NASDAQ · Financial Services

Huntington Bancshares Incorporated

HBAN · Banks - Regional

$16.15

▼ -0.47 (-2.8%)

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Mr. Market is currently offering Huntington Bancshares Incorporated at $16.15.

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

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 27.2%

Fin. Health F

Years to Pay Off Debt 8.3 yrs

Valuation D

Margin of Safety 11.6%

Price-to-Book 1.51x

Cash Flow A

Free Cash Flow $2.2B

CapEx % of Net Income 12.1%

Owner Earnings $3.2B

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 $32.7B

Enterprise Value $40.4B

P/E (TTM) 12.42

Dividend Yield 3.73%

Exchange NASDAQ

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 27.2%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 24641

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Huntington Bancshares Incorporated at $16.15.

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

At $16.15, the stock trades below its Graham Number of $18.26 — suggesting a margin of safety exists.

The margin of safety of 11.6% offers some protection but falls short of Graham's preferred 33% buffer.

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

About Huntington Bancshares Incorporated

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services. It offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services. The company also provides 24-Hour Grace, Asterisk-Free Checking, Money Scout, $50 Safety Zone, Standby Cash, Early Pay, Instant Access, Savings Goal Getter, And Huntington Heads Up; digitally powered consumer and business financial solutions to consumer finance, regional banking, branch banking, and wealth management customers; direct and indirect consumer loans; dealer finance loans and deposits; and private banking, wealth management and legacy planning through investment and portfolio management, fiduciary administration and trust, institutional custody, and full-service retail brokerage investment services. In addition, it offers equipment financing, asset-based lending, distribution finance, structured lending, municipal financing solutions, and Huntington ChoicePay. Additionally, the company provides lending, liquidity, treasury management and other payment services, and capital markets; government and non-profits, healthcare, technology and telecommunications, franchises, financial sponsors, fund finance, Native American financial, and global services; and corporate risk management, institutional sales and trading, debt and equity issuance, and additional advisory services. The company offers its products through a network of channels, including branches and ATMs, online and mobile banking, and through customer call centers to customers in middle market banking, corporate, specialty, and government banking, asset finance, commercial real estate banking, and capital markets. The company was founded in 1866 and is headquartered in Columbus, Ohio.

