PNC
PNC Financial Services
Bank / BV
★ Quality 25/100Price today
$251.02
what the market pays
Worth
$165.23
calculated TBV value
Price is 52% above its value
charlieapp.co
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Why Overvalued?
The model estimates an intrinsic value of $165.23 per share. Today's price of $251.02 is 34% above the calculated value — the market is paying a premium over what the model sees as fair.
The price is 52% above the calculated value. You're paying more than it's worth.
Buying here lowers your expected return and wipes out the safety margin.
The next reasonable entry zone starts at $156.97.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$132.18
-20% off Value
🟡 Discounted
≤$156.97
-5% off Value
🔴 Today
$251.02
-34% Valor
Overvalued
The market prices it too high versus what the business makes. Patience pays off here.
“Time is the friend of the wonderful company, the enemy of the mediocre.”
— Warren Buffett
Model updated · July 2026
The business
PNC runs on inertia: your paycheck comes in and never leaves.
PNC is the sixth-largest bank in the U.S. by assets. It makes money the same old boring way: lends at a high rate, pays little on deposits, and keeps the margin. In 2025 it generated $23.1B in revenue and $6.6B in net profit, split across retail banking, corporate banking, and wealth management.
The moat is the low-cost deposit base and customer switching costs: nobody moves their paycheck and bill payments on a whim. It has strong regional scale, but this isn't a unique business — thousands of banks do exactly the same thing. Regulation protects as much as it suffocates.
Revenue history
From $19.2B to $23.1B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $23.1B · FY2025
Of every $100 in sales, $71 goes to costs and operations; $29 is left as net profit (29% margin).
Catalysts and risks
Fed rate cuts in 2025-2026 lower the cost of deposits and widen the net interest margin (NIM).
Integration of the acquired portfolio and repurchases: PNC has been returning capital through buybacks and a growing dividend.
Normalization of commercial real estate credit; if provisions drop, 2026 profit surprises to the upside.
$57.1B in debt and a leveraged bank balance sheet: in banking, confidence can vanish overnight.
Exposure to commercial real estate — the office pain hasn't been fully digested yet.
Business without a strong moat: 5% growth is the realistic ceiling, not the floor.
Charlie's note
“A decent bank bought at a decent price. Don't expect magic: you earn the cost of capital plus a hair, and pray the team doesn't do anything dumb with the loans. At 1.08x book value, you pay just what it's worth.”
Analysis · June 2026
So when would be a good price for PNC Financial Services?
By our calculation, not yet. We will email you the day it drops to $156.97 — so you do not have to keep checking.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.