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Research · S&P 500 · Financials
USB · U.S. Bancorp
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · Bank version · run 2026-10-18
13 value checks for banks: 12 scored 1 to 5 where the data allows, plus moat evidence
40/50
high value score10 of 12 checks scoredBanks are scored with three bank measures in place of ROIC, Debt-to-Equity and Free Cash Flow, which don’t fit a bank: a bank borrows, mostly through deposits, in order to lend, so debt-to-equity describes its business model more than its risk, and its cash flow moves with its lending and securities. Compare a bank’s score with other banks’ scores, not with non-banks’: three of its checks are different.
10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (DCF Value, Margin of Safety) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $3.69 (2022), $3.27 (2023), $3.79 (2024), $4.62 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
3/5ROE (net income / common equity): 12.5% (2022), 10.4% (2023), 11.4% (2024), 12.3% (2025). Median 11.9%, lowest 10.4%; the framework scores a median 10-15% as 3.
Return on Assets Bank measure
3/5Return on assets (net income / total assets): 0.86% (2022), 0.82% (2023), 0.93% (2024), 1.09% (2025), as filed in the 10-Ks (SEC EDGAR). Median 0.90%, lowest 0.82%; the framework scores a median 0.8-1.0% as 3.
Efficiency Ratio Bank measure
3/5Efficiency ratio (noninterest expense / (net interest income + noninterest income)): 61.6% (2022), 67.4% (2023), 62.9% (2024), 59.0% (2025), as filed in the 10-Ks (SEC EDGAR). Median 62.3%; a lower ratio means less cost for each dollar of revenue. The framework scores a median 60-65% as 3.
Profit Margins
5/5Net margin of 30.0%; the framework scores above 20% as 5; operating margin 40.1%.
Balance sheet & cash
Equity to Assets Bank measure
4/5Equity to assets of 9.4%: shareholders' equity of $65.19B against total assets of $692.35B at Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 9-10% as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $71.90B (2022), $74.03B (2023), $76.86B (2024), $80.91B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.14 x (8.5 + 2 x 18.9) x (4.4 / 4.5) = $232.69. Current price $58.73; price is 74.8% below the model value.
DCF Value
Not scoredFree cash flow or share count is not available from the data source, so no DCF value is computed.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $232.69 (price is 74.8% below the model value); DCF value N/A (not comparable).
Price-to-Book
3/5P/B of 1.53; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 23, 2026
The financial services industry is highly competitive and constantly evolving. The Company competes with other commercial banks, savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions, investment companies, credit card companies, custody banks, trust companies, asset managers, investment advisers and a variety of other financial services, advisory and technology companies. The financial services industry continues to become more competitive as new technological advances enable more companies to provide financial products and services, including electronic and internet-based financial solutions such as lending and payment solutions, digital currencies, digital wallets and alternative payment methods. Competition has also increased from companies that are not subject to the same regulatory restrictions as domestic banks and bank holding companies, including by financial technology companies, or “fintechs,” which may offer bank-like products or services that compete directly with the Company’s products and services. Legislative, regulatory, economic, and technology changes, as well as consolidation within the financial services industry, could result in increased competition from new and existing market participants.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $15.23B paid out against $23.66B of net income (pass); debt not tested for banks and broker-dealers; shares outstanding 1.53B to 1.56B, up 1.6% (pass). 3 of 3 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.14, g = 18.9%, Y = 4.5
IV = $232.69
Current price $58.73 vs Graham value $232.69 — price is 74.8% below the model value.
DCF:
Free cash flow or share count not available from the data source — no value computed.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $58.73. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, return on assets, efficiency ratio, equity to assets, profit margins, price-to-book, EPS trend, ROE trend, retained earnings and capital allocation (the bank version). No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.