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Fifth Third — bank health check

FITB
Super regionalAssets $301.2B4-quarter TTMmerger closed Feb 1, 2026 — earlier quarters not like for like
Close · Oct 26, 202653.10P/E 18.2 · yield 3.1%
P/TBV2.44×TBVPS 21.76
Line · r 10%1.41×range 1.23–1.64×
+74% premiumP/TBV ÷ line − 1
Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp
UST 3m · 2y · 10y · Oct 26, 20264.22 · 4.68 · 5.0010y−2y +0.32 · 10y−3m +0.78
KBE · YTD+8.9%1D +0.4% · 1Y +14.4% · 5Y +17%
KRE · YTD+12.2%1D +0.4% · 1Y +18.8% · 5Y +0%
SPY · YTD+12.3%1D +0.8% · 1Y +13.1% · 5Y +68%
Prices as ofOct 26, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity
r 11% · 1.23×r 9% · 1.64×now 2.44×
0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.41× for a 12.8% ROTCE; the market pays 2.44×, a 74% premium to the line. Above the range even at r = 9%.

Where it has traded

quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026
1.50×2.00×2.50×3.00×3.50×2021202220232024202520262021-12-31 · 2.12× (close 43.55 · TBVPS 20.51)2022-03-31 · 2.51× (close 43.04 · TBVPS 17.18)2022-06-30 · 2.30× (close 33.60 · TBVPS 14.61)2022-09-30 · 2.85× (close 31.96 · TBVPS 11.20)2022-12-31 · 2.72× (close 32.81 · TBVPS 12.07)2023-03-31 · 1.94× (close 26.64 · TBVPS 13.71)2023-06-30 · 2.03× (close 26.21 · TBVPS 12.91)2023-09-30 · 2.30× (close 25.33 · TBVPS 10.99)2023-12-31 · 2.31× (close 34.49 · TBVPS 14.94)2024-03-31 · 2.54× (close 37.21 · TBVPS 14.64)2024-06-30 · 2.44× (close 36.49 · TBVPS 14.98)2024-09-30 · 2.45× (close 42.84 · TBVPS 17.48)2024-12-31 · 2.66× (close 42.28 · TBVPS 15.87)2025-03-31 · 2.28× (close 39.20 · TBVPS 17.19)2025-06-30 · 2.24× (close 41.13 · TBVPS 18.38)2025-09-30 · 2.35× (close 44.55 · TBVPS 18.95)2025-12-31 · 2.10× (close 46.81 · TBVPS 22.32)2026-03-31 · 1.86× (close 46.46 · TBVPS 24.96)2026-06-30 · 2.46× (close 56.37 · TBVPS 22.92)2026-09-30 · 2.32× (close 50.58 · TBVPS 21.76)p75 2.47×med 2.32×p25 2.21×now 2.44×
Five-year median 2.32×, middle half 2.21–2.47×, range 1.86–2.85×. Now 2.44×: +5% above its own median, higher than 65% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Sep 30, 2026 · $B
0510Interest income: 12.3 $B12.3InterestincomeInterest expense: −4.4 $B−4.4InterestexpenseNII: 7.9 $B7.9NIINon-interest income: 3.8 $B3.8Non-interestincomeNet revenue: 11.7 $B11.7NetrevenueOperating expenses: −8.0 $B−8.0OperatingexpensesProvision: −0.5 $B−0.5ProvisionPre-tax: 3.3 $B3.3Pre-taxTax: −0.7 $B−0.7TaxNet income: 2.6 $B2.6Netincome
assets $301.2B ÷ TCE $20.0B = 15.1× leverage · ROA 0.85% × 15.1 = ROTCE 12.8%

Revenue mix

NII vs. non-interest income · Super regional peers (4)
FITB68 / 32
Tier average66 / 34

Efficiency 68.1% vs. tier 61.1% · ROTCE 12.8% vs. 16.8% · credit cost 4.1% vs. 4.9% · AOCI/TCE −24.6% vs. −18.9%.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
NII, $B2.3
Provision, $B0.12
Efficiency62.5%
AOCI / TCE−24.6%