# U.S. Bancorp (USB.US)

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

Analysis as of: 2026-10-16T07:32:46.480Z. 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: $57.39 per share; close as of 2026-10-15.

Estimated value: low $69.74 per share, central $87.17 per share, high $116.23 per share. Buy at or below the central value $87.17 per share. Valuation as of 2026-10-16T07:32:46.480Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% 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: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.14×

Chart: Net income; fiscal year observations.

- FY2016: $5.6B

- FY2017: $5.9B

- FY2018: $6.8B

- FY2019: $6.6B

- FY2020: $4.6B

- FY2021: $7.6B

- FY2022: $5.5B

- FY2023: $5.1B

- FY2024: $5.9B

- FY2025: $7.2B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 19.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 16.9%

- Cost / income, median: 59.0%

- Years with reported combined ratio: 0

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

- FY2016: 19.2%

- FY2017: 19.1%

- FY2018: 21.0%

- FY2019: 20.0%

- FY2020: 13.5%

- FY2021: 22.0%

- FY2022: 22.5%

- FY2023: 16.9%

- FY2024: 17.5%

- FY2025: 17.6%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 13.6%

- Book return interval: 10 years

- Starting book value per share: $15.76

- Ending book value per share: $26.22

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

- FY2016: 14.0%

- FY2017: 15.6%

- FY2018: 14.1%

- FY2019: 13.6%

- FY2020: 17.2%

- FY2021: 9.6%

- FY2022: -21.2%

- FY2023: 30.0%

- FY2024: 21.5%

- FY2025: 30.9%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: -1.3%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.06×

- Book value created per share: $10.46

- Earnings retained per share after dividends and buybacks: $9.84

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

- FY2015: 100

- FY2016: 97

- FY2017: 95

- FY2018: 92

- FY2019: 89

- FY2020: 85

- FY2021: 84

- FY2022: 84

- FY2023: 87

- FY2024: 88

- FY2025: 88

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 5.7%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 6

## Holders

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

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

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

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

- [Andrew Adams](https://gigainvestors.com/MPF): 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

The price assumes profits grow 3.9% a year forever · "USB Q3 Deep Dive: Payments, Fee Growth, and Deposit Strategy Drive Solid Performance" (finance.yahoo.com, Oct 2025) · net income +21.7%

Story as of 2026-10-16T09:59:46.513Z; price observation 2026-10-15.

The price assumes profits grow 3.9% a year forever

- 2026-01-20: US Bancorp Tops Fourth-Quarter Views, Forecasts 2026 Revenue Growth ([finance.yahoo.com](https://finance.yahoo.com/news/us-bancorp-tops-fourth-quarter-154859442.html))

- 2026-04-16: U.S. Bancorp Q1 earnings reflect strong loan growth, improved payments ([seekingalpha.com](https://seekingalpha.com/news/4575621-us-bancorp-q1-earnings-reflect-strong-loan-growth-improved-payments?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-16: U.S. Bancorp Projects FY26 Total Net Revenue Growth Of 7% To 9% Incl. BTIG ([nasdaq.com](https://www.nasdaq.com/articles/us-bancorp-projects-fy26-total-net-revenue-growth-7-9-incl-btig))

### Net income · FY2025

net income +21.7%; source https://www.sec.gov/Archives/edgar/data/36104/000003610426000011/usb-20251231.htm; observed 2026-02-23.

- FY2016: $5.6B 

- FY2017: $5.9B 

- FY2018: $6.8B 

- FY2019: $6.6B 

- FY2020: $4.6B 

- FY2021: $7.6B 

- FY2022: $5.5B 

- FY2023: $5.1B 

- FY2024: $5.9B 

- FY2025: $7.2B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are USD 28.5 billion.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036104.json#0000036104-26-000011 (filed 2026-02-23); FY2025: revenue 28540000000.

### Why customers stay

It earns 19.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on tangible equity observations [[2016,0.19173241852487136],[2017,0.19099454116735037],[2018,0.2101350514186594],[2019,0.19953926828528992],[2020,0.1346053014855811],[2021,0.22013488870234751],[2022,0.2251739664347114],[2023,0.16878863826232246],[2024,0.1754089114495206],[2025,0.17612495715614748]]; median 0.19136347984611085. 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 489 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,2077000000],[2017,2212000000],[2018,2366000000],[2019,2745000000],[2020,2852000000],[2021,2887000000],[2022,3075000000],[2023,3311000000],[2024,3448000000],[2025,3502000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/36104/000003610426000011/usb-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 489000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); USB.US SharesStats.PercentInsiders = 0.124 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Price 57.39; FX 1; original perpetual distributable cash 3.486926029730147; discount 0.1; growth 0.0392415746692778. 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: $44.76 per share

