U.S. Bancorp (USB) Key Metrics
USB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $91.50B
- Enterprise value
- $122.29B
- P/E (TTM)
- 11.4 10-yr median 12.1
- Forward P/E
- 10.4
- PEG ratio
- 1.79
- Price / sales
- 3.3 10-yr median 2.8
- Price / book
- 1.5 10-yr median 1.4
- EV / EBITDA
- — 10-yr median 1.8
- Dividend yield
- 3.68% $2.16 a year
- Beta
- 1.02
USB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUSB valuation Price multiples at each fiscal year-end price.
USB returns How much profit the business earns on the capital it uses.
USB per-share figures Results divided by the shares outstanding at year-end.
USB financial health Debt, liquidity and how easily interest is covered.
USB efficiency & capital use Working capital cycle and where the cash goes.
USB valuation history
USB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
USB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
USB cash returned to shareholders
USB price vs earnings per share
USB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $83.03B | $74.66B | $66.78B | $64.98B | $83.69B | $70.35B | $93.86B | $74.86B | $90.18B | $88.56B |
| Enterprise value | $23.22B | $5.32B | $2.98B | $10.43B | −$33.70B | −$75.60B | $13.00B | $44.82B | $52.13B | $54.61B |
| P/E ratio | 11.0 | 11.9 | 12.3 | 11.2 | 10.5 | 14.2 | 13.6 | 10.5 | 14.5 | 15.0 |
| Price / sales | 1.9 | 1.7 | 1.6 | 2.4 | 3.5 | 2.8 | 3.4 | 2.9 | 3.8 | 3.9 |
| Price / book | 1.3 | 1.3 | 1.2 | 1.3 | 1.5 | 1.3 | 1.8 | 1.5 | 1.8 | 1.9 |
| Price / free cash flow | 10.4 | 6.6 | 7.9 | 3.1 | 8.5 | 18.9 | 19.2 | 7.1 | 13.9 | 16.6 |
| Price / operating cash flow | 10.4 | 6.6 | 7.9 | 3.1 | 8.5 | 18.9 | 19.2 | 7.1 | 13.9 | 16.6 |
| EV / sales | 0.5 | 0.1 | 0.1 | 0.4 | -1.4 | -3.0 | 0.5 | 1.7 | 2.2 | 2.4 |
| EV / EBITDA | 2.2 | 0.6 | 0.4 | 1.3 | — | — | 1.4 | 4.9 | 6.5 | 6.4 |
| EV / free cash flow | 2.9 | 0.5 | 0.4 | 0.5 | — | — | 2.7 | 4.2 | 8.1 | 10.2 |
| Earnings yield | 9.1% | 8.4% | 8.1% | 9.0% | 9.5% | 7.0% | 7.4% | 9.5% | 6.9% | 6.6% |
| Free cash flow yield | 9.6% | 15.1% | 12.6% | 32.5% | 11.8% | 5.3% | 5.2% | 14.1% | 7.2% | 6.0% |
| Dividend yield | 4.2% | 4.6% | 5.0% | 4.7% | 3.4% | 4.1% | 2.9% | 3.2% | 2.5% | 2.3% |
| Shareholder yield (dividends + buybacks) | 4.8% | 4.8% | 5.1% | 6.5% | 6.8% | 6.4% | 7.7% | 6.9% | 6.6% | 5.2% |
| Share price at fiscal year-end | $53.36 | $47.83 | $43.28 | $43.61 | $56.17 | $46.59 | $59.29 | $45.70 | $53.58 | $51.37 |
| Per share | ||||||||||
| Revenue per share | $27.55 | $27.36 | $26.33 | $18.39 | $15.92 | $16.72 | $17.26 | $15.74 | $14.06 | $13.01 |
| Earnings per share | $4.87 | $4.04 | $3.52 | $3.91 | $5.34 | $3.28 | $4.37 | $4.33 | $3.69 | $3.42 |
| Operating cash flow per share | $5.12 | $7.22 | $5.47 | $14.17 | $6.62 | $2.46 | $3.09 | $6.45 | $3.85 | $3.10 |
| Free cash flow per share | $5.12 | $7.22 | $5.47 | $14.17 | $6.62 | $2.46 | $3.09 | $6.45 | $3.85 | $3.10 |
| Cash per share | $88.52 | $91.52 | $84.61 | $84.29 | $108.26 | $131.80 | $91.44 | $52.20 | $51.67 | $47.12 |
| Book value per share | $41.90 | $37.53 | $35.84 | $34.07 | $36.86 | $35.16 | $32.76 | $31.15 | $29.14 | $27.44 |
| Tangible book value per share | $30.63 | $25.94 | $23.81 | $20.97 | $27.46 | $26.70 | $24.62 | $23.36 | $21.61 | $20.10 |
| Dividends per share | $2.25 | $2.21 | $2.15 | $2.06 | $1.94 | $1.89 | $1.73 | $1.44 | $1.31 | $1.20 |
| Capex per share | $0.00 | $0.00 | $3.91 | $0.00 | $0.44 | $0.37 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $50.08 | $47.10 | $43.27 | $47.68 | $29.48 | $35.14 | $40.36 | $33.87 | $29.06 | $27.43 |
