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Held by 685 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $895.0B | 16.8× | — | 4.9× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 1,974 |
| BAC | $346.2B | 13.1× | — | 3.1× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 1,281 |
| C | $203.0B | 17.6× | — | 2.4× | 5.6% | — | 16.8% | 6.7% | 2.5% | — | — |
| COF | $125.7B | 50.8× | — | 2.4× | 36.6% | — | 4.6% | 2.2% | 2.1% | — | 645 |
| USB | $92.6B | 12.9× | — | 3.2× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 685 |
| PNC | $90.5B | 13.7× | — | 3.9× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 677 |
| KEY | $22.3B | 13.9× | — | 3.0× | 62.7% | — | 24.3% | 9.0% | 6.0% | — | 248 |
| FHN | $11.0B | 12.4× | — | 3.2× | 7.2% | — | 28.7% | 11.1% | 8.1% | — | — |
| CFR | $9.8B | 15.9× | — | 4.4× | 8.3% | — | 29.0% | 14.2% | 14.2% | — | 149 |
| WBHC | $6.8B | 87.9× | — | 19.1× | 14.2% | — | 21.2% | 13.0% | 12.8% | — | — |
| CBU | $3.3B | 15.7× | — | 4.0× | 9.6% | — | 25.7% | 10.5% | 10.5% | — | 58 |
| PRK | $3.2B | 15.8× | — | 4.8× | 2.9% | — | 27.1% | 13.3% | 12.6% | — | 61 |
| BANC | $2.9B | 15.6× | — | 1.6× | -3.8% | — | 12.6% | 6.5% | 4.1% | — | 48 |
| NBTB | $2.7B | 15.7× | — | 14.8× | 10.4% | — | 92.5% | 8.9% | 8.3% | — | 62 |
| CASH | $1.6B | 9.6× | — | 1.9× | 5.3% | — | 22.1% | 21.7% | 20.6% | — | 46 |
| HAFC | $960M | 13.0× | 12.1× | 3.5× | 15.3% | — | 28.2% | 9.6% | 9.6% | 0.0× | 38 |
Peers = companies sharing USB's sector (National Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-28 | 3 co-filers President & CEO | Option exercise | 27,267 | $55.01 | $1.5m |
| 2026-08-28 | 3 co-filers President & CEO | Exercise & sell | 27,267 | $62.37 | $1.7m |
| 2026-08-28 | 3 co-filers President & CEO | Option exercise | 27,267 | $0.00 | — |
| 2026-07-23 | 3 co-filers Senior EVP and General Counsel | Option exercise | 24,711 | $55.01 | $1.4m |
| 2026-07-23 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Exercise & sell |
| 22,968 |
| $63.28 |
| $1.5m |
| 2026-07-23 | 3 co-filers Senior EVP and General Counsel | Option exercise | 24,711 | $0.00 | — |
| 2026-07-21 | Chosy James L Senior EVP and General Counsel | Gift | 3,969 | $0.00 | $0 |
| 2026-07-20 | Philipson Stephen L Vice Chair | Open-market sale | 36,906 | $63.08 | $2.3m |
| 2026-05-05 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Open-market sale | 34,522 | $55.52 | $1.9m |
| 2026-04-23 | Colberg Alan B. Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | 2 co-filers Group filing | Grant | 2,560 | $56.63 | — |
| 2026-04-23 | 2 co-filers Group filing | Grant | 3,885 | $56.63 | — |
| 2026-04-23 | Wiehoff John Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Reynolds Loretta E Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Mehdi Yusuf I Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Gillani Aleem Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Ellison-Taylor Kimberly N Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Buse Elizabeth Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Bridges Dorothy J Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | Baxter Warner L Director | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | 2 co-filers Group filing | Grant | 3,355 | $0.00 | — |
| 2026-04-23 | 2 co-filers Group filing | Grant | 3,355 | $0.00 | — |
| 2026-04-21 | Richard Jodi L Vice Chair | Open-market sale | 40,000 | $57.00 | $2.3m |
| 2026-03-06 | 2 co-filers Sr. Exec. VP | Grant | 2,175 | $52.37 | — |
| 2026-03-05 | Runkel Mark G. Vice Chair | Grant | 13,356 | $0.00 | $0 |
| 2026-03-05 | 2 co-filers Sr. Exec. VP | Grant | 13,356 | $0.00 | $0 |
| 2026-03-05 | Richard Jodi L Vice Chair | Grant | 29,679 | $0.00 | $0 |
| 2026-03-05 | Philipson Stephen L Vice Chair | Grant | 28,195 | $0.00 | $0 |
| 2026-03-05 | Kelso Courtney Sr. Exec. VP | Grant | 13,356 | $0.00 | $0 |
| 2026-03-05 | Kedia Gunjan President & CEO | Grant | 100,167 | $0.00 | $0 |
| 2026-03-05 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Grant | 17,807 | $0.00 | $0 |
| 2026-03-05 | Barcelos Elcio R.T. Senior EVP, Chief HR Officer | Grant | 22,259 | $0.00 | $0 |
| 2026-03-05 | Chosy James L Senior EVP and General Counsel | Grant | 22,259 | $0.00 | $0 |
| 2026-03-05 | Badran Souheil SEVP, Chief Operations Officer | Grant | 19,291 | $0.00 | $0 |
| 2026-03-05 | Stern John C Vice Chair and CFO | Grant | 25,227 | $0.00 | $0 |
| 2026-03-05 | Stark Lisa R EVP and Controller | Grant | 15,767 | $0.00 | $0 |
| 2026-03-02 | 3 co-filers Senior EVP and General Counsel | Tax withholding | 17,227 | $54.66 | $942k |
| 2026-03-02 | 3 co-filers Vice Chair and CFO | Tax withholding | 1,950 | $54.66 | $107k |
| 2026-03-02 | 3 co-filers EVP and Controller | Tax withholding | 1,236 | $54.66 | $68k |
| 2026-03-02 | 3 co-filers Vice Chair | Tax withholding | 8,701 | $54.66 | $476k |
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 40% of free cash flow, leaving room to grow it and fund buybacks. Last year: $3.17B dividends + $489.0M buybacks = $3.66B returned on $7.97B FCF.
