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
$971B$1.2T$198B5.9x-
$453B$878B$120B7.3x-
$380B$636B$123B5.1x-
$354B$156B$73B2.1x-
$328B$605B$111B5.4x-
$300B$671B$113B5.9x-
$297B$717B$51B14.2x-
$269B$492B$87B5.7x-
$262B$589B$100B5.9x-
$255B$338B$38B8.9x-
$231B$653B$92B7.1x-
$213B$614B$73B8.4x-
$204B$395B$42B9.3x-
$204B$296B$21B13.8x-
$176B$420B$51B8.2x-
$169B$236B$19B12.7x-
$164B$203B$55B3.7x-
$158B$281B$47B6.0x-
$147B$233B$30B7.8x-
$146B$176B$51B3.5x-
$141B$287B$62B4.6x-
$138B$247B$33B7.5x-
$136B$181B$60B3.0x-
$130B$91B$23B3.9x-
$129B$336B$28B12.2x-
$118B$21B
$111B$23B
$111B-
$110B$28B
$109B$12B
$108B$13B
$106B$11B
$105B$27B
$103B$20B
$102B$25B
$101B$30B
$101B$28B
$94B$41B
$89B$27B
$89B$15B
$87B$40B
$86B-
$85B$54B
$85B$16B
$77B$16B
$76B$24B
$72B$38B
$71B$32B
$70B$14B
$70B$15B
$70B$33B
$68B$14B
$67B$9.9B
$67B$11B
$66B$22B
$64B$21B
$63B$11B
$60B$32B
$59B$15B
$58B$10B
$57B$32B
$55B$17B
$54B$11B
$54B$14B
$53B-
$49B$15B
$47B$6.2B
$46B$9.1B
$46B$9.4B
$45B$26B
$45B$8.4B
$45B$7.6B
$44B$6.6B
$43B$22B
$42B$13B
$42B$8B
$42B$75B
$41B$13B
$41B$4.6B
$41B$7.2B
$40B$9.1B
$37B$11B
$37B$9.4B
$37B-
$37B$7.8B
$37B$8.2B
$37B$9.9B
$36B$10B
$35B$8.5B
$35B$11B
$34B$3.4B
$34B$10B
$34B$6.3B
$34B$28B
$33B$8.1B
$33B$5.4B
$33B$11B
$32B$20B
$32B$14B
$31B$11B
$31B$7.8B
$31B$9.9B
$31B$8.8B
$31B$6.1B
$30B$7.3B
$29B$5.7B
$29B$7.1B
$28B$4.9B
$28B$4.6B
$28B-
$27B$7.7B
$27B$4.5B
$26B$13B
$26B$4.3B
$26B$5.3B
$26B$19B
$25B$9B
$25B$8.7B
$25B$3.8B
$25B$7.8B
$24B$8.5B
$23B$9.8B
$23B$3.5B
$23B-
$23B$16B
$22B$2.6B
$22B$5B
$22B$21B
$22B$8.7B
$21B$31B
$21B$5.7B
$21B$3.5B
$21B$5B
$21B$2.7B
$21B$8.7B
$20B$4.7B
$20B$3.3B
$20B$8.2B
$20B$6.5B
$19B$3.1B
$19B$4.8B
$19B$4.1B
$19B$2.3B
$19B$4.6B
$19B$3.1B
$18B$3.2B
$18B$4B
$18B$2.8B
$18B$4.6B
$18B$6.2B
$17B$4.3B
$17B$1.6B
$17B$3.7B
$17B$6.1B
$17B$3.2B
$17B$8B
$16B$1.1B
$16B$3.4B
$16B$3.9B
$16B$2.7B
$16B-
$16B$3.4B
$16B$14B
$16B$10B
$16B$3.3B
$15B$5.1B
$15B$3.4B
$15B$3.7B
$15B$3.9B
$15B$3.6B
$15B$6B
$15B$2.3B
$15B$3.6B
$15B$1.9B
$14B$6.5B
$14B$3.3B
$14B$2.9B
$14B-
$14B$4.8B
$14B$6.8B
$13B$8.6B
$13B$2.9B
$13B-
$13B$2.7B
$13B$1.5B
$13B$3B
$13B$4.1B
$13B$6.9B
$12B$11B
$12B$3.5B
$12B$2.7B
$12B-
$12B$2.7B
$12B$1.5B
$12B$3.9B
$12B$7.3B
$12B$2.7B
$12B$9.3B
$11B$3.7B
$11B$1.7B
$11B$6.1B
$11B$2.9B
$11B-
$11B$3.5B
$11B$5.1B
$11B$5.2B
$11B$9.1B
$11B$2.9B
$11B$3.8B
$11B$2.7B
$11B$4.4B
$11B$2.5B
$10B$3.5B
$10B$2.4B
$10B$2.8B
$10B$4.2B
$10B$2.8B
$10B$1.7B
$10B$893M
$9.6B-
$9.6B$3.7B
$9.5B-
$9.4B$1.8B
$9.4B$2.4B
$9.3B$3.4B
$9.3B-
$9.3B$2.3B
$9.2B$1.7B
$9.2B$2.7B
$9.1B$2.6B
$9.1B$5.1B
$9B$2.1B
$9B$3.8B
$8.9B$1.6B
$8.9B$4B
$8.9B$1.2B
$8.9B$1.7B
$8.9B-
$8.8B-
$8.8B$2.2B
$8.6B$5.7B
$8.6B$1.9B
$8.5B$1.4B
$8.5B$2.2B
$8.4B$2B
$8.4B$1.9B
$8.3B-
$8.3B$2.7B
$8.3B$2.2B
$8.2B$4.4B
$8.1B$1.4B
$8.1B-
$8B$2.3B
$8B$1.1B
$7.9B$1.6B
$7.8B$1.6B
$7.8B$3.2B
$7.8B$3.3B
$7.7B$1.6B
$7.6B$6.7B
$7.5B$3.2B
$7.5B$5.7B
$7.5B$3.8B
$7.4B$1.8B
$7.3B-
$7.2B$2.9B
$7B-
$7B$3B
$6.9B$3.7B
$6.9B$1.8B
$6.8B-
$6.8B-
$6.8B-
$6.7B$1.6B
$6.7B$1.8B
$6.7B$1.3B
$6.7B$527M
$6.6B$3B
$6.6B$899M
$6.6B$6.5B
$6.6B-
$6.5B$1.7B
$6.5B$662M
$6.4B$6.4B
$6.4B$1.2B
$6.4B$2.1B
$6.3B$1.6B
$6.3B$5.8B
$6.3B$2.1B
$6.2B$1.1B
$6.2B$5.7B
$6.1B$1.7B
$6.1B$1.5B
$6.1B$2.2B
$6B$1.3B
$6B$1.3B
$5.9B$1.3B
$5.9B$2.1B
$5.8B$1.2B
$5.7B$1B
$5.7B$3.1B
$5.7B$1.7B
$5.7B$1.5B
$5.6B$2.3B
$5.6B$1.9B
$5.5B$2.8B
$5.5B$3.8B
$5.4B$3.6B
$5.3B$1.1B
$5.3B-
$5.3B$1.6B
$5.2B$1.3B
$5.2B-
$5.2B-
$5.1B-
$5.1B$1.5B
$5.1B$920M
$5B$677M
$4.9B$636M
$4.9B$2.7B
$4.9B$1.8B
$4.9B$617M
$4.9B$344M
$4.8B$687M
$4.8B-
$4.7B$1.2B
$4.7B$790M
$4.7B$1.4B
$4.7B$2.4B
$4.7B$1.6B
$4.6B$777M
$4.6B$633M
$4.6B$1.4B
$4.5B-
$4.5B$1.8B
$4.5B$1.1B
$4.4B-
$4.4B$1.4B
$4.4B$1.1B
$4.4B-
$4.4B$1.3B
$4.4B$2.2B
$4.3B-
$4.3B-
$4.3B$863M
$4.3B$1.2B
$4.3B$768M
$4.2B-
$4.2B$805M
$4.1B$1.1B
$4.1B$790M
$4.1B$1B
$4B$629M
$4B$966M
$4B-
$4B$1.1B
$3.9B$32M
$3.9B$1.4B
$3.9B-
$3.8B$726M
$3.8B$903M
$3.8B$4.7B
$3.8B$20B
$3.8B$801M
$3.8B$3.4B
$3.7B-
$3.7B-
$3.7B$559M
$3.7B$640M
$3.7B$1B
$3.6B-
$3.6B$1B
$3.6B$1B
$3.6B$1.4B
$3.6B$2.6B
$3.5B-
$3.5B$934M
$3.5B$1.3B
$3.4B$966M
$3.4B$776M
$3.4B-
$3.4B$865M
$3.4B$1.1B
$3.4B$677M
$3.4B$903M
$3.4B-
$3.3B-
$3.3B$1.8B
$3.2B$905M
$3.2B$2.4B
$3.2B$933M
$3.2B-
$3.2B$753M
$3.1B$685M
$3.1B$769M
$3.1B$1.2B
$3.1B$679M
$3.1B-
$3B$1.2B
$3B-
$3B$816M
$3B$1.5B
$3B$4.7B
$2.9B$941M
$2.9B$1.5B
$2.9B-
$2.8B$651M
$2.8B$691M
$2.8B-
$2.8B$911M
$2.8B$784M
$2.8B$835M
$2.8B$393M
$2.8B$735M
$2.7B$721M
$2.7B-
$2.7B$465M
$2.7B$760M
$2.7B-
$2.7B-
$2.7B$758M
$2.7B-
$2.6B$434M
$2.6B-
$2.6B$1.1B
$2.6B-
$2.6B-
$2.6B$758M
$2.6B-
$2.6B$764M
$2.6B-
$2.5B-
$2.5B$707M
$2.5B$627M
$2.5B$705M
$2.5B-
$2.5B$737M
$2.4B$1.4B
$2.4B$750M
$2.4B-
$2.4B-
$2.3B-
$2.3B$993M
$2.3B$708M
$2.3B$699M
$2.3B$331M
$2.3B$1.3B
$2.2B$743M
$2.2B$544M
$2.2B-
$2.2B-
$2.2B$662M
$2.1B$456M
$2.1B-
$2.1B$363M
$2.1B-
$2.1B-
$2.1B-
$2.1B$323M
$2B-
$2B$570M
$2B-
$2B$617M
$2B$448M
$1.9B$551M
$1.9B-
$1.9B$489M
$1.9B$390M
$1.9B$415M
$1.9B$1.7B
$1.9B$880M
$1.9B-
$1.9B$794M
$1.9B$524M
$1.8B$438M
$1.8B-
$1.8B$453M
$1.8B$574M
$1.8B$415M
$1.8B$449M
$1.8B$606M
$1.8B$818M
$1.8B$458M
$1.7B$229M
$1.7B$406M
$1.7B$637M
$1.7B-
$1.7B$442M
$1.7B$419M
$1.7B-
$1.7B-
$1.6B$660M
$1.6B-
$1.6B-
$1.6B-
$1.6B$186M
$1.6B-
$1.6B-
$1.6B$831M
$1.6B-
$1.5B-
$1.5B$266M
$1.5B$282M
$1.5B-
$1.5B$306M
$1.5B$365M
$1.5B-
$1.5B$402M
$1.5B$483M
$1.5B$573M
$1.5B$2.5B
$1.5B$506M
$1.4B-
$1.4B-
$1.4B-
$1.4B$301M
$1.4B$361M
$1.4B$399M
$1.4B$255M
$1.3B$593M
$1.3B$286M
$1.3B$369M
$1.3B$697M
$1.3B$3.4B
$1.3B$481M
$1.3B$291M
$1.3B-
$1.2B-
$1.2B$360M
$1.2B$1.3B
$1.2B$418M
$1.2B$301M
$1.2B$1.8B
$1.2B$354M
$1.2B-
$1.2B-
$1.2B$345M
$1.2B-
$1.2B-
$1.2B$355M
$1.2B$419M
$1.2B-
$1.2B$227M
$1.2B$183M
$1.2B-
$1.2B$393M
$1.2B-
$1.2B-
$1.1B$241M
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B$605M
$1.1B-
$1.1B-
$1.1B$235M
$1.1B$231M
$1.1B-
$1.1B$929M
$1.1B$4.1B
$1.1B$289M
$1.1B-
$1.1B$265M
$1.1B$297M
$1B$352M
$1B$295M
$1B-
$1B$345M
$1B$185M
$1B$655M
$1B-
$1B$324M
$1B$261M
$1B-
$1B-
$1B$277M
$1B$277M
$1B-
$998M-
$997M$1.2B
$997M$301M
$991M$265M
$989M$653M
$985M-
$979M$286M
$969M$282M
$969M$270M
$963M-
$957M$239M
$957M$286M
$932M-
$928M-
$927M$182M
$926M$140M
$898M$217M
$896M$289M
$895M$507M
$893M-
$892M-
$878M-
$877M$298M
$876M$3B
$875M$226M
$865M$422M
$861M-
$859M-
$858M$867M
$857M-
$857M$235M
$852M-
$851M$202M
$851M$257M
$842M$304M
$828M-
$827M$197M
$825M$255M
$822M-
$820M$325M
$817M-
$817M-
$806M-
$804M$552M
$801M$238M
$787M-
$787M$510M
$777M$873M
$771M-
$759M-
$758M-
$757M-
$754M$595M
$750M$239M
$749M$261M
$743M-
$737M$377M
$734M-
$725M$191M
$714M$202M
$709M$140M
$703M$423M
$701M$182M
$701M$184M
$696M$329M
$690M-
$689M-
$676M$226M
$675M$132M
$674M-
$666M-
$656M$164M
$647M$241M
$647M-
$639M$154M
$635M$372M
$626M-
$624M$109M
$620M-
$619M$137M
$616M$258M
$614M$160M
$613M-
$612M$1.3B
$612M-
$607M$136M
$603M-
$601M-
$600M-
$600M$179M
$599M$214M
$599M$252M
$596M$186M
$595M$179M
$593M-
$587M-
$579M$182M
$574M-
$567M$155M
$567M$245M
$561M$135M
$559M$532M
$554M-
$545M-
$545M$461M
$542M$475M
$541M$122M
$540M-
$531M-
$527M$156M
$527M-
$525M-
$525M-
$522M$130M
$520M$420M
$513M$170M
$503M$108M
$502M-
$500M$109M
$496M$130M
$495M$97M
$494M-
$488M-
$484M$131M
$480M-
$468M$148M
$467M$157M
$465M$123M
$462M$134M
$462M$132M
$453M-
$442M$121M
$439M$106M
$437M-
$425M-
$424M$126M
$420M-
$419M-
$416M$123M
$415M$107M
$411M$203M
$410M-
$408M$185M
$407M-
$403M-
$402M-
$402M$113M
$399M$112M
$397M$122M
$396M$161M
$394M$742M
$390M$260M
$385M$108M
$380M-
$380M-
$378M-
$375M$106M
$374M-
$372M$105M
$370M$301M
$368M-
$361M$102M
$358M-
$357M$267M
$343M-
$342M-
$340M$103M
$340M-
$338M-
$337M-
$337M$76M
$337M$142M
$336M-
$335M$89M
$331M-
$328M$69M
$326M$115M
$324M$157M
$321M$92M
$320M-
$318M$68M
$317M-
$309M$100M
$308M$108M
$307M$84M
$305M$489M
$294M$94M
$294M$87M
$292M-
$291M-
$290M-
$288M$95M
$288M$93M
$288M-
$288M-
$288M$129M
$283M-
$282M$88M
$281M$96M
$280M-
$280M-
$280M-
$279M-
$278M-
$276M-
$273M$78M
$271M-
$270M-
$269M$638M
$268M$279M
$259M-
$257M-
$255M$170M
$253M-
$252M-
$252M$123M
$246M$273M
$239M-
$238M-
$238M$129M
$235M-
$235M$100M
$232M$64M
$231M$80M
$221M-
$220M-
$217M-
$211M-
$201M$77M
$199M$64M
$197M-
$196M-
$195M-
$194M$72M
$192M$77M
$191M$164M
$190M$56M
$188M-
$188M$95M
$184M$95M
$183M-
$182M-
$179M-
$179M$212M
$177M$74M
$176M-
$174M$66M
$174M$54M
$174M-
$172M-
$171M$101M
$165M-
$164M-
$161M-
$161M$99M
$160M$98M
$157M$198M
$155M-
$152M-
$148M$33M
$146M-
$141M-
$140M-
$140M-
$139M-
$138M-
$135M-
$132M$66M
$125M-
$125M$47M
$123M-
$122M-
$120M-
$120M-
$117M-
$114M-
$113M-
$113M$40M
$112M-
$110M-
$109M-
$107M$67M
$106M$50M
$105M-
$103M-
$102M-
$101M$17M
$99M-
$94M-
$93M-
$93M-
$91M-
$89M$32M
$88M$49M
$88M-
$87M$18M
$87M-
$86M-
$85M-
$83M-
$83M-
$82M$37M
$80M-
$70M-
$66M$39M
$63M$43M
$59M-
$54M$33M
$50M-
$49M-
$47M-
$46M$51M
$45M-
$38M-
$34M-
$27M-
$26M$14M
$25M-
$25M$20M
$22M-
$21M$23M
$18M-
$18M$35M
$15M-
$13M-
$13M$14M
$11M$18M
$10M-
$6M-
$6M-
$4M-
$4M-
$3M$321M
-$245M
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-$3.3B
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