Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 12.5x · 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 | $98.0B | $83.0B | $74.7B | $66.8B | $65.0B | $83.7B | $70.4B | $93.9B | $74.9B | $90.2B | $88.6B |
| Enterprise Value | $129.0B | $114.1B | $91.7B | $72.3B | $82.5B | $98.7B | $60.8B | $135.3B | $108.9B | $119.6B | $120.1B |
| P/E Ratio → | 13.64 | 11.57 | 12.62 | 13.24 | 11.82 | 11.01 | 15.23 | 14.25 | 11.04 | 15.26 | 15.85 |
| P/S Ratio | 2.29 | 1.94 | 1.75 | 1.64 | 2.37 | 3.53 | 2.79 | 3.43 | 2.90 | 3.81 | 3.95 |
| P/B Ratio | 1.49 | 1.26 | 1.26 | 1.20 | 1.27 | 1.51 | 1.31 | 1.79 | 1.45 | 1.82 | 1.85 |
| P/FCF | 12.29 | 10.42 | 6.62 | 7.91 | 3.08 | 8.48 | 18.93 | 19.20 | 7.09 | 13.93 | 16.60 |
| P/OCF | 12.29 | 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 | — | 2.66 | 2.15 | 1.78 | 3.01 | 4.16 | 2.41 | 4.95 | 4.22 | 5.05 | 5.36 |
| EV / EBITDA | 12.54 | 11.08 | 10.36 | 9.18 | 10.49 | 9.26 | 9.25 | 14.88 | 11.91 | 14.98 | 14.01 |
| EV / EBIT | 13.55 | 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 | 62.8% | 62.8% | 58.8% | 63.4% | 81.0% | 100.8% | 76.9% | 78.2% | 82.0% | 85.8% | 87.5% |
| Operating Margin | 22.2% | 22.2% | 18.5% | 16.9% | 26.6% | 42.9% | 24.0% | 31.5% | 33.7% | 31.8% | 36.1% |
| Net Profit Margin | 17.7% | 17.7% | 14.7% | 13.4% | 21.3% | 33.6% | 19.6% | 25.3% | 27.5% | 26.3% | 26.3% |
| 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 | 7.57 | 7.57 | 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 | 3.02 | 3.02 | 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 | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.06 | 0.06 | 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 | 3.2% | 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 | 7.3% | 8.6% | 7.9% | 7.6% | 8.5% | 9.1% | 6.6% | 7.0% | 9.1% | 6.6% | 6.3% |
| FCF Yield | 8.1% | 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 | 3.7% | 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 |
Regulatory capital requirement shifts
Based on recent market data, U.S. Bancorp trades at a P/B ratio of 1.44, which suggests that investors assign a premium to its diversified fee-income streams compared to traditional regional lenders that rely more heavily on interest-rate-sensitive balance sheet growth.
The current valuation multiple appears to reflect the market's recognition of the bank's non-interest income moat, particularly its payment processing and corporate trust segments. While the P/E of 13.21 is broadly in line with peers, the P/B premium warrants further investigation into whether the market is correctly pricing the long-term earnings floor provided by these fee-based businesses.
As reported in quarterly financial filings, the bank's ROE has stabilized at approximately 2.9% in 2026Q1, a trend that reflects the ongoing normalization of profitability following the integration of the MUFG Union Bank acquisition and the associated volatility in credit provisioning.
The decomposition of profitability suggests that while asset utilization remains steady, the bank's reliance on fee-based income is a critical stabilizer for the ROE. Investors should monitor whether the recent improvement in the efficiency ratio to 36.9% can be sustained, as this will be the primary driver of future ROE expansion.
According to the provided quarterly data, U.S. Bancorp has successfully improved its efficiency ratio to 36.9% in 2026Q1, a significant recovery from the 50.3% level observed in 2023Q4, which suggests that cost synergies from recent acquisitions are beginning to materialize effectively.
The bank's ability to maintain a stable NIM of 0.6% despite rising deposit betas indicates a disciplined approach to funding costs. However, the persistent pressure on net interest margins warrants further investigation, as the bank's reliance on digital transformation spending may limit further efficiency gains in the near term.
Based on reported figures, the bank has maintained a consistent equity-to-assets ratio of 0.09 over the last five quarters, demonstrating a disciplined approach to capital preservation that appears designed to navigate potential shifts in regulatory capital requirements for Category II institutions.
This stable capital position suggests that the bank is prioritizing balance sheet resilience over aggressive capital returns. Investors should monitor whether this conservative stance on capital adequacy will continue to limit share repurchases as the bank seeks to meet stricter regulatory floors.
The P/E ratio is frequently misapplied to U.S. Bancorp because it fails to account for the significant volatility introduced by CECL-driven loan loss provisioning and acquisition-related accounting adjustments, which can distort the bank's true earnings power in any given quarter.
Investors should instead focus on P/TBV and adjusted ROE, which provide a more accurate view of the bank's franchise value and operational efficiency. Relying on P/E may lead to an incorrect assessment of the bank's valuation, as it ignores the structural stability provided by the non-interest income segments.
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 13.6x. The historical average is 14.0x. This places it at the 50th percentile of its historical range.
U.S. Bancorp's current EV/EBITDA is 12.5x. 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 13.6x. This is at the 50th 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 3.24% with a payout ratio of 41.8%.
U.S. Bancorp has 62.8% gross margin and 22.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
U.S. Bancorp's Debt/EBITDA ratio is 7.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.