The PNC Financial Services Group, Inc. (PNC) 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

-34.8%

$151.37

vs $232.30 price

Levered DCF

$198.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.19

Distress zone

Rating

Overall 3 / 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	12.56×	14.02×	12.1×	11.4×	15.78×	23.43×	13.97×	10.84×
P/B	1.36×	1.41×	1.22×	1.42×	1.53×	1.18×	1.45×	1.14×
P/S	2.42×	2.28×	1.95×	2.76×	4.34×	3.48×	3.46×	2.87×
EV / EBITDA	11.24×	12.31×	12.1×	11.01×	4.13×	2.18×	15.2×	14.48×
Gross margin	65.7%	59.4%	65.0%	87.7%	101.5%	75.2%	77.9%	82.8%
Operating margin	25.0%	21.5%	21.1%	31.8%	35.5%	18.8%	26.6%	28.8%
Net margin	20.4%	17.5%	17.5%	25.7%	28.8%	41.2%	26.0%	27.8%
Current ratio	0.11×	0.15×	0.23×	0.19×	0.47×	0.5×	0.35×	0.31×
Debt / equity	0.94×	1.13×	1.42×	1.28×	0.59×	0.73×	1.23×	1.21×
Interest coverage	0.78×	0.56×	0.65×	3.09×	14.35×	2.52×	1.45×	1.92×
Dividend yield	3.6%	3.8%	4.6%	4.1%	2.7%	3.5%	3.0%	3.4%
Payout ratio	42.4%	49.1%	51.6%	44.6%	40.3%	29.4%	39.7%	34.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	10.8%	10.9%	13.2%	10.2%	13.9%	10.9%	11.1%
Return on invested capital	5.3%	4.5%	4.0%	5.8%	6.6%	3.3%	4.2%	4.3%
Return on assets	1.2%	1.1%	1.0%	1.1%	1.0%	1.6%	1.3%	1.4%
Free cash flow yield	5.3%	10.2%	16.3%	14.0%	8.4%	7.3%	10.3%	14.4%
Earnings yield	8.4%	7.7%	9.0%	9.3%	6.6%	11.8%	7.5%	9.7%
Enterprise value	$99.6B	$92.4B	$84.1B	$89.4B	$36.2B	$10.7B	$103.5B	$95.8B
Net debt / EBITDA	1.96×	2.06×	3.17×	3×	-5.62×	-10.74×	4.72×	6.23×
Cash conversion cycle (days)	0	73	74	99	112	125	126	139