- 2016-11: $49.62 per share

- 2016-12: $51.37 per share

- 2017-01: $52.65 per share

- 2017-02: $55.00 per share

- 2017-03: $51.50 per share

- 2017-04: $51.28 per share

- 2017-05: $50.89 per share

- 2017-06: $51.92 per share

- 2017-07: $52.78 per share

- 2017-08: $51.25 per share

- 2017-09: $53.59 per share

- 2017-10: $54.38 per share

- 2017-11: $55.15 per share

- 2017-12: $53.58 per share

- 2018-01: $57.14 per share

- 2018-02: $54.36 per share

- 2018-03: $50.50 per share

- 2018-04: $50.45 per share

- 2018-05: $49.99 per share

- 2018-06: $50.02 per share

- 2018-07: $53.01 per share

- 2018-08: $54.11 per share

- 2018-09: $52.81 per share

- 2018-10: $52.27 per share

- 2018-11: $54.46 per share

- 2018-12: $45.70 per share

- 2019-01: $51.16 per share

- 2019-02: $51.69 per share

- 2019-03: $48.19 per share

- 2019-04: $53.32 per share

- 2019-05: $50.20 per share

- 2019-06: $52.40 per share

- 2019-07: $57.15 per share

- 2019-08: $52.69 per share

- 2019-09: $55.34 per share

- 2019-10: $57.02 per share

- 2019-11: $60.03 per share

- 2019-12: $59.29 per share

- 2020-01: $53.22 per share

- 2020-02: $46.44 per share

- 2020-03: $34.45 per share

- 2020-04: $36.50 per share

- 2020-05: $35.56 per share

- 2020-06: $36.82 per share

- 2020-07: $36.84 per share

- 2020-08: $36.40 per share

- 2020-09: $35.85 per share

- 2020-10: $38.95 per share

- 2020-11: $43.21 per share

- 2020-12: $46.59 per share

- 2021-01: $42.85 per share

- 2021-02: $50.00 per share

- 2021-03: $55.31 per share

- 2021-04: $59.35 per share

- 2021-05: $60.78 per share

- 2021-06: $56.97 per share

- 2021-07: $55.54 per share

- 2021-08: $57.39 per share

- 2021-09: $59.44 per share

- 2021-10: $60.37 per share

- 2021-11: $55.34 per share

- 2021-12: $56.17 per share

- 2022-01: $58.19 per share

- 2022-02: $56.54 per share

- 2022-03: $53.15 per share

- 2022-04: $48.56 per share

- 2022-05: $53.07 per share

- 2022-06: $46.02 per share

- 2022-07: $47.20 per share

- 2022-08: $45.61 per share

- 2022-09: $40.32 per share

- 2022-10: $42.45 per share

- 2022-11: $45.39 per share

- 2022-12: $43.61 per share

- 2023-01: $49.80 per share

- 2023-02: $47.73 per share

- 2023-03: $36.05 per share

- 2023-04: $34.28 per share

- 2023-05: $29.90 per share

- 2023-06: $33.04 per share

- 2023-07: $39.68 per share

- 2023-08: $36.53 per share

- 2023-09: $33.06 per share

- 2023-10: $31.88 per share

- 2023-11: $38.12 per share

- 2023-12: $43.28 per share

- 2024-01: $41.54 per share

- 2024-02: $41.96 per share

- 2024-03: $44.70 per share

- 2024-04: $40.63 per share

- 2024-05: $40.55 per share

- 2024-06: $39.70 per share

- 2024-07: $44.88 per share

- 2024-08: $47.23 per share

- 2024-09: $45.73 per share

- 2024-10: $48.31 per share

- 2024-11: $53.29 per share

- 2024-12: $47.83 per share

- 2025-01: $47.78 per share

- 2025-02: $46.90 per share

- 2025-03: $42.22 per share

- 2025-04: $40.34 per share

- 2025-05: $43.59 per share

- 2025-06: $45.25 per share

- 2025-07: $44.96 per share

- 2025-08: $48.83 per share

- 2025-09: $48.33 per share

- 2025-10: $46.68 per share

- 2025-11: $49.05 per share

- 2025-12: $53.36 per share

- 2026-01: $56.11 per share

- 2026-02: $54.66 per share

- 2026-03: $52.01 per share

- 2026-04: $56.66 per share

- 2026-05: $54.85 per share

- 2026-06: $60.40 per share

- 2026-07: $63.01 per share

- 2026-08: $61.58 per share

- 2026-09: $57.76 per share

- 2026-10: $56.89 per share

## Annual estimated value (USD per share)

- FY2016: low $54.06 per share, central $67.57 per share, high $90.09 per share

- FY2017: low $56.27 per share, central $70.34 per share, high $93.79 per share

- FY2018: low $59.48 per share, central $74.35 per share, high $99.14 per share

- FY2019: low $62.69 per share, central $78.36 per share, high $104.48 per share

- FY2020: low $64.83 per share, central $81.03 per share, high $108.05 per share

- FY2021: low $66.68 per share, central $83.35 per share, high $111.14 per share

- FY2022: low $50.91 per share, central $63.64 per share, high $84.85 per share

- FY2023: low $55.54 per share, central $69.43 per share, high $92.57 per share

- FY2024: low $58.85 per share, central $73.56 per share, high $98.08 per share

- FY2025: low $67.55 per share, central $84.44 per share, high $112.58 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/36104/000003610426000011/usb-20251231.htm); period 2025-12-31, filed 2026-02-23.

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

- [Christopher Davis](https://gigainvestors.com/DAV): 21,453,510 USB shares; USD 1,295,910,000 reported position value; 5.56% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 9,123,058 USB shares; USD 551,033,000 reported position value; 0.91% of portfolio; add; quarter 2026 Q2.
- [Mark Hillman](https://gigainvestors.com/HCM): 41,252 USB shares; USD 2,492,000 reported position value; 1.8% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 666,736 USB shares; USD 38,511,000 reported position value; 3.17% of portfolio; reduce; quarter 2026 Q3.
- [Andrew Adams](https://gigainvestors.com/MPF): 561,453 USB shares; USD 33,912,000 reported position value; 0.31% of portfolio; reduce; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 181,896 USB shares; USD 10,987,000 reported position value; 0.83% of portfolio; reduce; quarter 2026 Q2.

# USB — U.S. Bancorp

Held by 1 investor · USD 38,511,000 total · 2026 Q3 · reported price USD 57.76 (split-adjusted).
Page: https://gigainvestors.com/s/USB

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 38,511,000 | 3.2% | reduce -4.98% |

