← PNC Financial Services Group
The business behind the dividend
| Measure | PNC | Median | Formula |
|---|---|---|---|
| Return on equity | 11.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 36.7% | 15.0% | Operating income ÷ revenue |
| Net margin | 30.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.5% | 10.9% | 11.0% | 13.4% | 10.3% | 14.0% | 11.0% | 11.2% | 11.3% | 8.7% | 11.0% |
| Operating margin | 36.7% | 33.6% | 31.3% | 35.4% | 36.4% | 20.3% | 32.6% | 33.9% | 33.6% | 34.6% | 33.6% |
| Net margin | 30.3% | 27.6% | 26.3% | 28.9% | 29.8% | 44.7% | 32.2% | 33.0% | 33.0% | 26.3% | 29.8% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, PNC Financial Services Group pays out less than 19 of them. The median for that group is 34.0%, against this company’s 39.8%.
Closest on GAAP earnings
- Morgan Stanley (MS) 37.7%
- Citigroup (C) 41.0%
- Unum Group (UNM) 41.2%
- Berkley W R (WRB) 41.6%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →