TFS Financial Corporation (TFSL) 10-Year Financial Performance & Capital Metrics

TFSL • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutTFS Financial Corporation, through its subsidiaries, provides retail consumer banking services in the United States. Its deposit products include savings, money market, checking, individual retirement, and other qualified plan accounts, as well as certificates of deposit. The company also provides residential real estate mortgage loans, residential construction loans, and home equity loans and lines of credit, as well as purchase mortgages and first mortgage refinance loans. In addition, it offers escrow and settlement services. The company provides its products and services through its main office in Cleveland, Ohio; and 37 full-service branches and 7 loan production offices located throughout the states of Ohio and Florida. The company was founded in 1938 and is headquartered in Cleveland, Ohio. TFS Financial Corporation operates as a subsidiary of Third Federal Savings and Loan Association of Cleveland, MHC.Show more

Net Interest Income $293M +5.1%
Total Revenue $792M +4.4%
Net Income $91M +14.3%
Return on Equity 4.84% +15.3%
Net Interest Margin 15.36% +842.6%
Efficiency Ratio 25.79% -4.2%
ROA 0.96% +104.6%
Equity / Assets 99.37% +811.8%
Book Value per Share 6.77 +1.5%
Tangible BV/Share 6.77 +1.9%
Debt/Equity 2.57 -0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 15.4%
✓Efficient operations: 25.8% efficiency ratio
✓11 consecutive years of dividend growth
✓Well capitalized: 99.4% equity/assets
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Weak 3Y average ROE of 4.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.86%

