On 12 Nov 2026 our base value for PNC Financial Services is $191.15 a share, 17.3% below its $231.03 close; 0 of 2 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for banks and lenders: deposits and loans are the business, so free cash flow does not describe it; see tangible book |
| Exit multiple (P/E) | $171.84 | -25.6% | earnings per share $18.96 valued at 11.4× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | $210.45 | -8.9% | tangible book $114.63 a share at 1.836× |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $18.96 |
| Year 1 | 5.75% | $20.05 |
| Year 2 | 5.06% | $21.06 |
| Year 3 | 4.55% | $22.02 |
| Year 4 | 4.16% | $22.93 |
| Year 5 | 3.87% | $23.82 |
| Earnings per share in year 5 | $23.82 |
| Exit P/E (the stock's own median P/E) | 11.4× |
| Value in 5 years = earnings × P/E | $271.57 |
| Discounted at 9.59% over 5 years: ÷ 1.5804 | $171.84 |
| Shareholders' equity | $60.59bn |
| Less goodwill | $10.96bn |
| Less other intangibles | $3.66bn |
| Tangible equity | $45.97bn |
| Shares | 401.00m |
| Tangible book per share | $114.63 |
| Profit attributable to shareholders | $6.94bn |
| Return on tangible equity = profit ÷ tangible equity | 15.09% |
| Cost of equity (the discount rate) | 9.59% |
| Growth (the terminal rate) | 3% |
| Justified price to tangible book = (15.09% − 3%) ÷ (9.59% − 3%) | 1.84× |
| Value per share = multiple × tangible book per share | $210.45 |
The base value is the average of the methods kept in it:
| Method | Value |
|---|---|
| Exit multiple (P/E) | $171.84 |
| Tangible book | $210.45 |
($171.84 + $210.45) ÷ 2 = $191.15
Base value $191.15 a share
One-year price simulation: a 10% chance the price is below $193.63 and a 10% chance it is above $320.34 in a year; a 65% chance it is higher than today's $231.03, from 19.54% volatility. The simulation assumes the price drifts up at our discount rate of 9.59% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $221.03 | $175.16 |
| 9 Oct 2026 | $219.21 | $173.53 |
| 16 Oct 2026 | $217.39 | $192.09 |
| 23 Oct 2026 | $224.46 | $193.75 |
| 30 Oct 2026 | $227.86 | $195.10 |
| 6 Nov 2026 | $225.38 | $196.56 |
| 12 Nov 2026 | $231.03 | $191.15 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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