# PNC Financial Services Group (PNC) — Stock CV

PNC Financial Services Group is a $87.9B financial services company. Revenue grew 13.2% over the last year, and it keeps 31¢ of every dollar of sales as profit. It trades at 11.5× earnings — around the middle of its own history.

> PNC Financial is one of the three super-regional banks in the US, with over $600 billion in total assets at the end of March 2026. Headquartered in Pittsburgh, Pennsylvania, PNC Financial has a coast-to-coast branch network, with a strong presence in the US Midwest and Northeast.

## Identity

- **Ticker**: PNC
- **Sector**: Financial Services
- **Industry**: National Commercial Banks
- **Headquarters**: PITTSBURGH, PA
- **Employees**: 55 333
- **Website**: https://www.pnc.com
- **Market cap**: $87.9B
- **Last price**: $220.24
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $25.0B
- **Net income**: $7.68B
- **Free cash flow**: $7.49B
- **Net debt**: $50.3B
- **P/E**: 11.5
- **Revenue growth (YoY)**: 13.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 23 |
| Profitability | 67 |
| Health | 45 |
| Quality | 55 |
| Moat | 25 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +13.2% YoY
- [x] Profitable — $7.68B TTM
- [x] Profit growing — +6.1% YoY
- [x] Generates cash — $7.49B TTM
- [ ] Debt under control — ~6.7y of cash flow to repay
- [x] Established company — $87.9B market cap
- [x] Not printing shares — -7.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 25/100
- [x] Pays a dividend — yield 3.49%
- [x] Valuation not extreme — P/E 11.5

## Experience (career milestones)

- **FY2020** — Best year on record: $7.56B net income
- **2017** — The company acquired the U.S. equipment finance business of ECN Capital for $1.3 billion
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $15.2B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2012** — PNC acquired RBC Bank USA from Royal Bank of Canada for $3.45 billion
- **2008** — Prior to the acquisition, PNC had slipped (due to mergers and growth in other firms) from its ranking following the…
- **Mar 2, 2007** — PNC acquired Maryland-based Mercantile Bankshares, making PNC the eighth largest bank in the…
- **2000** — The company adopted a new brand image and changed its name to PNC Financial Services Group
- **1991** — Midland Loan Services, a division of PNC Real Estate based in Overland Park, Kansas and founded in 1991, is ranked…
- **1991** — Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including the $30…
- **1959** — Peoples First merged with Fidelity Trust Company to form Pittsburgh National Bank
- **1946** — First National merged with Peoples-Pittsburgh Trust Company with whom it had worked closely since the 1930s…
- **1863** — The bank changed its name to First National Bank of Pittsburgh in 1863 after it became the first bank in the country…

## Strengths

- Strongly profitable — 30.7% net margin
- Revenue growing 13.2% year over year
- Strong cash conversion — FCF is 29.9% of revenue

## Watch-outs

- Net debt equals ~6.7 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.2B | $5.72B | $7.21B |
| FY2022 | $21.1B | $6.11B | $9.08B |
| FY2023 | $21.5B | $5.13B | $10.1B |
| FY2024 | $21.6B | $5.95B | $7.88B |
| FY2025 | $23.1B | $7.00B | $4.38B |

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Source: https://stockcv.com/PNC — derived from company filings; may be delayed or incomplete. Information, not investment advice.