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 %	27.2% ▲	26.3%	26.5%	30.9%	N/A
Diluted EPS	1.39 ▲	1.22	1.24	1.45	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$225.1B	$204.2B	$189.4B	$182.9B	N/A
Total Debt	$18.5B ↑	$16.4B	$12.4B	$11.5B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	8.35	8.47	6.35	5.12	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.2B ▲	$1.7B	$2.5B	$3.8B	N/A
Owner Earnings	$3.2B	$2.7B	$2.9B	$2.9B	N/A
CapEx % of Net Income	12.1%	7.4%	7.2%	9.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-22,743	0	0	0
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-133,000		57,000	-95,000	-701,000
Total Unusual Items Excluding Goodwill	-133,000		57,000	-95,000	-701,000
Net Income From Continuing Operation Net Minority Interest	2,211,000	1,940,000	1,951,000	2,238,000
Reconciled Depreciation	762,000	622,000	798,000	484,000
Net Interest Income	5,991,000	5,345,000	5,439,000	5,273,000
Interest Expense	4,319,000	4,576,000	3,477,000	696,000
Interest Income	10,310,000	9,921,000	8,916,000	5,969,000
Normalized Income	2,321,257	1,940,000	1,951,000	2,238,000
Net Income From Continuing And Discontinued Operation	2,211,000	1,940,000	1,951,000	2,238,000
Diluted Average Shares	1,505,000	1,476,000	1,468,000	1,465,000
Basic Average Shares	1,479,000	1,451,000	1,446,000	1,441,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,087,000	1,801,000	1,817,000	2,125,000
Net Income Common Stockholders	2,087,000	1,801,000	1,817,000	2,125,000
Otherunder Preferred Stock Dividend		5,000	-8,000		11,000
Preferred Stock Dividends	124,000	134,000	142,000	113,000
Net Income	2,211,000	1,940,000	1,951,000	2,238,000
Minority Interests	-18,000	-20,000	-20,000	-11,000
Net Income Including Noncontrolling Interests	2,229,000	1,960,000	1,971,000	2,249,000
Tax Provision	459,000	443,000	413,000	515,000
Pretax Income	2,688,000	2,403,000	2,384,000	2,764,000
Special Income Charges	-133,000		57,000	-95,000	-701,000
Gain On Sale Of Business	24,000		57,000
Restructuring And Mergern Acquisition	168,000			95,000	701,000
Gain On Sale Of Security	-58,000	-21,000	-7,000	0
Depreciation Amortization Depletion Income Statement	59,000	62,000	77,000	98,000
Depreciation And Amortization In Income Statement	59,000	62,000	77,000	98,000
Amortization	46,000	47,000	50,000	53,000
Amortization Of Intangibles Income Statement	46,000	47,000	50,000	53,000
Depreciation Income Statement	13,000	15,000	27,000	45,000
Selling General And Administration	3,133,000	2,931,000	2,946,000	2,559,000
Selling And Marketing Expense	124,000	116,000	115,000	91,000
General And Administrative Expense	3,009,000	2,815,000	2,831,000	2,468,000
Insurance And Claims	64,000	114,000	302,000	67,000
Salaries And Wages	2,945,000	2,701,000	2,529,000	2,401,000
Total Revenue	8,131,000	7,385,000	7,360,000	7,254,000
Operating Revenue	8,131,000	7,385,000	7,360,000	7,254,000
Occupancy And Equipment	497,000	488,000	509,000	515,000
Professional Expense And Contract Services Expense	89,000	99,000	99,000	77,000
Other Non Interest Expense	1,069,000	982,000	943,000	952,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	7,188	6,984	7,403	6,322
Preferred Shares Number	40,000	40,000	40,000	27,000
Ordinary Shares Number	1,567,733	1,453,636	1,448,320	1,443,068
Share Issued	1,574,920	1,460,620	1,455,723	1,449,390
Net Debt	4,382,000	3,099,000	2,073,000	4,542,000
Total Debt	18,460,000	16,431,000	12,396,000	11,460,000
Tangible Book Value	14,862,000	11,513,000	10,726,000	9,281,000
Invested Capital	40,071,000	34,182,000	29,355,000	27,024,000
Net Tangible Assets	17,593,000	13,502,000	13,120,000	11,448,000
Common Stock Equity	21,611,000	17,751,000	16,959,000	15,564,000
Preferred Stock Equity	2,731,000	1,989,000	2,394,000	2,167,000
Total Capitalization	41,563,000	36,114,000	31,747,000	27,417,000
Total Equity Gross Minority Interest	24,379,000	19,782,000	19,398,000	17,769,000
Minority Interest	37,000	42,000	45,000	38,000
Stockholders Equity	24,342,000	19,740,000	19,353,000	17,731,000
Gains Losses Not Affecting Retained Earnings	-1,908,000	-2,866,000	-2,676,000	-3,098,000
Other Equity Adjustments	23,000	-279,000	-369,000	-640,000
Minimum Pension Liabilities	-193,000	-222,000	-213,000	-210,000
Unrealized Gain Loss	-1,738,000	-2,365,000	-2,094,000	-2,248,000
Treasury Stock	92,000	86,000	91,000	80,000
Retained Earnings	6,351,000	5,204,000	4,322,000	3,419,000
Additional Paid In Capital	17,244,000	15,484,000	15,389,000	15,309,000
Capital Stock	2,747,000	2,004,000	2,409,000	2,181,000
Common Stock	16,000	15,000	15,000	14,000
Preferred Stock	2,731,000	1,989,000	2,394,000	2,167,000
Total Liabilities Net Minority Interest	200,727,000	184,448,000	169,970,000	165,137,000
Long Term Debt And Capital Lease Obligation	17,221,000	16,374,000	12,394,000	9,686,000
Long Term Debt	17,221,000	16,374,000	12,394,000	9,686,000
