CFG · Financials(state commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Citizens Financial Group Inc reported revenue of $1.6 billion in fiscal 2025, after shrinking 12.2% a year over the previous 9 years. Its operating margin widened from 38.9% in 2016 to 500.4%, and it earned 17.1% on its invested capital in the latest year. Of the $20.5 billion its operations generated over 10 years, 33.0% went to buybacks and 29.8% to dividends; the share count fell 16.6%. On the accounting screens, it passes 7 of 7 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 20251.6B-12.2% a year over 9 years
Operating margin500.4%gross margin —
Return on invested capital17.1%12.3% on average over 5 years
Free cash flow—
Net debt ÷ EBITDANet cash1.4B more cash than debt
Piotroski F-score7/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
02.5B5.0B7.5B10.0B
2016Revenue 5.3BOperating income 2.0B
2017Revenue 5.7BOperating income 2.7B
2018Revenue 1.1BOperating income 3.4B
2019Revenue 1.2BOperating income 3.8B
2020Revenue 1.1BOperating income 2.1B
2021Revenue 1.3BOperating income 3.3B
2022Revenue 1.3BOperating income 3.7B
2023Revenue 1.3BOperating income 6.0B
2024Revenue 1.5BOperating income 7.5B
2025Revenue 1.6BOperating income 8.2B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+8.0%
+8.6%
-12.2%
Operating income
+30.2%
+31.6%
+16.7%
Net income
-4.1%
+11.6%
+6.4%
Earnings per share
-1.1%
+11.2%
+8.6%
Dividend per share
+2.0%
+1.9%
+15.8%
Shares
-2.9%
+0.4%
-2.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
7.0%
Return on assets
0.8%
Asset turnover
0.01×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
01.0B2.0B3.0B
2016Net income 1.0BFree cash flow 1.4BAfter stock-based pay 1.3B
2017Net income 1.7BFree cash flow 1.6BAfter stock-based pay 1.6B
2018Net income 1.7BFree cash flow 1.5BAfter stock-based pay 1.5B
2019Net income 1.8BFree cash flow 1.6BAfter stock-based pay 1.5B
2020Net income 1.1B
2021Net income 2.3B
2022Net income 2.1B
2023Net income 1.6B
2024Net income 1.5B
2025Net income 1.8B
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
20.5B generated by the business. Each band is its share of that total.
Reinvested in the business 4%749.0M
Acquisitions 5%1.1B
Dividends 30%6.1B
Share buybacks 33%6.8B
Kept, or used to pay down debt 28%5.8B
Over the same years it paid 648.0M in stock. The share count fell 16.6%. 6.1B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$2.00$4.00$6.00
2016Earnings per share $1.99Free cash flow per share $2.58Dividend per share $0.46
2017Earnings per share $3.28Free cash flow per share $3.24Dividend per share $0.64
2018Earnings per share $3.58Free cash flow per share $3.20Dividend per share $0.98
2019Earnings per share $3.97Free cash flow per share $3.48Dividend per share $1.37
2020Earnings per share $2.47Dividend per share $1.57
2021Earnings per share $5.43Dividend per share $1.57
2022Earnings per share $4.34Dividend per share $1.63
2023Earnings per share $3.37Dividend per share $1.70
2024Earnings per share $3.33Dividend per share $1.70
2025Earnings per share $4.19Dividend per share $1.73
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
425.0M450.0M475.0M500.0M525.0M
2016Diluted shares 523.9M
2017Diluted shares 503.7M
2018Diluted shares 480.4M
2019Diluted shares 451.2M
2020Diluted shares 428.2M
2021Diluted shares 427.4M
2022Diluted shares 477.8M
2023Diluted shares 476.7M
2024Diluted shares 453.5M
2025Diluted shares 436.9M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-5.0B05.0B10.0B15.0B
2016Net debt 13.4B
2017Net debt 11.4B
2018Net debt 13.2B
2019Net debt 10.9B
2020Net debt -4.1B
2021Net debt -2.2B
2022Net debt 5.3B
2023Net debt 2.3B
2024Net debt 1.8B
2025Net debt -1.4B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
-0.2×
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
7of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$1,1162 purchase(s) by 1 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
