olivLaw · US equity research
Fifth Third Bancorp FITB
State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)
Fifth Third Bancorp is a diversified bank holding company based in Cincinnati, with assets of about 214 billion USD at the end of 2025. After the Comerica acquisition closed in early 2026, the group is consolidating its position in the Southeast, Texas and California, and its first full post-merger quarter shows higher earnings.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Fifth Third Bancorp (FITB) stock was 54.72 USD (+1.46% on the day), with market capitalisation 49.4 bn USD, P/E 18.4 on diluted EPS of 2.97 USD over the last 12 months, dividend yield 2.96%, beta 0.97, 52-week range 41.12–59.37 USD. Latest reported quarter (Q3 2026): net income of 866.0 m USD (+33.4% YoY), diluted EPS 0.90 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)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 48.95 – 55.73
- in the upper half of the band · %B 0.85 · band width 13.0%
- SMA 50 / 200
- 52.71 / 52.11
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.65 / 0.28
- 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 | +7.7% | −1.1% | +8.8 pp | — |
| 3 months | −5.0% | −0.5% | −4.5 pp | — |
| 6 months | +7.6% | +4.4% | +3.2 pp | — |
| Year to date | +16.9% | +12.3% | +4.6 pp | — |
| 1 year | +29.8% | +13.5% | +16.3 pp | +35.5% |
| 3 years | +106.8% | +76.4% | +30.4 pp | +124.6% |
| 5 years | +24.1% | +63.7% | −39.5 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 |
|---|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | 124.0 m | 135.0 m | 138.0 m ≈ | 139.0 m ≈ | 142.0 m | 199.0 m | 205.0 m ≈ | 183.0 m ≈ |
| Pre-tax income | 765.0 m | 653.0 m | 808.0 m | 837.0 m | 913.0 m | 207.0 m | 1.0 bn | 1.1 bn |
| Income tax | 145.0 m | 138.0 m | 180.0 m | 188.0 m | 182.0 m | 42.0 m | 235.0 m | 242.0 m |
| Net income | 620.0 m | 515.0 m | 628.0 m | 649.0 m | 731.0 m | 165.0 m | 801.0 m | 866.0 m |
| Diluted EPS | 0.91 ≈ | 0.71 | 0.88 | 0.91 | 1.09 ≈ | 0.15 | 0.83 | 0.90 |
| Operating cash flow | -101.0 m | 1.2 bn | 1.3 bn ≈ | 1.0 bn ≈ | 929.0 m | -1.1 bn | 2.8 bn ≈ | 835.0 m ≈ |
| Capex | 145.0 m | 117.0 m | 143.0 m ≈ | 160.0 m ≈ | 164.0 m | 146.0 m | 174.0 m ≈ | 184.0 m ≈ |
| Dividends paid | 289.0 m | 297.0 m | 284.0 m ≈ | 285.0 m ≈ | 297.0 m | 308.0 m | 402.0 m ≈ | 403.0 m ≈ |
| Share repurchases | 300.0 m | 225.0 m | 0 ≈ | 300.0 m ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ 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 98 percentile of its own 44-quarter history (min 6.4, median 10.5, max 18.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 549.0 m | 565.0 m | 559.0 m | 600.0 m | 589.0 m | 577.0 m | unavailable | unavailable |
| Revenue YoY | −0.9% | +2.9% | −1.1% | +7.3% | −1.8% | −2.0% | unavailable | unavailable |
| Net income | 2.2 bn | 2.5 bn | 1.4 bn | 2.8 bn | 2.4 bn | 2.3 bn | 2.3 bn | 2.5 bn |
| Net income YoY | +0.6% | +14.5% | −43.2% | +94.1% | −11.7% | −4.0% | −1.5% | +9.0% |
| Diluted EPS | 3.06 | 3.33 | 1.83 | 3.73 | 3.35 | 3.22 | 3.14 | 3.53 |
| Diluted EPS YoY | +8.9% | +8.8% | −45.0% | +103.8% | −10.2% | −3.9% | −2.5% | +12.4% |
| net % | 399.5% | 444.6% | 255.3% | 461.7% | 415.3% | 407.1% | unavailable | unavailable |
| Free cash flow | 2.7 bn | 1.6 bn | 66.0 m | 2.4 bn | 6.1 bn | 4.0 bn | 2.4 bn | 3.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 bn USD
- Financial debt
- 14.5 bn USD
- Net debt
- 11.0 bn USD
- Equity
- 21.7 bn USD
- Total assets
- 214.4 bn USD
- Debt / equity
- 0.67x
- 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 | 4.8 bn | 4.8 bn | 5.6 bn | 5.8 bn | 5.6 bn | 6.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net fee income | 2.8 bn | 3.1 bn | 2.8 bn | 2.9 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Non-interest expense | 4.7 bn | 4.7 bn | 4.7 bn | 5.2 bn | 5.0 bn | 5.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 1.8 bn | 3.5 bn | 3.1 bn | 3.0 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 1.4 bn | 2.8 bn | 2.4 bn | 2.3 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.83 | 3.73 | 3.35 | 3.22 | 3.14 | 3.53 | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.08 | 1.14 | 1.26 | 1.36 | 1.44 | 1.54 | SEC (XBRL)· 24 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 bn | 3.0 bn | 3.5 bn | 3.1 bn | 3.0 bn | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Loans | 106.3 bn | 110.2 bn | 119.3 bn | 114.9 bn | 117.4 bn | 120.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 204.7 bn | 211.1 bn | 207.5 bn | 214.6 bn | 212.9 bn | 214.