# Truist Financial (TFC.US)

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

Analysis as of: 2026-10-16T07:32:20.692Z. 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: $46.57 per share; close as of 2026-10-15.

Estimated value: low $47.94 per share, central $59.92 per share, high $79.90 per share. Buy at or below the central value $59.92 per share. Valuation as of 2026-10-16T07:32:20.692Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% 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): 0.52×

Chart: Net income; fiscal year observations.

- FY2016: $2.3B

- FY2017: $2.2B

- FY2018: $3.1B

- FY2019: $3.0B

- FY2020: $4.2B

- FY2021: $6.0B

- FY2022: $5.9B

- FY2023: -$1.5B

- FY2024: $4.5B

- FY2025: $5.0B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 13.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.7%

- Cost / income, median: 64.4%

- Years with reported combined ratio: 0

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

- FY2016: 14.8%

- FY2017: 14.6%

- FY2018: 19.9%

- FY2019: 9.7%

- FY2020: 12.6%

- FY2021: 19.8%

- FY2022: 25.6%

- FY2023: -4.8%

- FY2024: 12.6%

- FY2025: 11.9%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 13.1%

- Book return interval: 10 years

- Starting book value per share: $19.25

- Ending book value per share: $32.16

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

- FY2016: 3.3%

- FY2017: 6.6%

- FY2018: 12.8%

- FY2019: 104.2%

- FY2020: -31.6%

- FY2021: -0.4%

- FY2022: -14.5%

- FY2023: 42.0%

- FY2024: 27.3%

- FY2025: 28.7%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: 5.6%

- Diluted shares, 5-year annual growth: -0.8%

- Share growth excluding flagged crisis recapitalisations: 5.6%

- Five-year share growth excluding flagged crisis recapitalisations: -0.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 9.52×

- Book value created per share: $12.91

- Earnings retained per share after dividends and buybacks: $1.36

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

- FY2015: 100

- FY2016: 108

- FY2017: 107

- FY2018: 103

- FY2019: 108

- FY2020: 179

- FY2021: 178

- FY2022: 177

- FY2023: 176

- FY2024: 176

- FY2025: 172

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 10.4%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 7

## Holders

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

- [Christopher Davis](https://gigainvestors.com/DAV): 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.

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

## Price story

Down 27% since Oct 2021 · "TFC Q2 Earnings Beat on Lower Provisions, Stock Dips on NIM Concern" (finance.yahoo.com, Jul 2026) · net income +11.3%

Story as of 2026-10-16T09:59:40.984Z; price observation 2026-10-15.

The price assumes profits grow 4.9% a year forever

- 2025-04-17: Truist Q1 profit falls on weakness in investment banking and trading business ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/truist-q1-profit-falls-weakness-104911501.html))

- 2025-07-18: Truist's second-quarter profit rises on higher interest income, friendlier comparisons ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/truists-second-quarter-profit-rises-110109225.html))

- 2026-01-21: TFC Q4 Earnings Beat Despite Y/Y Rise in Expenses, Stock Dips ([finance.yahoo.com](https://finance.yahoo.com/news/tfc-q4-earnings-beat-despite-181200245.html))

- 2026-04-17: Truist Q1 Earnings Beat on Higher NII and Non-Interest Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/truist-q1-earnings-beat-higher-140200266.html))

- 2026-07-17: TFC Q2 Earnings Beat on Lower Provisions, Stock Dips on NIM Concern ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tfc-q2-earnings-beat-lower-142300626.html))

### Net income · FY2025

net income +11.3%; source https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm; observed 2026-02-24.

- FY2016: $2.3B 

- FY2017: $2.2B 

- FY2018: $3.1B 

- FY2019: $3.0B 

- FY2020: $4.2B 

- FY2021: $6.0B 

- FY2022: $5.9B 

- FY2023: -$1.5B 

- FY2024: $4.5B 

- FY2025: $5.0B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are USD 20.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm#000009223026000030 (filed 2026-02-24); FY2025: revenue 20319000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TFC.US: Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through two segments, Consumer and Small Business Banking; and Wholesale Banking. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts. The company also provides funding; asset management; credit card lending; home equity and mortgage lending; other direct retail lending; home mortgage lending; Investment brokerage services; mobile/online banking; payment solutions; point-of-sale lending; retail and small business deposit products; and small business lending. In addition, it offers asset-based lending, commercial deposit and treasury services; commercial lending; floor plan lending; derivatives; institutional trust services; insurance premium finance; international banking; investment banking and capital markets services; leasing; merchant services; mortgage warehouse lending; real estate lending; supply chain financing; and wealth management/private banking. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. Truist Financial Corporation was founded in 1872 and is headquartered in Charlotte, North Carolina.

### Why customers stay

It earns 13.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.1478016226118817],[2017,0.14595660749506903],[2018,0.19927135514930713],[2019,0.09656843985202195],[2020,0.12562678276535055],[2021,0.1980695360977051],[2022,0.25571662783674176],[2023,-0.04842421210605303],[2024,0.12628217807793382],[2025,0.11873388713835577]]; median 0.13611939278650143. 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 2.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,1092000000],[2017,1179000000],[2018,1378000000],[2019,1459000000],[2020,2725000000],[2021,2852000000],[2022,2989000000],[2023,3131000000],[2024,3135000000],[2025,2996000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 2500000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TFC.US SharesStats.PercentInsiders = 0.178 percentage points; cache date 2026-10-16.

