NYSE · Financial Services

U.S. Bancorp

USB · Banks - Regional

$55.34

▼ -0.97 (-1.71%)

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Mr. Market is currently offering U.S. Bancorp at $55.34.

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

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 26.5%

Fin. Health F

Years to Pay Off Debt 9.0 yrs

Valuation D

Margin of Safety 11.4%

Price-to-Book 1.47x

Cash Flow A

Free Cash Flow $8.0B

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 $86.0B

Enterprise Value $125.6B

P/E (TTM) 11.60

Dividend Yield 3.66%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 26.5%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 70000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering U.S. Bancorp at $55.34.

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

At $55.34, the stock trades below its Graham Number of $62.47 — suggesting a margin of safety exists.

The margin of safety of 11.4% 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 U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. The company operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments. It offers depository services, including checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products and credit card services, lease financing and import/export trade, agricultural finance, asset-backed lending, and other products. The company also provides cash management, capital markets, and trust and investment management services; and ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers. In addition, it offers asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations; and investment and insurance products to its customers principally within its domestic markets, as well as fund administration services to mutual and other funds. Further, the company provides corporate and purchasing card, and corporate trust services; and credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing services. U.S. Bancorp was founded in 1863 and is headquartered in Minneapolis, Minnesota.

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 %	26.5% ▲	23.0%	19.4%	24.1%
Diluted EPS	4.62 ▲	3.79	3.27	3.69

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$692.3B	$678.3B	$663.5B	$674.8B
Total Debt	$68.4B ↑	$65.6B	$62.9B	$69.4B
Working Capital	N/A •	N/A	N/A	N/A
Years to Pay Debt	9.04	10.42	11.59	11.91

