# Citizens Financial Group (CFG-PH.US)

Canonical: https://gigainvestors.com/s/CFG-PH

Analysis as of: 2026-10-16T08:05:37.146Z. Financial observations: FY2015–FY2026.

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: $25.37 per share; close as of 2026-10-15.

Estimated value: low $46.53 per share, central $58.17 per share, high $77.56 per share. Buy at or below the central value $58.17 per share. Valuation as of 2026-10-16T08:05:37.146Z; scenarios are not confidence intervals.

Expected annual return: 15.2% at the stated quote. About 15.2% 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: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.21×

Chart: Net income; fiscal year observations.

- FY2017: $1.7B

- FY2018: $1.7B

- FY2019: $1.8B

- FY2020: $1.1B

- FY2021: $2.3B

- FY2022: $2.1B

- FY2023: $1.6B

- FY2024: $1.5B

- FY2025: $1.8B

- LTM to Jun 2026: $2.1B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

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

- FY2017: 13.4%

- FY2018: 13.5%

- FY2019: 13.2%

- FY2020: 7.5%

- FY2021: 14.3%

- FY2022: 13.5%

- FY2023: 10.1%

- FY2024: 9.5%

- FY2025: 10.2%

- LTM to Jun 2026: 11.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.2%

- Book return interval: 10 years

- Starting book value per share: $22.32

- Ending book value per share: $41.23

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

- FY2017: 11.0%

- FY2018: 13.1%

- FY2019: 19.6%

- FY2020: 11.0%

- FY2021: 22.1%

- FY2022: -14.0%

- FY2023: 14.8%

- FY2024: 10.5%

- FY2025: 23.2%

- LTM to Jun 2026: 5.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: 0.4%

- Share growth excluding flagged crisis recapitalisations: -1.9%

- Five-year share growth excluding flagged crisis recapitalisations: 0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 4.04×

- Book value created per share: $18.91

- Earnings retained per share after dividends and buybacks: $4.68

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 97

- FY2017: 93

- FY2018: 88

- FY2019: 82

- FY2020: 81

- FY2021: 80

- FY2022: 93

- FY2023: 90

- FY2024: 86

- FY2025: 82

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.8% a year forever · net income +21.3%

Story as of 2026-10-16T10:00:14.955Z; price observation 2026-10-15.

The price assumes profits grow 0.8% a year forever

### Net income · FY2025

net income +21.3%; source https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/cfg-20251231.htm; observed 2026-02-12.

- FY2016: $1.0B 

- FY2017: $1.7B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $1.1B 

- FY2021: $2.3B 

- FY2022: $2.1B 

- FY2023: $1.6B 

- FY2024: $1.5B 

- FY2025: $1.8B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are USD 8.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/cfg-20251231.htm#000075994426000028 (filed 2026-02-12); FY2025: revenue 8247000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CFG-PH.US: Citizens Financial Group, Inc. operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment offers deposit products, mortgage and home equity lending products, credit cards, business loans, wealth management, and investment services; and auto, education, and point-of-sale finance loans, as well as digital deposit products. This segment serves its customers through telephone service centers, as well as through its online and mobile platforms. The Commercial Banking segment provides various financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, and interest rate and commodity risk management solutions, as well as syndicated loans, corporate finance, mergers and acquisitions, and debt and equity capital markets services. This segment serves corporate banking, healthcare, technology, asset finance, franchise finance, leasing, asset-based lending, commercial real estate, mid-corporate, and private equity sponsor industries. The company was formerly known as RBS Citizens Financial Group, Inc. and changed its name to Citizens Financial Group, Inc. in April 2014. Citizens Financial Group, Inc. was founded in 1828 and is headquartered in Providence, Rhode Island.

### Why customers stay

It earns 11.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on tangible equity observations [[2016,0.08781512605042016],[2017,0.13374352331606218],[2018,0.13455824863174354],[2019,0.13220639255923822],[2020,0.07546226886556721],[2021,0.14279556650246306],[2022,0.13531331592689294],[2023,0.10051884728386573],[2024,0.09478047861315245],[2025,0.10163752428531779]]; median 0.11692195842227801. 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 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,255000000],[2017,336000000],[2018,485000000],[2019,682000000],[2020,770000000],[2021,783000000],[2022,892000000],[2023,928000000],[2024,903000000],[2025,888000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/cfg-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 1000000000 USD.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CFG-PH.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What could break it

"Changes in interest rates may have an adverse effect on our liquidity and profitability." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/cfg-20251231.htm (filed 2026-02-12); Changes in interest rates may have an adverse effect on our liquidity and profitability.

### What the price says

The price assumes profits grow 0.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Price 25.37; FX 1; original perpetual distributable cash 2.3266969550449006; discount 0.1; growth 0.008289438114115089. 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)

- 2024-05: $25.05 per share

- 2024-06: $26.45 per share

- 2024-07: $25.56 per share

- 2024-08: $26.44 per share

- 2024-09: $27.02 per share

- 2024-10: $27.10 per share

- 2024-11: $27.28 per share

- 2024-12: $26.00 per share

- 2025-01: $26.62 per share

- 2025-02: $26.53 per share

- 2025-03: $25.83 per share

- 2025-04: $26.27 per share

- 2025-05: $25.88 per share

- 2025-06: $25.94 per share

- 2025-07: $26.47 per share

- 2025-08: $26.38 per share

- 2025-09: $26.45 per share

- 2025-10: $26.41 per share

- 2025-11: $26.46 per share

- 2025-12: $26.35 per share

- 2026-01: $26.25 per share

- 2026-02: $26.25 per share

- 2026-03: $25.37 per share

- 2026-04: $25.95 per share

- 2026-05: $25.88 per share

- 2026-06: $25.59 per share

- 2026-07: $25.82 per share

- 2026-08: $25.93 per share

- 2026-09: $25.30 per share

- 2026-10: $25.37 per share

## Annual estimated value (USD per share)

- FY2016: low $7.11 per share, central $8.65 per share, high $11.03 per share

- FY2017: low $8.02 per share, central $9.82 per share, high $12.68 per share

- FY2018: low $9.40 per share, central $11.57 per share, high $15.06 per share

- FY2019: low $13.33 per share, central $16.66 per share, high $22.21 per share

- FY2020: low $11.92 per share, central $14.61 per share, high $18.85 per share

- FY2021: low $28.24 per share, central $31.06 per share, high $34.51 per share

- FY2022: low $30.93 per share, central $38.66 per share, high $51.54 per share

- FY2023: low $37.83 per share, central $47.29 per share, high $63.05 per share

- FY2024: low $39.57 per share, central $49.47 per share, high $65.96 per share

- FY2025: low $43.83 per share, central $48.21 per share, high $53.57 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

Prior published observations retained from 2026-10-15T07:12:15.629Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/cfg-20251231.htm); period 2025-12-31, filed 2026-02-12.

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.