USB · NYQ · Financial Services
U.S. Bancorp
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 55.76
Market price
USD 60.49
Implied upside
-7.8%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 12.2%
- Payout
- 58%
- Cost of equity
- 9.20%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 58.4bn | USD 61.2bn | USD 64.0bn | USD 66.7bn | USD 69.4bn | USD 72.1bn | USD 74.6bn | USD 77.1bn | USD 79.4bn | USD 81.6bn |
| Return on equity | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% |
| Excess return | USD 1.7bn | USD 1.8bn | USD 1.9bn | USD 2.0bn | USD 2.1bn | USD 2.2bn | USD 2.2bn | USD 2.3bn | USD 2.4bn | USD 2.4bn |
| Present value | USD 1.6bn | USD 1.5bn | USD 1.5bn | USD 1.4bn | USD 1.3bn | USD 1.3bn | USD 1.2bn | USD 1.1bn | USD 1.1bn | USD 1.0bn |
| Book equity | USD 58.4bn |
| Present value of excess returns | USD 13.0bn |
| Terminal, growing at 2.50% | USD 15.5bn |
| Equity value | USD 86.9bn |
| Per share | USD 55.76 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.017 | Reported 1.026, pulled toward 1.0 (Blume) |
| Cost of equity | 9.20% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.