The PNC Financial Services Group, Inc. PNC

FinancialsBanking ServicesUnited States of America

Last close 231.66 USD on Nov 2, 2026, +14.7% year to date

Quant rating

Quant rating B Rank 294 of 799 in Financials

Growth C 357 of 799
Valuation C 466 of 799
Quality B 270 of 799
Revisions C 335 of 799
Momentum C 372 of 799

Wall Street consensus Buy (2.04)Average target 260.22 USD +12.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 92.0B
Enterprise value: 129.6B
52-week range: 178.00 – 258.96
3-year range: 119.36 – 258.96
Dividend yield: 3.51%
Beta (5 years): 0.91
Shares outstanding: 397M
Next earnings: Jan 18, 2027

About the company

The PNC Financial Services Group, Inc. is a diversified financial services company in the United States. It is engaged in the delivery of retail and business banking, including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Its Retail Banking segment provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Its Corporate & Institutional Banking segment provides lending, treasury management, capital markets and advisory products and services to mid-sized and large corporations and government and not-for-profit entities. Its Asset Management Group segment provides private banking for high-net worth and ultra-high net worth clients and institutional asset management. The Company's bank subsidiary is PNC Bank.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	25,307	26,384	24,308	15,436	11,134	–
Revenue growth	−4.1%	8.5%	57.5%	38.6%	−1.5%	17.5%
EPS (basic, normalized)	16.83	14.45	14.17	13.96	12.70	–
EPS growth	16.5%	2.0%	1.5%	10.0%	−1.4%	5.5%
Gross margin	–	–	–	–	–	–
Net margin	26.0%	20.8%	21.1%	37.0%	48.6%	30.7%
ROE	11.4%	11.9%	11.7%	13.5%	10.8%	11.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.1%
Long-term debt (mil)	43,245
Net debt (mil)	–
Total equity (mil)	62,353
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	25,307	−4.1%	5.1x	140.43	+10.6%	1.6x	16.59	+20.7%	14.0x
2026	26,435	+4.5%	4.9x	146.01	+4.0%	1.6x	18.98	+14.4%	12.2x
2027	27,895	+5.5%	4.6x	157.47	+7.8%	1.5x	21.36	+12.6%	10.8x
2028	29,125	+4.4%	4.4x	168.97	+7.3%	1.4x	23.47	+9.9%	9.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26,435	+0.4%	+0.4%	+2.5%	18.98	+0.1%	+0.1%	+3.1%
2027	27,895	+0.9%	+1.1%	+2.8%	21.36	−0.7%	−0.5%	+1.5%
2028	29,125	+0.4%	+0.5%	+2.8%	23.47	−1.5%	−1.1%	+1.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	5,411	5,432	5,567	5,452	5,661	5,915	6,071	6,165	6,875	6,562
Sales mean (mil)	5,412	5,389	5,505	5,489	5,606	5,830	5,957	6,242	6,503	6,613
Surprise	0.0%	+0.8%	+1.1%	−0.7%	+1.0%	+1.5%	+1.9%	−1.2%	+5.7%	−0.8%
EPS reported	3.30	3.75	3.77	3.51	3.85	4.35	4.88	4.13	4.81	4.97
EPS mean	2.98	3.30	3.33	3.38	3.56	4.05	4.22	4.06	4.42	4.92
Surprise	+10.6%	+13.8%	+13.2%	+3.8%	+8.2%	+7.4%	+15.7%	+1.8%	+8.9%	+1.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
PNC The PNC Financial Services Group, Inc.	92.0B	11.1%	26.0%	1.35x	12.2x	10.8x	1.6x	1.5x
JPM JPMorgan Chase & Co.	905.3B	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
RY Royal Bank of Canada	284.0B	14.9%	19.1%	1.45x	17.5x	16.0x	2.9x	2.7x
BAC Bank of America Corporation	342.0B	14.0%	21.0%	1.72x	11.2x	9.6x	1.2x	1.1x
WFC Wells Fargo & Company	257.8B	11.3%	23.2%	1.47x	11.7x	10.7x	1.6x	1.4x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
Mean		13.3%	22.0%	1.55x	14.1x	12.8x	2.7x	2.4x
Median		14.0%	22.1%	1.47x	13.0x	12.1x	2.1x	1.9x

