U.S. Bancorp (USB)
Market Price (10/15/2025): $47.16 | Market Cap: $73.5 BilSector: Financials | Industry: Diversified Banks
U.S. Bancorp (USB)
Market Price (10/15/2025): $47.16Market Cap: $73.5 BilSector: FinancialsIndustry: Diversified Banks
Investment Highlights
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 10% | Weak multi-year price returns3Y Excs Rtn is -47% | |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -94% | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.0% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 7.5 Bil, FCF LTM is 7.5 Bil | ||
| Low stock price volatilityVol 12M is 29% | ||
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 19% |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.3%, FCF Yield is 10% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -94% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 7.5 Bil, FCF LTM is 7.5 Bil |
| Low stock price volatilityVol 12M is 29% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 19% |
| Weak multi-year price returns3Y Excs Rtn is -47% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.0% |
Market Valuation & Key Metrics
USB Stock
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| USB Return | -18% | 24% | -19% | 5% | 16% | 2% | -2% |
| Peers Return | -8% | 37% | -16% | 18% | 41% | 28% | 125% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 103% |
Monthly Win Rates [3] | |||||||
| USB Win Rate | 50% | 67% | 42% | 42% | 50% | 44% | |
| Peers Win Rate | 50% | 62% | 43% | 55% | 63% | 67% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
Max Drawdowns [4] | |||||||
| USB Max Drawdown | -51% | -8% | -29% | -33% | -10% | -23% | |
| Peers Max Drawdown | -50% | -2% | -28% | -14% | -5% | -16% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: JPM, BAC, WFC, MS, C. See USB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/14/2025 (YTD)
Downturns Compared
| Event | USB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -54.7% | -25.4% |
| % Gain to Breakeven | 120.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -51.2% | -33.9% |
| % Gain to Breakeven | 104.9% | 51.3% |
| Time to Breakeven | 402 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.7% | -19.8% |
| % Gain to Breakeven | 32.8% | 24.7% |
| Time to Breakeven | 315 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -76.8% | -56.8% |
| % Gain to Breakeven | 330.7% | 131.3% |
| Time to Breakeven | 1690 days | 1480 days |
How Low Can It Go?
U.S. Bancorp's stock fell -54.7% during the 2022 Inflation Shock from a high on 1/14/2022. A -54.7% loss requires a 120.5% gain to breakeven.
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About U.S. Bancorp (USB)
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. It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments. The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products. It also provides ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers; and a range of asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations. In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant processing services, as well as investment management, ATM processing, mortgage banking, insurance, and brokerage and leasing services. As of December 31, 2021, the company provided its products and services through a network of 2,230 banking offices principally operating in the Midwest and West regions of the United States, as well as through on-line services, over mobile devices, and other distribution channels; and operated a network of 4,059 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.
Latest Trefis Analyses
Trade Ideas
Select past trade ideas related to USB and Diversified Banks.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 09302025 | HLNE | Hamilton Lane | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -7.3% | -7.3% | -12.3% |
| 09302025 | CNS | Cohen & Steers | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.2% | 2.2% | -1.6% |
| 09262025 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.2% | 3.2% | -2.1% |
| 09192025 | FDS | FactSet Research Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.2% | -1.2% | -4.9% |
