NYSE · Financial Services

The PNC Financial Services Group, Inc.

PNC · Banks - Regional

$217.90

▼ -2.82 (-1.28%)

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Mr. Market is currently offering The PNC Financial Services Group, Inc. at $217.90.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 30.1%

Fin. Health F

Years to Pay Off Debt 8.2 yrs

Valuation D

Margin of Safety 8.1%

Price-to-Book 1.45x

Cash Flow A

Free Cash Flow $4.4B

5/6

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 $87.9B

Enterprise Value $149.1B

P/E (TTM) 12.65

Dividend Yield 3.04%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 30.1%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 56366

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The PNC Financial Services Group, Inc. at $217.90.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $217.90, the stock trades below its Graham Number of $237.18 — 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 The PNC Financial Services Group, Inc.

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The Retail Banking segment offers checking, savings, and money market accounts, and time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services. This segment serves consumer and small business customers through a network of branches, digital channels, ATMs, and through phone-based customer contact centers. The Corporate & Institutional Banking segment provides secured and unsecured loans, letters of credit, and equipment leases; cash and investment management, receivables and disbursement management, funds transfer, international payment, and access to online/mobile information management and reporting services; asset-backed financing, securities underwriting, loan syndications, mergers and acquisitions and equity capital markets advisory, and customer related services; and commercial loan servicing and technology solutions. It serves mid-sized and large corporations, and government and not-for-profit entities. The Asset Management Group segment offers investment and retirement planning, customized investment management, credit and cash management solutions, and trust management and administration services for high net worth and ultra high net worth individuals, and their families; and multi-generational family planning services. It also offers outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services for institutional clients. The company was founded in 1865 and is headquartered in Pittsburgh, Pennsylvania.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	30.1% ▲	28.3%	25.9%	28.6%
Diluted EPS	16.59 ▲	13.74	12.79	13.85