5Y9.26%

3Y22.28%

TTM-

Profit (Net Income) CAGR

10Y2.28%

5Y1.77%

3Y6.85%

TTM2.79%

EPS CAGR

10Y2.5%

5Y1.3%

3Y7.17%

TTM2.34%

ROCE

10Y Avg1.87%

5Y Avg1.48%

3Y Avg1.3%

Latest1.21%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	270.42M	278.9M	280.94M	265.42M	242.27M	231.63M	267.4M	283.57M	278.46M	292.69M
NII Growth %	0%	0.03%	0.01%	-0.06%	-0.09%	-0.04%	0.15%	0.06%	-0.02%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	388.44M	409M	443.05M	482.09M	455.3M	389.35M	409.33M	611.92M	734.07M	763.18M
Interest Expense	118.03M	130.1M	162.1M	216.67M	213.03M	157.72M	141.94M	328.35M	455.62M	470.49M
Loan Loss Provision	-8M	-17M	-11M	-10M	3M	-9M	1M	-1.5M	-1.5M	2.5M
Non-Interest Income+	24.95M	19.85M	21.54M	20.46M	53.25M	55.3M	23.8M	21.43M	24.7M	28.78M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	413.39M	428.84M	464.58M	502.55M	508.55M	444.65M	433.14M	633.35M	758.78M	791.96M
Revenue Growth %	0.01%	0.04%	0.08%	0.08%	0.01%	-0.13%	-0.03%	0.46%	0.2%	0.04%
Non-Interest Expense	181M	182.4M	192.31M	193.67M	192.27M	195.84M	198.15M	213.13M	204.35M	204.26M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	122.36M	133.34M	121.16M	102.21M	100.25M	100.09M	92.05M	93.37M	100.31M	114.72M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.12%	0.09%	-0.09%	-0.16%	-0.02%	-0%	-0.08%	0.01%	0.07%	0.14%
Pretax Income+	122.36M	133.34M	121.16M	102.21M	100.25M	100.09M	92.05M	93.37M	100.31M	114.72M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	41.81M	44.46M	35.76M	21.98M	16.93M	19.09M	17.49M	18.12M	20.73M	23.76M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	80.55M	88.88M	85.41M	80.24M	83.32M	81.01M	74.56M	75.25M	79.59M	90.96M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.11%	0.1%	-0.04%	-0.06%	0.04%	-0.03%	-0.08%	0.01%	0.06%	0.14%
Net Income (Continuing)	80.55M	88.88M	85.41M	80.24M	83.32M	81.01M	74.56M	75.25M	79.59M	90.96M
EPS (Diluted)+	0.28	0.32	0.31	0.28	0.30	0.29	0.26	0.26	0.28	0.32
EPS Growth %	0.12%	0.14%	-0.03%	-0.1%	0.07%	-0.03%	-0.1%	0%	0.08%	0.14%
EPS (Basic)	0.28	0.32	0.31	0.29	0.30	0.29	0.26	0.26	0.28	0.33
Diluted Shares Outstanding	283.79M	279.27M	277.3M	277.37M	277.8M	278.58M	278.69M	278.58M	279.14M	279.76M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	231.24M	268.22M	269.77M	275.14M	498.03M	488.33M	369.56M	466.75M	463.72M	1.68M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	12.23B	12.96B	13.4B	13.75B	13.59B	12.94B	14.72B	15.68B	15.87B	520.66M
Investments Growth %	0.04%	0.06%	0.03%	0.03%	-0.01%	-0.05%	0.14%	0.06%	0.01%	-0.97%
Long-Term Investments	11.71B	12.42B	12.87B	13.2B	13.14B	12.52B	14.27B	15.17B	15.34B	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	8.85M	8.38M	8.84M	8.08M	7.86M	8.94M	7.94M	7.4M	7.63M	0
PP&E (Net)	61M	60.88M	63.4M	61.58M	41.59M	37.42M	34.53M	34.71M	33.19M	0
Other Assets	340.79M	362.48M	352.7M	409.46M	464.73M	551.99M	612.95M	677.88M	660.77M	40.02M
Total Current Assets	781.92M	841.18M	840.44M	863.83M	988.11M	941.22M	867.73M	1.03B	1.05B	5.6M
Total Non-Current Assets	12.12B	12.85B	13.3B	13.68B	13.65B	13.12B	14.92B	15.89B	16.04B	40.02M
Total Assets+	12.91B	13.69B	14.14B	14.54B	14.64B	14.06B	15.79B	16.92B	17.09B	1.91B
Asset Growth %	0.04%	0.06%	0.03%	0.03%	0.01%	-0.04%	0.12%	0.07%	0.01%	-0.89%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0.01%
Accounts Payable	1.93M	1.97M	3.72M	3.71M	3.07M	1.85M	2.24M	10.36M	23.19M	0
Total Debt+	2.77B	3.71B	3.75B	3.94B	3.57B	3.13B	4.82B	5.3B	4.82B	4.87B
Net Debt	2.54B	3.44B	3.48B	3.66B	3.07B	2.64B	4.45B	4.84B	4.36B	-1.68M
Long-Term Debt	2.77B	3.71B	3.75B	3.94B	3.57B	3.13B	4.82B	5.3B	4.82B	4.87B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	92.31M	100.45M	103M	103.33M	111.54M	109.63M	117.25M	237.35M	211.48M	0
Total Current Liabilities	8.39B	8.2B	8.52B	8.81B	9.29B	9.08B	9.01B	9.45B	10.2B	0
Total Non-Current Liabilities	2.86B	3.81B	3.86B	4.04B	3.68B	3.24B	4.94B	5.54B	5.03B	0
Total Liabilities	11.25B	12B	12.38B	12.85B	12.97B	12.33B	13.95B	14.99B	15.23B	15.56B
Total Equity+	1.66B	1.69B	1.76B	1.7B	1.67B	1.73B	1.84B	1.93B	1.86B	1.89B
Equity Growth %	-0.04%	0.02%	0.04%	-0.04%	-0.01%	0.04%	0.06%	0.05%	-0.03%	0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.05%
Book Value per Share	5.85	6.05	6.34	6.12	6.02	6.22	6.62	6.92	6.67	6.77
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	3.32M	3.32M	3.32M	3.32M	3.32M	3.32M	3.32M	3.32M	3.32M	3.32M
