On 12 Nov 2026 our base value for U.S. Bancorp is $49.63 a share, 17.9% below its $60.47 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) | $39.81 | -34.2% | earnings per share $5.29 valued at 10.16× (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 | $59.46 | -1.7% | tangible book $30.57 a share at 1.945× |
| 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 | — | $5.29 |
| Year 1 | 3.38% | $5.47 |
| Year 2 | 3.29% | $5.65 |
| Year 3 | 3.21% | $5.83 |
| Year 4 | 3.16% | $6.02 |
| Year 5 | 3.12% | $6.20 |
| Earnings per share in year 5 | $6.20 |
| Exit P/E (the stock's own median P/E) | 10.16× |
| Value in 5 years = earnings × P/E | $63.04 |
| Discounted at 9.63% over 5 years: ÷ 1.5836 | $39.81 |
| Shareholders' equity | $65.19bn |
| Less goodwill | $12.63bn |
| Less other intangibles | $4.90bn |
| Tangible equity | $47.65bn |
| Shares | 1.56bn |
| Tangible book per share | $30.57 |
| Profit attributable to shareholders | $7.58bn |
| Return on tangible equity = profit ÷ tangible equity | 15.90% |
| Cost of equity (the discount rate) | 9.63% |
| Growth (the terminal rate) | 3% |
| Justified price to tangible book = (15.90% − 3%) ÷ (9.63% − 3%) | 1.95× |
| Value per share = multiple × tangible book per share | $59.46 |
The base value is the average of the methods kept in it:
| Method | Value |
|---|---|
| Exit multiple (P/E) | $39.81 |
| Tangible book | $59.46 |
($39.81 + $59.46) ÷ 2 = $49.63
Base value $49.63 a share
One-year price simulation: a 10% chance the price is below $49.62 and a 10% chance it is above $85.19 in a year; a 64% chance it is higher than today's $60.47, from 20.98% volatility. The simulation assumes the price drifts up at our discount rate of 9.63% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $57.51 | $44.81 |
| 9 Oct 2026 | $57.08 | $44.27 |
| 16 Oct 2026 | $58.73 | $49.82 |
| 23 Oct 2026 | $59.58 | $50.29 |
| 30 Oct 2026 | $59.45 | $50.71 |
| 6 Nov 2026 | $59.45 | $51.11 |
| 12 Nov 2026 | $60.47 | $49.63 |
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.
Run a full Desk Run on USB · U.S. Bancorp company page · Call and put prices