 4.0 bn | 1.3 bn | 6.6 bn | 7.5 bn | 10.5 bn | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 36.4 bn USD
- Financial debt
- 69.8 bn USD
- Net debt
- 33.4 bn USD
- Equity
- 65.2 bn USD
- Total assets
- 547.5 bn USD
- Debt / equity
- 1.07x
- Current ratio
- unavailable
- ROE
- 8.2%
- ROA
- 1.0%
- 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 | 13.8 bn | 13.0 bn | 14.3 bn | 14.5 bn | 14.1 bn | 14.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net fee income | 8.9 bn | 9.3 bn | 5.7 bn | 5.5 bn | -813.0 m | 5.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Non-interest expense | 14.9 bn | 15.1 bn | 12.2 bn | 18.7 bn | 12.0 bn | 12.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 5.5 bn | 8.0 bn | 7.0 bn | -765.0 m | -601.0 m | 6.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 4.5 bn | 6.4 bn | 6.3 bn | -1.0 bn | 4.8 bn | 5.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 3.08 | 4.47 | 4.43 | -1.09 | 3.36 | 3.82 | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.80 | 1.86 | 2.00 | 2.08 | 2.08 | 2.08 | SEC (XBRL)· 24 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 18.9 bn | 20.3 bn | 21.4 bn | 30.6 bn | 39.8 bn | 36.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Loans | 293.9 bn | 285.1 bn | 321.6 bn | 307.3 bn | 301.5 bn | 323.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 509.2 bn | 541.2 bn | 555.3 bn | 535.3 bn | 531.2 bn | 547.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Deposits | 381.1 bn | 416.5 bn | 413.5 bn | 395.9 bn | 390.5 bn | 400.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 6.1 bn | 5.3 bn | 23.4 bn | 24.8 bn | 29.2 bn | 27.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 39.6 bn | 35.9 bn | 43.2 bn | 38.9 bn | 35.0 bn | 42.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 438.3 bn | 472.0 bn | 494.7 bn | 476.1 bn | 467.5 bn | 482.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 70.9 bn | 69.3 bn | 60.5 bn | 59.3 bn | 63.7 bn | 65.2 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 2.4 bn | 2.5 bn | 2.7 bn | 2.8 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 1.6 bn | 250.0 m | 0 | 1.0 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 36 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 59.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality20
- Growth0
- Valuation56
- Returns100
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: 27.33 – 72.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income49.25 – 51.45 (Mid 50.33)
- Justified P/B39.05 – 52.51 (Mid 44.79)
- Dividend discount (DDM)27.33 – 36.76 (Mid 31.35)
- Peers: P/E45.73 – 46.77 (Mid 46.45)7 companies used · median multiple 11.8x · quartiles 11.6x – 11.9xBAC, COF, HBAN, PNC, RF, USB, WFC
- Peers: P/B55.55 – 72.42 (Mid 62.62)8 companies used · median multiple 1.2x · quartiles 1.1x – 1.4xBAC, C, COF, HBAN, PNC, 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
Unattractive profile · Score 36/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 8.4% | 13 (vs peers) | 22% |
| ROA · Quality | 0.9% | 39 (on a fixed band) | 8% |
| Cost-to-income · Quality | 63.4% | 6 (on a fixed band) | 14% |
| Net interest margin · Quality | 2.7% | 46 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -4.8% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.0x | 100 (vs peers) | 14% |
| P/E (TTM) · Valuation | 12.7x | 13 (vs peers) | 14% |
| Dividend yield · Returns | 4.2% | 100 (vs peers) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality20/100 · 4/4 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation56/100 · 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
TRUIST FINANCIAL CORPORATION (TFC). 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; ROE 8.4%.
The estimated value range is 45.73–51.45 USD per share (median of 5 methods, agreement: medium); assumptions are illustrative. Against the central value of 46.45 USD, the price of 49.84 USD leaves a potential of -6.8% (value / price − 1) and a margin of safety of -7.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 36/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 1.0x
- Dividend yield: 4.2%
What contradicts it
- ROE: 8.4%
- Cost-to-income: 63.4%
- EPS CAGR 3Y: -4.8%
- P/E (TTM): 12.7x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, NPL ratio, Cost of risk, Loan-to-deposit.
Versus the vertical median
National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 7.4 bn and 473.2 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 | 343.4 bn | 11.7 | 10.8% | 26.8% | +6.8% | −7% / +63% |
| WFCWells Fargo & Company | 254.6 bn | 11.8 | 12.9% | — | −1.6% | −1% / +90% |
| CCitigroup Inc | 207.2 bn | 16.9 | 6.8% | 16.8% | +5.6% | +14% / +157% |
| COFCapital One Financial Corp | 122.6 bn | 11.9 | 9.7% | 17.2% | +36.6% | −7% / +83% |
| USBUs Bancorp \de\ | 93.1 bn | 11.5 | 12.9% | 27.6% | +4.4% | +22% / +57% |
| PNCPNC Financial Services Group, Inc. | 90.0 bn | 11.8 | 13.1% | 31.1% | +7.2% | +19% / +69% |
| TFCTruist Financial Corporation | 59.7 bn | 12.7 | 8.4% | — | unavailable | +13% / +62% |
| HBANHuntington Bancshares Incorporated | 31.5 bn | 12.6 | 9.1% | 133.3% | +6.4% | −4% / +39% |
| RFRegions Financial Corporation | 24.2 bn | 11.5 | 11.9% | — | +23.8% | +12% / +70% |
1- and 3-year price returns: for TFC 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
Scenarios are not available. input data missing
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 16 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
In brief
Truist Financial Corporation is a U.S. commercial bank headquartered in Charlotte, North Carolina, with total assets of 547.5 bn USD and 1,927 branches at 31 December 2025 1. It reported diluted EPS of 3.82 USD for 2025 1, and in the third quarter of 2026 diluted EPS was 0.56 USD with adjusted diluted EPS of 1.16 USD after securities and RAC-related losses 3.
