Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 8.4x · ROE 12.2%. (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 | $92.6B | $83.0B | $74.7B | $66.8B | $65.0B | $83.7B | $70.4B | $93.9B | $74.9B | $90.2B | $88.6B |
| Enterprise Value | $123.6B | $114.1B | $91.7B | $72.3B | $82.5B | $98.7B | $60.8B | $135.3B | $108.9B | $119.6B | $120.1B |
| P/E Ratio → | 11.07 | 11.57 | 12.62 | 13.24 | 11.82 | 11.01 | 15.23 | 14.25 | 11.04 | 15.26 | 15.85 |
| P/S Ratio | 3.06 | 2.91 | 2.73 | 2.38 | 2.69 | 3.68 | 3.03 | 4.10 | 3.32 | 4.16 | 4.23 |
| P/B Ratio | 1.41 | 1.26 | 1.26 | 1.20 | 1.27 | 1.51 | 1.31 | 1.79 | 1.45 | 1.82 | 1.85 |
| P/FCF | 7.24 | 10.42 | 6.62 | 7.91 | 3.08 | 8.48 | 18.93 | 19.20 | 7.09 | 13.93 | 16.60 |
| P/OCF | 11.62 | 10.42 | 6.62 | 7.91 | 3.08 | 8.48 | 18.93 | 19.20 | 7.09 | 13.93 | 16.60 |
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 | — | 4.00 | 3.35 | 2.58 | 3.41 | 4.34 | 2.62 | 5.91 | 4.83 | 5.51 | 5.73 |
| EV / EBITDA | 8.42 | 10.98 | 10.36 | 9.18 | 10.49 | 9.26 | 9.25 | 14.88 | 11.91 | 14.98 | 14.01 |
| EV / EBIT | 12.99 | 11.99 | 11.59 | 10.54 | 11.30 | 9.71 | 10.05 | 15.75 | 12.55 | 15.91 | 14.82 |
| EV / FCF | — | 14.31 | 8.13 | 8.56 | 3.91 | 10.00 | 16.37 | 27.68 | 10.31 | 18.48 | 22.52 |
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 | 94.4% | 94.4% | 91.8% | 91.9% | 91.8% | 105.2% | 83.6% | 93.4% | 93.9% | 93.6% | 93.7% |
| Operating Margin | 33.3% | 33.3% | 28.9% | 24.5% | 30.2% | 44.7% | 26.1% | 37.6% | 38.5% | 34.6% | 38.7% |
| Net Profit Margin | 26.5% | 26.5% | 23.0% | 19.4% | 24.1% | 35.0% | 21.4% | 30.2% | 31.5% | 28.7% | 28.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 11.0% | 10.1% | 10.9% | 14.6% | 9.3% | 13.3% | 14.0% | 12.7% | 12.4% |
| ROA | 1.1% | 1.1% | 0.9% | 0.8% | 0.9% | 1.4% | 0.9% | 1.4% | 1.5% | 1.4% | 1.4% |
| ROIC | 5.2% | 5.2% | 4.7% | 4.2% | 4.9% | 7.4% | 4.1% | 5.8% | 6.3% | 5.8% | 6.0% |
| ROCE | 6.4% | 6.4% | 5.6% | 5.4% | 6.5% | 9.3% | 5.4% | 7.9% | 8.4% | 7.7% | 8.5% |
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 | 1.19 | 1.19 | 1.25 | 1.20 | 1.39 | 0.79 | 0.99 | 1.22 | 1.07 | 0.98 | 0.99 |
| Debt / EBITDA | 7.50 | 7.50 | 8.31 | 8.47 | 9.04 | 4.12 | 8.07 | 7.02 | 6.07 | 6.13 | 5.51 |
| Net Debt / Equity | — | 0.47 | 0.29 | 0.10 | 0.34 | 0.27 | -0.18 | 0.79 | 0.66 | 0.59 | 0.66 |
| Net Debt / EBITDA | 2.99 | 2.99 | 1.92 | 0.71 | 2.23 | 1.41 | -1.45 | 4.56 | 3.72 | 3.68 | 3.68 |
| Debt / FCF | — | 3.89 | 1.51 | 0.66 | 0.83 | 1.52 | -2.56 | 8.49 | 3.22 | 4.54 | 5.92 |
| Interest Coverage | 0.66 | 0.66 | 0.51 | 0.54 | 2.27 | 10.24 | 3.00 | 1.93 | 2.67 | 3.82 | 5.52 |
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 | 0.26 | 0.26 | 0.28 | 0.26 | 0.24 | 0.37 | 0.48 | 0.41 | 0.28 | 0.28 | 0.27 |
| Quick Ratio | 0.26 | 0.26 | 0.28 | 0.26 | 0.24 | 0.37 | 0.48 | 0.41 | 0.28 | 0.28 | 0.27 |
| Cash Ratio | 0.09 | 0.09 | 0.11 | 0.12 | 0.10 | 0.06 | 0.14 | 0.06 | 0.06 | 0.05 | 0.05 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| 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 | 3.4% | 3.8% | 4.1% | 4.4% | 4.3% | 3.1% | 3.6% | 2.6% | 2.8% | 2.1% | 2.0% |
| Payout Ratio | 41.8% | 41.8% | 49.1% | 54.7% | 47.7% | 32.4% | 51.5% | 35.3% | 29.5% | 31.0% | 30.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 8.6% | 7.9% | 7.6% | 8.5% | 9.1% | 6.6% | 7.0% | 9.1% | 6.6% | 6.3% |
| FCF Yield | 13.8% | 9.6% | 15.1% | 12.6% | 32.5% | 11.8% | 5.3% | 5.2% | 14.1% | 7.2% | 6.0% |
| Buyback Yield | 0.5% | 0.6% | 0.2% | 0.1% | 1.8% | 3.4% | 2.4% | 4.8% | 3.8% | 4.1% | 2.9% |
| Total Shareholder Yield | 4.0% | 4.4% | 4.4% | 4.5% | 6.1% | 6.4% | 6.0% | 7.4% | 6.6% | 6.3% | 4.9% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.7B | $1.7B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying USB stock.
U.S. Bancorp's current P/E ratio is 11.1x. The historical average is 14.0x. This places it at the 17th percentile of its historical range.
U.S. Bancorp's current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
U.S. Bancorp's return on equity (ROE) is 12.2%. The historical average is 17.5%.
Based on historical data, U.S. Bancorp is trading at a P/E of 11.1x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
U.S. Bancorp's current dividend yield is 3.42% with a payout ratio of 41.8%.
U.S. Bancorp has 94.4% gross margin and 33.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
U.S. Bancorp's Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Rising provision cost run-rate
Metrics are mathematically derived from official filings.
Discount to Peers Reflects Modest Returns
At a P/B of 1.42 and a P/TBV context anchored by tangible book value per share of 31.01, USB trades below WFC and PNC on price-to-book, per the peer data supplied, which suggests the market is pricing it as a lower-return franchise than its largest peers.
The 1.42 P/B sits between the peer group's lower and higher multiples, and with ROE of 3.3 percent in 2026Q3 the implied return on tangible equity appears too thin to justify a premium multiple. Investors should monitor whether the 12.96 trailing P/E, which sits near the peer median, reflects normalized earnings or a temporary recovery in profitability. The discount relative to peers that generate ROE above 12 percent suggests the market is not yet crediting the earnings recovery as durable.
Thin ROE Driven by Leverage Mix
Based on U.S. Bancorp's reported figures, ROE of 3.3 percent in 2026Q3 and ROA of 0.3 percent indicate that the bank's low return is primarily a function of a securities-heavy, low-yielding asset base rather than an equity-leverage effect.
Equity-to-assets of roughly 0.10 combined with a 0.3 percent ROA implies leverage of about ten times, so most of the gap between ROA and ROE is structural leverage rather than any unusual balance sheet stretch. The fee share of 43.8 percent is a meaningful offset to a 0.6 percent NIM, yet the overall return profile still lags peers, which suggests the earnings mix is not yet generating the spread needed for a higher ROE. Investors should monitor whether NIM can expand from its current level without rising credit costs eroding the gain.
Efficiency Gains Offset Flat Margin
As reported in financial statements, the efficiency ratio improved from 66.7 percent in 2024Q1 to 56.5 percent in 2026Q3 while NIM held near 0.6 percent, indicating cost discipline has carried the operating story.
The efficiency improvement of roughly ten points is the principal driver of recent profitability gains, since NIM has been essentially flat across the ten quarters. This points to operating leverage rather than spread expansion as the source of earnings progress, which is a less durable foundation if rates or deposit costs shift. The quarter-to-quarter volatility in the efficiency ratio, including a 65.5 percent reading in 2025Q4, warrants further investigation before treating the 56.5 percent level as a run-rate.
Equity Build Ahead of Capital Disclosure
According to recent reported figures, equity-to-assets rose to roughly 0.10 in 2026Q3 from 0.08 in 2024Q1, but CET1 and Tier 1 ratios are not included in the supplied data, leaving regulatory capacity unassessed.
The rise in equity relative to assets suggests retained earnings are building the capital base, consistent with the modest retention noted in the cash flow analysis. Without CET1 ratios the capacity for buybacks versus dividends cannot be verified, so any conclusion about excess capital should be treated as unconfirmed. Investors should monitor the next regulatory capital disclosure before drawing firm conclusions about capital return capacity.
Provision Run-Rate Climbing Steadily
As reported in financial statements, loan loss provisions rose from $553M in 2024Q1 to $654M in 2026Q3, the highest charge in the series, suggesting credit costs are running at a sustained level rather than episodic spikes.
A rising provision trend against a recovering earnings base means part of the operating gain could be absorbed if credit deterioration accelerates. Reserve coverage, NPL ratios and charge-off rates are not included in the supplied data, so the adequacy of current reserves cannot be assessed from these figures alone. This gap warrants further investigation before concluding whether the reserve build is prudent or lagging.
P/E Misleads on Provision-Driven Earnings
The most commonly misapplied metric for USB is trailing P/E, which can look attractive at 12.96 while provision expense swings obscure underlying earnings power and make the multiple unstable across quarters.
Because bank earnings absorb provision volatility directly, a low P/E can reflect either genuinely cheap earnings or a temporarily inflated profit base, and the two cannot be distinguished from P/E alone. Price-to-tangible-book combined with ROTCE is a more reliable anchor for USB, since it ties the multiple to the return the equity actually earns. Investors should monitor P/TBV against sustainable ROTCE rather than relying on the trailing P/E.