# Citigroup (C.US)

Canonical: https://gigainvestors.com/s/C

Analysis as of: 2026-10-16T07:27:11.390Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $123.21 per share; close as of 2026-10-15.

Estimated value: low $42.28 per share, central $50.74 per share, high $63.43 per share. Buy at or below the central value $50.74 per share. Valuation as of 2026-10-16T07:27:11.390Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.66×

Chart: Net income; fiscal year observations.

- FY2016: $14B

- FY2017: -$8.0B

- FY2018: $17B

- FY2019: $18B

- FY2020: $9.9B

- FY2021: $21B

- FY2022: $14B

- FY2023: $7.9B

- FY2024: $11B

- FY2025: $13B

### moat: fail

- Tangible common book per share

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 7.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.8%

- Cost / income, median: 62.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.6%

- FY2017: -5.2%

- FY2018: 11.1%

- FY2019: 12.3%

- FY2020: 6.5%

- FY2021: 13.2%

- FY2022: 8.7%

- FY2023: 4.8%

- FY2024: 6.9%

- FY2025: 7.7%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 7.4%

- Book return interval: 10 years

- Starting book value per share: $59.54

- Ending book value per share: $90.15

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 5.5%

- FY2017: -5.6%

- FY2018: 9.2%

- FY2019: 12.5%

- FY2020: 15.3%

- FY2021: 8.7%

- FY2022: 8.2%

- FY2023: 7.1%

- FY2024: 6.3%

- FY2025: 8.1%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -4.6%

- Diluted shares, 5-year annual growth: -2.3%

- Share growth excluding flagged crisis recapitalisations: -4.6%

- Five-year share growth excluding flagged crisis recapitalisations: -2.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: $30.61

- Earnings retained per share after dividends and buybacks: -$14.01

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 4.5%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.9% a year forever · net income +13.6%

Story as of 2026-10-16T09:58:26.825Z; price observation 2026-10-15.

The price assumes profits grow 7.9% a year forever

- 2025-07-16: Citigroup (C) Reports Q2 US$4 Billion Net Income and Completes Share Buyback ([finance.yahoo.com](https://finance.yahoo.com/news/citigroup-c-reports-q2-us-172830305.html))

- 2025-12-30: Citigroup Flags $1.1 Billion Loss on Russia Exit Deal ([finance.yahoo.com](https://finance.yahoo.com/news/citigroup-flags-1-1-billion-113643297.html))

- 2026-01-14: Citigroup' Results Miss Views on Loss Tied to Russian Business Divestment ([finance.yahoo.com](https://finance.yahoo.com/news/citigroup-apos-results-miss-views-161810124.html))

- 2026-04-14: Citigroup earnings show profit jumps on trading revenue surge ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/citigroup-profit-jumps-42-trading-132236183.html))

- 2026-06-12: Citigroup (C) Is Up 5.6% After Launching Blockchain Platform For Tokenized Private Equity Access ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/citigroup-c-5-6-launching-221341063.html))

### Net income · FY2025

net income +13.6%; source https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm; observed 2026-02-20.

- FY2016: $14B 

- FY2017: -$8.0B 

- FY2018: $17B 

- FY2019: $18B 

- FY2020: $9.9B 

- FY2021: $21B 

- FY2022: $14B 

- FY2023: $7.9B 

- FY2024: $11B 

- FY2025: $13B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are USD 85.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm#000083100126000011 (filed 2026-02-20); FY2025: revenue 85225000000.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on tangible equity observations [[2016,0.07616112209230906],[2017,-0.05223091150988091],[2018,0.11077518040586336],[2019,0.12251709211537684],[2020,0.06454626828614925],[2021,0.13206262763784887],[2022,0.08666772101850387],[2023,0.04806102832233338],[2024,0.068629682427495],[2025,0.07711167305266524]]; median 0.07663639757248715. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 18.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,2287000000],[2017,3797000000],[2018,5020000000],[2019,5447000000],[2020,5352000000],[2021,5198000000],[2022,5003000000],[2023,5212000000],[2024,5199000000],[2025,5372000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 18250000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); C.US SharesStats.PercentInsiders = 0.271 percentage points; cache date 2026-10-16.

### What could break it

"Changes to Interest Rates Could Adversely Affect Citi’s Results of Operations." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm (filed 2026-02-20); Changes to Interest Rates Could Adversely Affect Citi’s Results of Operations.

### What the price says

The price assumes profits grow 7.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Price 123.21; FX 1; original perpetual distributable cash 2.5355456427297605; discount 0.1; growth 0.07942094275846312. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $49.15 per share

- 2016-11: $56.39 per share

- 2016-12: $59.43 per share

- 2017-01: $55.83 per share

- 2017-02: $59.81 per share

- 2017-03: $59.82 per share

- 2017-04: $59.12 per share

- 2017-05: $60.54 per share

- 2017-06: $66.88 per share

- 2017-07: $68.45 per share

- 2017-08: $68.03 per share

- 2017-09: $72.74 per share

- 2017-10: $73.50 per share

- 2017-11: $75.50 per share

- 2017-12: $74.41 per share

- 2018-01: $78.48 per share

- 2018-02: $75.49 per share

- 2018-03: $67.50 per share

- 2018-04: $68.27 per share

- 2018-05: $66.69 per share

- 2018-06: $66.92 per share

- 2018-07: $71.89 per share

- 2018-08: $71.24 per share

- 2018-09: $71.74 per share

- 2018-10: $65.46 per share

- 2018-11: $64.79 per share

- 2018-12: $52.06 per share

- 2019-01: $64.46 per share

- 2019-02: $63.98 per share

- 2019-03: $62.22 per share

- 2019-04: $70.70 per share

- 2019-05: $62.15 per share

- 2019-06: $70.03 per share

- 2019-07: $71.16 per share

- 2019-08: $64.35 per share

- 2019-09: $69.08 per share

- 2019-10: $71.86 per share

- 2019-11: $75.12 per share

- 2019-12: $79.89 per share

- 2020-01: $74.41 per share

- 2020-02: $63.46 per share

- 2020-03: $42.12 per share

- 2020-04: $48.56 per share

- 2020-05: $47.91 per share

- 2020-06: $51.10 per share

- 2020-07: $50.01 per share

- 2020-08: $51.12 per share

- 2020-09: $43.11 per share

- 2020-10: $41.42 per share

- 2020-11: $55.07 per share

- 2020-12: $61.66 per share

- 2021-01: $57.99 per share

- 2021-02: $65.88 per share

- 2021-03: $72.75 per share

- 2021-04: $71.24 per share

- 2021-05: $78.71 per share

- 2021-06: $70.75 per share

- 2021-07: $67.62 per share

- 2021-08: $71.91 per share

- 2021-09: $70.18 per share

- 2021-10: $69.16 per share

- 2021-11: $63.70 per share

- 2021-12: $60.39 per share

- 2022-01: $65.12 per share

- 2022-02: $59.23 per share

- 2022-03: $53.40 per share

- 2022-04: $48.21 per share

- 2022-05: $53.41 per share

- 2022-06: $45.99 per share

- 2022-07: $51.90 per share

- 2022-08: $48.81 per share

- 2022-09: $41.67 per share

- 2022-10: $45.86 per share

- 2022-11: $48.41 per share

- 2022-12: $45.23 per share

- 2023-01: $52.22 per share

- 2023-02: $50.69 per share

- 2023-03: $46.89 per share

- 2023-04: $47.07 per share

- 2023-05: $44.32 per share

- 2023-06: $46.04 per share

- 2023-07: $47.66 per share

- 2023-08: $41.29 per share

- 2023-09: $41.13 per share

- 2023-10: $39.49 per share

- 2023-11: $46.10 per share

- 2023-12: $51.44 per share

- 2024-01: $56.17 per share

- 2024-02: $55.49 per share

- 2024-03: $63.24 per share

- 2024-04: $61.33 per share

- 2024-05: $62.31 per share

- 2024-06: $63.46 per share

- 2024-07: $64.88 per share

- 2024-08: $62.64 per share

- 2024-09: $62.60 per share

- 2024-10: $64.17 per share

- 2024-11: $70.87 per share

- 2024-12: $70.39 per share

- 2025-01: $81.43 per share

- 2025-02: $79.95 per share

- 2025-03: $70.99 per share

- 2025-04: $68.38 per share

- 2025-05: $75.32 per share

- 2025-06: $85.12 per share