9 consecutive years of dividend increases · 7%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 9% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Income Tax | 6.9 | — | — | — | 6.0 | 5.0 | 5.8 | 6.7 |
| Net Income | 31.3 | — | — | — | 24.0 | 19.3 | 22.9 | 26.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on USB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
$2.89B of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (10-K). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~82.5% on $15.28B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 27.6% |
| FY2017 | not reported | not reported | 28.4% |
| FY2018 | not reported | not reported | 31.3% |
| FY2022 | not reported | not reported | 24.0% |
| FY2023 | not reported | not reported | 19.3% |
| FY2024 | not reported | not reported | 22.9% |
| FY2025 | not reported | not reported | 26.4% |
Leverage and buybacks account for 2 points of the 12% return on equity in FY2025. The business earns 9% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 1.85x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 7% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a bank.
This schedule comes from a filing dated 2012-12-31, 5052 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $59.45, free cash flow must compound 0.56%/yr for 10 years. It has done 8.49%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −24.0% | 0.6% |
| FY2021 | 165.6% | 0.6% |
| FY2022 | 114.0% | 0.6% |
| FY2023 | −60.3% | 0.6% |
| FY2024 | 35.2% | 0.6% |
| FY2025 | −29.8% | 0.6% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7.57B | $7.57B |
| Share-based comp | $235M | $7.80B |
| Other non-cash & working capital | $165M | $7.97B |
| Operating cash flow | $7.97B | $7.97B |
| Capex | $0 | $7.97B |
| Free cash flow | $7.97B | $7.97B |
| FCF after SBC | $7.74B | $7.74B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | 15.8% | not reported | not reported |
| FY2024 | -2.5% | not reported | not reported |
| FY2025 | 4.4% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 0.4 percent |
| FY2020 | 0.2 percent |
| FY2021 | -0.3 percent |
| FY2022 | -2.3 percent |
| FY2023 | -0.5 percent |
| FY2024 | -0.7 percent |
| FY2025 | -0.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.66B 100.0% | $27.45B 100.0% | $28.14B 100.0% | $24.30B 100.0% | — | — | — | $22.64B 100.0% | $21.90B 100.0% | $21.31B 100.0% |
| Interest Expense | — | — | $12.61B 44.8% | $3.22B 13.2% | $993.0M | $2.02B | $4.44B | $3.25B 14.4% | $1.97B 9.0% | $1.47B 6.9% |
| Pretax Income | $9.52B 33.2% | $7.91B 28.8% | $6.87B 24.4% | $7.30B 30.0% | $10.17B | $6.05B | $8.59B | $8.68B 38.3% | $7.52B 34.3% | $8.11B 38.0% |
| Income Tax Expense | $1.92B 6.7% | $1.58B 5.8% | $1.41B 5.0% | $1.46B 6.0% | $2.18B | $1.07B | $1.65B | $1.55B 6.9% | $1.26B 5.8% | $2.16B 10.1% |
| Net Income | $7.57B 26.4% | $6.30B 22.9% | $5.43B 19.3% | $5.83B 24.0% | $7.96B | $4.96B | $6.91B | $7.10B 31.3% | $6.22B 28.4% | $5.89B 27.6% |
| Per Share | ||||||||||
| EPS (Basic) | $4.62 | $3.79 | $3.27 | $3.69 | $5.11 | $3.06 | $4.16 | $4.15 | $3.53 | $3.25 |
| EPS (Diluted) | $4.62 | $3.79 | $3.27 | $3.69 | $5.10 | $3.06 | $4.16 | $4.14 | $3.51 | $3.24 |
| Weighted Avg Shares (Basic) | 1.56B | 1.56B | 1.54B | 1.49B | 1.49B | 1.51B | 1.58B | 1.63B | 1.68B | 1.72B |
| Weighted Avg Shares (Diluted) | 1.56B | 1.56B | 1.54B | 1.49B | 1.49B | 1.51B | 1.58B | 1.64B | 1.68B | 1.72B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.