### What could break it

"Credit Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm (filed 2026-02-24); Credit Risks

### What the price says

The price assumes profits grow 4.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Price 46.57; FX 1; original perpetual distributable cash 2.3969161029631922; discount 0.1; growth 0.048530897509916425. 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: $39.20 per share

- 2016-11: $45.25 per share

- 2016-12: $47.02 per share

- 2017-01: $46.19 per share

- 2017-02: $48.22 per share

- 2017-03: $44.70 per share

- 2017-04: $43.18 per share

- 2017-05: $41.65 per share

- 2017-06: $45.41 per share

- 2017-07: $47.32 per share

- 2017-08: $46.09 per share

- 2017-09: $46.94 per share

- 2017-10: $49.24 per share

- 2017-11: $49.42 per share

- 2017-12: $49.72 per share

- 2018-01: $55.19 per share

- 2018-02: $54.35 per share

- 2018-03: $52.04 per share

- 2018-04: $52.80 per share

- 2018-05: $52.50 per share

- 2018-06: $50.44 per share

- 2018-07: $50.81 per share

- 2018-08: $51.66 per share

- 2018-09: $48.54 per share

- 2018-10: $49.16 per share

- 2018-11: $51.10 per share

- 2018-12: $43.32 per share

- 2019-01: $48.80 per share

- 2019-02: $50.97 per share

- 2019-03: $46.53 per share

- 2019-04: $51.20 per share

- 2019-05: $46.75 per share

- 2019-06: $49.13 per share

- 2019-07: $51.53 per share

- 2019-08: $47.65 per share

- 2019-09: $53.37 per share

- 2019-10: $53.05 per share

- 2019-11: $54.72 per share

- 2019-12: $56.32 per share

- 2020-01: $51.57 per share

- 2020-02: $46.14 per share

- 2020-03: $30.84 per share

- 2020-04: $37.32 per share

- 2020-05: $36.78 per share

- 2020-06: $37.55 per share

- 2020-07: $37.46 per share

- 2020-08: $38.81 per share

- 2020-09: $38.05 per share

- 2020-10: $42.12 per share

- 2020-11: $46.42 per share

- 2020-12: $47.93 per share

- 2021-01: $47.98 per share

- 2021-02: $56.96 per share

- 2021-03: $58.32 per share

- 2021-04: $59.31 per share

- 2021-05: $61.78 per share

- 2021-06: $55.50 per share

- 2021-07: $54.43 per share

- 2021-08: $57.06 per share

- 2021-09: $58.65 per share

- 2021-10: $63.47 per share

- 2021-11: $59.31 per share

- 2021-12: $58.55 per share

- 2022-01: $62.82 per share

- 2022-02: $62.22 per share

- 2022-03: $56.70 per share

- 2022-04: $48.35 per share

- 2022-05: $49.74 per share

- 2022-06: $47.43 per share

- 2022-07: $50.47 per share

- 2022-08: $46.84 per share

- 2022-09: $43.54 per share

- 2022-10: $44.79 per share

- 2022-11: $46.81 per share

- 2022-12: $43.03 per share

- 2023-01: $49.39 per share

- 2023-02: $46.95 per share

- 2023-03: $34.10 per share

- 2023-04: $32.58 per share

- 2023-05: $30.47 per share

- 2023-06: $30.35 per share

- 2023-07: $33.22 per share

- 2023-08: $30.55 per share

- 2023-09: $28.61 per share

- 2023-10: $28.36 per share

- 2023-11: $32.14 per share

- 2023-12: $36.92 per share

- 2024-01: $37.06 per share

- 2024-02: $34.98 per share

- 2024-03: $38.98 per share

- 2024-04: $37.55 per share

- 2024-05: $37.75 per share

- 2024-06: $38.85 per share

- 2024-07: $44.69 per share

- 2024-08: $44.46 per share

- 2024-09: $42.77 per share

- 2024-10: $43.05 per share

- 2024-11: $47.68 per share

- 2024-12: $43.38 per share

- 2025-01: $47.62 per share

- 2025-02: $46.35 per share

- 2025-03: $41.15 per share

- 2025-04: $38.34 per share

- 2025-05: $39.50 per share

- 2025-06: $42.99 per share

- 2025-07: $43.71 per share

- 2025-08: $46.82 per share

- 2025-09: $45.72 per share

- 2025-10: $44.63 per share

- 2025-11: $46.50 per share

- 2025-12: $49.21 per share

- 2026-01: $51.42 per share

- 2026-02: $49.31 per share

- 2026-03: $45.97 per share

- 2026-04: $51.50 per share

- 2026-05: $48.21 per share

- 2026-06: $49.82 per share

- 2026-07: $51.84 per share

- 2026-08: $49.58 per share

- 2026-09: $46.30 per share

- 2026-10: $45.92 per share

## Annual estimated value (USD per share)

- FY2016: low $30.84 per share, central $38.54 per share, high $51.39 per share

- FY2017: low $30.59 per share, central $38.23 per share, high $50.98 per share

- FY2018: low $31.94 per share, central $39.92 per share, high $53.23 per share

- FY2019: low $60.74 per share, central $75.93 per share, high $101.24 per share

- FY2020: low $41.35 per share, central $51.69 per share, high $68.92 per share

- FY2021: low $39.46 per share, central $49.32 per share, high $65.76 per share

- FY2022: low $31.98 per share, central $39.97 per share, high $53.30 per share

- FY2023: low $32.95 per share, central $36.24 per share, high $40.27 per share

- FY2024: low $35.58 per share, central $39.14 per share, high $43.49 per share

- FY2025: low $45.90 per share, central $57.38 per share, high $76.51 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/92230/000009223026000030/tfc-20251231.htm); period 2025-12-31, filed 2026-02-24.

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.