U.S. Bancorp (USB) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: U.S. Bancorp

Updated on October 16, 2026 · accounts published on October 15, 2026

Reading of October 15, 2026: A profitable, well-capitalised bank with a long record of rising dividends

U.S. Ban trades at 1.3× book value over the last 12 months, below the 2.0× its 15.7 % ROTCE in fiscal 2025 would justify, and yields 3.7 %.

• Is U.S. Ban expensive or cheap? Its P/E of 11.5× over the last 12 months is 14 % below the sector median and 7 % below its own ten-year median.
• How is the business doing? EPS rose 22 % over the last 12 months while revenue grew only 0.3 %, a sign of improving profitability.
• How strong is the balance sheet? The dividend yields 3.7 % over the last 12 months and has risen for 11 consecutive fiscal years through 2025.
• What to expect from the next earnings? Analysts expect EPS of $1.42 on January 19, 2027, after the company beat estimates in each of the last 8 quarters.
• Is it an efficient, well-capitalised bank? Return on tangible common equity reached 15.7 % in fiscal 2025, above the 15 % mark of an excellent bank.

Is U.S. Ban expensive or cheap?

For a bank, price to book comes first. U.S. Ban trades at 1.3× book value over the last 12 months. Its return on tangible common equity was 15.7 % in fiscal 2025, which would justify a multiple of up to 2.0×, so the market is paying little for that profitability. The P/E is a secondary check and points the same way: 11.5× over the last 12 months, 7 % below its ten-year median of 12.4× and 14 % below the sector median of 13.4× across 472 companies. Over the decade the P/E has ranged from 7.0× to 19.2×, and the stock has traded on a lower multiple only 38 % of the time.

How is the business doing?

Sales have stalled: revenue rose 0.3 % over the last 12 months. Earnings per share climbed 21.6 % over the same period, and the net margin stands at 19 %. Return on equity of 12.6 % over the last 12 months is solid for a lender, and return on assets of 1.2 % clears the 1 % level considered healthy for a bank. Profitability is rising faster than the business is growing, so earnings now depend more on margins holding up than on new volume. The market has noticed: the stock is up 27 % over the last 12 months, though it still sits 12 % below its 52-week high of $65.42.

How strong is the balance sheet?

Capital equal to 9.4 % of assets in fiscal 2025 sits above the 8 % threshold for a robust bank, and that cushion matters more in banking than the debt ratios used for other industries. Shareholder returns are built on it. The dividend yields 3.7 % over the last 12 months, inside the 2 % to 8 % band where a bank's payout looks sustainable and shows no sign of stress. The payout ratio was 46 % of earnings in fiscal 2025, so more than half of profits stayed in the bank, and the dividend per share has gone up for 11 consecutive fiscal years.

What to expect from the next earnings?

The latest results, published on October 15, 2026, showed EPS of $1.34 against $1.32 expected, a 1.5 % beat and the eighth in eight quarters. For the next report, due January 19, 2027, analysts expect $1.42 per share. The 2026 EPS consensus has barely moved in the last 30 days, from $5.24 to $5.22 across 18 analysts, and revenue forecasts are just as steady. Of the 49 analysts covering the stock, 24 rate it a buy, 22 a hold and 2 a sell. The beats have been small, so the streak shows consistency more than big surprises.

Is it an efficient, well-capitalised bank?

Banks are judged with their own tools because leverage is built into the business, so P/E and ROE alone say little. What counts is how much each dollar of assets earns, what tangible capital returns and how thick the capital cushion is. U.S. Ban passes all three. Return on assets of 1.2 % over the last 12 months beats the 1 % healthy mark. Return on tangible common equity of 15.7 % in fiscal 2025 clears both the 12 % pass line and the 15 % excellent line, and capital equals 9.4 % of assets. That level of profitability is why 1.3× book stays well within the justified range.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.