NYSE · Financial Services

Citizens Financial Group, Inc.

CFG · Banks - Regional

$63.56

▼ -0.86 (-1.33%)

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Mr. Market is currently offering Citizens Financial Group, Inc. at $63.56.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 22.2%

Fin. Health F

Years to Pay Off Debt 6.2 yrs

Valuation D

Margin of Safety 9.5%

Price-to-Book 1.12x

Cash Flow A

Free Cash Flow $2.0B

CapEx % of Net Income 9.5%

Owner Earnings $2.5B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $27.1B

Enterprise Value $28.7B

P/E (TTM) 15.06

Dividend Yield 2.73%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 22.2%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 17380

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Citizens Financial Group, Inc. at $63.56.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $63.56, the stock trades below its Graham Number of $70.25 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States. The company operates through two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment offers deposit products, mortgage and home equity lending products, credit cards, business loans, and wealth management services; and education and point-of-sale finance loans, as well as digital deposit products. This segment serves its customers through telephone service centers, as well as through its online and mobile platforms. The Commercial Banking segment provides various financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, and interest rate and commodity risk management solutions, as well as syndicated loans, corporate finance, mergers and acquisitions, and debt and equity capital markets services. The company serves customers and small businesses, high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs, and companies and institutions, as well as multifamily, office, industrial, retail, healthcare, and hospitality sectors. The company was formerly known as RBS Citizens Financial Group, Inc. and changed its name to Citizens Financial Group, Inc. in April 2014. Citizens Financial Group, Inc. was founded in 1828 and is headquartered in Providence, Rhode Island.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	22.2% ▲	19.3%	19.6%	25.8%	N/A
Diluted EPS	3.86 ▲	3.03	3.13	4.10	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$226.4B	$217.5B	$222.0B	$226.7B	N/A
Total Debt	$11.3B ↓	$12.4B	$14.0B	$15.9B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	6.16	8.22	8.69	7.67	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.0B ▲	$1.9B	$2.8B	$4.0B	N/A
Owner Earnings	$2.5B	$2.1B	$2.3B	$2.8B	N/A
CapEx % of Net Income	9.5%	8.1%	10.7%	6.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	5,551	-6,223	-46,710	0
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	26,000	-31,000	-225,000	-244,000
Total Unusual Items Excluding Goodwill	26,000	-31,000	-225,000	-244,000
Net Income From Continuing Operation Net Minority Interest	1,831,000	1,509,000	1,608,000	2,073,000
Reconciled Depreciation	478,000	498,000	478,000	565,000
Net Interest Income	5,853,000	5,633,000	6,241,000	6,012,000
Interest Expense	3,810,000	4,553,000	3,963,000	1,048,000
Interest Income	9,663,000	10,186,000	10,204,000	7,060,000
Normalized Income	1,810,551	1,533,777	1,786,290	2,073,000
Net Income From Continuing And Discontinued Operation	1,831,000	1,509,000	1,608,000	2,073,000
Diluted Average Shares	436,891	453,510	476,693	477,803
Basic Average Shares	433,173	450,678	475,089	475,960
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,688,000	1,372,000	1,491,000	1,960,000
Net Income Common Stockholders	1,688,000	1,372,000	1,491,000	1,960,000
Otherunder Preferred Stock Dividend	5,000	-179,000	117,000		113,000
Preferred Stock Dividends	138,000	137,000	117,000	113,000
Net Income	1,831,000	1,509,000	1,608,000	2,073,000
Net Income Including Noncontrolling Interests	1,831,000	1,509,000	1,608,000	2,073,000
Net Income Continuous Operations	1,831,000	1,509,000	1,608,000	2,073,000
Tax Provision	497,000	379,000	422,000	582,000
Pretax Income	2,328,000	1,888,000	2,030,000	2,655,000
Special Income Charges	26,000	-31,000	-225,000	-244,000
Other Special Charges	-26,000	31,000	225,000
Restructuring And Mergern Acquisition		110,000	104,000	244,000	35,000
Gain On Sale Of Security	22,000	18,000	28,000	9,000
Selling General And Administration	3,121,000	2,989,000	2,951,000	2,811,000
Selling And Marketing Expense	170,000	170,000	187,000	166,000
General And Administrative Expense	2,951,000	2,819,000	2,764,000	2,645,000
Insurance And Claims	153,000	162,000	165,000	96,000
Salaries And Wages	2,798,000	2,657,000	2,599,000	2,549,000
Total Revenue	8,247,000	7,809,000	8,224,000	8,021,000
Operating Revenue	8,247,000	7,809,000	8,224,000	8,021,000
Occupancy And Equipment	1,218,000	1,216,000	1,248,000	1,058,000
Other Non Interest Expense	998,000	998,000	1,083,000	1,023,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	222,997	209,525	181,412	152,938
Preferred Shares Number	50,000	34,000	30,000	30,000
Ordinary Shares Number	429,242	440,543	466,418	492,282
Share Issued	652,239	650,068	647,830	645,220
Net Debt		1,165,000	1,939,000	5,040,000
Total Debt	11,282,000	12,401,000	13,972,000	15,890,000
Tangible Book Value	15,904,000	13,808,000	13,983,000	13,306,000
Invested Capital	35,488,000	34,542,000	36,300,000	37,566,000
Net Tangible Assets	18,015,000	15,921,000	15,997,000	15,320,000
Common Stock Equity	24,206,000	22,141,000	22,328,000	21,676,000
Preferred Stock Equity	2,111,000	2,113,000	2,014,000	2,014,000
Total Capitalization	35,551,000	34,667,000	37,809,000	39,577,000