SWOT
Strengths
- A broad deposit base in growing states and a leading position in several regional markets.
- Solid capital and liquidity indicators above regulatory minimums.
- Diversified activity across retail, corporate, investment banking and wealth management.
Weaknesses
- Net interest income is sensitive to falling rates and to changes in loan mix.
- Recent accounting losses from securities and loan portfolio sales.
- Rising operating costs for personnel and technology investment.
Opportunities
- Growth in middle-market corporate clients and investment banking revenue.
- Expansion of the digital platform for client acquisition and retention.
- Redeploying resources toward higher-return segments after simplifying the business.
Threats
- Competition from fintech companies and digital asset providers.
- An economic or real estate downturn that could raise credit losses.
- Regulatory changes and political scrutiny of the banking sector.
Risks
- Monetary policy riskhigh
Changes in monetary policy and uncertainty about interest rates could affect net interest margin and deposit costs 1.
- Credit riskhigh
If the economy weakens, commercial and retail borrowers could struggle to repay and losses could rise 1.
- Technology and cyber riskmedium
System failures or cyberattacks could disrupt operations and harm the bank's reputation 1.
- Regulatory riskmedium
Capital and liquidity requirements for large banks could limit growth and capital returns 1.
- Strategic execution risklow
If the reorganisation and asset sales do not deliver the expected results, investor confidence could weaken 12.
Investment thesis
What would need to be true (bull case)
- If deposit costs keep falling and lending recovers, the net interest margin could support higher profitability 2.
- A recovery in wealth management and investment banking income could diversify profit sources 3.
- Simplifying the business and focusing resources on core segments could improve return on capital over time 3.
What to watch
- Effect of the LightStream loan portfolio sale on lending incomeQ4 2026
- Trend in net interest margin and deposit costsQ1 2027
- Leadership transition and new strategic priorities2027
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 16 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
The business
Deposit market share is highest in Georgia at 21% with a first-place rank, and reaches 22% in Florida, where it ranks fourth 1. Virginia accounts for 14% of deposits and North Carolina for 13% 1. The franchise spans several states in the southeast and east of the U.S., making geography central to the model 1.
In mid-2026 the company announced a leadership succession, with a new President and CEO taking over in September 2026 and the outgoing CEO serving as Executive Chair through the 2027 annual meeting 2. The stated strategy aims to accelerate revenue growth, improve operating leverage and return more capital while maintaining risk discipline 1.
Segments
WB (wholesale banking and capital markets)
The WB segment includes commercial and corporate banking, investment banking and capital markets, wealth management and wholesale payments 1. The 2025 plan targeted a larger share of the commercial middle market through an industry banking approach and more fee income from existing clients 1.
Market context
Truist operates in growth markets across the southeast and east of the U.S., with significant deposit shares in Georgia, Florida, Virginia and North Carolina 1. Competition is intense, with banks, credit unions, asset managers and fintech companies among rivals 1. If regional economic conditions or monetary policy shift, lending and deposit income could be affected 1.
Recent quarters show stable net interest income and rising quarterly profit, while the cost of deposits has declined 2. If interest rates continue to fall, the net interest margin could come under pressure, while loan demand could gradually recover 2.
Trends
- Lower funding coststailwind
The average cost of deposits declined in 2026, which supports net interest margin if rates stay lower 2. The effect depends on rate developments and the deposit mix 2.
- Pressure on creditheadwind
The company notes that a weaker economy could lead to higher credit losses, particularly for commercial and real estate borrowers 1. Loss rates stayed contained but rose in the third quarter of 2026 3.
- Wealth management incomemixed
Wealth management income rose in the third quarter of 2026, reflecting favourable market performance 3. This income stream is sensitive to market levels and client preferences 1.
- Balance sheet reshapingmixed
The company sold securities and the RAC loan portfolio, producing accounting losses but improving its risk and liquidity profile 3. The long-term effect depends on redeploying resources into core businesses 3.
Competitive position
Truist competes with national and regional banks, small banks, credit unions, asset managers, brokers and fintech firms 1. Many rivals have greater scale, financial resources or lighter regulation, which could reduce the bank's market share 1. The company says it invests in its digital platform to stay competitive 1.
New entrants from fintech and digital assets intensify pressure on pricing and client terms 1. If these trends deepen, the bank could need to invest further in technology to maintain its position 1.
- Large national banks
Rivals with national scale and greater resources, referred to generically in the annual report.
- Regional and local banks
Rivals in the same states competing for deposits and loans from local clients.
- Credit unions
Non-bank institutions offering deposits and loans on competitive terms.
- Fintech and digital platforms
New entrants providing financial services directly to clients and through partnerships.
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.
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News & filings
In the press
- Truist Financial Sells $5.5B Auto Loan Portfolio, Reaffirms OutlookYahoo Finance — News · 16 Sept 2026 · EN
- Truist Financial Stock: Is TFC Outperforming the Financial Sector?Yahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 28 Oct 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 report28 Oct 2026
- Current report16 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report17 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Truist Financial Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Truist Financial Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Truist Financial Corporation · 16 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.