USB
US BANCORP DE
Next earnings Jul 16, 2026 · consensus $1.27 EPS, $7.60B rev
Last earnings -1.6% on 2026-04-16
$61.73
▲ +0.73%$61.73▲ +40.65%
over 1Y
L $42.62H $61.73
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.7%
1W+0.8%
1M+13.1%
3M+16.6%
YTD+15.6%
1Y+40.7%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 26 analysts
Buy
USB at 13x earnings with 22% EPS growth and an 11.6% ROE rebuild — a quality money-center bank trading like a value trap it isn't.
Diluted EPS $4.62 · FY2025
The read
Quality fundamentals and an attractive price line up (~112% below fair value) — the rarer case where both the business and the entry look good.
U.S. Bancorp is a high-quality national commercial bank that spent 2022-2024 absorbing the Union Bank integration and a rate-shock hit to capital, and the FY2025 numbers show the digestion is over. Revenue grew 4.4% to $28.7B while net income jumped 20.2% to $7.57B and diluted EPS rose 21.9% to $4.62 — operating leverage returning as the merger drag fades. The net income recovery is striking against its own history: earnings fell from $7.96B (FY2021) to a trough of $5.43B (FY2023) and have now climbed back above the pre-merger peak. A 26.4% net margin is strong for a bank, and stockholders' equity rebuilt 11.3% to $65.2B (retained earnings $80.9B), restoring the capital base that the leadership transition to new CEO Gunjan Kedia (CEO since April 2025, adding Chairman in April 2026) now stewards.
Valuation is where the call gets made. At $60.11 the stock trades at 13.0x FY2025 EPS and 3.3x sales — a low-teens multiple on a franchise growing earnings north of 20%. That is a depressed multiple for a bank earning an 11.6% ROE, and it reflects lingering market scars from the deposit-beta/rate cycle rather than the current trajectory. The company is returning capital with conviction: $3.17B dividends (+2.5%) plus buybacks that nearly tripled to $489M (+182.7%), with shares already shrinking 0.4%. A re-rating toward ~15-16x normalized earnings supports a price around $72.
Is USB a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~90d expiry
- Long call 62 @ ~3.14 est
- Short call 71 @ ~0.57 est
debit $257max +$643max −$257BE 64.57
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $24.3B | $28.1B | $27.5B | $28.7B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $7.96B | $5.83B | $5.43B | $6.30B | $7.57B |
| Diluted EPS | $5.10 | $3.69 | $3.27 | $3.79 | $4.62 |
| Net margin | — | 24.0% | 19.3% | 22.9% | 26.4% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.66
Earnings yield7.9%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$57.0B
Net cash-$10.1B
Piotroski F-Score6/7
Capital returns
Buyback yield0.5%
Dividend yield (est.)3.3%
Shareholder yield3.8%
Shares Δ YoY-0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Other event2026-06-24
Item 8.01 other event—likely Fed stress-test results/capital plan update for shareholders
- 10-Q Quarterly report2026-05-04
Q1 2026 results (period 3/31); balance sheet $692B, profitability trend intact
- 8-K Shareholder vote2026-04-23
Annual meeting vote results: directors elected, say-on-pay and auditor ratified
- 8-K Earnings results2026-04-16
Q1 2026 earnings release; results extend FY25 momentum (NI +20%, EPS +22% YoY)
- 8-K Reg FD disclosure2026-04-08
Reg FD disclosure—investor presentation/conference materials, no new financials
- DEF 14A Proxy statement2026-03-10
2026 proxy: board slate, exec comp and auditor up for shareholder vote
- 8-K Other event2026-03-09
Item 8.01 other event disclosure (e.g. dividend/capital action or routine update)
- 10-K Annual report2026-02-23
FY25 strong: revenue $28.7B (+4.4%), NI $7.57B (+20%), EPS $4.62 (+22%), equity +11%
- 8-K Officer / director change2026-01-29
Leadership change: Kedia to add Chairman role in April 2026 alongside CEO/President
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-242026-06-24open ↗11-KPeriod ending 2025-12-312026-06-22open ↗424B2Filing2026-06-16open ↗424B2Filing2026-06-12open ↗424B2Filing2026-06-12open ↗424B2Filing2026-06-12open ↗424B2Filing2026-06-10open ↗424B2Filing2026-06-10open ↗424B2Filing2026-06-10open ↗424B3Filing2026-06-09open ↗424B2Filing2026-06-08open ↗424B2Filing2026-06-08open ↗
Frequently asked
- Is US BANCORP DE (USB) a buy?
- USB currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. USB at 13x earnings with 22% EPS growth and an 11.6% ROE rebuild — a quality money-center bank trading like a value trap it isn't.
- What is USB's fair value?
- A Modified-Graham model based on USB's SEC fundamentals estimates a fair value of about $130.56. It is an estimate from reported earnings, not a price target.
- Is USB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, USB currently appears undervalued relative to its SEC-grounded earnings power.
- What is US BANCORP DE's quality score?
- USB scores 79.98758618414148/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000036104, latest 10-Q filed 2026-05-04) · EODHD · Proprietary analysis · as of 6/25/2026, 11:47:07 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 7:47 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.