| 09052025 | IBKR | Interactive Brokers | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.3% | 15.3% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 09302025 | HLNE | Hamilton Lane | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -7.3% | -7.3% | -12.3% |
| 09302025 | CNS | Cohen & Steers | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.2% | 2.2% | -1.6% |
| 09262025 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.2% | 3.2% | -2.1% |
| 09192025 | FDS | FactSet Research Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.2% | -1.2% | -4.9% |
| 09052025 | IBKR | Interactive Brokers | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.3% | 15.3% | 0.0% |
See Trefis Trade Ideas for more.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for U.S. Bancorp
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 92.20 |
| Mkt Cap | 259.2 |
| Rev LTM | 82,288 |
| Op Inc LTM | - |
| FCF LTM | -15,042 |
| FCF 3Y Avg | -7,331 |
| CFO LTM | -13,406 |
| CFO 3Y Avg | -5,669 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -20.0% |
| CFO/Rev 3Y Avg | -8.0% |
| FCF/Rev LTM | -22.6% |
| FCF/Rev 3Y Avg | -8.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 259.2 |
| P/S | 3.5 |
| P/EBIT | - |
| P/E | 13.5 |
| P/CFO | -3.9 |
| Total Yield | 7.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.3% |
| D/E | 1.0 |
| Net D/E | -0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.8% |
| 3M Rtn | 8.5% |
| 6M Rtn | 32.9% |
| 12M Rtn | 39.2% |
| 3Y Rtn | 120.6% |
| 1M Excs Rtn | -1.3% |
| 3M Excs Rtn | 1.9% |
| 6M Excs Rtn | 13.9% |
| 12M Excs Rtn | 31.5% |
| 3Y Excs Rtn | 36.3% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Wealth, Corporate, Commercial and Institutional Banking | 12,003 | 9,241 | 3,892 | 4,528 | 3,962 |
| Consumer and Business Banking | 10,358 | 8,802 | 8,581 | 8,936 | 8,736 |
| Payment Services | 6,664 | 6,298 | 6,007 | 5,686 | 6,185 |
| Treasury and Corporate Support | -881 | -39 | 1,123 | 907 | 1,128 |
| Commercial and Institutional Banking | 3,224 | 3,268 | 2,975 | ||
| Total | 28,144 | 24,302 | 22,827 | 23,325 | 22,986 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Wealth, Corporate, Commercial and Institutional Banking | 4,664 | 3,713 | 1,564 | 1,659 | 1,683 |
| Consumer and Business Banking | 2,557 | 2,210 | 2,357 | 2,368 | 2,359 |
| Payment Services | 1,013 | 1,345 | 1,704 | 1,300 | 1,454 |
| Treasury and Corporate Support | -2,805 | -1,443 | 1,496 | -1,309 | 527 |
| Commercial and Institutional Banking | 842 | 941 | 891 | ||
| Total | 5,429 | 5,825 | 7,963 | 4,959 | 6,914 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/17/2025 | -1.0% | 1.3% | 2.5% |
| 4/16/2025 | -2.1% | 2.3% | 15.4% |
| 1/16/2025 | -5.6% | -4.9% | -6.2% |
| 10/16/2024 | 4.7% | 2.2% | 8.9% |
| 7/17/2024 | 4.6% | 5.2% | -2.2% |
| 4/17/2024 | -3.6% | -0.1% | 3.0% |
| 1/17/2024 | -1.4% | 1.4% | -2.1% |
| 10/18/2023 | -4.4% | -10.0% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 15 |
| # Negative | 13 | 10 | 9 |
| Median Positive | 4.1% | 2.2% | 6.1% |
| Median Negative | -2.9% | -5.4% | -4.0% |
| Max Positive | 6.5% | 7.6% | 15.4% |
| Max Negative | -7.8% | -10.0% | -17.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5062025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 11052024 | 10-Q 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2202024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8072023 | 10-Q 6/30/2023 |
| 3312023 | 5082023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 9302022 | 11012022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5032022 | 10-Q 3/31/2022 |
| 12312021 | 2222022 | 10-K 12/31/2021 |
| 9302021 | 11022021 | 10-Q 9/30/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Stark Lisa R | EVP and Controller | 7222025 | Sell | 46.40 | 19,903 | 923,400 | 1,955,039 | Form |
| 1 | Badran Souheil | SEVP, Chief Operations Officer | 7222025 | Sell | 46.34 | 23,727 | 1,099,438 | 3,259,623 | Form |
| 2 | Gillani Aleem | 4212025 | Buy | 37.32 | 5,000 | 186,600 | 559,800 | Form | |
| 3 | Roy Arijit | Sr. Exec. VP | 3102025 | Sell | 43.67 | 2,237 | 97,701 | 1,746,738 | Form |
| 4 | Richard Jodi L | Vice Chair | 2072025 | Sell | 47.59 | 30,000 | 1,427,610 | 4,748,707 | Form |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |