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
$900B$900B$201B4.5x-
$411B$411B$127B3.2x-
$392B$392B$121B3.2x-
$353B$353B$116B3.0x-
$340B$340B$74B4.6x-
$331B$331B$118B2.8x-
$300B$300B$101B3.0x-
$280B$280B$51B5.5x-
$264B$264B$40B6.6x-
$249B$249B$87B2.8x-
$222B$222B$93B2.4x-
$208B$208B$73B2.8x-
$198B$198B$42B4.7x-
$177B$177B$22B8.2x-
$173B$173B$19B9.3x-
$166B$166B$50B3.3x-
$158B$158B$47B3.4x-
$155B$155B$51B3.0x-
$151B$151B$52B2.9x-
$141B$141B$30B4.7x-
$133B$133B$33B4.1x-
$132B$132B$24B5.4x-
$123B$123B$62B2.0x-
$121B$121B$61B2.0x-
$120B$120B$28B4.3x-
$118B$21B
$114B$29B
$113B$12B
$105B$20B
$103B$23B
$102B$28B
$102B$22B
$101B$11B
$99B$13B
$97B$41B
$95B$27B
$94B$36B
$93B$55B
$91B$30B
$89B$25B
$83B$15B
$83B$16B
$82B$27B
$81B$41B
$80B$11B
$80B$16B
$75B$15B
$72B$24B
$71B$32B
$69B$10B
$69B$14B
$66B$38B
$65B$22B
$65B$14B
$64B$11B
$62B$33B
$60B$15B
$60B$10B
$58B$32B
$58B$21B
$58B$11B
$56B$31B
$55B$11B
$55B$17B
$53B$15B
$51B$15B
$48B$9.4B
$47B$12B
$46B$6.3B
$46B$7.4B
$46B$9.1B
$45B$8.1B
$45B$26B
$45B$14B
$45B$77B
$43B$7.2B
$43B$6.6B
$42B$4.7B
$41B$8.3B
$41B$23B
$40B$8.2B
$40B$13B
$40B$9.2B
$38B$12B
$37B$7.8B
$36B$9.5B
$36B$5.5B
$36B$6.4B
$34B$11B
$34B$28B
$34B$8B
$34B$8.5B
$34B$5B
$34B$14B
$33B$20B
$32B$3.5B
$32B$10B
$32B$9.2B
$31B$5.8B
$31B$5.9B
$31B$10B
$30B$9.7B
$30B$7.3B
$30B$11B
$30B$7.7B
$30B$5.6B
$28B$7.1B
$27B$5.3B
$27B$8.9B
$27B$4.3B
$27B$13B
$26B$4.5B
$26B$8.9B
$26B$4.3B
$25B$18B
$24B$3.3B
$24B$8.7B
$24B$9.8B
$24B$31B
$23B$7.8B
$23B$3.5B
$23B$2.7B
$23B$8.9B
$23B$3.7B
$22B$8.8B
$22B$21B
$22B$7.9B
$21B$4.2B
$21B$5B
$21B$5B
$21B$8.6B
$21B$16B
$21B$3B
$21B$5.6B
$21B$3.4B
$20B$2.5B
$20B$6.3B
$20B$4.9B
$20B$8.4B
$20B$4.5B
$20B$2.7B
$20B$3.3B
$19B$4.2B
$19B$4.5B
$19B$8.3B
$19B$3.3B
$19B-
$19B$6B
$19B$4.7B
$18B$3.9B
$18B$6.1B
$18B$2.4B
$18B$3.2B
$18B$5.3B
$17B$3.4B
$17B$11B
$17B$3.1B
$17B$3.7B
$17B$3.4B
$16B$3.2B
$16B$3.2B
$16B$2.7B
$16B$5B
$15B$1.6B
$15B$1.2B
$15B$3.5B
$15B$14B
$14B$3.3B
$14B$3.6B
$14B$6.1B
$14B$3.8B
$14B$4.3B
$14B$4.3B
$14B$3.6B
$14B$6.5B
$14B$2.9B
$14B-
$14B$1.4B
$14B$2.9B
$13B$1.9B
$13B$11B
$13B-
$13B$6.9B
$13B$3.9B
$12B$1.6B
$12B$2.8B
$12B$3.7B
$12B$6.3B
$12B$2.8B
$12B$6.9B
$12B$2.8B
$12B$8.8B
$12B$4.1B
$12B$2.7B
$12B$1.7B
$11B-
$11B$7.3B
$11B$9.3B
$11B$5.1B
$11B$3.5B
$11B$9.1B
$11B$4.5B
$11B-
$11B$3.8B
$11B$4.2B
$11B$2.4B
$11B-
$10B$898M
$10B$2.9B
$10B$2.2B
$10B$3.5B
$9.9B$2.7B
$9.7B$2.9B
$9.7B$5B
$9.7B$2.4B
$9.7B$1.8B
$9.6B$2.8B
$9.6B$1.8B
$9.5B-
$9.4B$2.1B
$9.3B$2.6B
$9.2B$3.5B
$9.1B$1.7B
$9.1B$2.3B
$9B$1.8B
$9B$3.8B
$9B$1.4B
$8.9B$3.3B
$8.8B-
$8.8B$4.3B
$8.6B$1.7B
$8.6B-
$8.5B$5.1B
$8.3B$2.3B
$8.3B$3.9B
$8.3B$1.2B
$8.3B$5.7B
$8.3B$1.6B
$8.3B$1.7B
$8.3B$2.6B
$8.2B$3.4B
$8.2B$4.5B
$8.2B$2.6B
$8.2B$2.3B
$8.2B$1.9B
$8.1B$1.6B
$8.1B$1.6B
$8.1B$1.8B
$8B$2B
$8B-
$8B$1.9B
$7.9B$2.2B
$7.9B$1.4B
$7.7B$1.1B
$7.6B-
$7.5B$5.8B
$7.5B$1.7B
$7.5B$3.4B
$7.4B$2.7B
$7.4B$1.8B
$7.4B$3B
$7.3B$888M
$7.3B$3.8B
$7.2B$2.2B
$7.1B$3B
$6.9B$6.5B
$6.9B-
$6.9B$6.7B
$6.8B$2.8B
$6.8B$6.7B
$6.7B-
$6.6B-
$6.6B$3B
$6.6B$660M
$6.6B$3.7B
$6.5B$2.1B
$6.4B-
$6.3B$1.3B
$6.3B$39M
$6.2B$6B
$6.2B$2.1B
$6.2B$1.8B
$6.1B$2B
$6B$518M
$6B$5.5B
$5.9B$1.5B
$5.9B$1.6B
$5.8B-
$5.8B$3.9B
$5.8B$1.1B
$5.8B$2.1B
$5.8B$1.2B
$5.6B$1.3B
$5.5B$1.5B
$5.5B$1.5B
$5.5B$1.7B
$5.5B$1.3B
$5.4B$1.7B
$5.4B$2.8B
$5.3B$1.3B
$5.2B$1.2B
$5.2B-
$5.2B$2.9B
$5.2B$1.6B
$5.1B$2.1B
$5.1B$3.1B
$5.1B$768M
$5.1B$1.7B
$5B$1.5B
$5B$2.4B
$5B-
$4.9B$919M
$4.9B$1.2B
$4.8B$1.2B
$4.8B-
$4.8B$3.7B
$4.7B$1.6B
$4.7B$347M
$4.7B-
$4.7B$615M
$4.6B$1B
$4.6B$2.3B
$4.6B$686M
$4.6B$684M
$4.5B$1.4B
$4.5B$650M
$4.5B$793M
$4.5B$986M
$4.5B$2.7B
$4.4B$581M
$4.4B$1.4B
$4.4B-
$4.3B-
$4.3B$640M
$4.3B$763M
$4.2B$754M
$4.2B-
$4.2B$1.4B
$4.2B$3.3B
$4.1B-
$4.1B$1.3B
$4.1B$1.1B
$4.1B$1.1B
$4.1B$872M
$4B-
$4B$4.6B
$4B$1.2B
$3.9B$1.1B
$3.9B$651M
$3.9B$1.4B
$3.9B$1.6B
$3.9B$31M
$3.8B-
$3.8B$1.4B
$3.8B$1.4B
$3.8B$1.1B
$3.8B$988M
$3.7B$5.6B
$3.7B$1.1B
$3.7B$1.1B
$3.7B$406M
$3.6B$733M
$3.6B$2.5B
$3.6B$1.8B
$3.6B$677M
$3.6B-
$3.6B$911M
$3.5B$591M
$3.5B-
$3.5B$1B
$3.4B$954M
$3.3B$947M
$3.3B$806M
$3.3B-
$3.3B$980M
$3.3B$1B
$3.3B$614M
$3.3B$656M
$3.2B$1.5B
$3.2B$772M
$3.2B$952M
$3.2B-
$3.2B-
$3.2B$875M
$3.2B$799M
$3.1B$671M
$3.1B$1.5B
$3.1B-
$3.1B-
$3.1B-
$3.1B$1.1B
$3.1B$907M
$3B-
$3B$1.2B
$3B$723M
$3B$758M
$3B$911M
$2.9B$4.7B
$2.9B$678M
$2.9B$2.8B
$2.8B$807M
$2.8B$1.2B
$2.8B$780M
$2.8B-
$2.7B-
$2.7B-
$2.7B-
$2.7B-
$2.7B$842M
$2.7B-
$2.7B$743M
$2.6B$689M
$2.6B$480M
$2.6B$918M
$2.6B-
$2.6B$1.4B
$2.6B-
$2.5B$775M
$2.5B$713M
$2.5B$1.1B
$2.5B-
$2.5B$771M
$2.5B-
$2.5B-
$2.4B$442M
$2.4B$712M
$2.4B$665M
$2.3B$798M
$2.3B-
$2.3B$630M
$2.3B$792M
$2.3B-
$2.2B-
$2.2B$740M
$2.2B$708M
$2.2B-
$2.2B$1.3B
$2.2B$754M
$2.2B$717M
$2.2B$746M
$2.2B-
$2.2B-
$2.2B$325M
$2.1B-
$2.1B$548M
$2.1B$991M
$2.1B$1.1B
$2.1B$1.6B
$2.1B$453M
$2.1B$460M
$2B$639M
$2B$365M
$2B$497M
$2B$1.7B
$2B$325M
$2B$915M
$2B-
$1.9B$551M
$1.9B-
$1.9B$602M
$1.9B-
$1.9B$667M
$1.8B$414M
$1.8B$395M
$1.8B$794M
$1.8B$599M
$1.8B$508M
$1.8B$504M
$1.8B$501M
$1.8B-
$1.8B$589M
$1.8B-
$1.7B$417M
$1.7B-
$1.7B$626M
$1.7B-
$1.7B$3.4B
$1.7B-
$1.7B$460M
$1.7B$240M
$1.7B$442M
$1.7B$361M
$1.7B$589M
$1.7B-
$1.6B$413M
$1.6B$424M
$1.6B$442M
$1.6B-
$1.6B$546M
$1.6B-
$1.6B-
$1.6B$462M
$1.5B-
$1.5B-
$1.5B$818M
$1.5B$828M
$1.5B$2.7B
$1.5B$194M
$1.5B-
$1.5B$285M
$1.5B$459M
$1.4B$306M
$1.4B-
$1.4B-
$1.4B$373M
$1.4B$487M
$1.4B-
$1.4B-
$1.4B$413M
$1.4B$254M
$1.4B$312M
$1.4B$305M
$1.3B-
$1.3B$268M
$1.3B$589M
$1.3B$407M
$1.3B$1.8B
$1.3B-
$1.3B$295M
$1.3B$686M
$1.3B$357M
$1.3B-
$1.3B$291M
$1.3B$3.1B
$1.3B$524M
$1.3B$4.3B
$1.3B$375M
$1.2B$1.3B
$1.2B$600M
$1.2B-
$1.2B-
$1.2B-
$1.2B$491M
$1.2B-
$1.2B$279M
$1.2B$580M
$1.2B$369M
$1.2B$415M
$1.2B$312M
$1.2B$405M
$1.2B$348M
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B$341M
$1.1B$246M
$1.1B-
$1.1B$226M
$1.1B-
$1.1B-
$1.1B$362M
$1.1B$481M
$1.1B$264M
$1.1B$396M
$1.1B$235M
$1.1B$187M
$1.1B-
$1.1B-
$1B-
$1B-
$1B-
$1B$242M
$1B-
$1B$270M
$1B$666M
$1B$1.3B
$1B$331M
$1B-
$1B$190M
$997M$357M
$992M$307M
$987M$300M
$986M$284M
$976M$917M
$966M-
$961M$266M
$959M$130M
$959M-
$949M$302M
$947M-
$944M$289M
$931M-
$929M-
$921M$288M
$918M-
$917M$278M
$915M$653M
$911M-
$910M-
$909M$248M
$907M-
$900M-
$897M$185M
$895M$288M
$888M$510M
$886M-
$878M-
$863M$295M
$863M-
$860M$220M
$859M$225M
$844M$279M
$825M-
$823M$258M
$823M-
$819M$3B
$812M-
$810M-
$807M$240M
$805M-
$803M$307M
$798M$517M
$795M$203M
$795M$334M
$791M$249M
$789M$257M
$783M$555M
$780M-
$774M-
$765M$240M
$764M$108M
$762M$853M
$760M$421M
$756M-
$755M-
$753M$383M
$744M$201M
$744M$1.3B
$742M-
$741M-
$739M$241M
$734M$141M
$719M$377M
$715M$191M
$710M-
$704M$418M
$703M-
$699M$881M
$698M-
$697M$283M
$694M$182M
$694M$204M
$691M$196M
$688M$330M
$667M$606M
$666M$226M
$660M-
$659M$133M
$653M-
$648M-
$645M$166M
$645M$241M
$632M$522M
$631M-
$612M-
$608M-
$604M-
$602M-
$597M-
$594M$185M
$593M$535M
$591M-
$588M$181M
$587M$181M
$587M-
$586M$261M
$585M$249M
$584M$139M
$577M$163M
$570M$139M
$563M$188M
$562M-
$556M$138M
$556M$503M
$554M-
$550M-
$548M$215M
$533M$156M
$531M$254M
$527M$97M
$526M$124M
$515M-
$514M$156M
$508M-
$501M$131M
$497M$120M
$495M$110M
$492M$171M
$490M$109M
$484M-
$483M$435M
$482M$133M
$479M-
$478M-
$472M-
$467M-
$457M$123M
$450M$134M
$447M$135M
$445M$129M
$444M-
$441M-
$440M$161M
$435M$149M
$431M$123M
$430M-
$428M$109M
$420M-
$419M$109M
$416M$426M
$415M-
$412M$120M
$411M-
$409M-
$405M$132M
$405M-
$397M-
$397M-
$396M$117M
$395M-
$387M$123M
$387M$202M
$386M$160M
$386M-
$384M-
$382M$185M
$382M$112M
$372M$102M
$370M$250M
$367M$109M
$367M$105M
$365M-
$365M-
$360M-
$360M$765M
$351M-
$348M$158M
$346M-
$340M-
$339M-
$332M$304M
$330M$104M
$330M-
$327M-
$327M-
$326M$302M
$326M-
$324M$70M
$321M-
$321M$77M
$318M-
$318M$90M
$311M$70M
$310M-
$307M$95M
$302M-
$299M$110M
$295M$107M
$294M$88M
$289M-
$289M-
$286M-
$285M$97M
$282M-
$280M-
$280M$96M
$280M-
$280M-
$279M$95M
$279M-
$278M$89M
$276M-
$274M$85M
$272M-
$269M$81M
$269M-
$269M-
$268M$94M
$263M$131M
$262M$96M
$260M$262M
$259M-
$256M-
$255M-
$252M-
$251M$271M
$246M$83M
$244M-
$243M$633M
$236M-
$233M-
$232M-
$228M$130M
$228M$277M
$227M$174M
$226M$101M
$222M-
$221M$64M
$218M-
$216M$120M
$208M-
$206M-
$205M$65M
$205M-
$205M-
$201M$79M
$200M-
$199M-
$197M-
$192M$66M
$192M-
$191M-
$189M$58M
$186M-
$185M-
$184M$78M
$183M$74M
$182M-
$181M-
$177M$74M
$177M$55M
$176M-
$175M$103M
$173M$93M
$172M$219M
$170M$95M
$170M-
$169M-
$165M-
$163M-
$161M-
$158M$96M
$157M$170M
$152M-
$148M-
$148M-
$146M$196M
$143M-
$142M$454M
$140M$33M
$139M-
$131M-
$127M$47M
$126M$48M
$125M-
$121M-
$120M$64M
$118M-
$118M$52M
$117M-
$117M-
$116M-
$115M-
$115M$40M
$114M-
$113M-
$111M-
$111M-
$110M-
$109M-
$109M-
$105M-
$103M-
$103M-
$101M-
$99M$18M
$96M-
$96M$67M
$95M-
$93M-
$93M-
$92M-
$91M-
$87M$32M
$86M$17M
$86M$50M
$83M-
$82M-
$81M-
$79M-
$78M-
$76M-
$73M-
$72M-
$72M$36M
$66M$37M
$63M$41M
$61M-
$54M$33M
$54M-
$54M$36M
$49M-
$47M-
$47M-
$39M-
$37M-
$35M-
$32M-
$28M-
$26M-
$24M$19M
$23M$13M
$22M-
$21M$23M
$18M$32M
$15M-
$13M-
$12M$15M
$10M-
$8M$19M
$6M-
$6M-
$3M$322M
--

Financial data powered by FactSet and Morningstar. Valuation multiples as of last 12 months. For more data, start your free trial here.

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