- 2025-07: $93.70 per share

- 2025-08: $96.57 per share

- 2025-09: $101.50 per share

- 2025-10: $101.23 per share

- 2025-11: $103.60 per share

- 2025-12: $116.69 per share

- 2026-01: $115.71 per share

- 2026-02: $110.19 per share

- 2026-03: $113.41 per share

- 2026-04: $127.98 per share

- 2026-05: $125.90 per share

- 2026-06: $139.96 per share

- 2026-07: $132.45 per share

- 2026-08: $131.62 per share

- 2026-09: $129.48 per share

- 2026-10: $124.53 per share

## Annual estimated value (USD per share)

- FY2016: low $46.18 per share, central $50.80 per share, high $56.44 per share

- FY2017: low $35.67 per share, central $39.23 per share, high $43.59 per share

- FY2018: low $46.51 per share, central $51.16 per share, high $56.85 per share

- FY2019: low $25.17 per share, central $31.46 per share, high $41.95 per share

- FY2020: low $25.56 per share, central $31.94 per share, high $42.59 per share

- FY2021: low $60.00 per share, central $66.00 per share, high $73.34 per share

- FY2022: low $38.05 per share, central $47.57 per share, high $63.42 per share

- FY2023: low $38.89 per share, central $48.02 per share, high $62.75 per share

- FY2024: low $40.26 per share, central $49.67 per share, high $64.80 per share

- FY2025: low $42.76 per share, central $51.32 per share, high $64.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 458,858 C shares; USD 64,222,000 reported position value; 0.7% of portfolio; reduce; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 3,016,828 C shares; USD 422,235,000 reported position value; 5.3% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 8,751,443 C shares; USD 1,224,852,000 reported position value; 1.63% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Graham Kahn](https://gigainvestors.com/KB): 836,337 C shares; USD 117,054,000 reported position value; 18.5% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 5,548,789 C shares; USD 776,609,000 reported position value; 2.28% of portfolio; reduce; quarter 2026 Q2.
- [Samantha McLemore](https://gigainvestors.com/PTNT): 1,403,477 C shares; USD 196,431,000 reported position value; 6.53% of portfolio; reduce; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 615,635 C shares; USD 86,164,000 reported position value; 2.65% of portfolio; reduce; quarter 2026 Q2.
- [Francis Chou](https://gigainvestors.com/ca): 32,695 C shares; USD 4,576,000 reported position value; 2.11% of portfolio; hold; quarter 2026 Q2.

# C — Citigroup Inc.

Held by 8 investors · USD 2,892,143,000 total · 2026 Q2 · reported price USD 139.96 (split-adjusted).
Page: https://gigainvestors.com/s/C

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 1,224,852,000 | 1.6% | reduce -5.6% |
| Richard Pzena (https://gigainvestors.com/PIM) | USD 776,609,000 | 2.3% | reduce -32.13% |
| Steven Romick (https://gigainvestors.com/FPA) | USD 422,235,000 | 5.3% | reduce -4.99% |
| Samantha McLemore (https://gigainvestors.com/PTNT) | USD 196,431,000 | 6.5% | reduce -0.74% |
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 117,054,000 | 19% | reduce -0.54% |
| Harry Burn (https://gigainvestors.com/SSHFX) | USD 86,164,000 | 2.7% | reduce -20.42% |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 64,222,000 | 0.7% | reduce -27.73% |
| Francis Chou (https://gigainvestors.com/ca) | USD 4,576,000 | 2.1% | hold |

