Public Comps and Valuation Multiples for Commercial Banking

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

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Commercial Banking

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$908B$908B$205B4.4x-
$437B$437B$130B3.4x-
$381B$381B$118B3.2x-
$364B$364B$121B3.0x-
$349B$349B$121B2.9x-
$317B$317B$103B3.1x-
$299B$299B$74B4.0x-
$283B$283B$51B5.5x-
$257B$257B$88B2.9x-
$239B$239B$41B5.8x-
$204B$204B$43B4.7x-
$202B$202B$95B2.1x-
$191B$191B$21B8.9x-
$179B$179B$72B2.5x-
$165B$165B$52B3.2x-
$155B$155B$19B8.3x-
$149B$149B$47B3.2x-
$148B$148B$53B2.8x-
$142B$142B$48B3.0x-
$131B$131B$21B6.2x-
$129B$129B$30B4.4x-
$121B$121B$14B8.7x-
$121B$121B$28B4.4x-
$119B$119B$32B3.7x-
$119B$119B$63B1.9x-
$115B$25B
$114B$29B
$113B$62B
$107B$42B
$106B$23B
$102B$28B
$102B$22B
$100B$11B
$99B$56B
$97B$12B
$95B$31B
$94B$19B
$93B$28B
$92B$26B
$88B$36B
$87B$16B
$85B$15B
$81B$16B
$78B$11B
$75B$42B
$73B$28B
$71B$33B
$69B$14B
$68B$10B
$66B$14B
$65B$38B
$63B$14B
$63B$32B
$62B$24B
$61B$22B
$60B$21B
$60B$11B
$59B$11B
$58B$11B
$55B$15B
$54B$32B
$54B$15B
$52B$32B
$51B$4.8B
$50B$27B
$50B$17B
$49B$9.4B
$49B$12B
$47B$11B
$47B$7.4B
$46B$15B
$46B$13B
$46B$7B
$45B$6.2B
$44B$8.9B
$43B$9.4B
$43B$8B
$40B$73B
$39B$14B
$38B$8.6B
$38B$23B
$37B$8.1B
$36B$6.5B
$35B$6.5B
$35B$14B
$35B$20B
$34B$3.4B
$34B$12B
$34B$7.6B
$33B$9.5B
$33B$5.8B
$33B$9.3B
$32B$11B
$32B$10B
$31B$9.4B
$31B$5.6B
$31B$4.8B
$31B$11B
$30B$7.9B
$30B$7.6B
$30B$8.5B
$29B$12B
$29B$5.7B
$29B$27B
$28B$7.4B
$28B$6B
$27B$9B
$27B$19B
$26B$5.2B
$26B$4.3B
$26B$3.2B
$25B$4.3B
$25B$9B
$25B$7.8B
$24B$9.2B
$24B$2.7B
$24B$4.5B
$23B$13B
$23B$3.7B
$23B$9.1B
$23B$9.2B
$23B$7B
$23B$8B
$22B$9.4B
$22B$22B
$21B$3.5B
$21B$5B
$21B$2.4B
$21B$4.2B
$20B$4.9B
$20B$3.4B
$19B$6B
$19B$8.5B
$19B$3B
$19B$2.7B
$19B$4.2B
$19B$11B
$19B$6.1B
$19B$5.6B
$18B$4.8B
$18B$15B
$18B$3.3B
$18B$3.2B
$18B$2.4B
$18B$4.5B
$18B$3.9B
$18B$8.3B
$18B$5.4B
$18B$30B
$18B$4.5B
$18B$4.6B
$17B$3.5B
$17B$3.3B
$17B$5.9B
$17B$3.2B
$17B$8.5B
$17B$3.9B
$16B-
$16B$6.6B
$16B$6.3B
$16B$14B
$16B$3.2B
$16B$4.7B
$15B$1.6B
$15B$3.2B
$15B$4.9B
$15B$3.6B
$15B$3.6B
$14B$2.7B
$14B$3.4B
$14B$7.2B
$14B$3.7B
$14B$1.9B
$14B$1.4B
$14B-
$14B$3.4B
$14B-
$14B$3.3B
$13B$4.3B
$13B$1.2B
$13B$3.9B
$13B$3B
$13B$3.8B
$13B$9.2B
$13B$4.2B
$12B$7.1B
$12B$2.7B
$12B$2.8B
$12B$4.6B
$12B$2.8B
$12B$7.3B
$12B$11B
$12B$8.9B
$11B$2.8B
$11B$9.2B
$11B$6.6B
$11B-
$11B-
$11B$1.7B
$11B$3.5B
$11B$2.8B
$11B$1.6B
$10B$2.9B
$10B$3B
$10B-
$10B$5B
$10B$5B
$10B$4.2B
$10B$2.7B
$10B$899M
$9.8B$3.6B
$9.8B$2.4B
$9.7B$2.4B
$9.7B$3.8B
$9.7B$2.4B
$9.6B$3.5B
$9.6B$1.8B
$9.6B$2.8B
$9.6B$3.9B
$9.5B$2B
$9.3B$1.4B
$9.2B$1.1B
$9.1B-
$9.1B$1.8B
$9B$4.6B
$8.9B$2.4B
$8.8B$1.8B
$8.8B$2.7B
$8.7B$1.7B
$8.7B-
$8.7B$3.5B
$8.6B$4.3B
$8.4B$1.7B
$8.4B$5B
$8.4B$2B
$8.3B$2.2B
$8.3B$3.3B
$8.3B$3.9B
$8.2B$5.8B
$8.2B-
$8B$2.2B
$8B$1.9B
$7.9B$1.9B
$7.9B$1.6B
$7.9B$2.2B
$7.8B$2.5B
$7.8B$896M
$7.8B$1.6B
$7.7B$1.2B
$7.7B$1.7B
$7.6B$3.1B
$7.5B$2.3B
$7.4B$2.8B
$7.4B$1.5B
$7.4B$1.9B
$7.4B$5.7B
$7.3B-
$7.2B$2.7B
$7.2B$1.8B
$7.2B$3.5B
$7B$6.2B
$7B$4B
$7B$1.6B
$7B$3.8B
$6.9B-
$6.9B$2B
$6.8B$1.9B
$6.8B$2.1B
$6.7B$3B
$6.6B$6.7B
$6.6B-
$6.6B$1.3B
$6.5B$5.9B
$6.5B$39M
$6.4B$2B
$6.4B$1.9B
$6.4B$1.3B
$6.4B$654M
$6.4B-
$6.3B$1.3B
$6.2B$2.1B
$6.1B-
$6.1B$524M
$6.1B$4B
$6B$1.1B
$5.9B$5.6B
$5.8B$1.6B
$5.7B$1.7B
$5.7B$2.8B
$5.6B$1.5B
$5.6B$1.3B
$5.5B-
$5.5B$1.7B
$5.5B-
$5.5B$1.6B
$5.4B$1.3B
$5.3B$1.5B
$5.2B$1.2B
$5.2B-
$5.2B$2.1B
$5.2B$2.8B
$5.2B$771M
$5.2B$3.1B
$5.1B$910M
$5.1B$2.5B
$5.1B$7B
$5B-
$5B$1.2B
$5B$1.5B
$5B$1.7B
$4.9B$807M
$4.9B-
$4.8B$1.3B
$4.8B$1.3B
$4.8B$2.4B
$4.8B-
$4.7B$1.5B
$4.7B$1.5B
$4.6B$355M
$4.6B$4.7B
$4.6B$1.2B
$4.6B$1.4B
$4.6B$598M
$4.6B$660M
$4.5B$2B
$4.5B$972M
$4.5B$581M
$4.5B$1.1B
$4.5B$642M
$4.4B$693M
$4.4B$1.3B
$4.4B$763M
$4.4B$2.6B
$4.4B$687M
$4.3B$888M
$4.3B-
$4.2B$1.4B
$4.2B$2.1B
$4.2B-
$4.1B$740M
$4B-
$4B$1.1B
$4B$677M
$4B$3.8B
$4B$1B
$4B$739M
$4B-
$3.9B-
$3.9B$1.1B
$3.8B$1.1B
$3.8B$31M
$3.8B$805M
$3.8B$1.4B
$3.8B$1.1B
$3.7B$1.2B
$3.7B$2.9B
$3.7B$628M
$3.6B$5.6B
$3.6B$1.1B
$3.6B$3.1B
$3.6B$1.4B
$3.6B$911M
$3.6B$1.3B
$3.6B$1B
$3.5B-
$3.5B$1.8B
$3.5B$421M
$3.5B$1.1B
$3.4B$887M
$3.4B$989M
$3.4B-
$3.4B$943M
$3.4B$762M
$3.4B$980M
$3.3B$614M
$3.3B$823M
$3.3B$778M
$3.3B-
$3.3B$673M
$3.2B-
$3.2B$729M
$3.2B-
$3.2B$1.1B
$3.1B-
$3.1B$1.2B
$3.1B$1.7B
$3.1B$671M
$3.1B$914M
$3.1B-
$3.1B$948M
$3.1B$373M
$3B$917M
$3B$4.5B
$3B$759M
$3B$1.6B
$2.9B$671M
$2.9B$752M
$2.9B$1.5B
$2.9B-
$2.9B$2.5B
$2.9B$1.2B
$2.9B$931M
$2.8B$752M
$2.8B$788M
$2.7B-
$2.7B-
$2.7B-
$2.7B$496M
$2.7B$693M
$2.7B$1.5B
$2.7B$798M
$2.7B-
$2.6B-
$2.6B$839M
$2.6B$790M
$2.6B-
$2.6B$837M
$2.6B$714M
$2.6B$1.5B
$2.6B$1.4B
$2.5B$451M
$2.5B-
$2.5B$743M
$2.4B-
$2.4B-
$2.4B-
$2.4B$472M
$2.3B$670M
$2.3B$3B
$2.3B$775M
$2.3B-
$2.3B-
$2.3B$1B
$2.3B$708M
$2.3B$719M
$2.2B$756M
$2.2B$636M
$2.2B$764M
$2.2B-
$2.2B$815M
$2.2B-
$2.2B$469M
$2.1B$748M
$2.1B-
$2.1B$469M
$2.1B$1.2B
$2.1B$1.1B
$2.1B$322M
$2B$556M
$2B-
$2B$328M
$2B-
$2B$630M
$2B-
$2B$1B
$1.9B$671M
$1.9B$1.1B
$1.9B$1B
$1.9B$497M
$1.9B$370M
$1.9B$402M
$1.9B-
$1.9B-
$1.9B$608M
$1.9B$516M
$1.8B$1.8B
$1.8B$422M
$1.8B$604M
$1.8B$420M
$1.8B-
$1.8B$759M
$1.8B-
$1.8B$626M
$1.8B$1.6B
$1.8B$492M
$1.8B$572M
$1.7B$467M
$1.7B$589M
$1.7B$610M
$1.7B-
$1.7B-
$1.7B$447M
$1.7B$420M
$1.7B$252M
$1.7B$3.4B
$1.7B$476M
$1.6B$519M
$1.6B$433M
$1.6B$634M
$1.6B$207M
$1.6B$841M
$1.6B-
$1.6B$644M
$1.6B$828M
$1.6B-
$1.6B-
$1.6B-
$1.6B-
$1.5B-
$1.5B-
$1.5B$289M
$1.5B-
$1.5B$370M
$1.5B$471M
$1.5B$517M
$1.5B$380M
$1.5B-
$1.4B$366M
$1.4B$318M
$1.4B-
$1.4B$425M
$1.4B-
$1.4B-
$1.4B-
$1.4B$489M
$1.4B$255M
$1.4B$2.4B
$1.4B$361M
$1.4B$413M
$1.4B$307M
$1.4B-
$1.3B$535M
$1.3B-
$1.3B-
$1.3B-
$1.3B$646M
$1.3B$679M
$1.3B$264M
$1.3B-
$1.3B-
$1.3B-
$1.3B$3.2B
$1.3B$488M
$1.3B$541M
$1.3B$307M
$1.3B$279M
$1.3B$312M
$1.3B$613M
$1.2B$378M
$1.2B$290M
$1.2B-
$1.2B$408M
$1.2B-
$1.2B-
$1.2B-
$1.2B$418M
$1.2B-
$1.2B-
$1.2B$374M
$1.2B$241M
$1.2B$1.2B
$1.2B$324M
$1.2B$570M
$1.2B$250M
$1.2B$1.7B
$1.1B$584M
$1.1B-
$1.1B-
$1.1B$1.3B
$1.1B-
$1.1B$351M
$1.1B-
$1.1B$4.1B
$1.1B$304M
$1.1B$193M
$1.1B$481M
$1.1B$339M
$1.1B$277M
$1.1B$238M
$1.1B-
$1.1B$389M
$1.1B$362M
$1B$192M
$1B$241M
$1B$295M
$1B$295M
$1B-
$1B$667M
$1B$323M
$1B-
$1B-
$1B$253M
$993M$268M
$993M-
$993M$304M
$979M$291M
$977M$329M
$964M$294M
$960M-
$959M$136M
$958M-
$953M-
$934M-
$927M$265M
$917M-
$917M-
$916M$291M
$914M-
$913M$738M
$907M-
$903M-
$884M$282M
$884M-
$884M-
$883M-
$882M-
$881M-
$880M$268M
$876M$227M
$875M$261M
$866M$190M
$855M-
$852M$313M
$842M$557M
$829M$223M
$825M$339M
$822M$3B
$817M$253M
$813M-
$813M-
$812M$243M
$811M-
$807M-
$800M$112M
$796M-
$795M$709M
$786M$204M
$785M$257M
$783M-
$769M$198M
$761M$245M
$757M-
$753M$244M
$751M-
$749M$411M
$745M-
$742M$141M
$740M-
$732M-
$730M$207M
$730M$419M
$724M$203M
$723M$389M
$713M$200M
$711M-
$704M$387M
$703M$182M
$698M$264M
$693M$135M
$685M-
$684M$536M
$680M$899M
$679M$167M
$678M-
$677M-
$670M$333M
$667M$579M
$664M-
$662M-
$650M-
$646M-
$646M$244M
$645M$510M
$644M$215M
$640M$234M
$633M-
$633M$105M
$632M-
$631M$184M
$618M-
$611M-
$600M$141M
$599M$515M
$599M$1.2B
$596M$191M
$594M-
$594M$251M
$590M$141M
$586M$183M
$586M-
$580M$185M
$578M$532M
$578M$142M
$577M$168M
$575M-
$564M$131M
$561M$168M
$559M-
$556M$174M
$550M$242M
$546M$338M
$544M$158M
$539M-
$535M$133M
$535M$109M
$532M$216M
$530M$930M
$530M$112M
$528M-
$511M-
$509M$123M
$508M$135M
$507M$121M
$504M-
$500M-
$493M-
$492M$492M
$491M-
$491M$151M
$488M-
$482M-
$480M$157M
$479M-
$476M-
$466M$136M
$445M$124M
$443M-
$441M$421M
$440M-
$436M$112M
$436M$135M
$435M-
$433M-
$427M$124M
$422M$420M
$419M-
$419M$182M
$419M-
$416M$121M
$414M$112M
$407M$127M
$402M$106M
$401M-
$398M-
$395M$114M
$394M-
$391M-
$389M$138M
$388M-
$386M-
$386M-
$386M-
$385M-
$377M-
$377M$763M
$374M-
$373M$102M
$369M-
$365M$107M
$364M$197M
$355M-
$355M$98M
$354M-
$348M-
$344M$160M
$342M$106M
$337M$76M
$335M$160M
$335M$304M
$332M$92M
$330M-
$329M$247M
$329M-
$328M-
$327M$71M
$317M$294M
$316M$99M
$315M-
$311M$97M
$310M-
$308M-
$303M-
$303M$89M
$303M$112M
$299M$97M
$297M-
$296M-
$294M$76M
$292M-
$290M-
$288M-
$287M-
$282M$100M
$282M$98M
$280M-
$278M-
$278M-
$277M$96M
$274M$90M
$273M-
$260M$130M
$257M$255M
$254M$149M
$253M-
$253M-
$248M$86M
$248M-
$240M-
$239M$292M
$238M$65M
$237M-
$233M-
$233M-
$231M-
$231M-
$228M-
$228M-
$227M$81M
$226M$66M
$223M$174M
$223M$103M
$220M-
$217M$83M
$216M-
$215M$118M
$210M-
$209M$61M
$208M-
$208M$269M
$204M-
$203M-
$202M-
$201M$125M
$198M$239M
$197M-
$197M-
$196M-
$192M$97M
$192M$66M
$189M-
$186M-
$186M-
$186M-
$183M-
$183M$233M
$179M$104M
$177M$66M
$177M-
$175M$55M
$173M-
$170M$87M
$168M-
$167M-
$166M$97M
$164M-
$163M-
$163M-
$158M$95M
$155M$74M
$152M$78M
$151M$641M
$149M-
$148M-
$145M-
$144M-
$144M-
$140M-
$139M$193M
$139M$33M
$131M-
$130M$47M
$129M$61M
$128M$49M
$127M-
$122M-
$122M$54M
$119M-
$118M-
$114M-
$114M-
$113M-
$112M-
$111M-
$111M$41M
$111M-
$109M-
$107M-
$105M-
$105M-
$103M-
$101M$19M
$100M-
$98M-
$95M$66M
$93M$462M
$92M-
$92M-
$92M-
$90M-
$90M-
$89M-
$87M$17M
$85M$51M
$84M-
$82M-
$81M$32M
$81M-
$80M-
$77M-
$75M-
$75M-
$72M-
$72M$36M
$71M-
$66M$37M
$65M$42M
$60M-
$55M$37M
$54M$33M
$52M-
$49M-
$49M-
$48M-
$46M-
$40M-
$39M-
$35M-
$26M$20M
$26M-
$25M-
$20M$23M
$18M$12M
$18M$32M
$14M-
$12M-
$12M$15M
$10M-
$9M$19M
$6M-
$6M-
$3M$316M
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