Total Equity Gross Minority Interest	26,317,000	24,254,000	24,342,000	23,690,000
Stockholders Equity	26,317,000	24,254,000	24,342,000	23,690,000
Gains Losses Not Affecting Retained Earnings	-1,970,000	-3,595,000	-3,758,000	-4,560,000
Other Equity Adjustments	-1,970,000	-3,595,000	-3,758,000	-4,560,000
Treasury Stock	7,652,000	7,047,000	5,986,000	5,071,000
Retained Earnings	11,345,000	10,412,000	9,816,000	9,159,000
Additional Paid In Capital	22,476,000	22,364,000	22,250,000	22,142,000
Capital Stock	2,118,000	2,120,000	2,020,000	2,020,000
Common Stock	7,000	7,000	6,000	6,000
Preferred Stock	2,111,000	2,113,000	2,014,000	2,014,000
Total Liabilities Net Minority Interest	200,034,000	193,267,000	197,622,000	203,043,000
Derivative Product Liabilities	779,000	1,220,000	1,562,000	1,909,000
Long Term Debt And Capital Lease Obligation	9,234,000	10,413,000	13,467,000	15,887,000
Long Term Debt	9,234,000	10,413,000	13,467,000	15,887,000
Current Debt And Capital Lease Obligation	2,048,000	1,988,000	505,000	3,000
Current Debt	2,048,000	1,988,000	505,000	3,000
Other Current Borrowings	58,000	0	505,000	3,000
Current Notes Payable	1,990,000	1,988,000	0
Total Assets	226,351,000	217,521,000	221,964,000	226,733,000
Investments And Advances	43,455,000	41,129,000	38,647,000	33,461,000
Held To Maturity Securities	7,866,000	8,516,000	8,980,000	9,724,000
Goodwill And Other Intangible Assets	8,302,000	8,333,000	8,345,000	8,370,000
Other Intangible Assets	115,000	146,000	157,000	197,000
Goodwill	8,187,000	8,187,000	8,188,000	8,173,000
Net PPE	915,000	875,000	895,000	844,000
Accumulated Depreciation	-821,000	-810,000	-813,000	-862,000
Gross PPE	1,736,000	1,685,000	1,708,000	1,706,000
Construction In Progress	110,000	53,000	77,000	61,000
Other Properties	1,000
Machinery Furniture Equipment	581,000	601,000	613,000	622,000
Buildings And Improvements	901,000	887,000	875,000	879,000
Land And Improvements	143,000	144,000	143,000	144,000
Receivables	1,080,000	1,027,000	1,148,000	1,456,000
Other Receivables	1,080,000	1,027,000	1,148,000	1,456,000
Accounts Receivable					506,000
Other Short Term Investments	35,589,000	32,613,000	29,667,000	23,737,000
Cash And Cash Equivalents	13,688,000	11,236,000	12,033,000	10,850,000
Cash Financial	12,727,000	10,601,000	11,628,000	10,547,000
Cash Cash Equivalents And Federal Funds Sold	13,688,000	11,236,000	12,033,000	10,850,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,037,000	1,879,000	2,789,000	3,993,000
Repurchase Of Capital Stock	-1,000,000	-1,350,000	-906,000	-153,000
Repayment Of Debt	-9,744,000	-14,286,000	-28,418,000	-19,691,000
Issuance Of Debt	8,534,000	13,185,000	25,983,000	24,617,000
Issuance Of Capital Stock	393,000	392,000	0	0
Capital Expenditure	-174,000	-122,000	-172,000	-126,000
Interest Paid Supplemental Data	4,040,000	4,375,000	3,640,000	989,000
Income Tax Paid Supplemental Data		208,000	375,000	183,000	1,247,000
End Cash Position	12,727,000	10,601,000	11,628,000	10,547,000
Beginning Cash Position	10,601,000	11,628,000	10,547,000	9,158,000
Changes In Cash	2,126,000	-1,027,000	1,081,000	1,389,000
Financing Cash Flow	5,882,000	-6,015,000	-7,128,000	9,907,000
Cash Flow From Continuing Financing Activities	5,882,000	-6,015,000	-7,128,000	9,907,000
Net Other Financing Charges	-8,000	18,000	21,000	-25,000
Cash Dividends Paid	-888,000	-903,000	-928,000	-892,000
Preferred Stock Dividend Paid	-133,000	-134,000	-120,000	-113,000
Common Stock Dividend Paid	-755,000	-769,000	-808,000	-779,000
Net Preferred Stock Issuance	-7,000	92,000	0	0
Preferred Stock Payments	-400,000	-300,000	0	0
Preferred Stock Issuance	393,000	392,000	0	0
Net Common Stock Issuance	-600,000	-1,050,000	-906,000	-153,000
Common Stock Payments	-600,000	-1,050,000	-906,000	-153,000
Net Issuance Payments Of Debt	-1,152,000	-1,606,000	-1,933,000	4,831,000
Net Short Term Debt Issuance	58,000	-505,000	502,000	-95,000
Short Term Debt Payments				-95,000	-154,000
Net Long Term Debt Issuance	-1,210,000	-1,101,000	-2,435,000	4,926,000
Long Term Debt Payments	-9,744,000	-14,286,000	-28,418,000	-19,691,000
Long Term Debt Issuance	8,534,000	13,185,000	25,983,000	24,617,000
Investing Cash Flow	-5,967,000	2,987,000	5,248,000	-12,637,000
Cash Flow From Continuing Investing Activities	-5,967,000	2,987,000	5,248,000	-12,637,000
Net Other Investing Changes	-347,000	-93,000	-61,000	-871,000
Net Investment Purchase And Sale	-898,000	-2,170,000	-4,384,000	-5,141,000
Sale Of Investment	8,565,000	7,585,000	5,703,000	5,635,000
Purchase Of Investment	-9,463,000	-9,755,000	-10,087,000	-10,776,000
Net Business Purchase And Sale		0	0	-255,000	-165,000
Purchase Of Business		0	0	-255,000	-165,000
Capital Expenditure Reported	-174,000	-122,000	-172,000	-126,000
Operating Cash Flow	2,211,000	2,001,000	2,961,000	4,119,000
Cash Flow From Continuing Operating Activities	2,211,000	2,001,000	2,961,000	4,119,000
Change In Working Capital	-306,000	-571,000	273,000	-858,000
Change In Other Current Liabilities	-395,000	-310,000	-339,000	1,036,000
Change In Other Current Assets	89,000	-261,000	612,000	-1,894,000
Other Non Cash Items	-414,000	-24,000	98,000	1,733,000
Stock Based Compensation	120,000	97,000	87,000	84,000
Deferred Tax	-82,000	-177,000	-242,000	57,000
Deferred Income Tax	-82,000	-177,000	-242,000	57,000
Depreciation Amortization Depletion	478,000	498,000	478,000	565,000
Depreciation And Amortization	478,000	498,000	478,000	565,000
Depreciation	478,000	498,000	478,000	565,000
Operating Gains Losses	-24,000	-18,000	-28,000	-9,000
Net Income From Continuing Operations	1,831,000	1,509,000	1,608,000	2,073,000