Technical analysis

1M+5.8%
3M−6.4%
1Y+31.1%
3Y+115.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The PNC Financial Services Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	25,307	26,384	24,308	15,436	11,134	11,307
Total interest expense	10,897	12,885	10,392	2,422	487	1,361
Net interest income	14,410	13,499	13,916	13,014	10,647	9,946
Loan loss provision	779	789	742	477	−779	–
Net interest income after loan loss provision	13,631	12,710	13,174	12,537	11,426	9,946
Non-interest income	8,689	8,056	7,574	8,106	8,564	6,955
Non-interest expense	−13,834	−13,524	−14,012	−13,170	−13,002	−13,472
Net income before taxes	8,486	7,242	6,736	7,473	6,988	3,429
Provision for taxes	1,489	1,289	1,089	1,360	1,263	426
Minority interest & equity in affiliates	−61.0	−64.0	−69.0	−72.0	−51.0	−41.0
Other	0	0	0	0	0	0
Net income before extraordinary items	6,936	5,889	5,578	6,041	5,674	2,962
Extraordinary items	–	–	–	–	–	4,555
Net income	6,936	5,889	5,578	6,041	5,674	7,517
Basic weighted average shares (mil)	396	399	401	412	426	427
Diluted weighted average shares (mil)	396	400	401	412	426	427
Basic EPS excluding extraordinary items	16.61	13.77	12.78	13.85	12.70	6.36
Basic EPS, normalized	16.83	14.45	14.17	13.96	12.70	12.87

Balance sheet in millions of USD, fiscal years

Balance sheet, The PNC Financial Services Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	6,777	6,904	6,921	7,043	8,004	7,017
Other earning assets	173,115	179,929	177,107	167,664	209,443	175,569
Net loans	327,071	311,981	316,717	321,284	283,504	236,567
Property, plant & equipment	10,627	10,291	10,262	10,611	10,512	9,563
Goodwill	10,959	10,932	10,932	10,987	10,916	9,233
Intangibles	3,659	3,711	3,686	3,423	1,818	1,242
Long-term investments	10,790	9,600	8,314	8,437	8,180	6,052
Other long-term assets	–	–	–	–	–	–
Other assets	30,574	26,690	27,641	27,814	24,814	21,436
Total assets	573,572	560,038	561,580	557,263	557,191	466,679
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	14,151	16,439	15,621	15,762	12,741	9,514
Total deposits	440,866	426,738	421,418	436,282	457,278	365,345
Other bearing liabilities	13,000	22,000	38,000	32,075	0	3,500
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	44,101	39,673	34,737	26,638	30,784	33,695
Minority interest	51.0	44.0	36.0	38.0	31.0	31.0
Other liabilities	818	719	663	694	662	584
Total liabilities	512,987	505,613	510,475	511,489	501,496	412,669
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,717	2,717	2,716	2,714	2,713	2,713
Additional paid-in capital	18,922	18,710	19,020	18,376	17,457	15,884
Retained earnings (accumulated deficit)	63,266	59,282	56,290	53,572	50,228	46,848
Treasury stock	−20,912	−19,719	−19,209	−18,716	−15,112	−14,205
Other equity	−3,408	−6,565	−7,712	−10,172	409	2,770
Total equity	60,585	54,425	51,105	45,774	55,695	54,010
Total liabilities & shareholders' equity	573,572	560,038	561,580	557,263	557,191	466,679

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The PNC Financial Services Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6,997	5,953	5,647	6,113	5,725	7,558
Depreciation, depletion & amortization	381	259	217	651	1,773	1,497
Deferred taxes	−40.0	−30.0	−252	351	178	−2,239
Non-cash items	492	−600	298	−543	85.0	−5,115
Changes in working capital	−3,446	2,298	4,201	2,511	−547	2,958
Cash from operations	4,384	7,880	10,111	9,083	7,214	4,659
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−15,617	−3,232	10,105	−60,358	−2,795	−51,122
Cash from investing	−15,617	−3,232	10,105	−60,358	−2,795	−51,122
Financing activities
Financing cash flow items	5,203	−11,270	−9,568	11,104	2,651	58,096
Cash dividends paid	−2,943	−2,889	−2,878	−2,692	−2,289	−2,209
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,435	5,037	8,592	−5,028	−3,794	−7,468
Cash from financing	4,695	−9,122	−3,854	3,384	−3,432	48,419
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−6,538	−4,474	16,362	−47,891	987	1,956
Free cash flow	4,384	7,880	10,111	9,083	7,214	4,659

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.