Additional Paid-in Capital	1.72B	1.72B	1.73B	1.73B	1.74B	1.75B	1.75B	1.76B	1.75B	1.76B
Retained Earnings	698.93M	760.07M	807.89M	837.66M	865.51M	853.66M	870.05M	886.98M	915.49M	946.78M
Accumulated OCI	-19.63M	-7.49M	23.22M	-69.38M	-131.97M	-67.8M	23.15M	85.21M	-15.61M	-21.23M
Treasury Stock	-681.57M	-735.53M	-754.27M	-764.59M	-767.65M	-768.03M	-771.99M	-776.1M	-772.2M	-774.34M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	84.91M	101.17M	92.11M	103M	121.8M	83.16M	38.93M	90.72M	88.6M	45.43M
Operating CF Growth %	-0.17%	0.19%	-0.09%	0.12%	0.18%	-0.32%	-0.53%	1.33%	-0.02%	-0.49%
Net Income	80.55M	88.88M	85.41M	80.24M	83.32M	81.01M	74.56M	75.25M	79.59M	90.96M
Depreciation & Amortization	19.37M	20.89M	25.19M	22.95M	32.82M	32.57M	27.04M	18.11M	19.03M	0
Deferred Taxes	11.1M	3.55M	3.95M	21.94M	21.8M	-14.25M	-26.88M	3.73M	2.7M	183K
Other Non-Cash Items	-22.33M	-20.72M	-19.77M	-20.42M	-35.21M	-52.48M	-32.61M	-13.51M	-31.09M	-47.95M
Working Capital Changes	-17.21M	-2.68M	-14.01M	-13.48M	6.95M	22.6M	-14.2M	-2.87M	8.86M	0
Cash from Investing+	-454.38M	-754.81M	-474.86M	-341.98M	147.58M	547.36M	-1.88B	-1.01B	-124.71M	13.51M
Purchase of Investments	-95.18M	-183.52M	-151.6M	-158.01M	-171.46M	-297.47M	-250.02M	-144.66M	-133.53M	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-504.6M	-720.46M	-454.73M	-332.75M	53.68M	529.09M	-1.79B	-942.43M	-129.84M	13.51M
Cash from Financing+	445.33M	690.62M	384.3M	244.35M	-46.48M	-640.22M	1.72B	1.02B	33.08M	-58.81M
Dividends Paid	-23.41M	-27.71M	-37.63M	-50.47M	-55.47M	-56.64M	-58.3M	-58.29M	-58.95M	-59.53M
Share Repurchases	-128.36M	-54.03M	-19.74M	-9.09M	-2.32M	-5.59M	-6.29M	-5.98M	-1.93M	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	0
Other Financing	46.94M	-180.22M	391.35M	122.62M	392.54M	-148.3M	1.2B	390.34M	574.34M	725K
Net Change in Cash+	75.87M	36.98M	1.56M	5.37M	222.89M	-9.71M	-118.76M	97.18M	-3.03M	123K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	155.37M	231.24M	268.22M	269.77M	275.14M	498.03M	488.33M	369.56M	466.75M	1.56M
Cash at End	231.24M	268.22M	269.77M	275.14M	498.03M	488.33M	369.56M	466.75M	463.72M	1.68M
Interest Paid	116.37M	123.59M	161.56M	225.11M	213M	159.61M	142.82M	363.75M	532.61M	0
Income Taxes Paid	31.82M	38.21M	32.52M	9.69M	1.67M	25.77M	39.6M	21.78M	15.68M	0
Free Cash Flow+	75.79M	97.02M	83.74M	99.22M	118.59M	81.82M	36.23M	85.62M	85.54M	45.43M
FCF Growth %	-0.22%	0.28%	-0.14%	0.18%	0.2%	-0.31%	-0.56%	1.36%	-0%	-0.47%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	4.75%	5.31%	4.95%	4.64%	4.95%	4.76%	4.17%	3.99%	4.2%	4.84%
Return on Assets (ROA)	0.64%	0.67%	0.61%	0.56%	0.57%	0.56%	0.5%	0.46%	0.47%	0.96%
Net Interest Margin	2.1%	2.04%	1.99%	1.83%	1.65%	1.65%	1.69%	1.68%	1.63%	15.36%
Efficiency Ratio	43.78%	42.53%	41.39%	38.54%	37.81%	44.04%	45.75%	33.65%	26.93%	25.79%
Equity / Assets	12.87%	12.34%	12.44%	11.67%	11.42%	12.32%	11.68%	11.39%	10.9%	99.37%
Book Value / Share	5.85	6.05	6.34	6.12	6.02	6.22	6.62	6.92	6.67	6.77
NII Growth	0.11%	3.14%	0.73%	-5.52%	-8.72%	-4.39%	15.44%	6.05%	-1.8%	5.11%
Dividend Payout	29.07%	31.18%	44.06%	62.89%	66.57%	69.92%	78.18%	77.47%	74.07%	-

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Banking	7.32M	8.8M	9.6M	9.93M	7.84M	8.07M	9.53M
Banking Growth	-	20.22%	9.14%	3.46%	-21.08%	2.92%	18.09%

Frequently Asked Questions

Valuation & Price

TFS Financial Corporation (TFSL) has a price-to-earnings (P/E) ratio of 44.2x. This suggests investors expect higher future growth.

Growth & Financials

TFS Financial Corporation (TFSL) grew revenue by 4.4% over the past year. Growth has been modest.

Yes, TFS Financial Corporation (TFSL) is profitable, generating $83.2M in net income for fiscal year 2025 (11.5% net margin).

Dividend & Returns

Yes, TFS Financial Corporation (TFSL) pays a dividend with a yield of 1.51%. This makes it attractive for income-focused investors.

TFS Financial Corporation (TFSL) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Industry Metrics

TFS Financial Corporation (TFSL) has a net interest margin (NIM) of 15.4%. This indicates healthy earnings from lending activities.

TFS Financial Corporation (TFSL) has an efficiency ratio of 25.8%. This is excellent, indicating strong cost control.

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