## Total held by quarter

- 2006 Q4: USD 843,491,187 · 1 holder · USD 21.03
- 2007 Q1: USD 815,056,281 · 1 holder · USD 20.32
- 2007 Q2: USD 1,221,961,492 · 1 holder · USD 19.15
- 2007 Q3: USD 2,130,400,305 · 1 holder · USD 18.90
- 2007 Q4: USD 2,145,050,331 · 1 holder · USD 18.44
- 2008 Q1: USD 2,220,900,001 · 1 holder · USD 18.80
- 2008 Q2: USD 1,914,119,315 · 1 holder · USD 16.21
- 2008 Q3: USD 2,627,511,287 · 2 holders · USD 20.93
- 2008 Q4: USD 1,689,681,164 · 2 holders · USD 14.53
- 2009 Q1: USD 1,421,023,768 · 3 holders · USD 8.49
- 2009 Q2: USD 1,782,095,132 · 3 holders · USD 10.41
- 2009 Q3: USD 2,194,820,237 · 3 holders · USD 12.70
- 2009 Q4: USD 2,150,187,979 · 3 holders · USD 13.08
- 2010 Q1: USD 2,212,829,552 · 3 holders · USD 15.04
- 2010 Q2: USD 1,910,296,071 · 3 holders · USD 12.99
- 2010 Q3: USD 1,684,313,991 · 3 holders · USD 12.56
- 2010 Q4: USD 2,086,505,111 · 3 holders · USD 15.67
- 2011 Q1: USD 2,020,595,701 · 3 holders · USD 15.36
- 2011 Q2: USD 1,943,922,745 · 3 holders · USD 14.82
- 2011 Q3: USD 1,797,459,316 · 3 holders · USD 13.68
- 2011 Q4: USD 2,067,894,353 · 3 holders · USD 15.72
- 2012 Q1: USD 2,327,954,860 · 2 holders · USD 18.41
- 2012 Q2: USD 2,265,596,097 · 2 holders · USD 18.69
- 2012 Q3: USD 2,208,075,022 · 2 holders · USD 19.93
- 2012 Q4: USD 2,058,095,441 · 3 holders · USD 18.56
- 2013 Q1: USD 2,243,350,987 · 3 holders · USD 19.71
- 2013 Q2: USD 2,934,865,774 · 2 holders · USD 21.00
- 2013 Q3: USD 2,895,215,287 · 2 holders · USD 21.25
- 2013 Q4: USD 3,205,776,400 · 2 holders · USD 23.47
- 2014 Q1: USD 3,431,230,333 · 2 holders · USD 24.91
- 2014 Q2: USD 3,470,992,610 · 2 holders · USD 25.17
- 2014 Q3: USD 3,351,607,710 · 2 holders · USD 24.31
- 2014 Q4: USD 3,601,290,712 · 2 holders · USD 26.12
- 2015 Q1: USD 3,659,396,853 · 2 holders · USD 25.37
- 2015 Q2: USD 3,692,748,560 · 2 holders · USD 25.22
- 2015 Q3: USD 3,489,391,447 · 2 holders · USD 23.83
- 2015 Q4: USD 3,630,634,352 · 2 holders · USD 24.79
- 2016 Q1: USD 3,458,272,459 · 3 holders · USD 23.58
- 2016 Q2: USD 3,436,099,048 · 3 holders · USD 23.43
- 2016 Q3: USD 3,653,521,145 · 3 holders · USD 24.92
- 2016 Q4: USD 4,395,270,955 · 3 holders · USD 29.85
- 2017 Q1: USD 4,405,759,220 · 3 holders · USD 29.92
- 2017 Q2: USD 4,441,658,950 · 3 holders · USD 30.17
- 2017 Q3: USD 4,563,708,966 · 3 holders · USD 31.13
- 2017 Q4: USD 4,669,524,838 · 3 holders · USD 31.13
- 2018 Q1: USD 4,592,397,018 · 3 holders · USD 29.34
- 2018 Q2: USD 5,040,090,830 · 2 holders · USD 29.06
- 2018 Q3: USD 6,600,759,775 · 2 holders · USD 30.68
- 2018 Q4: USD 6,127,932,415 · 3 holders · USD 26.55
- 2019 Q1: USD 6,462,339,045 · 3 holders · USD 28.00
- 2019 Q2: USD 7,192,839,270 · 3 holders · USD 30.45
- 2019 Q3: USD 8,239,273,368 · 4 holders · USD 32.15
- 2019 Q4: USD 9,307,385,939 · 5 holders · USD 34.45
- 2020 Q1: USD 5,575,044,464 · 5 holders · USD 34.45
- 2020 Q2: USD 5,897,631,802 · 6 holders · USD 36.82
- 2020 Q3: USD 5,878,605,430 · 6 holders · USD 35.85
- 2020 Q4: USD 7,586,164,943 · 6 holders · USD 46.59
- 2021 Q1: USD 9,006,881,444 · 6 holders · USD 55.31
- 2021 Q2: USD 9,224,449,774 · 6 holders · USD 56.97
- 2021 Q3: USD 9,452,668,543 · 6 holders · USD 59.44
- 2021 Q4: USD 8,926,992,427 · 6 holders · USD 56.17
- 2022 Q1: USD 8,420,748,034 · 6 holders · USD 53.15
- 2022 Q2: USD 6,960,358,044 · 6 holders · USD 46.02
- 2022 Q3: USD 4,398,562,894 · 6 holders · USD 40.32
- 2022 Q4: USD 1,642,314,558 · 6 holders · USD 43.61
- 2023 Q1: USD 912,212,319 · 5 holders · USD 36.05
- 2023 Q2: USD 833,220,816 · 6 holders · USD 33.04
- 2023 Q3: USD 823,192,522 · 4 holders · USD 33.06
- 2023 Q4: USD 1,486,159,314 · 5 holders · USD 43.28
- 2024 Q1: USD 2,360,135,952 · 8 holders · USD 44.70
- 2024 Q2: USD 2,179,493,119 · 8 holders · USD 39.70
- 2024 Q3: USD 2,858,549,603 · 7 holders · USD 45.73
- 2024 Q4: USD 2,529,066,302 · 7 holders · USD 47.83
- 2025 Q1: USD 2,603,900,218 · 7 holders · USD 42.22
- 2025 Q2: USD 2,455,395,349 · 8 holders · USD 45.25
- 2025 Q3: USD 1,447,859,115 · 7 holders · USD 48.33
- 2025 Q4: USD 1,732,673,879 · 7 holders · USD 53.36
- 2026 Q1: USD 1,706,110,451 · 6 holders · USD 52.01
- 2026 Q2: USD 1,936,716,861 · 6 holders · USD 60.40
- 2026 Q3: USD 38,511,000 · 1 holder · USD 57.76