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$573.6B	$560.0B	$561.6B	$557.3B	N/A
Total Debt	$57.1B ↓	$61.7B	$72.7B	$58.7B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	8.23	10.47	13.04	9.72	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.4B ▼	$7.9B	$10.1B	$9.1B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	18,950	114,269	-83,430	0
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	108,000	642,000	-515,000
Total Unusual Items Excluding Goodwill	108,000	642,000	-515,000
Net Income From Continuing Operation Net Minority Interest	6,936,000	5,889,000	5,578,000	6,041,000
Reconciled Depreciation	381,000	259,000	217,000	651,000
Net Interest Income	14,410,000	13,499,000	13,916,000	13,014,000
Interest Expense	10,897,000	12,885,000	10,392,000	2,422,000
Interest Income	25,307,000	26,384,000	24,308,000	15,436,000
Normalized Income	6,846,950	5,361,269	6,009,570	6,041,000
Net Income From Continuing And Discontinued Operation	6,936,000	5,889,000	5,578,000	6,041,000
Diluted Average Shares	396,000	400,000	401,000	412,000
Basic Average Shares	396,000	399,000	401,000	412,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,576,000	5,496,000	5,126,000	5,708,000
Net Income Common Stockholders	6,576,000	5,496,000	5,126,000	5,708,000
Otherunder Preferred Stock Dividend	52,000	41,000	35,000	32,000
Preferred Stock Dividends	308,000	352,000	417,000	301,000
Net Income	6,936,000	5,889,000	5,578,000	6,041,000
Minority Interests	-61,000	-64,000	-69,000	-72,000
Net Income Including Noncontrolling Interests	6,997,000	5,953,000	5,647,000	6,113,000
Net Income Continuous Operations	6,997,000	5,953,000	5,647,000	6,113,000
Tax Provision	1,489,000	1,289,000	1,089,000	1,360,000
Pretax Income	8,486,000	7,242,000	6,736,000	7,473,000
Special Income Charges	108,000	642,000	-515,000
Other Special Charges	-108,000	-642,000	515,000
Gain On Sale Of Security	-31,000	-492,000	17,000	-13,000
Selling General And Administration	8,160,000	7,664,000	7,778,000	7,599,000
Selling And Marketing Expense	378,000	362,000	350,000	355,000
General And Administrative Expense	7,782,000	7,302,000	7,428,000	7,244,000
Salaries And Wages	7,782,000	7,302,000	7,428,000	7,244,000
Total Revenue	23,077,000	20,809,000	21,509,000	21,114,000
Operating Revenue	23,077,000	20,809,000	21,509,000	21,114,000
Occupancy And Equipment	2,568,000	2,481,000	2,393,000	2,387,000
Other Non Interest Expense	3,214,000	3,267,000	3,326,000	3,184,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	153,084	147,374	145,087	142,000
Preferred Shares Number					60,001
Ordinary Shares Number	390,414	395,937	398,029	401,000
Share Issued	543,498	543,311	543,116	543,000
Net Debt	17,388,000	15,422,000	22,012,000	24,350,000
Total Debt	57,101,000	61,673,000	72,737,000	58,713,000
Tangible Book Value	45,967,000	39,782,000	36,487,000	31,364,000
Invested Capital	117,686,000	116,098,000	123,842,000	104,487,000
Net Tangible Assets	45,967,000	39,782,000	36,487,000	31,364,000
Capital Lease Obligations					2,220,000
Common Stock Equity	60,585,000	54,425,000	51,105,000	45,774,000
Total Capitalization	117,686,000	116,098,000	123,842,000	104,487,000
Total Equity Gross Minority Interest	60,636,000	54,469,000	51,141,000	45,812,000
Minority Interest	51,000	44,000	36,000	38,000
Stockholders Equity	60,585,000	54,425,000	51,105,000	45,774,000
Gains Losses Not Affecting Retained Earnings	-3,408,000	-6,565,000	-7,712,000	-10,172,000
Other Equity Adjustments	-3,408,000	-6,565,000	-7,712,000	-10,172,000
Treasury Stock	20,912,000	19,719,000	19,209,000	18,716,000
Retained Earnings	63,266,000	59,282,000	56,290,000	53,572,000
Additional Paid In Capital	18,922,000	18,710,000	19,020,000	18,376,000
Capital Stock	2,717,000	2,717,000	2,716,000	2,714,000
Common Stock	2,717,000	2,717,000	2,716,000	2,714,000
Total Liabilities Net Minority Interest	512,936,000	505,569,000	510,439,000	511,451,000
Derivative Product Liabilities					985,000
Long Term Debt And Capital Lease Obligation	57,101,000	61,673,000	72,737,000	58,713,000
Long Term Capital Lease Obligation					2,220,000
Long Term Debt	57,101,000	61,673,000	72,737,000	58,713,000
Long Term Provisions	818,000	719,000	663,000	694,000
Payables And Accrued Expenses				15,762,000	12,741,000
Current Accrued Expenses				15,762,000	12,741,000
Total Assets	573,572,000	560,038,000	561,580,000	557,263,000
Investments And Advances	149,030,000	149,332,000	140,883,000	147,771,000
Held To Maturity Securities	59,960,000	77,693,000	90,784,000	95,175,000
Available For Sale Securities	67,607,000	61,169,000	39,476,000	41,863,000
Long Term Equity Investment	10,790,000	9,600,000	8,314,000	8,437,000
Goodwill And Other Intangible Assets	14,618,000	14,643,000	14,618,000	14,410,000
Other Intangible Assets	3,659,000	3,711,000	3,686,000	3,423,000
Goodwill	10,959,000	10,932,000	10,932,000	10,987,000
Net PPE					1,919,000
Gross PPE					1,919,000
Other Properties					1,919,000
Receivables	7,090,000	6,695,000	6,460,000	6,404,000
Other Receivables	7,090,000	6,695,000	6,460,000	6,404,000
Accounts Receivable					1,022,000
Other Short Term Investments	10,673,000	62,039,000	41,785,000	44,159,000
Cash And Cash Equivalents	39,713,000	46,251,000	50,725,000	34,363,000
Cash Financial	6,777,000	6,904,000	6,921,000	7,043,000
Cash Cash Equivalents And Federal Funds Sold	39,713,000	46,251,000	50,725,000	34,363,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,384,000	7,880,000	10,111,000	9,083,000
Repurchase Of Capital Stock	-1,338,000	-1,187,000	-1,651,000	-5,231,000
Repayment Of Debt	-17,427,000	-23,750,000	-3,676,000	-8,057,000
Issuance Of Debt	12,130,000	13,405,000	17,288,000	38,042,000
Issuance Of Capital Stock	70,000	69,000	1,556,000	2,293,000
Interest Paid Supplemental Data	11,154,000	13,052,000	9,451,000	2,172,000
Income Tax Paid Supplemental Data		434,000	997,000	197,000	675,000
End Cash Position	39,713,000	46,251,000	50,725,000	34,363,000
Beginning Cash Position	46,251,000	50,725,000	34,363,000	82,254,000
Changes In Cash	-6,538,000	-4,474,000	16,362,000	-47,891,000
Financing Cash Flow	4,695,000	-9,122,000	-3,854,000	3,384,000
Cash Flow From Continuing Financing Activities	4,695,000	-9,122,000	-3,854,000	3,384,000
Cash Dividends Paid	-2,943,000	-2,889,000	-2,878,000	-2,692,000
Preferred Stock Dividend Paid	-308,000	-352,000	-417,000	-301,000
Common Stock Dividend Paid	-2,635,000	-2,537,000	-2,461,000	-2,391,000
Net Preferred Stock Issuance	0	-500,000	484,000	725,000
Preferred Stock Payments	0	-500,000	-1,000,000	-1,500,000
Preferred Stock Issuance	0	0	1,484,000	2,225,000
Net Common Stock Issuance	-1,268,000	-618,000	-579,000	-3,663,000
Common Stock Payments	-1,338,000	-687,000	-651,000	-3,731,000
Common Stock Issuance	70,000	69,000	72,000	68,000
Net Issuance Payments Of Debt	-5,297,000	-10,345,000	13,612,000	29,985,000
Net Long Term Debt Issuance	-5,297,000	-10,345,000	13,612,000	29,985,000
Long Term Debt Payments	-17,427,000	-23,750,000	-3,676,000	-8,057,000
Long Term Debt Issuance	12,130,000	13,405,000	17,288,000	38,042,000
Investing Cash Flow	-15,617,000	-3,232,000	10,105,000	-60,358,000
Cash Flow From Continuing Investing Activities	-15,617,000	-3,232,000	10,105,000	-60,358,000
Net Other Investing Changes	-2,636,000	-1,103,000	-1,985,000	-3,045,000
Net Investment Purchase And Sale	2,743,000	-5,519,000	8,293,000	-18,429,000
Sale Of Investment	24,825,000	26,592,000	13,955,000	22,576,000
Purchase Of Investment	-22,082,000	-32,111,000	-5,662,000	-41,005,000
Net Business Purchase And Sale					-10,511,000
Purchase Of Business					-10,511,000
Operating Cash Flow	4,384,000	7,880,000	10,111,000	9,083,000
Cash Flow From Continuing Operating Activities	4,384,000	7,880,000	10,111,000	9,083,000
Change In Working Capital	-4,942,000	-587,000	2,262,000	1,196,000
Change In Other Working Capital	-3,966,000	41,000	-767,000	433,000
Change In Other Current Assets	1,736,000	896,000	2,312,000	-877,000
Change In Payables And Accrued Expense	-1,610,000	-1,373,000	507,000	599,000
Change In Accrued Expense	-1,610,000	-1,373,000	507,000	599,000
Other Non Cash Items	708,000	842,000	1,195,000	831,000
Asset Impairment Charge	492,000	154,000	298,000	-543,000
Deferred Tax	-40,000	-30,000	-252,000	351,000
Deferred Income Tax	-40,000	-30,000	-252,000	351,000
Depreciation Amortization Depletion	381,000	259,000	217,000	651,000
Depreciation And Amortization	381,000	259,000	217,000	651,000
Operating Gains Losses	31,000	492,000	2,000	7,000
Gain Loss On Investment Securities	9,000	500,000	2,000	7,000
Net Income From Continuing Operations	6,997,000	5,953,000	5,647,000	6,113,000

These metrics estimate what The PNC Financial Services 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

$237.18

Margin of Safety

8.1%

Market Cap ÷ Company Value

1.94

P/B Ratio

1.45

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$23.1B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.04%

vs Uninterrupted dividends

❌ Earnings Growth

+19.8% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.7x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.45x P/B (P/E×P/B: 18.3)

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	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$1.3B	-$1.2B	-$1.7B	-$5.2B	N/A
Free Cash Flow	$4.4B ▼	$7.9B ▼	$10.1B ▲	$9.1B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

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

0.31%

Low — management has little skin in the game

Return on Equity (ROE)

11.4%

Adequate — returns are moderate

Return on Assets (ROA)

1.2%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$1.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-7.4% YoY

Debt is declining — management is deleveraging

Leadership Team

William Demchak

Chairman & CEO

Age 63

Pay: $10,670,221

0.154% of net income

Mark Kenneth Wiedman

President

Age 54

Pay: $4,822,359

0.070% of net income

Robert Reilly

Executive VP & CFO

Age 60

Pay: $4,046,117

0.058% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.64%	38,873,991
Blackrock Inc.	7.99%	32,236,254
State Street Corporation	4.29%	17,319,434
FMR, LLC	3.95%	15,918,142
Capital International Investors	2.96%	11,936,742
NORGES BANK	2.34%	9,424,039
Geode Capital Management, LLC	2.20%	8,861,852
Massachusetts Financial Services Co.	2.12%	8,535,855

Risk Analysis

Beta (Market Risk)

0.93

Low volatility — more stable than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $163.31 Current: $217.90 High: $243.94

Currently at 68% of 52-week range

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