C
Citigroup · Financials · Diversified Banks
$131.72
52w 92.96 – 147.96
20y monthly, adjusted
Mkt cap
$230.4B
P/E
16.8
P/FCF
—
FCF yield
-30.8%
ROE
6.7%
Shldr yield
7.7%
div 2.2% + bb 5.5%
Historical multiple lens
At its own median P/OCF of 2.3× across 10 years, C would trade near $33/share (25th–75th percentile: $26–$40); it trades at 9.2× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.2%
Rev 5y
+2.5%
Rev 10y
+1.1%
EPS 5y
+8.2%
EPS 10y
+2.6%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q4'25 * | $19.9B | +2.1% | $2.5B | −13.5% | 1.21 | $26.6B |
| Q3'25 | $22.1B | +9.3% | $3.8B | +15.9% | 1.86 | $1.1B |
| Q2'25 | $21.7B | +8.2% | $4.0B | +24.9% | 1.96 | −$36.6B |
| Q1'25 | $21.6B | +2.8% | $4.1B | +20.6% | 1.96 | −$58.7B |
| Q4'24 * | $19.5B | +14.2% | $2.9B | — | 1.33 | $24.8B |
| Q3'24 | $20.2B | +0.3% | $3.2B | −8.7% | 1.51 | −$16.7B |
| Q2'24 | $20.0B | +3.1% | $3.2B | +10.4% | 1.52 | −$17.0B |
| Q1'24 | $21.0B | −2.0% | $3.4B | −26.8% | 1.58 | −$10.8B |
| Q4'23 * | $17.0B | −5.3% | −$1.8B | −173.2% | -1.11 | −$4.7B |
| Q3'23 | $20.1B | +8.8% | $3.5B | +1.9% | 1.63 | $15.8B |
| Q2'23 | $19.4B | −1.0% | $2.9B | −35.9% | 1.33 | −$54.1B |
| Q1'23 | $21.4B | +11.8% | $4.6B | +7.0% | 2.19 | −$30.5B |
| Q4'22 * | $18.0B | +5.8% | $2.5B | −20.8% | 1.16 | $12.8B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.2% | +2.5% | +1.1% | −0.1% |
| Operating cash flow | −9.2% | −11.9% | −8.3% | — |
| Free cash flow | −12.5% | −14.8% | −9.9% | — |
| EPS (diluted) | −0.0% | +8.2% | +2.6% | +4.6% |
| Equity | +1.8% | +1.3% | −0.4% | +1.8% |
| LT debt | +5.2% | +3.1% | +4.6% | −1.2% |
| Diluted shares | −1.6% | −2.3% | −4.6% | −3.0% |
| Stock price | +51.8% | +16.8% | +14.1% | +12.4% |
$100, 3 years ago
$350vs $176 in SPY
51.8% vs 20.7%/yr
$100, 5 years ago
$217vs $181 in SPY
16.8% vs 12.6%/yr
$100, 10 years ago
$373vs $412 in SPY
14.1% vs 15.2%/yr
$100, 15 years ago
$580vs $813 in SPY
12.4% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$2.39
$112.4B created / $47.0B retained
Last 10 years
$1.46
$119.2B created / $81.7B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
-12.8%
OCF ÷ (equity + debt)
OCF / EV yield
—
MC vs 10× OCF
—
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$74.2B
OCF − capex − SBC
OE yield
-30.8%
Share count 5y
−1.7%
per year; negative = buybacks
Checklist
11 of 19 checks pass · 58%. Checks with structurally missing inputs are excluded.
