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Public Comps and Valuation Multiples for Commercial Banking

Benchmark revenue and EBITDA valuation multiples for public comps like
JPMorgan Chase, Bank of America, ICBC China, HSBC and Agricultural Bank of China.

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Commercial Banking

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$882B$1.1T$190B6.0x-
$411B$819B$117B7.0x-
$357B$611B$121B5.0x-
$322B$109B$72B1.5x-
$312B$587B$109B5.4x-
$284B$652B$111B5.9x-
$282B$694B$50B14.0x-
$257B$488B$86B5.7x-
$256B$581B$98B5.9x-
$242B$641B$89B7.2x-
$226B$308B$38B8.2x-
$198B$385B$41B9.3x-
$193B$568B$73B7.8x-
$187B$330B$21B15.8x-
$162B$419B$50B8.4x-
$151B$189B$60B3.2x-
$144B$144B$18B7.9x-
$136B$236B$45B5.2x-
$136B$165B$50B3.3x-
$132B$248B$30B8.4x-
$130B$204B$21B9.6x-
$127B$521B$61B8.5x-
$126B$177B$58B3.0x-
$123B$327B$27B12.1x-
$118B$225B$32B7.0x-
$117B$23B
$106B$11B
$106B$28B
$106B$13B
$104B$22B
$102B$26B
$99B-
$98B$24B
$98B$19B
$95B$30B
$92B$36B
$91B$40B
$89B$28B
$86B$12B
$85B$53B
$84B$26B
$83B$16B
$82B$39B
$79B$15B
$73B$15B
$69B$23B
$68B$16B
$66B$14B
$65B$38B
$64B$32B
$63B$14B
$63B$21B
$62B$11B
$61B$10B
$60B$33B
$60B$11B
$58B$22B
$56B$31B
$53B$15B
$52B$10B
$52B$14B
$52B$31B
$51B$16B
$51B-
$51B$11B
$47B$15B
$46B$6B
$45B$9B
$44B$12B
$43B$7B
$43B$5B
$43B$26B
$43B$7B
$42B$9B
$42B$9B
$42B$8B
$42B$22B
$39B$8B
$37B$74B
$37B$7B
$37B$9B
$37B-
$36B$10B
$35B$10B
$35B$12B
$34B$8B
$34B$27B
$34B$11B
$33B$3B
$32B$8B
$32B$10B
$32B$8B
$32B$8B
$31B$6B
$31B$11B
$31B$7B
$30B$11B
$30B$13B
$30B$8B
$30B$9B
$29B$6B
$29B$19B
$29B$5B
$29B$10B
$28B$11B
$28B$5B
$26B$7B
$26B$8B
$26B$6B
$25B$18B
$25B$5B
$25B$8B
$25B$4B
$25B-
$25B-
$25B-
$24B$13B
$24B$4B
$24B$9B
$24B$4B
$23B$4B
$23B$16B
$22B$29B
$21B$3B
$21B$5B
$21B$9B
$21B$3B
$21B$10B
$21B$21B
$20B$8B
$20B$3B
$20B$3B
$19B$3B
$19B$6B
$19B$8B
$19B$5B
$19B$9B
$19B$8B
$18B$4B
$18B$3B
$18B$3B
$18B$3B
$18B$3B
$17B$4B
$17B$4B
$17B$5B
$17B$7B
$17B$1B
$17B$4B
$16B$2B
$16B-
$16B$5B
$16B$6B
$16B$3B
$15B$5B
$15B$6B
$15B$3B
$15B$10B
$15B$3B
$15B$7B
$15B$3B
$15B$4B
$15B$14B
$15B$2B
$15B$3B
$15B$3B
$15B$4B
$15B$4B
$15B$5B
$15B$2B
$15B$4B
$14B$8B
$14B$4B
$14B$2B
$14B$4B
$14B$6B
$14B$4B
$14B-
$13B$8B
$13B$6B
$13B$3B
$13B$1B
$12B$9B
$12B$3B
$12B$7B
$12B$3B
$12B$7B
$12B-
$12B$3B
$12B$5B
$12B$4B
$12B$3B
$12B$4B
$11B$4B
$11B$3B
$11B-
$11B$4B
$11B$3B
$11B$3B
$11B$2B
$11B$11B
$11B$3B
$11B$1B
$11B-
$10B$9B
$10B-
$10B$3B
$10B$6B
$10B$5B
$10B$3B
$10B$4B
$10B$3B
$10B$4B
$10B$4B
$10B$3B
$10B-
$10B$2B
$10B$2B
$10B$887M
$9B-
$9B$3B
$9B$2B
$9B$2B
$9B$3B
$9B$4B
$9B$2B
$9B$3B
$9B$5B
$9B-
$9B$5B
$9B$2B
$9B-
$8B-
$8B$2B
$8B$2B
$8B$2B
$8B-
$8B$1B
$8B$7B
$8B$3B
$8B$1B
$8B$2B
$8B$2B
$8B$2B
$8B$3B
$8B$6B
$8B$2B
$8B$4B
$8B$2B
$8B$7B
$8B-
$8B$2B
$8B$3B
$8B$3B
$8B$4B
$7B$1B
$7B$5B
$7B$2B
$7B$2B
$7B-
$7B$1B
$7B$3B
$7B$3B
$7B$1B
$7B-
$7B-
$7B$6B
$7B$4B
$7B$4B
$7B$2B
$7B$899M
$7B-
$7B$1B
$7B-
$7B$2B
$7B$2B
$7B-
$7B$1B
$6B$2B
$6B-
$6B$2B
$6B$3B
$6B$2B
$6B$1B
$6B$505M
$6B$2B
$6B$2B
$6B$2B
$6B$1B
$6B$4B
$6B$2B
$6B$2B
$6B-
$6B$5B
$6B$1B
$6B$2B
$6B$1B
$6B$2B
$6B$2B
$6B$650M
$6B$3B
$5B$1B
$5B-
$5B$2B
$5B$902M
$5B$4B
$5B$1B
$5B$1B
$5B$2B
$5B-
$5B$3B
$5B$664M
$5B-
$5B$1B
$5B$339M
$5B-
$5B$621M
$5B-
$5B$794M
$5B-
$5B$616M
$5B$1B
$5B$784M
$5B$2B
$5B$1B
$5B$1B
$5B$1B
$5B$2B
$5B$673M
$5B$601M
$5B$1B
$5B$2B
$4B$1B
$4B$1B
$4B$17B
$4B-
$4B$2B
$4B$1B
$4B-
$4B$784M
$4B-
$4B$849M
$4B$755M
$4B$950M
$4B$2B
$4B-
$4B$1B
$4B$1B
$4B$1B
$4B$2B
$4B$1B
$4B$1B
$4B-
$4B$611M
$4B$790M
$4B-
$4B$709M
$4B-
$4B$1B
$4B-
$4B$1B
$4B$1B
$4B-
$4B-
$4B$898M
$4B$1B
$4B$857M
$4B$996M
$4B$808M
$4B-
$3B$523M
$3B$712M
$3B$1B
$3B$702M
$3B$3B
$3B$4B
$3B$904M
$3B$613M
$3B$730M
$3B$956M
$3B$936M
$3B-
$3B$751M
$3B$1B
$3B$762M
$3B$2B
$3B$2B
$3B$1B
$3B-
$3B$1B
$3B$973M
$3B-
$3B$913M
$3B$694M
$3B$2B
$3B$897M
$3B-
$3B$719M
$3B-
$3B-
$3B-
$3B$669M
$3B$1B
$3B$772M
$3B-
$3B$925M
$3B$748M
$3B$905M
$3B-
$3B$833M
$3B-
$3B-
$3B$327M
$3B-
$3B$450M
$3B$720M
$3B$691M
$3B$1B
$3B$748M
$3B$729M
$3B-
$3B$818M
$3B-
$3B$764M
$3B$393M
$3B-
$2B$1B
$2B$744M
$2B$732M
$2B-
$2B$620M
$2B-
$2B$974M
$2B-
$2B$1B
$2B-
$2B-
$2B$357M
$2B$697M
$2B$704M
$2B-
$2B$425M
$2B$687M
$2B$719M
$2B-
$2B$332M
$2B-
$2B-
$2B$663M
$2B$438M
$2B$540M
$2B-
$2B$731M
$2B$479M
$2B$423M
$2B-
$2B$1B
$2B$28M
$2B$447M
$2B$2B
$2B-
$2B$608M
$2B-
$2B$320M
$2B$847M
$2B$626M
$2B$785M
$2B-
$2B$824M
$2B$437M
$2B$547M
$2B$384M
$2B$2B
$2B$411M
$2B$409M
$2B$565M
$2B$602M
$2B$434M
$2B$456M
$2B$3B
$2B$434M
$2B$218M
$2B-
$2B-
$2B$397M
$2B$457M
$2B$412M
$2B-
$2B-
$2B-
$2B-
$2B-
$2B-
$2B$280M
$2B-
$2B-
$2B$825M
$2B-
$2B$650M
$2B-
$2B-
$1B$490M
$1B-
$1B-
$1B$393M
$1B$323M
$1B$355M
$1B$478M
$1B$253M
$1B$1B
$1B-
$1B-
$1B-
$1B$588M
$1B$296M
$1B$470M
$1B$2B
$1B$389M
$1B$693M
$1B-
$1B-
$1B-
$1B$597M
$1B-
$1B$375M
$1B$342M
$1B$2B
$1B$293M
$1B$348M
$1B$340M
$1B-
$1B-
$1B-
$1B$293M
$1B$264M
$1B$360M
$1B$575M
$1B-
$1B$557M
$1B$274M
$1B$390M
$1B-
$1B-
$1B$238M
$1B$415M
$1B$501M
$1B-
$1B-
$1B$228M
$1B-
$1B-
$1B$225M
$1B$289M
$1B$655M
$1B$294M
$1B$259M
$1B$176M
$1B$182M
$1B-
$1B$275M
$1B$165M
$1B-
$1B-
$1B$347M
$1B$316M
$998M-
$996M$418M
$996M-
$988M$299M
$986M$260M
$985M-
$984M-
$980M$298M
$980M-
$972M$285M
$970M-
$970M-
$968M-
$959M-
$955M-
$955M-
$949M$338M
$937M$958M
$934M$265M
$924M$277M
$923M$653M
$919M$264M
$915M-
$911M$494M
$909M$567M
$904M-
$903M$274M
$894M-
$890M-
$890M$4B
$888M$303M
$886M-
$885M$853M
$883M$420M
$878M$256M
$876M$822M
$875M$229M
$869M-
$861M$225M
$858M-
$855M$298M
$852M$176M
$850M$314M
$845M$200M
$836M$1B
$832M$230M
$830M-
$828M-
$822M-
$820M$213M
$810M$256M
$800M-
$797M$235M
$788M-
$782M-
$779M$235M
$776M-
$774M$300M
$772M-
$766M$252M
$759M-
$752M-
$747M$205M
$739M-
$735M-
$730M$178M
$715M-
$705M-
$703M$236M
$692M$138M
$687M$426M
$682M-
$681M$360M
$679M$187M
$678M-
$671M$198M
$670M$182M
$667M-
$663M$1B
$654M$254M
$650M-
$650M-
$647M$325M
$643M$217M
$641M-
$638M-
$635M$366M
$629M$197M
$626M$160M
$625M-
$622M$213M
$620M-
$619M$105M
$617M$161M
$604M$131M
$598M$136M
$596M$184M
$596M-
$588M-
$585M$176M
$583M-
$581M$157M
$579M$133M
$576M-
$574M$254M
$572M-
$569M-
$559M-
$551M$524M
$551M$133M
$547M$241M
$544M$152M
$542M$175M
$537M$157M
$534M$131M
$534M$176M
$530M-
$525M-
$523M-
$510M-
$502M-
$496M$466M
$495M-
$495M$130M
$494M-
$492M$168M
$490M-
$478M$109M
$477M-
$477M$116M
$472M$98M
$468M$754M
$466M-
$459M$107M
$458M$133M
$450M$130M
$448M-
$444M$83M
$438M$243M
$438M$149M
$437M$149M
$431M-
$425M-
$424M$304M
$424M$119M
$421M$123M
$420M$128M
$414M$203M
$412M$118M
$410M-
$410M$102M
$403M-
$400M-
$400M$121M
$394M$125M
$388M-
$387M$645M
$386M-
$385M$110M
$384M$104M
$383M-
$375M$103M
$373M$160M
$370M-
$368M-
$364M$109M
$363M$427M
$361M$469M
$360M-
$356M$104M
$355M$112M
$354M$101M
$352M-
$351M-
$344M$101M
$344M-
$343M-
$340M$262M
$331M-
$330M-
$327M$87M
$326M$115M
$320M$156M
$318M$184M
$316M$73M
$313M-
$311M$89M
$310M$67M
$310M$106M
$305M-
$302M-
$296M$139M
$294M-
$294M$102M
$293M$92M
$291M$87M
$290M-
$285M-
$284M$94M
$283M-
$281M-
$280M-
$280M-
$278M$266M
$277M-
$276M$92M
$276M-
$274M-
$273M$78M
$273M-
$271M-
$270M-
$270M$127M
$269M-
$267M-
$264M$94M
$259M$64M
$258M$86M
$256M$128M
$247M-
$247M-
$241M$280M
$240M-
$237M$169M
$237M$132M
$236M-
$230M-
$229M$99M
$228M-
$227M$64M
$223M$78M
$221M-
$220M-
$214M-
$211M$168M
$210M-
$208M-
$207M-
$204M$63M
$202M-
$202M-
$197M-
$195M-
$192M$53M
$192M$75M
$190M$93M
$190M-
$189M-
$184M-
$182M$103M
$179M$179M
$179M$74M
$176M-
$176M-
$172M$99M
$171M-
$171M-
$167M$100M
$167M$54M
$166M$77M
$165M$271M
$164M-
$163M-
$162M-
$158M-
$156M$435M
$155M$66M
$151M$97M
$149M$176M
$148M$71M
$144M-
$143M-
$142M-
$138M-
$136M-
$132M-
$129M-
$125M-
$123M-
$120M$46M
$119M-
$118M-
$117M-
$117M-
$115M-
$115M-
$113M-
$111M-
$110M-
$109M-
$109M-
$108M$17M
$108M$39M
$107M$48M
$105M-
$103M-
$103M-
$101M-
$100M-
$96M-
$95M$69M
$95M-
$95M$32M
$94M-
$93M-
$91M-
$90M-
$86M$17M
$85M-
$84M-
$84M-
$81M$48M
$79M-
$79M-
$79M$36M
$74M-
$69M-
$66M-
$63M$37M
$63M$41M
$56M-
$52M$32M
$51M-
$47M-
$46M-
$44M$49M
$42M-
$37M-
$27M-
$27M-
$25M-
$23M$20M
$23M$15M
$22M-
$20M$23M
$20M-
$18M$34M
$15M-
$13M-
$12M$14M
$11M$18M
$7M-
$6M-
$6M-
$4M-
$3M-
$3M$297M
--
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--
--
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-$551M
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