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China Merchants Bank Valuation Multiples

Discover revenue and EBITDA valuation multiples for China Merchants Bank and similar public comparables like National Bank of Fujairah, First Abu Dhabi Bank, and RAKBANK.

China Merchants Bank Overview

About China Merchants Bank

China Merchants Bank was founded in 1987 and is headquartered in Shenzhen. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking, and wholesale banking accounted for 57%, 41%, and 2% of total profit before tax, respectively, and 56%, 41%, and 3% of total revenue in 2023.


Founded

1987

HQ

China
Employees

116.5K+

Website

cmbchina.com

Financials

LTM Revenue $46.8B

LTM EBITDA n/a

EV

$184B

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China Merchants Bank Financials

China Merchants Bank has a last 12-month revenue of $46.8B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, China Merchants Bank achieved revenue of $46.5B and an EBITDA of n/a.

China Merchants Bank expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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China Merchants Bank P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $47.3B $46.5B XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit $16.6B $19.1B XXX XXX XXX
Net Margin 35% 41% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

China Merchants Bank Stock Performance

As of March 14, 2025, China Merchants Bank's stock price is CNY 45 (or $6).

China Merchants Bank has current market cap of CNY 1.14T (or $158B), and EV of CNY 1.34T (or $184B).

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China Merchants Bank Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$184B $158B XXX XXX XXX XXX $0.79

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China Merchants Bank Valuation Multiples

As of March 14, 2025, China Merchants Bank has market cap of $158B and EV of $184B.

China Merchants Bank's trades at 3.9x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate China Merchants Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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China Merchants Bank Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $184B XXX XXX XXX
EV/Revenue 4.0x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 7.8x XXX XXX XXX
P/E/Growth 1.7x XXX XXX XXX
EV/FCF 4.1x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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China Merchants Bank Valuation Multiples

China Merchants Bank's NTM/LTM revenue growth is 2%

China Merchants Bank's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, China Merchants Bank's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate China Merchants Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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China Merchants Bank Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -2% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 15% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 36% XXX XXX XXX XXX

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China Merchants Bank Public Comps

See public comps and valuation multiples for Commercial Banking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Abu Dhabi Commercial Bank XXX XXX XXX XXX XXX XXX
Abu Dhabi Islamic Bank XXX XXX XXX XXX XXX XXX
First Abu Dhabi Bank XXX XXX XXX XXX XXX XXX
National Bank of Fujairah XXX XXX XXX XXX XXX XXX
RAKBANK XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

China Merchants Bank M&A and Investment Activity

China Merchants Bank acquired  XXX companies to date.

Last acquisition by China Merchants Bank was  XXXXXXXX, XXXXX XXXXX XXXXXX . China Merchants Bank acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by China Merchants Bank

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About China Merchants Bank

When was China Merchants Bank founded? China Merchants Bank was founded in 1987.
Where is China Merchants Bank headquartered? China Merchants Bank is headquartered in China.
How many employees does China Merchants Bank have? As of today, China Merchants Bank has 116.5K+ employees.
Who is the CEO of China Merchants Bank? China Merchants Bank's CEO is Mr. Liang Wang.
Is China Merchants Bank publicy listed? Yes, China Merchants Bank is a public company listed on SHG.
What is the stock symbol of China Merchants Bank? China Merchants Bank trades under 600036 ticker.
When did China Merchants Bank go public? China Merchants Bank went public in 2002.
Who are competitors of China Merchants Bank? Similar companies to China Merchants Bank include e.g. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, National Bank of Fujairah.
What is the current market cap of China Merchants Bank? China Merchants Bank's current market cap is $158B
What is the current revenue of China Merchants Bank? China Merchants Bank's last 12-month revenue is $46.8B.
What is the current EV/Revenue multiple of China Merchants Bank? Current revenue multiple of China Merchants Bank is 3.9x.
What is the current revenue growth of China Merchants Bank? China Merchants Bank revenue growth between 2023 and 2024 was -2%.
Is China Merchants Bank profitable? Yes, China Merchants Bank is EBITDA-positive (as of the last 12 months).

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