Latest Ratios: P/E Ratio 13.3x · EV/EBITDA 12.3x · ROE 12.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $88.2B | $82.2B | $77.1B | $62.1B | $65.1B | $85.4B | $63.6B | $71.5B | $54.9B | $70.1B | $58.5B |
| Enterprise Value | $105.6B | $99.6B | $92.6B | $84.1B | $89.4B | $36.2B | $10.7B | $103.6B | $96.2B | $95.7B | $80.9B |
| P/E Ratio → | 13.32 | 12.58 | 14.04 | 12.11 | 11.40 | 15.79 | 23.43 | 14.01 | 10.92 | 13.93 | 16.02 |
| P/S Ratio | 4.31 | 4.02 | 3.71 | 2.89 | 3.08 | 4.45 | 3.76 | 4.25 | 3.39 | 4.29 | 3.86 |
| P/B Ratio | 1.44 | 1.36 | 1.42 | 1.21 | 1.42 | 1.53 | 1.18 | 1.45 | 1.15 | 1.47 | 1.25 |
| P/FCF | 20.12 | 18.76 | 9.79 | 6.14 | 7.16 | 11.84 | 13.66 | 9.71 | 7.01 | 12.57 | 16.71 |
| P/OCF | 20.12 | 18.76 | 9.79 | 6.14 | 7.16 | 11.84 | 13.66 | 9.71 | 7.01 | 12.57 | 16.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.87 | 4.45 | 3.91 | 4.24 | 1.88 | 0.63 | 6.15 | 5.94 | 5.86 | 5.34 |
| EV / EBITDA | 12.31 | 11.62 | 12.34 | 12.10 | 11.01 | 4.13 | 2.18 | 15.22 | 14.54 | 14.48 | 12.55 |
| EV / EBIT | 12.44 | 11.74 | 12.78 | 12.49 | 11.97 | 5.18 | 3.13 | 18.87 | 17.53 | 17.43 | 15.40 |
| EV / FCF | — | 22.73 | 11.75 | 8.32 | 9.84 | 5.01 | 2.30 | 14.07 | 12.26 | 17.15 | 23.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.7% | 71.7% | 59.4% | 65.0% | 87.7% | 101.5% | 75.2% | 77.9% | 82.8% | 88.1% | 89.7% |
| Operating Margin | 27.1% | 27.1% | 21.5% | 21.1% | 31.8% | 35.5% | 18.8% | 26.6% | 28.8% | 30.4% | 32.0% |
| Net Profit Margin | 22.1% | 22.1% | 17.5% | 17.5% | 25.7% | 28.8% | 41.2% | 26.0% | 27.8% | 29.6% | 23.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | 11.2% | 11.5% | 11.9% | 10.3% | 14.5% | 11.1% | 11.1% | 11.3% | 8.4% |
| ROA | 1.2% | 1.2% | 1.1% | 1.0% | 1.1% | 1.1% | 1.7% | 1.4% | 1.4% | 1.4% | 1.1% |
| ROIC | 5.4% | 5.4% | 4.5% | 4.4% | 5.8% | 5.8% | 2.5% | 3.8% | 3.9% | 4.0% | 3.9% |
| ROCE | 6.4% | 6.4% | 5.3% | 5.5% | 7.8% | 7.8% | 3.4% | 5.1% | 5.2% | 5.3% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.94 | 0.94 | 1.13 | 1.42 | 1.28 | 0.59 | 0.73 | 1.23 | 1.21 | 1.25 | 1.13 |
| Debt / EBITDA | 6.66 | 6.66 | 8.22 | 10.46 | 7.23 | 3.77 | 7.98 | 8.90 | 8.72 | 8.99 | 8.22 |
| Net Debt / Equity | — | 0.29 | 0.28 | 0.43 | 0.53 | -0.88 | -0.98 | 0.65 | 0.86 | 0.54 | 0.48 |
| Net Debt / EBITDA | 2.03 | 2.03 | 2.06 | 3.17 | 3.00 | -5.62 | -10.74 | 4.72 | 6.23 | 3.87 | 3.48 |
| Debt / FCF | — | 3.97 | 1.96 | 2.18 | 2.68 | -6.83 | -11.35 | 4.36 | 5.26 | 4.58 | 6.40 |
| Interest Coverage | 0.78 | 0.78 | 0.56 | 0.65 | 3.09 | 14.35 | 2.52 | 1.45 | 1.92 | 3.22 | 4.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.11 | 0.11 | 0.15 | 0.23 | 0.19 | 0.47 | 0.50 | 0.35 | 0.31 | 0.36 | 0.37 |
| Quick Ratio | 0.11 | 0.11 | 0.15 | 0.23 | 0.19 | 0.47 | 0.50 | 0.35 | 0.31 | 0.36 | 0.37 |
| Cash Ratio | 0.09 | 0.09 | 0.11 | 0.12 | 0.08 | 0.18 | 0.25 | 0.09 | 0.06 | 0.12 | 0.12 |
| Asset Turnover | — | 0.05 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.2% | 3.3% | 4.0% | 3.7% | 2.4% | 3.1% | 2.6% | 2.9% | 1.8% | 1.8% |
| Payout Ratio | 38.0% | 38.0% | 43.1% | 44.1% | 39.6% | 36.2% | 26.3% | 35.3% | 30.2% | 23.7% | 27.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 7.9% | 7.1% | 8.3% | 8.8% | 6.3% | 4.3% | 7.1% | 9.2% | 7.2% | 6.2% |
| FCF Yield | 5.0% | 5.3% | 10.2% | 16.3% | 14.0% | 8.4% | 7.3% | 10.3% | 14.3% | 8.0% | 6.0% |
| Buyback Yield | 1.5% | 1.6% | 1.5% | 2.7% | 8.0% | 1.3% | 2.6% | 5.0% | 5.2% | 3.5% | 3.5% |
| Total Shareholder Yield | 4.5% | 4.8% | 4.8% | 6.6% | 11.7% | 3.7% | 5.7% | 7.7% | 8.1% | 5.3% | 5.3% |
| Shares Outstanding | — | $394M | $400M | $401M | $412M | $426M | $427M | $448M | $470M | $486M | $500M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PNC stock.