These metrics estimate what Citizens Financial Group, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$70.25

Margin of Safety

9.5%

Market Cap ÷ Company Value

1.35

P/B Ratio

1.12

Warren's Owner Earnings

$2.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$8.2B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.73%

vs Uninterrupted dividends

❌ Earnings Growth

-5.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.1x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.12x P/B (P/E×P/B: 16.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	9.5%	8.1%	10.7%	6.1%	N/A
Repurchase of Capital Stock	-$1.0B	-$1.4B	-$906M	-$153M	N/A
Free Cash Flow	$2.0B ▲	$1.9B ▼	$2.8B ▼	$4.0B •	N/A •
Warren's Owner Earnings	$2.5B	$2.1B	$2.3B	$2.8B	N/A

Peers & Industry

No auto-detected peers for Banks - Regional. You can manually compare CFG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.73%

Low — management has little skin in the game

Return on Equity (ROE)

7.6%

Weak — poor returns on equity

Return on Assets (ROA)

0.8%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-9.0% YoY

Debt is declining — management is deleveraging

Leadership Team

Bruce Winfield Van Saun

CEO & Chairman of the Board

Age 68

Pay: $4,468,550

0.244% of net income

Brendan Coughlin

President and Head of Consumer, Private Banking & Wealth

Age 45

Pay: $2,184,700

0.119% of net income

Aunoy Banerjee

Executive VP & CFO

Age 47

Pay: $1,647,836

0.090% of net income

Michelle Moosally

Executive Vice President, General Counsel and Chief Legal Officer

Age 49

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.07%	51,303,226
Blackrock Inc.	10.73%	45,580,895
Capital World Investors	8.68%	36,886,708
State Street Corporation	5.35%	22,755,626
Invesco Ltd.	5.35%	22,734,156
Geode Capital Management, LLC	2.67%	11,361,142
Morgan Stanley	2.64%	11,217,975
Capital International Investors	1.88%	8,000,750

Risk Analysis

Beta (Market Risk)

1.04

Moderate volatility — moves slightly more than market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $37.93 Current: $63.56 High: $68.79

Currently at 83% of 52-week range

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