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Deposits | 159.1 bn | 169.3 bn | 163.7 bn | 168.9 bn | 167.3 bn | 171.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | — | — | — | 4.7 bn | 926.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 15.0 bn | 11.8 bn | 13.7 bn | 16.4 bn | 14.3 bn | 13.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 181.6 bn | 188.9 bn | 190.1 bn | 195.4 bn | 193.3 bn | 192.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 23.1 bn | 22.2 bn | 17.3 bn | 19.2 bn † | 19.6 bn † | 21.7 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 858.0 m | 897.0 m | 927.0 m | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 1.4 bn | 100.0 m | 200.0 m | 625.0 m | 525.0 m | 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: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 49.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation33
- Returns100
- Quality29
- Balance sheet65
- Growth62
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: 20.24 – 83.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income36.15 – 37.77 (Mid 36.94)
- Justified P/B32.70 – 43.98 (Mid 37.51)
- Dividend discount (DDM)20.24 – 27.22 (Mid 23.21)
- Peers: P/E38.28 – 40.78 (Mid 38.73)5 companies used · median multiple 13.0x · quartiles 12.9x – 13.7xCFG, EWBC, MTB, NTRS, STT
- Peers: P/B47.22 – 83.47 (Mid 66.88)6 companies used · median multiple 1.8x · quartiles 1.3x – 2.3xBNY, CFG, EWBC, MTB, NTRS, STT
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 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 9.4% | 29 (vs peers) | 19% |
| ROA · Quality | 1.0% | 43 (on a fixed band) | 7% |
| Cost-to-income · Quality | 67.1% | 0 (on a fixed band) | 12% |
| Net interest margin · Quality | 3.1% | 64 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 20.7% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.1% | 11 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 74.1% | 65 (on a fixed band) | 5% |
| P/B · Valuation | 1.5x | 67 (vs peers) | 12% |
| P/E (TTM) · Valuation | 18.4x | 0 (vs peers) | 12% |
| Dividend yield · Returns | 3.0% | 100 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial65/100 · 1/3 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality29/100 · 4/4 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation33/100 · 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
Fifth Third Bancorp (FITB). Latest full fiscal year: 2023; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 6.0 bn USD in 2025; YoY growth -2.0%; ROE 9.4%.
The estimated value range is 36.15–40.78 USD per share (median of 5 methods, agreement: medium); assumptions are illustrative. Against the central value of 37.51 USD, the price of 54.72 USD leaves a potential of -31.5% (value / price − 1) and a margin of safety of -45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 20.7%
- Dividend yield: 3.0%
What contradicts it
- ROE: 9.4%
- Cost-to-income: 67.1%
- Revenue CAGR 3Y: 1.1%
- P/E (TTM): 18.4x
- 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
State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 7 companies
Only companies with a capitalisation between 6.0 bn and 386.2 bn (within 8× of the company's); 75 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 | |
|---|---|---|---|---|---|---|
| BNYThe Bank Of New York Mellon Corporation | 102.8 bn | 16.8 | 15.0% | 32.6% | +7.8% | +36% / +216% |
| FITBFifth Third Bancorp | 49.4 bn | 18.4 | 9.4% | — | −2.0% | +30% / +107% |
| STTState Street Corporation | 47.2 bn | 13.9 | 13.1% | 23.8% | +7.3% | +46% / +138% |
| MTBM&T Bank Corp | 32.4 bn | 11.7 | 10.7% | 178.1% | +7.5% | +18% / +75% |
| NTRSNorthern Trust Corporation | 32.2 bn | 13.7 | 18.4% | 28.8% | −2.5% | +36% / +125% |
| CFGCitizens Financial Group Inc | 27.6 bn | 13.0 | 8.9% | 25.4% | +5.6% | +22% / +142% |
| EWBCEast West Bancorp, Inc. | 18.4 bn | 12.9 | 16.6% | — | +4.4% | +26% / +113% |
| BNSBank Of Nova Scotia | — | — | 9.2% | 20.6% | +12.1% | +39% / +115% |
1- and 3-year price returns: for FITB 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 19 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
In brief
Fifth Third Bancorp is a diversified bank holding company based in Cincinnati, with assets of about 214 billion USD at the end of 2025 1. After the Comerica acquisition closed in early 2026, the group is consolidating its position in the Southeast, Texas and California, and its first full post-merger quarter shows higher earnings 2.
