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Back of Napkin

Fifth Third Bancorp FITB

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Fifth Third's earnings per share have fallen 3.1% a year over five years while the stock holds better than two times tangible book, which reads as a short until you learn both numbers were manufactured in one quarter by the same event.

It closed an all-stock purchase of Comerica on February 2, 2026, and everything turns on whether the cost saves arrive before the market stops extending credit for them.

Key data

Price$53.04
Market cap$48.1B
52-week range$40.05 to $59.50
Shares out906.6M
Latest filingQ2 2026 10-Q
Deal closedFeb 2, 2026
Exchange ratio1.8663 FITB per CMA
Equity issued$12.3B
Median daily volume$342M

FITB · price with moving averages

Daily · 6MWeekly · 3Y
$20$30$40$51$61 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Fifth Third takes deposits from households and middle-market companies across the Midwest and Southeast, lends against commercial real estate, corporate borrowings, cars and houses, and collects fees on payments and wealth. Comerica added Texas, California and Michigan commercial banking and $65B of deposits. The moat is boring and real: a company with its payroll, sweep account and treasury plumbing at one bank does not move for twenty basis points.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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