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The PNC Financial Services Group, Inc

PNC Financial Banks Regional

The PNC Financial Services Group, Inc’s revenue for fiscal 2025 (year ended December 2025) was $34.0 billion, down 1.29% from fiscal 2024.

Revenue
+6.44%
EPS
+14.2%
Free cash flow
+15.4%
Total debt
+36.8%

Quarter to September 2026, against a year earlier

227.50 5.95 −2.55%
Market cap
$90.0B
P/E
12.1×
Fwd P/E
12.0×
Dividend yield
3.25%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

The PNC Financial Services Group, Inc (PNC) valuation and DCF model

What the price implies · reverse DCF

At $227.50 the price implies 11.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 12.8% a year over the last ten years, 7.5% over the last five. The price asks for close to its ten-year rate. Return on equity averaged 9.7% over ten years; the price implies 12.0% for good.

In December 2017 the price assumed 20.3% a year; The PNC Financial Services Group, Inc went on to grow the dividend a share −3.0% a year to FY2025.

Price implies
11.8%
Last 5 years, reported
7.5%
Last 10 years, reported
12.8%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
11.8% a year for ten years
$227.50
today’s price
Its base case
12.8% a year for five years, then 7.7%
$206.93
9.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record The PNC Financial Services Group, Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 11.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against The PNC Financial Services Group, Inc’s own cost of capital: risk-free 4.3% + beta 0.91 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $206.93 ten years discounted, and what follows
Current price $227.50 market price per share
Below today’s price 9.0% downside at the base case’s assumptions

How we got there$80.73 10 years of dividends+$126.20 terminal value=$206.93 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 12.10× 12.48× 12.55× 4% below 12.02× 1% above
P/FCF 11.55× 10.72× 10.82× 7% above 10.60× 9% above
P/B 1.46× 1.38× 1.37× 7% above 1.23× 18% above
EV/Sales — 2.73× 3.35× — 3.90× —
P/E P/FCF P/B EV/Sales
7.47×10.99×14.51×18.04×10Y avg 10.82×2017201820192020202120222023202420252026

PNC trades at 11.55× P/FCF, against a 10-year average of 10.82× (range 6.21×–18.85×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $213.15 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.