---
title: U.S. Bancorp (USB) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/usb
ticker: USB
as_of: 2026-10-17
sector: Financial Services
industry: Banks - Regional
---
# U.S. Bancorp (USB)

U.S. Bancorp (USB) closed at $58.73 on Oct 16, 2026, undervalued by 10% vs its model value of $65.45 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $58.73 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $65.45 |
| Price vs model | undervalued by 10% vs model |
| Range of that model | $57.27 – $76.36 |
| Market value | $91.5B |
| P/E (fiscal 2025) | 12.7 |
| Net margin (fiscal 2025) | 17.7% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 3.58% |
| Beta | 0.97 |
| Cost of capital (WACC) | 10.28% |
| Business classification | Dividend Payer (Low/slowing growth (~1% recent), High profitability (26% net margin), Strong dividend yield, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #43 | 12.7× | https://sweetvaluelab.com/lists/lowest-pe |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.58% |
| Dividends per share, last 12 months | $2.10 |
| Dividends / earnings (fiscal 2025) | 41.8% |
| Raised | 15 years in a row |
| Growth over 5 years | 4.1% a year |
| Latest payment | $0.54, ex-date Sep 30, 2026, paid Oct 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 29, 2021 | $1.72 |
| To Sep 29, 2022 | $1.86 |
| To Sep 28, 2023 | $1.92 |
| To Sep 30, 2024 | $1.97 |
| To Sep 30, 2025 | $2.02 |
| Trailing twelve months (to Sep 30, 2026) | $2.10 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $65.45 | $57.27 | $76.36 |
| P/E · peers | cross check | $59.75 | $58.48 | $64.08 |
| P/E · own history | cross check | $59.56 | $49.26 | $64.23 |
| PEG | sanity check | $42.42 | $42.42 | $42.42 |
| Dividend discount | cross check | $31.87 | $22.52 | $49.83 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 3 open-market sales ($5.5M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 28, 2026 | Kedia Gunjan | President & CEO | Option/RSU exercise | 27,267 | $1.5M |
| Aug 28, 2026 | Kedia Gunjan | President & CEO | Open-market sell | 27,267 | $1.7M |
| Aug 28, 2026 | Kedia Gunjan | President & CEO | Option/RSU exercise | 27,267 | $0 |
| Jul 23, 2026 | CHOSY JAMES L | Senior EVP and General Counsel | Option/RSU exercise | 24,711 | $1.4M |
| Jul 23, 2026 | CHOSY JAMES L | Senior EVP and General Counsel | Open-market sell | 22,968 | $1.5M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 15, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36104/000003610426000054/usb-20261015.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/36104/000003610426000044/usb-20260630.htm |
| Jul 16, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36104/000003610426000039/usb-20260716.htm |
| Jun 24, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36104/000003610426000035/usb-20260624.htm |
| May 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/36104/000003610426000024/usb-20260331.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 21,453,510 | $1.3B |
| First Eagle | 2026-06-30 | 9,123,058 | $551.0M |
| David Katz | 2026-09-30 | 666,736 | $38.5M |
| Mairs & Power | 2026-06-30 | 561,453 | $33.9M |

8 tracked managers in all.

## About

U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various businesses, institutional organizations, governmental bodies, and other financial entities. The company organizes its operations across key segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. Its offerings encompass fundamental depository services such as checking accounts, savings accounts, and time certificates. U.S. Bancorp also extends a variety of credit facilities, including traditional lending products, credit card services, lease financing, support for import/export trade, asset-backed lending, and agricultural finance…

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Source: https://sweetvaluelab.com/stocks/usb (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.