| Shares outstanding | 1.56B | 1.56B | 1.54B | 1.49B | 1.49B | 1.51B | 1.58B | 1.64B | 1.68B | 1.72B |
| Change in shares outstanding | −0.3% | +1.2% | +3.6% | 0.0% | −1.3% | −4.6% | −3.4% | −2.7% | −2.4% | −2.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.2% | 11.1% | 10.2% | 11.0% | 14.7% | 9.5% | 13.4% | 14.2% | 12.9% | 12.6% |
| Return on invested capital (ROIC) | — | — | — | — | — | — | — | 44.5% | 51.4% | 24.6% |
| Return on assets (ROA) | 1.1% | 0.9% | 0.8% | 0.9% | 1.4% | 0.9% | 1.4% | 1.5% | 1.4% | 1.4% |
| Return on tangible assets | 1.1% | 1.0% | 0.8% | 0.9% | 1.4% | 0.9% | 1.4% | 1.6% | 1.4% | 1.4% |
| Free cash flow margin | 18.6% | 26.4% | 20.8% | 77.1% | 41.6% | 14.7% | 17.9% | 41.0% | 27.4% | 23.8% |
| Income quality (OCF / net income) | 1.05 | 1.79 | 1.56 | 3.63 | 1.24 | 0.75 | 0.71 | 1.49 | 1.04 | 0.91 |
| Financial health | ||||||||||
| Total debt | $77.93B | $73.52B | $66.76B | $71.05B | $43.92B | $53.06B | $63.89B | $55.48B | $48.91B | $47.29B |
| Cash & short-term investments | $137.73B | $142.87B | $130.56B | $125.59B | $161.31B | $199.02B | $144.75B | $85.51B | $86.95B | $81.23B |
| Net debt | −$59.80B | −$69.35B | −$63.80B | −$54.55B | −$117.39B | −$145.96B | −$80.86B | −$30.03B | −$38.04B | −$33.95B |
| Debt / equity | 1.20 | 1.26 | 1.21 | 1.40 | 0.80 | 1.00 | 1.23 | 1.09 | 1.00 | 1.00 |
| Debt / assets | 0.11 | 0.11 | 0.10 | 0.11 | 0.08 | 0.10 | 0.13 | 0.12 | 0.11 | 0.11 |
| Net debt / EBITDA | −5.75 | −7.84 | −8.09 | −6.94 | −11.01 | −22.19 | −8.89 | −3.28 | −4.76 | −3.96 |
| Current ratio | 0.26 | 0.28 | 0.26 | 0.24 | 0.37 | 0.48 | 0.41 | 0.28 | 0.28 | 0.27 |
| Quick ratio | 0.26 | 0.28 | 0.38 | 0.34 | 0.44 | 0.63 | 0.47 | 0.28 | 0.33 | 0.31 |
| Interest coverage | 0.7 | 0.5 | 0.5 | 2.3 | 10.2 | 3.0 | 1.9 | 2.7 | 3.8 | 5.5 |
| Working capital | −$401.65B | −$382.69B | −$388.69B | −$420.52B | −$294.20B | −$228.81B | −$226.71B | −$259.96B | −$263.32B | −$255.54B |
| Invested capital | $5.39B | −$10.77B | −$8.49B | −$3.78B | −$62.47B | −$92.86B | −$29.01B | $21.00B | $11.00B | $13.35B |
| Tangible asset value | $48.11B | $40.96B | $37.20B | $31.70B | $41.39B | $40.94B | $39.60B | $38.90B | $37.00B | $35.29B |
| Net current asset value | −$488.96B | −$468.14B | −$468.82B | −$487.90B | −$344.22B | −$287.46B | −$284.01B | −$316.06B | −$311.83B | −$305.02B |
| Graham number | $67.75 | $58.37 | $53.27 | $54.74 | $66.57 | $50.97 | $56.74 | $55.11 | $49.22 | $45.92 |
| Graham net-net per share | −$314.24 | −$301.22 | −$325.02 | −$347.35 | −$243.20 | −$213.78 | −$189.05 | −$195.06 | −$193.21 | −$183.34 |
| Capital allocation | ||||||||||
| Dividends paid | $3.50B | $3.45B | $3.31B | $3.08B | $2.89B | $2.85B | $2.75B | $2.37B | $2.21B | $2.08B |
| Share buybacks (net) | $489.0M | $173.0M | $62.0M | $1.17B | $2.81B | $1.67B | $4.53B | $2.82B | $3.72B | $2.56B |
| Dividend payout ratio | 46.2% | 54.7% | 61.0% | 52.8% | 36.3% | 57.5% | 39.7% | 33.3% | 35.6% | 35.3% |
| Dividends + buybacks / free cash flow | 50.1% | 32.1% | 39.9% | 20.1% | 57.7% | 121.7% | 148.7% | 49.1% | 91.6% | 86.8% |
| Capex / revenue | 0.0% | 0.0% | 14.8% | 0.0% | 2.8% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 71.3% | 0.0% | 6.7% | 15.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 5.92 | 0.00 | 1.33 | 1.06 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 0.6% | 0.7% | 0.9% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |
| SG&A / revenue | 29.3% | 26.2% | 27.4% | 35.1% | 38.3% | 32.7% | 29.4% | 30.3% | 31.4% | 29.7% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 71.0 | 82.8 | 149.5 | 200.7 | 201.7 | 189.2 | 196.4 | 195.6 | 181.4 |
| Days of inventory on hand | — | — | -1,415.5 | -2,965.1 | 95,284.3 | -2,736.8 | -714.0 | -777.3 | -1,965.1 | -1,039.3 |
| Days payables outstanding | — | — | — | 34,471.2 | -898,156.5 | 24,820.9 | 21,711.9 | 27,286.0 | 37,076.7 | 41,506.3 |
| Cash conversion cycle (days) | — | — | — | -37,286.7 | 993,641.4 | -27,356.1 | -22,236.7 | -27,866.9 | -38,846.2 | -42,364.2 |
| Receivables turnover | — | 5.14 | 4.41 | 2.44 | 1.82 | 1.81 | 1.93 | 1.86 | 1.87 | 2.01 |
| Payables turnover | — | — | — | 0.01 | −0.00 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Average receivables | — | $8.30B | $9.21B | $11.22B | $13.04B | $13.95B | $14.16B | $13.87B | $12.68B | $11.15B |
| Average payables | — | — | — | $490.53B | $442.93B | $395.84B | $353.70B | $346.35B | $340.90B | $317.50B |
| Average inventory | — | — | −$57.73B | −$42.19B | −$46.99B | −$43.65B | −$11.63B | −$9.87B | −$18.07B | −$7.95B |
| Intangibles / total assets | 2.5% | 2.7% | 2.8% | 2.9% | 2.4% | 2.3% | 2.6% | 2.7% | 2.7% | 2.8% |
Computed from USB's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
USB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), U.S. Bancorp traded at 11.0 times earnings, against a 10-year median of 12.1. Based on the latest twelve months, the trailing P/E is 11.4 and the forward P/E is 10.4. U.S. Bancorp earned a return on equity of 12.2% in fiscal 2025. It ended the year with $77.9 billion of debt and $137.7 billion in cash and short-term investments, a net cash position of $59.8 billion. It returned $4.0 billion to shareholders: $3.5 billion in dividends and $489.0 million in share buybacks, 50% of free cash flow. The share count fell 9.7% from 1.72B to 1.56B over 9 years.
See the USB income statement, the USB chart for price history, or the USB stock overview for the latest quote and news.
USB key metrics FAQ
What is U.S. Bancorp's P/E ratio?
U.S. Bancorp's trailing P/E ratio is 11.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.4. At the end of fiscal 2025 it was 11.0, compared with a 10-year median of 12.1.
What is U.S. Bancorp's EV/EBITDA?
U.S. Bancorp's enterprise value was 2.2 times EBITDA at the end of fiscal 2025 (enterprise value $23.2 billion, EBITDA $10.4 billion).
What is U.S. Bancorp's return on equity?
U.S. Bancorp's return on equity (ROE) was 12.2% in fiscal 2025: net income of $7.6 billion on average shareholders' equity of $61.9 billion.
How much debt does U.S. Bancorp have?
U.S. Bancorp had total debt of $77.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.20 and more cash than debt.
What is U.S. Bancorp's dividend yield?
U.S. Bancorp's forward dividend yield is 3.68%. U.S. Bancorp paid $3.5 billion in dividends in fiscal 2025 ($2.25 per share), a payout ratio of 46.2%.
Does U.S. Bancorp buy back its shares?
Yes. U.S. Bancorp spent $489.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.3% over the year, to 1.56B..
What is U.S. Bancorp's free cash flow yield?
U.S. Bancorp generated $8.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.6% on its market value at year-end ($83.0 billion).
What is U.S. Bancorp's current ratio?
U.S. Bancorp's current ratio was 0.26 at the end of fiscal 2025: current assets were 0.26 times current liabilities.