Citigroup Inc (C): what the price assumes

In the published model solve dated 2026-Q2, anchored at $132.64, Citigroup Inc (C) is priced for 11.9% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/C

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 10.6% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2025).

How unusual the bet is: within-range

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 5.6%); the inversion above states its own rate.

Per-Model Detail (n=4)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• The largest single revenue line is Markets at roughly 27% of the total, with Services and U.S. Personal Banking each near 26%, so the earnings mix leans harder on trading conditions than the label "global consumer bank" would suggest.
• Return on equity has recently been running near 6.9% against a required return closer to 10.7%, and the shares change hands at about 1.2 times book, which means the market is already paying for a recovery in that return rather than waiting to be shown one.
• The Banamex exit is the concrete event to track: the 10-K states that In 2025, Citi continued to make substantial progress toward the divestiture of Banamex, which remains a strategic priority, with the timing and structure of the proposed public offering still open, and third-quarter results are due on October 13, 2026.

Bull Case

One number decides this company, and everything else is commentary on it. Citigroup earns roughly 6.9% on its equity. An investor buying a bank with this risk profile should want something closer to 10.7%. That gap is the whole argument. Close it and the multiple the market allows on book value re-rates without a single extra dollar of revenue; fail to close it and no amount of growth in Markets or Wealth will matter, because a bank that earns less than its cost of capital destroys value as it grows. The bull case is not that Citigroup is cheap. It is that the return is fixable, and that the fixing is already visible in the filings.

Most of what has been holding the return down is expense that exists to solve a problem, not to run a business. The 10-K describes what that money bought in a single year: automated controls to further mitigate the risk of large erroneous payments in over 90 countries, completed migration of committed corporate loans to a strategic loans processing platform for North America, and technology applied to support governance of data reported in key regulatory reports. Read that as an infrastructure project with an end date. Remediation spending is the rare category of cost where success means it stops. A bank that finishes the work keeps the revenue and loses the expense, and the return on equity moves without anything happening to the client base.

The second lever is subtraction. Citigroup has been shedding businesses whose returns dilute the group, and Mexico is the largest remaining piece. The 10-K is direct that the divestiture remains a strategic priority and that decisions on the timing and structure of the proposed initial public offering are still being made. The company also took the goodwill write-down that goes with it, a $726 million charge, $714 million after tax, recognized alongside an interim impairment test. Writing an asset down to what a buyer will pay is not a pleasant quarter, but it is what a genuine exit looks like rather than a permanent intention to exit.

Meanwhile the businesses that were supposed to work are working. In the first quarter of 2026 the Markets segment reported that Net income of $2.6 billion increased 40%. Revenues increased 19%, driven by higher revenue in both Fixed Income Markets and Equity Markets. Fixed Income Markets revenue of $5.2 billion increased 13%. Services, which is transaction banking and securities services for corporate clients, contributes about a quarter of revenue from relationships that are administratively painful to move and therefore rarely move. That is the least glamorous and most defensible franchise in the group.

Scale is not the constraint either. JPM generates $187.0 billion of revenue and BAC $116.0 billion, against $85.2 billion here, so Citigroup is not competing from a position of insufficient size in any of its core businesses. What it has lacked is conversion. The share count has come down about 2.1% a year over four years, which means capital is being returned rather than accumulated while the return problem gets sorted. The bear will say the fix has been promised before and the return has not moved. That is fair, and it is the reason the stock is not priced as though the fix has happened. It is also why the arithmetic works so strongly in the bull's favour if it does.

Bear Case

Consider what kind of year the industry has just had. In the first quarter of 2026 Citigroup's Markets segment recorded that Net income of $2.6 billion increased 40%. Revenues increased 19%, driven by higher revenue in both Fixed Income Markets and Equity Markets. Across the street the same thing was happening: GS grew revenue 11.2% over the trailing year and MS 14.2%. Those are not the numbers of a normal trading environment; they are the numbers of a very good one. And Markets is Citigroup's single largest revenue line at about 27% of the total. A bank whose biggest business is the most cyclical one is a bank whose current earnings are being read at the wrong point in the cycle, and the reader should discount accordingly before deciding what the franchise really earns.

That matters because of what the price is asking. At about 1.2 times book value, today's price requires a return on equity beyond the elite tier that only the best-run banks sustain, held for four decades. That is not a figure the arithmetic resolves into a single achievable number. It is a boundary, and it sits above the boundary. Against it, Citigroup has recently been earning about 6.9%. The mechanism from here is simple and unsentimental: if the return does not climb toward and past the cost of capital, the price-to-book multiple the market can defend compresses toward book value, and a shareholder who paid a premium absorbs the difference.

The conversion problem shows up wherever you look for it. Of every dollar of revenue Citigroup takes in, roughly 17 cents reaches the bottom line. At JPM the figure is 31.5 cents and at BAC 27.3 cents. That is not a pricing problem or a client problem; it is what happens when a bank runs a very large cost base across a very large number of countries, and it is the same phenomenon the return on equity is measuring from a different angle. Fixing it has been the stated plan for years, and the filings still describe the work as ongoing.

Credit is the near-term variable that could make the arithmetic worse before the plan makes it better. The 10-K records a net allowance build of $1.1 billion driven by changes in credit quality, higher net lending activity and transfer risk, and the consumer franchise runs a branded cards book whose co-brand partners include Costco and American Airlines. Card lending is where consumer stress appears first and fastest, and provisions come straight out of the return the bull case needs to rise. Regulation compounds the timing risk: the filing spells out that banks falling below their capital buffers face limitations on capital distributions and discretionary bonus payments to executive officers, which means the buyback that supports per-share progress is contingent on capital staying comfortable through a stress scenario.

The Mexican exit tells the same story in miniature. Getting out required recognizing $726 million of goodwill impairment, $714 million after tax, and the timing and structure of the public offering remain undecided. Exits from businesses this size are slow, expensive, and rarely finish at the price first imagined. A buyer at today's price is paying above book for a bank earning well under its cost of capital, in the strongest part of a trading cycle, with its largest restructuring still unfinished.

Valuation

Banks are read against book value and the return earned on that book, which is the only sensible frame for a balance sheet where the funding is deposits rather than borrowings. Citigroup has recently been earning about 6.9% on its equity, and the shares change hands at about 1.2 times book. Invert that price and the requirement is stark: it needs a return on equity beyond the level that marks the elite tier of the industry, sustained for forty years. The arithmetic does not produce a single sustainable figure there; it produces a boundary, and the price sits past it.

None of the methods used to triangulate the business reaches this price. The peer-multiple lens comes closest, with the price about 13% above it, and the earnings-power methods sit about 17% below the price. The asset-value methods are the furthest away, with the price roughly 59% above them. That last gap is not a quirk. The excess-return approach values a bank as its book value plus the present value of returns earned above the cost of equity, and when the trailing return sits beneath the cost of equity there is no excess to capitalize, so the method lands under book rather than over it. The methods are not disagreeing about the facts. They are disagreeing about whether to credit a recovery that has not yet appeared in the returns.

Within the peer group, the price-to-book here sits in the lower half, which is the market's way of registering the same thing the models are registering. The comparison that sharpens it is conversion rather than scale: JPM turns 31.5 cents of every revenue dollar into profit and BAC 27.3 cents, against roughly 17 cents here, on revenue of $85.2 billion versus $187.0 billion at JPM. Citigroup is not small. It is inefficient, and the multiple reflects that rather than a shortage of franchise.

Solvency for a bank is a question about regulatory capital and how much of the earnings can be handed back, not about coverage ratios. The share count has declined about 2.1% a year over the four years to September 2025, which is buyback deployment appearing in the one place it cannot be faked. That deployment is conditional: the filings note that a bank falling below its capital buffers faces limits on distributions, and the year also carried a net allowance build of $1.1 billion. Capital return here is a function of how the stress tests land and how credit behaves, not of management preference.

The segment mix is what makes the valuation genuinely hard rather than merely disappointing. Markets at about 27% of revenue belongs beside GS and MS and carries their cyclicality; Services at 26% behaves like an infrastructure business with sticky corporate clients; U.S. Personal Banking at 26% is a card lender with consumer credit risk. Pricing the whole on one multiple of book is a convenience, and the convenience is where the argument between the bull and the bear actually lives.

Catalysts

Citigroup has reported above the consensus estimate in each of the last eight quarters, most recently on July 14, 2026, with the two 2026 prints producing the widest gaps of the run. Third-quarter results are confirmed for October 13, 2026.

The Banamex separation is the event with the most balance-sheet consequence attached. The 10-K states that In 2025, Citi continued to make substantial progress toward the divestiture of Banamex, which remains a strategic priority and that Any decisions related to the timing and structure of the proposed Banamex initial public offering (IPO) and any additional private sales remain under review. Two things follow from a completed exit: capital currently supporting a Mexican consumer bank is released, and the group's reported return stops being averaged with that franchise's economics. Both move the single metric that governs this valuation, which is why the structure and pricing of the transaction matter more than the headline proceeds.

The transformation programme is the slower catalyst and the harder one to verify from outside. The last annual filing lists completed items rather than intentions: automated controls covering large erroneous payments in over 90 countries, migration of committed corporate loans onto a single North American processing platform, and technology applied to the governance of data in regulatory reports. The useful signal in coming quarters is not the announcement of new initiatives but the expense line falling while revenue holds, because that is the only sequence in which the return on equity actually moves.

Peer Cohorts (Per Segment, With Filing Citations)

Services (reported)

• STT (STATE STREET CORPORATION)
• FY2025 10-K: …we provide administrative services for clients. To the extent that we provide more than one AUC/A service (including back and middle office services) for a client's assets, the value of the asset is only counted once in the total amount of AUC/A. Assets under management: The total market value of client assets for…
• FY2025 10-K: …2025-01-01 2025-12-31 0000093751 us-gaap:OperatingSegmentsMember stt:ProcessingServicesandOtherMember stt:InvestmentServicingMember 2025-01-01 2025-12-31 0000093751 us-gaap:OperatingSegmentsMember stt:ProcessingServicesandOtherMember stt:InvestmentManagementMember 2025-01-01 2025-12-31 0000093751…
• BK (THE BANK OF NEW YORK MELLON CORPORATION)
• (no filing in the citation store)
• NTRS (NORTHERN TRUST CORP)
• FY2025 10-K: Servicing is a leading global provider of asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors around the globe. Asset servicing and related services encompass a full range…
• FY2025 10-K: …employee benefit, investment risk and analytic and other services to Asset Servicing and Wealth Management clients. Other Noninterest Income. Treasury Management income represents revenues received from providing cash and liquidity management services to Asset Servicing and Wealth Management clients. The portion of…
• JPM (JPMORGAN CHASE & CO)
• FY2025 10-K: …offers and lifestyle benefits. Auto originates and services auto loans and leases. Commercial & Investment Bank The Commercial & Investment Bank is comprised of the Banking & Payments and Markets & Securities Services businesses. These businesses offer investment banking, lending, payments, market-making, financing,…
• FY2025 10-K: …and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. 298 JPMorgan Chase & Co./2025 Form 10-K Private label securitizations The liability related to…
• BAC (BANK OF AMERICA CORP /DE/)
• FY2025 10-K: …members or customers on behalf of the Corporation. Service Charges Service charges include deposit and lending-related fees. Deposit-related fees consist of fees earned on consumer and commercial deposit activities and are generally recognized when the transactions occur or as the service is performed. Consumer fees…
• FY2025 10-K: …products and services, and related hedging activities, including commercial loans, leases, commitment facilities, trade finance, commercial real estate lending and asset-based lending. Global Transaction Services includes deposits, treasury management, corporate credit card, merchant services, foreign exchange and…

Markets (reported)

• GS (The Goldman Sachs Group, Inc.)
• FY2025 10-K: …through structured mortgage and other asset-backed lending, (ii) financing through securities purchased under agreements to resell (resale agreements) and (iii) other FICC financing (including commodity financing to clients through structured transactions, facilitating institutional primary loans for syndication and…
• FY2025 10-K: …with exposure to securities and indices. Financing activities also include portfolio financing, which clients can utilize to manage their investment portfolios, and other equity financing activities, including securities-based loans to individuals. Market-Making Activities As a market maker, we facilitate…
• MS (MORGAN STANLEY)
• FY2025 10-K: …2024-12-31 0000895421 ms:CommodityAndOtherContractsMember us-gaap:FairValueMeasurementsRecurringMember ms:MeasurementInputForwardPowerPriceMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueOptionPricingModelMember srt:WeightedAverageMember 2024-12-31 0000895421 ms:CommodityAndOtherContractsMember…
• FY2025 10-K: 0895421 ms:MortgageAndAssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember ms:MeasurementInputBondPriceMember us-gaap:FairValueInputsLevel3Member ms:ValuationTechniqueComparablePricingMember srt:MinimumMember 2025-12-31 0000895421 ms:MortgageAndAssetBackedSecuritiesMember…
• JPM (JPMORGAN CHASE & CO)
• FY2025 10-K: …any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S. (c) Global equity and equity-related ranking includes rights offerings and Chinese A-Shares. (d) Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered…
• FY2025 10-K: …includes Markets, which is a global market-maker across products, including cash and derivative instruments, and also offers sophisticated risk management solutions, lending, prime brokerage, clearing and research. Markets & Securities Services also includes Securities Services, a leading global custodian that…
• BAC (BANK OF AMERICA CORP /DE/)
• FY2025 10-K: Global Banking and Global Markets , increased seven percent to $6.6 billion compared to the same period in 2024 primarily due to higher debt issuance and advisory fees, partially offset by lower equity issuance fees. Bank of America 42 Global Markets (Dollars in millions) 2025 2024 % Change Net interest income $ 5,690…
• FY2025 10-K: …us-gaap:FairValueInputsLevel3Member bac:ValuationTechniqueDiscountedCashFlowAndMarketApproachMember srt:MaximumMember 2025-12-31 0000070858 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputOfferedPriceMember us-gaap:FairValueInputsLevel3Member…

Banking (reported)

• GS (The Goldman Sachs Group, Inc.)
• FY2025 10-K: …income attributed to transaction banking deposits. Other also includes investing activities related to our Global Banking & Markets activities. The table below presents our Global Banking & Markets assets. As of December $ in millions 2025 2024 Cash and cash equivalents $ 131,809 $ 143,041 Collateralized agreements…
• FY2025 10-K: …seek to obtain market share by further reducing prices, and as we enter into or expand our presence in markets that rely more heavily on electronic trading and execution. We and other banks also compete for deposits on the basis of the rates we offer. We also compete on the basis of the types of financial products…
• MS (MORGAN STANLEY)
• FY2025 10-K: …banking advisory fees. Receivables from Contracts with Customers $ in millions At December 31, 2025 At December 31, 2024 Customer and other receivables $ 3,002 $ 2,628 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both…
• FY2025 10-K: …banks, securities firms and other financial counterparties; • placing funds on deposit at other financial institutions to support our clearing and settlement obligations; and • investing or trading in securities and loan pools, whereby the value of these assets may fluctuate based on realized or expected defaults on…
• JEF (Jefferies Financial Group Inc.)
• FY2025 10-K: …incur substantial costs in defending against these claims, regardless of their merits. Such claims could also discourage potential employees who work for our competitors from joining us. We face increasing competition in the financial services industry. We operate in an intensely competitive market with other global…
• FY2025 10-K: …of the financial assets. Broker Receivables . Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive…
• EVR (EVERCORE INC.)
• FY2025 10-K: …interest expense. Investment Banking & Equities. Our Investment Banking & Equities segment earns fees from its clients for providing advice on mergers, acquisitions, divestitures, capital raising, leveraged buyouts, liability management and restructurings, private funds advisory and private capital markets services,…
• FY2025 10-K: …or campaigns, military conflicts or other geopolitical events. Unfavorable market or economic conditions, as well as volatility in the financial markets, can materially reduce the demand for our services and present challenges. Revenue generated by our Investment Banking & Equities business is related to the volume…
• LAZ (Lazard, Inc.)
• FY2025 10-K: …and support staff. Our Corporate segment included 22 managing directors and 429 professionals and support staff. Generally, our employees are not subject to collective bargaining agreements, except that our employees in some offices, including France and Italy, are covered by national, industry-wide collective…
• FY2025 10-K: …bearing accounts at a number of leading banks throughout the world, (iii) overnight reverse repurchase agreements and (iv) in short-term certificates of deposit from such banks. Cash and cash equivalents are continuously monitored. On a regular basis, management reviews its investment profile as well as the credit…
• PJT (PJT Partners Inc.)
• FY2025 10-K: …recognize the opportunities for growth and development that emerge on the job. These initiatives are supported by our performance review process, which emphasizes high quality, development-focused feedback. We also recognize that our success requires not only the recruitment of best-in-class senior talent, but in…
• FY2025 10-K: …and retain talent resulting in a materially adverse effect on our business. It is not always possible to deter such misconduct, and there can be no assurance that the precautions we take to prevent and detect misconduct will be effective in all cases. If our employees or contractors engage in misconduct, our business…
• HLI (Houlihan Lokey, Inc.)
• FY2025 10-K: …Contents Risks Related to our Industry We face strong competition from other financial advisory firms, many of which have the ability to offer clients a wider range of products and services than those we offer, which could cause us to lose engagements to competitors and subject us to pricing pressures that could…
• FY2025 10-K: …than we have. These larger and better capitalized competitors may be better able to respond to changes in the investment banking market, to compete for skilled professionals, to finance acquisitions, to fund internal growth and to compete for market share generally, which puts us at a competitive disadvantage and…

Wealth (reported)

• MS (MORGAN STANLEY)
• FY2025 10-K: …on higher revenues, higher expenses related to outstanding deferred compensation and higher salary expenses. • Non-compensation expenses increased primarily due to higher execution-related expenses on higher volumes. 35 December 2025 Form 10-K Table of Contents Management's Discussion and Analysis Wealth Management…
• FY2025 10-K: Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services,…
• GS (The Goldman Sachs Group, Inc.)
• FY2025 10-K: …activities. These investments include public and private equity securities, debt securities and loans, related to corporate, real estate and infrastructure assets. We also make investments through CIEs, substantially all of which are engaged in real estate investment activities. The table below presents our Asset &…
• FY2025 10-K: …income attributed to transaction banking deposits. Other also includes investing activities related to our Global Banking & Markets activities. The table below presents our Global Banking & Markets assets. As of December $ in millions 2025 2024 Cash and cash equivalents $ 131,809 $ 143,041 Collateralized agreements…
• RJF (RAYMOND JAMES FINANCIAL INC)
• FY2025 10-K: …rjf:LoansHeldForInvestmentMember rjf:CommercialRealEstateAndOtherBusinessAssetsMember 2025-09-30 0000720005 us-gaap:CommercialPortfolioSegmentMember rjf:LoansHeldForInvestmentMember rjf:CommercialRealEstateAndOtherBusinessAssetsMember 2024-09-30 0000720005 us-gaap:CommercialRealEstatePortfolioSegmentMember…
• FY2025 10-K: …2024-10-01 2025-09-30 0000720005 us-gaap:RetainedEarningsMember 2023-10-01 2024-09-30 0000720005 us-gaap:RetainedEarningsMember 2022-10-01 2023-09-30 0000720005 us-gaap:RetainedEarningsMember 2025-09-30 0000720005 us-gaap:TreasuryStockCommonMember 2024-09-30 0000720005 us-gaap:TreasuryStockCommonMember 2023-09-30…
• LPLA (LPL Financial Holdings Inc.)
• FY2025 10-K: …2024-10-01 0001397911 lpla:AtriaWealthSolutionsInc.AcquisitionMember lpla:AdvisorRelationshipsMember 2024-10-01 0001397911 lpla:AtriaWealthSolutionsInc.AcquisitionMember 2025-10-01 2025-12-31 0001397911 2025-10-01 2025-12-31 0001397911 lpla:AtriaWealthSolutionsInc.AcquisitionMember 2024-01-01 2024-12-31 0001397911…
• FY2025 10-K: …2025-08-01 2025-08-01 0001397911 lpla:CommonwealthFinancialNetwork.AcquisitionMember lpla:CompensationAndBenefitsMember 2025-08-01 2025-08-01 0001397911 lpla:CommonwealthFinancialNetwork.AcquisitionMember us-gaap:FacilityClosingMember 2025-08-01 2025-08-01 0001397911…
• SCHW (SCHWAB CHARLES CORP)
• FY2025 10-K: …us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0000316709 schw:PledgedAssetLinesPortfolioSegmentMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0000316709…
• FY2025 10-K: …us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member us-gaap:FirstMortgageMember 2025-12-31 0000316709 us-gaap:ResidentialPortfolioSegmentMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member us-gaap:FirstMortgageMember…
• AMP (AMERIPRISE FINANCIAL INC)
• FY2025 10-K: CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-12-31 0000820027 srt:RetailSiteMember us-gaap:CommercialRealEstateMember us-gaap:CreditConcentrationRiskMember amp:CommercialRealEstateAndCommercialPortfolioSegmentMember amp:CommercialMortgageLoanReceivableMember 2025-01-01 2025-12-31 0000820027…
• FY2025 10-K: …us-gaap:CreditConcentrationRiskMember amp:MountainMember amp:CommercialRealEstateAndCommercialPortfolioSegmentMember amp:CommercialMortgageLoanReceivableMember 2025-01-01 2025-12-31 0000820027 us-gaap:CommercialRealEstateMember us-gaap:CreditConcentrationRiskMember amp:MountainMember…

U.S. Personal Banking (reported)

• BAC (BANK OF AMERICA CORP /DE/)
• FY2025 10-K: …additional information about our segments' operational performance, client trends and business growth. These KPIs may not be defined or calculated in the same way as similar KPIs used by other companies. Bank of America 36 Consumer Banking (Dollars in millions) 2025 2024 % Change Net interest income $ 35,309 $ 33,078…
• FY2025 10-K: …members or customers on behalf of the Corporation. Service Charges Service charges include deposit and lending-related fees. Deposit-related fees consist of fees earned on consumer and commercial deposit activities and are generally recognized when the transactions occur or as the service is performed. Consumer fees…
• WFC (WELLS FARGO & COMPANY/MN)
• FY2025 10-K: …wfc:ExcludingModificationsInPaymentDeferralPeriodMemberMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-12-31 0000072971 us-gaap:ConsumerPortfolioSegmentMember wfc:ExcludingModificationsInPaymentDeferralPeriodMemberMember wfc:A3089dayspastdueandstillaccruingMember 2025-12-31 0000072971…
• FY2025 10-K: …wfc:A3089dayspastdueandstillaccruingMember 2025-12-31 0000072971 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember wfc:ExcludingModificationsInPaymentDeferralPeriodMemberMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-12-31 0000072971…
• JPM (JPMORGAN CHASE & CO)
• FY2025 10-K: …supervision and regulation. JPMorganChase and JPMorgan Chase Bank, N.A. are subject to supervision and regulation in the U.S. by the Consumer Financial Protection Bureau ("CFPB") with respect to federal consumer protection laws, including laws relating to fair lending and the prohibition of unfair, deceptive or…
• FY2025 10-K: …jpm:IndividualsandIndividualEntitiesSectorMember 2025-12-31 0000019617 us-gaap:CommercialPortfolioSegmentMember jpm:IndividualsandIndividualEntitiesSectorMember us-gaap:CreditConcentrationRiskMember 2024-12-31 0000019617 us-gaap:CreditConcentrationRiskMember jpm:IndividualsandIndividualEntitiesSectorMember 2024-12-31…
• COF (CAPITAL ONE FINANCIAL CORP)
• FY2025 10-K: ATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 Credit Card Consumer Banking Commercial Banking (Dollars in millions) Domestic Card Personal Loans International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial and Multifamily Real Estate Commercial…
• FY2025 10-K: …us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:EntityLoanModificationProgramMember 2025-01-01 2025-12-31 0000927628 us-gaap:CommercialPortfolioSegmentMember cof:OtherModificationsMember us-gaap:EntityLoanModificationProgramMember 2025-01-01 2025-12-31 0000927628…
• SYF (Synchrony Financial)
• FY2025 10-K: …of direct deposits and $5.9 billion of brokered deposits. At December 31, 2025, deposits represented 84% of our total funding sources. Retail customers accounted for the substantial majority of our direct deposits at December 31, 2025. During 2025, retail deposits were received from approximately 738,000 customers…
• FY2025 10-K: Member syf:LongTermModificationMember 2025-01-01 2025-12-31 0001601712 syf:ModificationDateAmountMember us-gaap:ConsumerLoanMember syf:LongTermModificationMember 2024-01-01 2024-12-31 0001601712 syf:ModificationDateAmountMember us-gaap:ConsumerLoanMember syf:LongTermModificationMember 2023-01-01 2023-12-31 0001601712…
• USB (US BANCORP \DE\)
• FY2025 10-K: Statements Note 1 - Significant Accounting Policies 70 Note 2 - Accounting Changes 76 Note 3 - Restrictions on Cash and Due From Banks 77 Note 4 - Investment Securities 78 Note 5 - Loans and Allowance for Credit Losses 81 Note 6 - Leases 89 Note 7 - Accounting for Transfers and Servicing of Financial Assets and…
• FY2025 10-K: …services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp's banking subsidiary, USBNA, is engaged in the general banking business, principally in…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.