Pnc Financial Services GROUP, Inc. (PNC) intrinsic value & 10-year financials
Pnc Financial Services GROUP, Inc. (PNC) has a Graham intrinsic value of $350.67 per share. At $217.39 on Oct 17, 2026, the stock trades 38% below that value. Over the last 10 fiscal years revenue grew 4.8% a year to $23.1B, with an average return on invested capital of 11.3%.
- Graham intrinsic value
- $350.67
- Share price (Oct 17, 2026)
- $217.39
- Price vs Graham value
- 38% below
- Market cap
- $86.1B
- Revenue (FY2025)
- $23.1B
- Revenue growth (10-yr CAGR)
- 4.8%
- ROIC (10-yr avg)
- 11.3%
- Free cash flow (FY2025)
- —
PNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.1B | $7.0B | $16.59 | — | — | — |
| FY2024 | $21.6B | $6.0B | $13.74 | — | — | — |
| FY2023 | $21.5B | $5.6B | $12.79 | — | — | — |
| FY2022 | $21.1B | $6.1B | $13.85 | — | — | — |
| FY2021 | $19.2B | $5.7B | $12.70 | — | — | — |
| FY2020 | $16.9B | $7.6B | $16.96 | — | — | — |
| FY2019 | $17.8B | $5.4B | $11.39 | — | — | — |
| FY2018 | $17.1B | $5.3B | $10.71 | — | — | — |
| FY2017 | $16.3B | $5.4B | $10.36 | — | — | — |
| FY2016 | $15.2B | $4.0B | $7.30 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PNC Financial Services has demonstrated mature, steady growth, with revenue compounding at 4.8% annually over the past decade.
PNC Financial Services is evaluated as a financial franchise, with average ROE near 11.5% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, PNC Financial Services shows that management has aggressively returned capital to shareholders by retiring 20.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PNC Financial Services is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $350.67 per share.