## Total held by quarter

- 2006 Q4: USD 76,240,489 · 1 holder · USD 557.00
- 2007 Q1: USD 71,432,936 · 1 holder · USD 513.40
- 2007 Q2: USD 146,812,496 · 2 holders · USD 512.90
- 2007 Q3: USD 115,272,100 · 2 holders · USD 466.70
- 2007 Q4: USD 45,011,994 · 1 holder · USD 294.40
- 2008 Q1: USD 29,043,378 · 1 holder · USD 214.20
- 2008 Q2: USD 3,443,975 · 1 holder · USD 167.59
- 2008 Q3: USD 0 · 0 holders
- 2008 Q4: USD 0 · 0 holders
- 2009 Q1: USD 0 · 0 holders
- 2009 Q2: USD 0 · 0 holders
- 2009 Q3: USD 44,352,792 · 1 holder · USD 48.40
- 2009 Q4: USD 493,994,362 · 2 holders · USD 41.10
- 2010 Q1: USD 771,201,250 · 3 holders · USD 40.50
- 2010 Q2: USD 1,395,638,284 · 4 holders · USD 37.60
- 2010 Q3: USD 1,383,698,100 · 4 holders · USD 39.00
- 2010 Q4: USD 1,603,327,074 · 4 holders · USD 47.30
- 2011 Q1: USD 1,692,538,356 · 4 holders · USD 44.30
- 2011 Q2: USD 1,922,905,056 · 4 holders · USD 41.64
- 2011 Q3: USD 1,359,529,442 · 4 holders · USD 25.62
- 2011 Q4: USD 884,642,341 · 5 holders · USD 26.31
- 2012 Q1: USD 1,116,423,806 · 5 holders · USD 36.55
- 2012 Q2: USD 150,473,573 · 5 holders · USD 27.41
- 2012 Q3: USD 145,630,594 · 4 holders · USD 32.72
- 2012 Q4: USD 167,739,552 · 4 holders · USD 39.56
- 2013 Q1: USD 267,852,740 · 5 holders · USD 44.24
- 2013 Q2: USD 322,079,918 · 6 holders · USD 47.97
- 2013 Q3: USD 385,221,251 · 6 holders · USD 48.51
- 2013 Q4: USD 413,663,206 · 6 holders · USD 52.11
- 2014 Q1: USD 455,954,402 · 6 holders · USD 47.60
- 2014 Q2: USD 470,626,757 · 6 holders · USD 47.10
- 2014 Q3: USD 510,734,138 · 6 holders · USD 51.82
- 2014 Q4: USD 457,211,095 · 7 holders · USD 54.11
- 2015 Q1: USD 380,099,770 · 7 holders · USD 51.52
- 2015 Q2: USD 398,774,913 · 6 holders · USD 55.24
- 2015 Q3: USD 440,747,822 · 7 holders · USD 49.61
- 2015 Q4: USD 300,389,862 · 5 holders · USD 51.75
- 2016 Q1: USD 164,316,770 · 5 holders · USD 41.75
- 2016 Q2: USD 196,133,782 · 6 holders · USD 42.39
- 2016 Q3: USD 184,785,190 · 5 holders · USD 47.23
- 2016 Q4: USD 217,473,091 · 5 holders · USD 59.43
- 2017 Q1: USD 209,036,504 · 5 holders · USD 59.82
- 2017 Q2: USD 222,191,397 · 5 holders · USD 66.88
- 2017 Q3: USD 235,521,937 · 5 holders · USD 72.74
- 2017 Q4: USD 325,380,345 · 7 holders · USD 74.41
- 2018 Q1: USD 1,345,687,628 · 7 holders · USD 67.50
- 2018 Q2: USD 1,971,563,684 · 9 holders · USD 66.92
- 2018 Q3: USD 2,255,138,551 · 8 holders · USD 71.74
- 2018 Q4: USD 1,887,631,328 · 8 holders · USD 52.06
- 2019 Q1: USD 3,034,860,216 · 9 holders · USD 62.22
- 2019 Q2: USD 3,414,746,796 · 9 holders · USD 70.03
- 2019 Q3: USD 3,101,063,964 · 9 holders · USD 69.08
- 2019 Q4: USD 3,368,739,359 · 8 holders · USD 79.89
- 2020 Q1: USD 1,729,426,325 · 9 holders · USD 42.12
- 2020 Q2: USD 1,745,166,306 · 9 holders · USD 51.10
- 2020 Q3: USD 1,370,538,837 · 8 holders · USD 43.11
- 2020 Q4: USD 2,122,367,741 · 8 holders · USD 61.66
- 2021 Q1: USD 1,748,490,703 · 7 holders · USD 72.75
- 2021 Q2: USD 1,609,007,257 · 6 holders · USD 70.75
- 2021 Q3: USD 1,096,295,182 · 6 holders · USD 70.18
- 2021 Q4: USD 1,194,479,670 · 7 holders · USD 60.39
- 2022 Q1: USD 4,101,909,947 · 9 holders · USD 53.40
- 2022 Q2: USD 3,480,353,196 · 9 holders · USD 45.99
- 2022 Q3: USD 3,180,921,871 · 9 holders · USD 41.67
- 2022 Q4: USD 3,034,762,517 · 9 holders · USD 45.23
- 2023 Q1: USD 3,270,386,568 · 9 holders · USD 46.89
- 2023 Q2: USD 3,276,950,959 · 7 holders · USD 46.04
- 2023 Q3: USD 3,034,982,371 · 7 holders · USD 41.13
- 2023 Q4: USD 3,932,301,840 · 8 holders · USD 51.44
- 2024 Q1: USD 7,169,799,031 · 11 holders · USD 63.24
- 2024 Q2: USD 7,239,423,192 · 9 holders · USD 63.46
- 2024 Q3: USD 7,166,698,978 · 9 holders · USD 62.60
- 2024 Q4: USD 5,179,455,282 · 10 holders · USD 70.39
- 2025 Q1: USD 3,998,754,324 · 9 holders · USD 70.99
- 2025 Q2: USD 4,775,589,590 · 9 holders · USD 85.12
- 2025 Q3: USD 3,495,626,711 · 9 holders · USD 101.50
- 2025 Q4: USD 3,253,745,709 · 9 holders · USD 116.69
- 2026 Q1: USD 2,757,815,921 · 8 holders · USD 113.41
- 2026 Q2: USD 2,892,143,000 · 8 holders · USD 139.96