Current Debt And Capital Lease Obligation	1,239,000	57,000	2,000	1,774,000
Current Debt	1,239,000	57,000	2,000	1,774,000
Other Current Borrowings	1,239,000	57,000	2,000	1,774,000
Total Assets	225,106,000	204,230,000	189,368,000	182,906,000
Investments And Advances	41,543,000	43,750,000	41,229,000	40,536,000
Held To Maturity Securities	14,655,000	16,113,000	15,749,000	17,052,000
Available For Sale Securities	24,857,000	23,705,000	21,982,000	22,954,000
Trading Securities	63,000	53,000	125,000	19,000
Goodwill And Other Intangible Assets	6,749,000	6,238,000	6,233,000	6,283,000
Other Intangible Assets	752,000	677,000	672,000	712,000
Goodwill	5,997,000	5,561,000	5,561,000	5,571,000
Net PPE	1,321,000	1,066,000	1,109,000	1,156,000
Accumulated Depreciation	-1,194,000	-1,171,000	-1,184,000	-1,122,000
Gross PPE	2,515,000	2,237,000	2,293,000	2,278,000
Leases	277,000	251,000	262,000	269,000
Other Properties	978,000	909,000	899,000	896,000
Buildings And Improvements	847,000	738,000	789,000	776,000
Land And Improvements	413,000	339,000	343,000	337,000
Receivables	8,256,000	7,580,000	6,826,000	6,773,000
Other Receivables	8,256,000	7,580,000	6,826,000	6,773,000
Accounts Receivable					294,000
Other Short Term Investments	1,968,000	3,879,000	3,373,000	511,000
Cash And Cash Equivalents	14,078,000	13,332,000	10,323,000	6,918,000
Cash Financial	1,783,000	1,685,000	1,558,000	1,796,000
Cash Cash Equivalents And Federal Funds Sold	14,078,000	13,332,000	10,323,000	6,918,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,215,000	1,693,000	2,517,000	3,813,000
Repurchase Of Capital Stock	0	-410,000	-82,000	0
Repayment Of Debt	-2,053,000	-3,563,000	-12,376,000	-8,017,000
Issuance Of Debt	2,500,000	7,661,000	14,965,000	11,004,000
Issuance Of Capital Stock	741,000	0	317,000	0
Capital Expenditure	-267,000	-143,000	-140,000	-214,000
Interest Paid Supplemental Data	4,267,000	4,547,000	3,359,000	627,000
Income Tax Paid Supplemental Data	274,000	123,000	90,000		269,000
End Cash Position	13,495,000	12,847,000	10,129,000	6,704,000
Beginning Cash Position	12,847,000	10,129,000	6,704,000	5,522,000
Changes In Cash	648,000	2,718,000	3,425,000	1,182,000
Financing Cash Flow	4,513,000	13,001,000	3,765,000	8,764,000
Cash Flow From Continuing Financing Activities	4,513,000	13,001,000	3,765,000	8,764,000
Net Other Financing Charges	-90,000	-56,000	-46,000	-25,000
Cash Dividends Paid	-1,016,000	-1,046,000	-1,034,000	-1,010,000
Preferred Stock Dividend Paid	-108,000	-143,000	-134,000	-113,000
Common Stock Dividend Paid	-908,000	-903,000	-900,000	-897,000
Net Preferred Stock Issuance	741,000	-410,000	235,000	0
Preferred Stock Payments	0	-410,000	-82,000	0
Preferred Stock Issuance	741,000	0	317,000	0
Net Common Stock Issuance			0	0	-650,000
Common Stock Payments			0	0	-650,000
Net Issuance Payments Of Debt	1,232,000	3,295,000	1,294,000	5,148,000
Net Short Term Debt Issuance	785,000	-803,000	-1,295,000	2,161,000
Short Term Debt Payments					-1,245,000
Short Term Debt Issuance				2,161,000
Net Long Term Debt Issuance	447,000	4,098,000	2,589,000	2,987,000
Long Term Debt Payments	-2,053,000	-3,563,000	-12,376,000	-8,017,000
Long Term Debt Issuance	2,500,000	7,661,000	14,965,000	11,004,000
Investing Cash Flow	-6,347,000	-12,119,000	-2,997,000	-11,609,000
Cash Flow From Continuing Investing Activities	-6,347,000	-12,119,000	-2,997,000	-11,609,000
Net Other Investing Changes	-251,000	-387,000	71,000	85,000
Net Investment Purchase And Sale	4,528,000	-2,790,000	-113,000	-3,687,000
Sale Of Investment	10,579,000	13,445,000	5,738,000	7,729,000
Purchase Of Investment	-6,051,000	-16,235,000	-5,851,000	-11,416,000
Net Business Purchase And Sale	864,000	0	0	-223,000
Sale Of Business	864,000	0	0		466,000
Purchase Of Business		0	0	-223,000	-618,000
Net PPE Purchase And Sale	1,589,000	1,626,000	1,751,000	1,668,000
Sale Of PPE	1,856,000	1,769,000	1,891,000	1,882,000
Purchase Of PPE	-267,000	-143,000	-140,000	-214,000
Operating Cash Flow	2,482,000	1,836,000	2,657,000	4,027,000
Cash Flow From Continuing Operating Activities	2,482,000	1,836,000	2,657,000	4,027,000
Change In Working Capital	-658,000	-1,239,000	-339,000	570,000
Change In Other Working Capital	-10,000	72,000	-106,000	27,000
Change In Other Current Liabilities	230,000	-344,000	341,000	1,024,000
Change In Other Current Assets	-825,000	-761,000	-491,000	-1,156,000
Other Non Cash Items	-71,000	1,000	30,000	11,000
Stock Based Compensation	113,000	106,000	97,000	105,000
Deferred Tax	-403,000	-26,000	-302,000	319,000
Deferred Income Tax	-403,000	-26,000	-302,000	319,000
Depreciation Amortization Depletion	762,000	622,000	798,000	484,000
Depreciation And Amortization	762,000	622,000	798,000	484,000
Operating Gains Losses	44,000	-6,000
Gain Loss On Investment Securities	58,000	0	0
Net Income From Continuing Operations	2,229,000	1,960,000	1,971,000	2,249,000

These metrics estimate what Huntington Bancshares Incorporated 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

$18.26

Margin of Safety

11.6%

Market Cap ÷ Company Value

1.70

P/B Ratio

1.51

Warren's Owner Earnings

$3.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$8.1B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.73%

vs Uninterrupted dividends

❌ Earnings Growth

-4.1% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.51x P/B (P/E×P/B: 18.8)

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	12.1%	7.4%	7.2%	9.6%	N/A
Repurchase of Capital Stock	$0M	-$410M	-$82M	$0M	N/A
Free Cash Flow	$2.2B ▲	$1.7B ▼	$2.5B ▼	$3.8B •	N/A •
Warren's Owner Earnings	$3.2B	$2.7B	$2.9B	$2.9B	N/A

Peers & Industry

No auto-detected peers for Banks - Regional. You can manually compare HBAN 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

0.80%

Low — management has little skin in the game

Return on Equity (ROE)

10.2%

Adequate — returns are moderate

Return on Assets (ROA)

1.0%

Poor — assets are not generating adequate returns

Debt Trend YoY

+12.3% YoY

Debt is growing — management is leveraging up

Leadership Team

Stephen Steinour

Chairman, President & CEO

Age 66

Pay: $5,224,375

0.236% of net income

Zachary Wasserman

CFO & Senior EVP

Age 50

Pay: $2,701,494

0.122% of net income

Helga Houston

Senior Executive Vice President

Age 64

Pay: $1,883,772

0.085% of net income

Scott Kleinman

Senior Executive VP & President of Commercial Banking

Age 55

Pay: $2,239,972

0.101% of net income

Brantley Standridge

Senior EVP and President of Consumer & Regional Banking

Age 49

Pay: $2,830,309

0.128% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.39%	191,319,041
Blackrock Inc.	7.09%	144,388,216
State Street Corporation	3.79%	77,228,656
Wellington Management Group, LLP	3.44%	70,083,841
Invesco Ltd.	3.09%	62,971,849
Boston Partners	2.89%	58,871,408
Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main	2.29%	46,716,462
Geode Capital Management, LLC	2.12%	43,171,993

Risk Analysis

Beta (Market Risk)

0.98

Low volatility — more stable than the market

Short Interest

3.5% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $14.79 Current: $16.15 High: $19.46

Currently at 29% of 52-week range

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