The PNC Financial Services Group, Inc.'s current P/E ratio is 13.3x. The historical average is 14.6x. This places it at the 50th percentile of its historical range.
The PNC Financial Services Group, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
The PNC Financial Services Group, Inc.'s return on equity (ROE) is 12.1%. The historical average is 12.3%.
Based on historical data, The PNC Financial Services Group, Inc. is trading at a P/E of 13.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The PNC Financial Services Group, Inc.'s current dividend yield is 3.03% with a payout ratio of 38.0%.
The PNC Financial Services Group, Inc. has 71.7% gross margin and 27.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The PNC Financial Services Group, Inc.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit Provisioning Volatility
Metrics are mathematically derived from official filings.
Premium Valuation Facing Earnings Headwinds
According to current market data, PNC trades at a P/B of 1.59, which represents a notable premium over regional peers like Truist at 1.00, suggesting that investors are pricing in a franchise quality that may be currently challenged by recent earnings volatility and credit provisioning spikes.
The current valuation multiple appears to reflect historical confidence in PNC's national expansion strategy rather than its immediate earnings trajectory. Investors should monitor whether this premium persists if the return on tangible equity continues to compress due to the significant credit loss provisions recorded in the most recent quarter.
DuPont Decomposition Reveals Profitability Pressure
Based on reported financial figures, PNC's ROE has compressed to 2.8% in 2026Q1, a sharp decline from historical levels, driven primarily by a significant contraction in net interest margins and the substantial impact of credit loss provisioning on the bank's bottom-line profitability metrics.
The decomposition of profitability suggests that the bank's reliance on fee-based income has become a liability, as evidenced by the negative fee contribution in the most recent period. This indicates that the bank's core operating leverage is currently insufficient to offset the volatility inherent in its capital markets and advisory business segments.
Margin Compression and Efficiency Volatility
As reported in recent regulatory filings, PNC's efficiency ratio deteriorated to 61.1% in 2026Q1, marking a significant departure from the 30-40% range observed previously, which suggests that the bank is struggling to maintain cost discipline amidst a challenging interest rate environment and rising operational expenses.
The narrowing net interest margin, which fell to 0.7% in the latest quarter, indicates that the bank's funding costs are rising faster than its asset yields. This trend warrants further investigation into whether the bank's deposit beta is structurally higher than management's initial projections, potentially threatening the long-term sustainability of its net interest income.
Credit Provisioning Signals Portfolio Stress
Financial statements indicate that PNC recorded a $2.3 billion provision for credit losses in 2026Q1, a dramatic reversal from the stable provisioning seen throughout 2025, which suggests that management is preemptively addressing potential deterioration within the bank's commercial real estate and corporate loan portfolios.
The magnitude of this provision implies that the bank's internal models are signaling increased risk, which may lead to further earnings volatility in subsequent quarters. Investors should monitor whether this is a one-time adjustment or the beginning of a sustained cycle of credit quality degradation across the bank's national footprint.
Misapplication of P/E Multiples
The P/E ratio is frequently misapplied to PNC, as it obscures the extreme volatility caused by CECL-driven credit loss provisions, which can artificially depress earnings in a single quarter without reflecting the bank's underlying long-term cash-generating capacity or its actual realized credit losses.
Analysts should prioritize P/TBV and adjusted ROE metrics over P/E, as the latter is highly sensitive to management's subjective macroeconomic forecasts regarding future loan losses. Relying on P/E in the current environment may lead to an inaccurate assessment of the bank's valuation, as it fails to account for the non-cash nature of these significant accounting charges.