SWOT
Strengths
- The core deposit base is large and provides a relatively stable, low-cost funding source that supports net interest margin 12.
- Diversification across net interest income, commercial payments, wealth management and investment banking reduces reliance on any single revenue stream 12.
- Capital quality remains solid, with CET1 ratio at a strong level at the end of 2025 1.
Weaknesses
- Integration of Comerica generated significant merger costs that reduced reported profitability in recent quarters 2.
- The cost of deposit funding has risen, compressing margins as customers seek higher yields 12.
- Dependence on dividends from subsidiaries to fund the holding company limits its financial flexibility 1.
Opportunities
- Gaining deposit share in the Southeast, Texas and California could add revenue if customer acquisition continues at the current pace 2.
- Synergies from the Comerica integration could reduce operating costs once systems are fully converted 2.
- Expanding wealth management and commercial payments services could generate more stable noninterest income 12.
Threats
- Competitive pressure for deposits from banks and fintech firms could raise funding costs 1.
- Deterioration in credit quality in a weaker economy could produce losses above reserved amounts 1.
- Regulatory change and higher capital requirements as the group moves to Category III could limit operating flexibility 1.
Risks
- Credit quality deteriorationhigh
If the economy weakens, credit losses could exceed the reserves set aside and hit profit directly 1.
- Deposit cost and stabilityhigh
Customers may move funds from deposits to alternative investments, which could raise funding costs and reduce net interest income 1.
- Post-merger integration riskmedium
Delays or errors in integrating Comerica systems could cause operational disruption and extra costs 12.
- Dependence on subsidiary dividendsmedium
Regulatory limits on dividends from the bank could restrict holding company liquidity and its ability to pay dividends 1.
- Operational and technology riskmedium
Failures or attacks on IT systems, including those run by third-party providers, could affect operations and reputation 1.
Investment thesis
What would need to be true (bull case)
- If the Comerica integration keeps running without major disruption, cost synergies and deposit growth could support better profitability in coming quarters 2.
- A diversified revenue base, with meaningful contributions from wealth management and commercial payments, could reduce sensitivity to interest rate cycles 12.
- Stable capital and credit quality give the company room to continue paying dividends and possibly repurchasing shares 12.
What would break the thesis
- If deposit costs keep rising, net interest margin could fall back below current levels, limiting earnings growth 12.
- Merger and integration costs could last longer than expected, and reported profitability could stay below the adjusted level 2.
- A weaker economy could lead to higher credit losses, and the reserves set aside might prove insufficient 1.
What to watch
- Trend in deposit costs and net interest marginQ4 2026
- Progress of the Comerica integration and cost synergies2027
- Category III regulatory status and related capital requirements2027
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 19 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
The business
Segments
Market context
Trends
- Consolidation in bankingmixed
Rapid consolidation among financial service providers, driven by regulatory change, could favor large banks that can integrate acquisitions and reduce costs 1.
- Competition for depositsheadwind
Rising market rates can move customer funds from deposits into alternative investments, which could raise funding costs and compress net interest margin 12.
- Credit and margin recoverytailwind
If the net charge-off ratio stays stable and net interest margin holds above its 2025 level, operating results could keep improving 12.
- Digitalization and artificial intelligencemixed
Investment in automation and emerging technologies such as AI can reduce operating costs, but it also raises the risk of system outages and errors 1.
Competitive position
Fifth Third competes for deposits, loans and banking services with other banks in its main markets, as well as with securities brokers, private credit firms, fintech companies and insurers 1. Competitive dynamics are shaped by regulatory change, technology and an accelerating pace of consolidation 1.
After the Comerica acquisition the group faces intense competition in Texas and California, where it aims to gain deposit share, while in the Southeast deposit growth has far exceeded the market rate 2. Pressure on deposit costs remains a major element of competition 2.
- Comerica Incorporated
Regional bank absorbed by Fifth Third through the merger closed on February 1, 2026, with operations in Texas, California and Michigan 1.
- Securities dealers and brokers
Brokerage and securities firms competing for investment clients and investment banking services 1.
- Private credit firms
Private credit providers offering alternative financing to companies and competing with the bank's commercial lending 1.
- Financial technology companies
Fintech firms offering digital payments and deposit services in direct competition with the bank's payments business 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.
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News & filings
In the press
- Fifth Third’s (FITB) Comerica Merger Is Done, Now Comes The PayoffYahoo Finance — News · 19 Sept 2026 · EN
- Is Fifth Third Bancorp Stock Outperforming the Nasdaq?Yahoo Finance — News · 15 Sept 2026 · EN
The latest news item in our archive is from 19 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 report19 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Sept 2026Other events · Financial statements and exhibits
- Current report23 Sept 2026Other events · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Aug 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fifth Third Bancorp · 24 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Fifth Third Bancorp · 19 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.