Growth & Consistency
3/6
- fail
Revenue growth
2.5% · 5y CAGR ≥ 5%
- pass
EPS growth
8.2% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
8 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
4 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
9 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
-11.9% vs 2.5% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
1/5
- pass
Net margin
16.8% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
6.7% · ≥ 12%
- fail
Cash ROIC
-12.8% · ≥ 12%
- fail
FCF margin
-87.0% · ≥ 5%
- fail
Earnings back their cash
OCF −$67.6B vs NI $14.3B · OCF ≥ net income (latest FY)
Balance Sheet
3/3
- na
Debt payable from cash flow
— · LT debt ≤ 3× FCF
- pass
Cash cushion
111% · cash ≥ 50% of LT debt
- pass
Leverage
1.49 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$212.3B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
2/2
- pass
Share count flat or shrinking
-1.7% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/3
- fail
FCF yield
-30.8% · ≥ 3%
- pass
Earnings multiple
16.8 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
7.7% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 85,225 | — | — | 14,306 | 6.99 | -67,632 | 6,520 | -74,152 | 5,372 | 13,250 | — | 349,579 | 315,827 | 212,291 | 1,873 |
| 2024 | 80,722 | — | — | 12,682 | 5.94 | -19,669 | 6,500 | -26,169 | 5,199 | 2,474 | — | 276,532 | 287,300 | 208,598 | 1,940 |
| 2023 | 78,066 | — | — | 9,228 | 4.04 | -73,416 | 6,583 | -79,999 | 5,212 | 1,977 | — | 260,932 | 286,619 | 205,453 | 1,956 |
| 2022 | 75,338 | — | — | 14,845 | 7.00 | 25,069 | 5,632 | 19,437 | 5,003 | 3,250 | — | 342,025 | 271,606 | 201,189 | 1,964 |
| 2021 | 71,884 | — | — | 21,952 | 10.14 | 47,090 | 4,119 | 42,971 | 5,198 | 7,601 | — | 262,033 | 254,374 | 201,972 | 2,049 |
| 2020 | 75,501 | — | — | 11,047 | 4.72 | -23,488 | 3,446 | -26,934 | 5,352 | 2,925 | — | 309,615 | 271,686 | 199,442 | 2,099 |
| 2019 | 75,067 | — | — | 19,401 | 8.04 | -12,837 | 5,336 | -18,173 | 5,447 | 17,571 | — | 193,919 | 248,760 | 193,242 | 2,265 |
| 2018 | 72,854 | — | — | 18,045 | 6.68 | 36,952 | 3,774 | 33,178 | 5,020 | 14,433 | — | 188,105 | 231,999 | 196,220 | 2,495 |
| 2017 | 72,444 | — | — | -6,798 | -2.98 | -8,774 | 3,361 | -12,135 | 3,797 | 14,541 | — | 180,516 | 236,709 | 200,740 | 2,699 |
| 2016 | 70,797 | — | — | 14,912 | 4.72 | 53,733 | 2,756 | 50,977 | 2,287 | 9,290 | — | 160,494 | 206,178 | 225,120 | 2,888 |
| 2015 | 76,354 | — | — | 17,242 | 5.40 | 39,737 | 3,198 | 36,539 | 1,253 | 5,452 | — | 133,097 | 201,275 | 221,857 | 3,008 |
| 2014 | 77,219 | — | — | 7,310 | 2.20 | 46,343 | 3,386 | 42,957 | 633 | 1,232 | — | — | 223,080 | 210,185 | 3,037 |
| 2013 | 76,724 | — | — | 13,659 | 4.34 | 63,244 | 3,490 | 59,754 | 314 | 837 | — | — | 221,116 | 204,339 | 3,042 |
| 2012 | 69,190 | — | — | 7,541 | 2.44 | -10,362 | 3,604 | -13,966 | 143 | 5 | 1,665 | — | 239,463 | 189,049 | 3,016 |
| 2011 | 77,331 | — | — | 11,067 | 3.63 | 64,795 | 3,448 | 61,347 | 107 | 1 | 1,630 | — | 323,505 | 177,806 | 2,999 |
| 2010 | 86,601 | — | — | 10,602 | 3.54 | 35,686 | 2,363 | 33,323 | 9 | 6 | 1,937 | — | 381,183 | 163,468 | 2,968 |
| 2009 | 80,285 | — | — | -1,606 | -3.26 | -54,610 | 2,264 | -56,874 | 3,237 | 3 | 3,822 | — | 364,019 | 152,700 | 2,968 |
| 2008 | 51,599 | — | — | -27,684 | -10.94 | 97,686 | 3,780 | 93,906 | 7,526 | 7 | 3,290 | — | 359,593 | 141,630 | 2,968 |
| 2007 | 77,300 | — | — | 3,617 | 1.30 | -71,551 | 4,003 | -75,554 | 10,778 | 663 | — | — | — | 118,755 | 2,533 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.