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$8.0B ▼	$11.3B	$8.4B	$21.1B	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	0	-80,000	-206,845	-65,926
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	0	-400,000	-1,009,000	-329,000
Total Unusual Items Excluding Goodwill	0	-400,000	-1,009,000	-329,000
Net Income From Continuing Operation Net Minority Interest	7,570,000	6,299,000	5,429,000	5,825,000
Reconciled Depreciation	875,000	939,000	1,018,000	560,000
Net Interest Income	16,649,000	16,289,000	17,396,000	14,728,000
Interest Expense	14,321,000	15,377,000	12,611,000	3,217,000
Interest Income	30,970,000	31,666,000	30,007,000	17,945,000
Normalized Income	7,570,000	6,619,000	6,231,155	6,088,074
Net Income From Continuing And Discontinued Operation	7,570,000	6,299,000	5,429,000	5,825,000
Diluted Average Shares	1,558,000	1,561,000	1,543,000	1,490,000
Basic Average Shares	1,557,000	1,560,000	1,543,000	1,489,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	7,194,000	5,909,000	5,051,000	5,501,000
Net Income Common Stockholders	7,194,000	5,909,000	5,051,000	5,501,000
Otherunder Preferred Stock Dividend	47,000	38,000	28,000	28,000
Preferred Stock Dividends	329,000	352,000	350,000	296,000
Net Income	7,570,000	6,299,000	5,429,000	5,825,000
Minority Interests	-26,000	-30,000	-29,000	-13,000
Net Income Including Noncontrolling Interests	7,596,000	6,329,000	5,458,000	5,838,000
Net Income Continuous Operations	7,596,000	6,329,000	5,458,000	5,838,000
Tax Provision	1,921,000	1,580,000	1,407,000	1,463,000
Pretax Income	9,517,000	7,909,000	6,865,000	7,301,000
Special Income Charges	0	-400,000	-1,009,000	-329,000
Other Special Charges		245,000	734,000
Restructuring And Mergern Acquisition	0	155,000	1,009,000	329,000
Gain On Sale Of Security	-61,000	-154,000	-145,000	20,000
Depreciation Amortization Depletion Income Statement	498,000	569,000	636,000	215,000
Depreciation And Amortization In Income Statement	498,000	569,000	636,000	215,000
Amortization	498,000	569,000	636,000	215,000
Amortization Of Intangibles Income Statement	498,000	569,000	636,000	215,000
Selling General And Administration	11,032,000	11,173,000	11,142,000	9,613,000
Selling And Marketing Expense	705,000	619,000	726,000	456,000
General And Administrative Expense	10,327,000	10,554,000	10,416,000	9,157,000
Salaries And Wages	10,327,000	10,554,000	10,416,000	9,157,000
Total Revenue	28,540,000	27,335,000	28,013,000	24,184,000
Operating Revenue	28,540,000	27,335,000	28,013,000	24,184,000
Occupancy And Equipment	1,227,000	1,246,000	1,266,000	1,096,000
Professional Expense And Contract Services Expense	468,000	491,000	560,000	529,000
Other Non Interest Expense	3,612,000	3,309,000	4,260,000	3,124,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	570,328	565,930	567,733	594,747
Preferred Shares Number	102,251	102,251	102,251	102,251
Ordinary Shares Number	1,555,398	1,559,796	1,557,993	1,530,978
Share Issued	2,125,726	2,125,726	2,125,726	2,125,726
Net Debt	21,523,000	9,124,000	1,743,000	15,846,000
Total Debt	68,413,000	65,626,000	62,935,000	69,388,000
Tangible Book Value	40,846,000	33,687,000	29,925,000	24,430,000
Invested Capital	126,798,000	117,396,000	111,433,000	113,346,000
Net Tangible Assets	47,654,000	40,495,000	36,733,000	31,238,000
Common Stock Equity	58,385,000	51,770,000	48,498,000	43,958,000
Preferred Stock Equity	6,808,000	6,808,000	6,808,000	6,808,000
Total Capitalization	125,957,000	116,580,000	106,786,000	90,595,000
Total Equity Gross Minority Interest	65,651,000	59,040,000	55,771,000	51,232,000
Minority Interest	458,000	462,000	465,000	466,000
Stockholders Equity	65,193,000	58,578,000	55,306,000	50,766,000
Gains Losses Not Affecting Retained Earnings	-6,987,000	-9,764,000	-10,096,000	-11,407,000
Other Equity Adjustments	-6,987,000	-9,764,000	-10,096,000	-11,407,000
Treasury Stock	24,283,000	24,065,000	24,126,000	25,269,000
Retained Earnings	80,906,000	76,863,000	74,026,000	71,901,000
Additional Paid In Capital	8,728,000	8,715,000	8,673,000	8,712,000
Capital Stock	6,829,000	6,829,000	6,829,000	6,829,000
Common Stock	21,000	21,000	21,000	21,000
Preferred Stock	6,808,000	6,808,000	6,808,000	6,808,000
Total Liabilities Net Minority Interest	626,694,000	619,278,000	607,720,000	623,573,000
Long Term Debt And Capital Lease Obligation	60,764,000	58,002,000	51,480,000	39,829,000
Long Term Debt	60,764,000	58,002,000	51,480,000	39,829,000
Current Debt And Capital Lease Obligation	7,649,000	7,624,000	11,455,000	29,559,000
Current Debt	7,649,000	7,624,000	11,455,000	29,559,000
Other Current Borrowings	3,308,000	3,336,000	3,682,000	21,414,000
Commercial Paper	4,341,000	4,288,000	7,773,000	8,145,000
Total Assets	692,345,000	678,318,000	663,491,000	674,805,000
Investments And Advances	166,714,000	164,306,000	153,413,000	160,792,000
Held To Maturity Securities	75,873,000	78,634,000	84,045,000	88,740,000
Goodwill And Other Intangible Assets	17,539,000	18,083,000	18,573,000	19,528,000
Other Intangible Assets	4,904,000	5,547,000	6,084,000	7,155,000
Goodwill	12,635,000	12,536,000	12,489,000	12,373,000
Net PPE	3,768,000	3,565,000	3,623,000	3,858,000
Accumulated Depreciation	-4,703,000	-4,588,000	-4,636,000	-5,069,000
Gross PPE	8,471,000	8,153,000	8,259,000	8,927,000
Construction In Progress	68,000	96,000	68,000	46,000
Other Properties	1,512,000	1,428,000	1,424,000	1,565,000
Machinery Furniture Equipment	3,199,000	3,010,000	3,013,000	3,485,000
Buildings And Improvements	3,221,000	3,121,000	3,239,000	3,296,000
Land And Improvements	471,000	498,000	515,000	535,000
Receivables	7,960,000	8,270,000	8,340,000	10,081,000
Other Receivables	7,960,000	8,270,000	8,340,000	10,081,000
Other Short Term Investments	90,841,000	85,672,000	69,368,000	72,052,000
Cash And Cash Equivalents	46,890,000	56,502,000	61,192,000	53,542,000
Cash Cash Equivalents And Federal Funds Sold	46,890,000	56,502,000	61,192,000	53,542,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	7,970,000	11,350,000	8,393,000	21,119,000
Repurchase Of Capital Stock	-489,000	-173,000	-62,000	-1,169,000
Repayment Of Debt	-9,052,000	-6,042,000	-4,084,000	-6,926,000
Issuance Of Debt	10,360,000	12,017,000	15,583,000	8,732,000
Issuance Of Capital Stock	45,000	32,000	951,000	458,000
Interest Paid Supplemental Data	14,388,000	15,382,000	12,282,000	2,717,000
Income Tax Paid Supplemental Data	544,000	499,000	645,000	767,000
End Cash Position	46,890,000	56,502,000	61,192,000	53,542,000
Beginning Cash Position	56,502,000	61,192,000	53,542,000	28,905,000
Effect Of Exchange Rate Changes	706,000	-327,000	330,000
Changes In Cash	-10,318,000	-4,363,000	7,320,000	24,637,000
Financing Cash Flow	2,250,000	8,821,000	-19,998,000	-3,982,000
Cash Flow From Continuing Financing Activities	2,250,000	8,821,000	-19,998,000	-3,982,000
Net Other Financing Charges	-86,000	-55,000			-167,000
Cash Dividends Paid	-3,502,000	-3,448,000	-3,311,000	-3,075,000
Preferred Stock Dividend Paid	-334,000	-356,000	-341,000	-299,000
Common Stock Dividend Paid	-3,168,000	-3,092,000	-2,970,000	-2,776,000
Net Preferred Stock Issuance		0	0	-663,000	971,000
Preferred Stock Payments		0	0	-1,100,000	-1,250,000
Preferred Stock Issuance		0	0	437,000	2,221,000
Net Common Stock Issuance	-444,000	-141,000	889,000	-48,000
Common Stock Payments	-489,000	-173,000	-62,000	-69,000
Common Stock Issuance	45,000	32,000	951,000	21,000
Net Issuance Payments Of Debt	2,952,000	6,214,000	-5,009,000	17,019,000
Net Short Term Debt Issuance	1,644,000	239,000	-16,508,000	15,213,000
Net Long Term Debt Issuance	1,308,000	5,975,000	11,499,000	1,806,000
Long Term Debt Payments	-9,052,000	-6,042,000	-4,084,000	-6,926,000
Long Term Debt Issuance	10,360,000	12,017,000	15,583,000	8,732,000
Investing Cash Flow	-20,538,000	-24,534,000	18,925,000	7,500,000
Cash Flow From Continuing Investing Activities	-20,538,000	-24,534,000	18,925,000	7,500,000
Net Other Investing Changes	-2,961,000	-1,835,000	-1,184,000	-5,392,000
Net Investment Purchase And Sale	1,225,000	-10,840,000	14,413,000	25,394,000
Sale Of Investment	21,039,000	25,292,000	23,687,000	57,077,000
Purchase Of Investment	-19,814,000	-36,132,000	-9,274,000	-31,683,000
Net Business Purchase And Sale	-36,000	-103,000	-330,000	12,257,000
Purchase Of Business	-36,000	-103,000	-330,000
Operating Cash Flow	7,970,000	11,350,000	8,393,000	21,119,000
Cash Flow From Continuing Operating Activities	7,970,000	11,350,000	8,393,000	21,119,000
Other Non Cash Items	-2,405,000	1,935,000	-455,000	12,558,000
Depreciation Amortization Depletion	875,000	939,000	1,018,000	560,000
Depreciation And Amortization	875,000	939,000	1,018,000	560,000
Amortization Cash Flow	498,000	569,000	636,000	215,000
Amortization Of Intangibles	498,000	569,000	636,000	215,000
Depreciation	377,000	370,000	382,000	345,000
Operating Gains Losses	-256,000	-61,000	126,000	199,000
Gain Loss On Investment Securities	1,000	123,000	119,000	-188,000
Net Income From Continuing Operations	7,570,000	6,299,000	5,429,000	5,825,000

These metrics estimate what U.S. Bancorp 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

$62.47

Margin of Safety

11.4%

Market Cap ÷ Company Value

1.92

P/B Ratio

1.47

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$28.5B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.66%

vs Uninterrupted dividends

❌ Earnings Growth

+25.2% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

11.6x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.47x P/B (P/E×P/B: 17.1)

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	-$489M	-$173M	-$62M	-$1.2B	N/A
Free Cash Flow	$8.0B ▼	$11.3B ▲	$8.4B ▼	$21.1B •	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 USB 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

0.13%

Low — management has little skin in the game

Return on Equity (ROE)

13.0%

Adequate — returns are moderate

Return on Assets (ROA)

1.1%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$489M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+4.2% YoY

Debt is roughly stable

Leadership Team

Gunjan Kedia

President, CEO & Chairman

Age 54

Pay: $4,721,311

0.062% of net income

John Stern

Vice Chair & Chief Financial Officer

Age 46

Pay: $2,569,372

0.034% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.43%	146,376,783
Blackrock Inc.	8.32%	129,186,501
State Street Corporation	4.49%	69,701,898
FMR, LLC	4.03%	62,483,013
JPMORGAN CHASE & CO	3.13%	48,532,135
MUFG Bank Ltd	2.86%	44,374,155
Geode Capital Management, LLC	2.43%	37,679,617
NORGES BANK	2.28%	35,372,885

Risk Analysis

Beta (Market Risk)

1.02

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: $40.89 Current: $55.34 High: $61.19

Currently at 71% of 52-week range

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