Citigroup Inc. (C) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+55.9%

$193.23

vs $123.97 price

Levered DCF

-$419.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.13

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.14×	11.67×	12.64×	6.42×	5.91×	12.98×	9.89×	7.78×
P/B	1×	0.64×	0.48×	0.44×	0.61×	0.64×	0.93×	0.66×
P/S	1.26×	0.78×	0.64×	0.88×	1.54×	1.45×	1.74×	1.34×
EV / EBITDA	23.91×	20.97×	25.22×	11.58×	10.64×	18.2×	16.04×	14.11×
Gross margin	44.6%	41.7%	43.7%	69.2%	94.9%	65.4%	64.5%	67.3%
Operating margin	11.8%	10.0%	8.3%	18.8%	34.4%	15.3%	23.1%	24.1%
Net margin	8.5%	7.4%	5.9%	14.8%	27.5%	12.4%	18.8%	18.6%
Current ratio	0.48×	0.31×	0.3×	0.34×	0.34×	0.4×	0.35×	0.35×
Debt / equity	3.37×	2.83×	2.93×	2.59×	2.35×	2.51×	2.38×	2.25×
Interest coverage	0.24×	0.19×	0.16×	0.73×	3.44×	1.02×	0.84×	0.97×
Dividend yield	2.5%	3.9%	5.2%	5.7%	4.2%	4.2%	3.0%	3.9%
Payout ratio	37.6%	41.0%	56.5%	33.7%	23.7%	48.4%	28.1%	27.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	6.1%	4.5%	7.4%	10.9%	5.5%	10.0%	9.2%
Return on invested capital	0.9%	1.5%	1.1%	1.9%	2.9%	1.5%	2.7%	2.6%
Return on assets	0.5%	0.5%	0.4%	0.6%	1.0%	0.5%	1.0%	0.9%
Free cash flow yield	-34.9%	-19.6%	-80.6%	22.1%	35.0%	-20.9%	-10.1%	25.6%
Earnings yield	6.7%	9.5%	9.3%	16.9%	17.9%	8.6%	10.8%	13.9%
Enterprise value	$578.6B	$447.9B	$440.5B	$267.2B	$334.4B	$319.7B	$445.9B	$383.8B
Net debt / EBITDA	15.13×	14.7×	19.53×	7.76×	6.73×	10.88×	9.57×	9.34×
Cash conversion cycle (days)	-157	-135	-138	-620	-5,232	-413	-338	-604