U.S. Bancorp

USB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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U.S. Bancorp Is Disciplined in Expense Control; Increasing Our Fair Value Estimate to $56

Maoyuan Chen

Oct 29, 2025

Business Strategy and Outlook

U.S. Bancorp is the largest non-global systemically important bank in the US and has been one of the most profitable regional banks we cover. Few domestic peers can match its operating efficiency and returns over the past 15 years. If we were to have a complaint, it would be that the bank has had difficulty maintaining the lead while some peers seem to be catching up.

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U.S. Bancorp

U.S. Bancorp Is Disciplined in Expense Control; Increasing Our Fair Value Estimate to $56

Business Strategy and Outlook

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