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Public Comps and Valuation Multiples for Commercial Banking

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

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Commercial Banking

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$804B$1.1T$188B5.6x
$368B$622B$120B5.2x
$354B$762B$116B6.6x
$342B$617B$108B5.7x
$311B$98B$72B1.4x
$303B$671B$110B6.1x
$259B$584B$97B6.0x
$256B$669B$50B13.4x
$226B$457B$85B5.4x
$213B$612B$88B6.9x
$206B$292B$37B7.9x
$190B$340B$21B15.9x
$181B$374B$42B9.0x
$173B$558B$74B7.6x
$152B$407B$49B8.2x
$143B$172B$50B3.5x
$137B$177B$64B2.8x
$134B$134B$18B7.4x
$125B$245B$30B8.2x
$124B$227B$45B5.0x
$124B$197B$21B9.3x
$118B$523B$62B8.5x
$116B$226B$32B7.0x
$116B$167B$57B2.9x
$108B$310B$27B11.4x
$108B$74B$21B3.6x
$106B$128B$11B11.8x
$103B$207B$22B9.3x
$95B$336B$28B12.0x
$95B$176B$26B6.8x
$93B$116B$13B9.0x
$93B$132B$21B6.4x
$90B$149B$20B7.6x
$89B$142B$35B4.1x
$88B$252B$16B15.9x
$87B$51B$53B1.0x
$86B$210B$39B5.4x
$86B$152B$24B6.3x
$85B$300B$28B10.8x
$83B$169B$29B5.8x
$81B$81B$12B6.9x
$81B$235B$15B15.6x
$78B$247B$41B6.1x
$76B$230B$16B14.8x
$75B$211B$26B8.0x
$68B$246B$14B17.5x
$65B$244B$31B7.8x
$64B$27B$9B3.0x
$62B$74B$10B7.4x
$62B$310B$14B22.1x
$61B$11B
$61B$38B
$61B$33B
$61B$23B
$59B$21B
$58B$11B
$57B$32B
$56B$21B
$55B$31B
$53B$15B
$52B$10B
$48B$11B
$48B$14B
$47B$6B
$47B$15B
$44B$26B
$44B$15B
$43B$9B
$43B$12B
$43B$10B
$43B$7B
$41B$9B
$41B$9B
$40B$21B
$40B$4B
$39B$8B
$37B$9B
$37B$12B
$37B
$37B$8B
$36B$27B
$35B$9B
$35B$74B
$35B$8B
$34B$8B
$34B$8B
$34B$7B
$34B$7B
$32B$19B
$31B$9B
$31B$10B
$31B$11B
$31B$11B
$30B$8B
$30B$11B
$30B$13B
$30B$10B
$30B$9B
$30B$3B
$30B$6B
$30B$11B
$29B$8B
$28B$6B
$27B$14B
$27B
$27B$19B
$26B$7B
$26B$9B
$25B$4B
$25B$17B
$24B$5B
$24B$4B
$24B$30B
$23B$4B
$23B$7B
$23B
$23B$8B
$23B$8B
$23B$8B
$23B$21B
$23B$17B
$22B$9B
$22B$5B
$22B$6B
$21B
$21B$1B
$21B$8B
$20B$5B
$20B$8B
$20B$4B
$20B$3B
$19B$3B
$19B$7B
$19B$3B
$19B$4B
$19B$5B
$19B$2B
$18B$4B
$18B$10B
$18B$4B
$18B$6B
$17B$4B
$17B$5B
$17B$7B
$17B$3B
$17B$3B
$16B$4B
$16B$10B
$16B$3B
$16B
$16B$5B
$16B$8B
$16B$3B
$15B$14B
$15B$2B
$15B$3B
$15B$4B
$15B$4B
$15B$3B
$15B$3B
$15B$4B
$14B$7B
$14B$3B
$14B
$14B$2B
$14B$3B
$14B$6B
$14B$2B
$14B$4B
$14B$5B
$14B$2B
$14B$4B
$14B$5B
$13B$2B
$13B$3B
$13B$3B
$13B$6B
$13B$8B
$13B$5B
$13B$3B
$13B
$13B$1B
$13B$6B
$12B$3B
$12B$4B
$12B$7B
$12B$9B
$12B$4B
$12B$4B
$12B$4B
$12B$7B
$12B$3B
$12B$2B
$11B$6B
$11B
$11B$9B
$11B
$11B$3B
$11B$3B
$11B$4B
$11B$3B
$10B$4B
$10B
$10B
$10B$873M
$10B$3B
$10B$1B
$10B$3B
$10B$2B
$10B
$10B$5B
$10B$3B
$9B
$9B$3B
$9B$3B
$9B$2B
$9B$3B
$9B$3B
$9B$2B
$9B$2B
$9B$4B
$9B$6B
$9B$3B
$9B
$9B
$8B$2B
$8B$2B
$8B$3B
$8B
$8B$3B
$8B$2B
$8B$4B
$8B$6B
$8B$4B
$8B
$8B$3B
$8B$2B
$8B$2B
$8B
$8B$3B
$8B$2B
$8B$1B
$8B$4B
$8B$6B
$8B$1B
$8B$2B
$8B
$8B$1B
$8B
$8B$2B
$7B$2B
$7B$3B
$7B
$7B$4B
$7B$2B
$7B$2B
$7B$7B
$7B$4B
$7B$1B
$7B$5B
$7B$6B
$7B
$7B
$7B$4B
$7B
$7B$1B
$7B
$7B$1B
$7B$2B
$7B
$7B$2B
$7B
$6B$1B
$6B$897M
$6B$2B
$6B$3B
$6B$2B
$6B$2B
$6B$2B
$6B$2B
$6B$3B
$6B$5B
$6B$3B
$6B$1B
$6B$2B
$6B$1B
$6B$1B
$6B$655M
$6B$2B
$6B$4B
$6B$1B
$6B$2B
$6B$2B
$5B$904M
$5B$509M
$5B$1B
$5B$2B
$5B$2B
$5B$2B
$5B$3B
$5B$1B
$5B$2B
$5B$1B
$5B$3B
$5B$2B
$5B
$5B$5B
$5B$790M
$5B
$5B$3B
$5B$1B
$5B$1B
$5B
$5B$1B
$5B
$5B$1B
$5B$609M
$5B$625M
$5B
$5B$790M
$5B$1B
$5B$1B
$5B$681M
$5B
$4B$655M
$4B$1B
$4B$2B
$4B
$4B$2B
$4B
$4B$1B
$4B$6B
$4B
$4B
$4B$336M
$4B$1B
$4B$788M
$4B$1B
$4B$1B
$4B$2B
$4B$606M
$4B
$4B$1B
$4B$1B
$4B$3B
$4B
$4B$1B
$4B$1B
$4B$842M
$4B$2B
$4B
$4B$927M
$4B$784M
$4B
$4B$1B
$4B$702M
$4B$1B
$4B$2B
$4B$709M
$4B$1B
$4B$1B
$4B
$3B$705M
$3B$587M
$3B
$3B
$3B
$3B
$3B$1B
$3B$708M
$3B$1B
$3B
$3B$1B
$3B
$3B
$3B$847M
$3B$893M
$3B$808M
$3B$916M
$3B$1B
$3B$972M
$3B
$3B$2B
$3B
$3B$905M
$3B$910M
$3B$937M
$3B$751M
$3B$600M
$3B$943M
$3B
$3B$489M
$3B
$3B
$3B$727M
$3B$961M
$3B$1B
$3B$727M
$3B$378M
$3B
$3B$1B
$3B$890M
$3B
$3B$780M
$3B
$3B
$3B$1B
$3B$4B
$3B$657M
$3B
$3B
$3B$376M
$3B
$3B$703M
$3B$765M
$3B$830M
$3B$733M
$2B$897M
$2B
$2B
$2B$435M
$2B
$2B
$2B$678M
$2B$833M
$2B
$2B$1B
$2B
$2B$721M
$2B$695M
$2B$729M
$2B
$2B$756M
$2B$2B
$2B$614M
$2B$736M
$2B$969M
$2B$690M
$2B$1B
$2B$28M
$2B
$2B
$2B
$2B$699M
$2B$418M
$2B$314M
$2B$719M
$2B$352M
$2B$671M
$2B
$2B$1B
$2B$679M
$2B$2B
$2B$747M
$2B$731M
$2B$781M
$2B$423M
$2B$536M
$2B$441M
$2B$464M
$2B
$2B$617M
$2B
$2B$3B
$2B$444M
$2B$318M
$2B$823M
$2B$598M
$2B$453M
$2B$2B
$2B$600M
$2B$514M
$2B$3B
$2B$475M
$2B$206M
$2B
$2B$379M
$2B$430M
$2B$409M
$2B$676M
$2B
$2B
$2B
$2B$548M
$2B
$2B$480M
$2B$433M
$2B
$2B$410M
$1B
$1B$421M
$1B
$1B$454M
$1B$968M
$1B$390M
$1B
$1B$277M
$1B
$1B
$1B$407M
$1B
$1B$1B
$1B$604M
$1B$319M
$1B$821M
$1B
$1B
$1B$718M
$1B
$1B$2B
$1B
$1B
$1B$2B
$1B
$1B$265M
$1B$255M
$1B
$1B$380M
$1B$342M
$1B
$1B$603M
$1B$400M
$1B
$1B$350M
$1B$475M
$1B
$1B$292M
$1B
$1B$541M
$1B
$1B
$1B
$1B$467M
$1B$380M
$1B$362M
$1B
$1B$340M
$1B$225M
$1B$282M
$1B
$1B$292M
$1B$477M
$1B$355M
$1B
$1B$337M
$1B$567M
$1B
$1B$424M
$1B
$1B$255M
$1B
$1B
$1B
$1B$235M
$1B
$999M$265M
$998M
$997M$302M
$994M
$987M
$977M$344M
$973M$4B
$972M
$966M
$964M$286M
$958M$423M
$950M$221M
$941M
$940M
$939M
$926M$258M
$921M$564M
$918M$290M
$915M
$910M
$908M$161M
$906M$176M
$900M$308M
$892M$297M
$891M
$887M$342M
$883M$878M
$882M$256M
$875M$171M
$872M$281M
$868M
$868M
$868M
$861M
$860M$259M
$856M
$853M
$845M$696M
$844M
$843M$277M
$843M$434M
$828M
$819M$219M
$817M
$815M$481M
$812M
$804M$262M
$800M$249M
$793M$174M
$792M
$788M$308M
$785M$273M
$785M
$776M
$764M$302M
$752M
$751M$145M
$748M$226M
$744M$198M
$741M$226M
$739M$305M
$738M
$728M$235M
$728M
$719M$788M
$711M
$708M$255M
$702M
$699M$210M
$696M$410M
$687M$221M
$685M
$682M
$677M
$675M$1B
$674M$250M
$671M$298M
$668M$428M
$657M$197M
$656M
$650M$232M
$645M
$644M
$643M
$638M$170M
$621M
$617M$138M
$615M
$615M$252M
$614M
$612M
$610M$358M
$602M$188M
$599M
$599M$181M
$596M$234M
$594M
$591M$251M
$590M$182M
$590M
$586M$159M
$585M$130M
$581M
$578M$195M
$573M
$567M$481M
$563M$102M
$562M
$561M$325M
$551M$525M
$551M$136M
$549M$176M
$538M$160M
$532M$241M
$528M
$527M$135M
$526M
$526M$129M
$522M$213M
$510M$181M
$507M$153M
$503M$173M
$494M
$494M$251M
$493M$151M
$490M$157M
$480M
$480M
$474M
$469M$124M
$468M$737M
$459M$174M
$456M$167M
$452M$251M
$447M
$447M
$444M$130M
$427M$109M
$425M
$424M
$415M$128M
$412M$145M
$407M$114M
$402M$97M
$402M
$401M
$396M$105M
$395M$132M
$391M
$390M$125M
$390M$76M
$385M$110M
$385M$111M
$378M$148M
$378M
$378M$300M
$377M
$376M$643M
$372M$123M
$370M$105M
$369M$858M
$369M
$369M
$367M
$367M$126M
$362M
$359M$143M
$358M$100M
$355M
$350M$205M
$349M
$346M
$341M
$336M$119M
$335M$429M
$335M$102M
$334M$408M
$332M$103M
$329M$186M
$328M
$327M$162M
$326M$115M
$326M
$325M
$325M$106M
$324M
$322M$106M
$320M$98M
$319M
$317M$270M
$316M
$315M
$312M
$310M$86M
$301M$112M
$300M$155M
$298M$105M
$295M$66M
$293M
$291M
$280M
$280M
$280M
$280M$104M
$279M$72M
$278M$128M
$277M$87M
$273M$78M
$270M
$270M
$266M$86M
$262M
$260M
$260M
$259M
$253M$93M
$253M
$250M$267M
$250M
$247M
$246M
$246M
$243M$128M
$243M$92M
$241M$62M
$241M$91M
$238M$86M
$237M
$233M
$229M$94M
$226M
$224M
$216M
$214M
$214M
$214M
$210M$98M
$209M$78M
$208M$166M
$207M$131M
$207M
$202M$76M
$202M$63M
$201M
$198M
$193M
$191M$107M
$190M
$188M$100M
$187M$56M
$185M$176M
$184M
$179M$158M
$177M
$177M$51M
$176M$63M
$175M$93M
$175M
$174M
$174M
$170M$273M
$170M$103M
$169M
$166M$103M
$164M
$163M$76M
$162M
$162M$74M
$160M$183M
$157M
$150M
$147M
$140M$70M
$140M
$139M
$137M$66M
$137M
$137M
$136M
$133M
$131M
$129M$48M
$128M
$125M
$124M
$116M
$116M
$114M
$114M
$113M
$113M$18M
$112M$45M
$110M
$110M
$109M
$109M
$107M
$107M
$106M$39M
$106M
$105M
$101M
$99M
$95M$17M
$93M$50M
$93M
$92M
$91M$32M
$91M
$89M
$84M
$84M$69M
$84M
$83M
$79M
$78M
$78M$37M
$75M
$74M
$65M$38M
$65M
$65M
$64M
$62M
$57M$34M
$49M
$48M
$47M$50M
$47M
$38M
$35M
$28M
$26M
$25M
$25M$16M
$25M$20M
$24M$24M
$19M
$19M$34M
$15M
$14M
$13M$14M
$12M$19M
$8M
$6M
$6M
$4M
$3M$292M
$3M
$556M

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