Bank of Montreal
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
10.328.95
Price/Sales ratio
2.172.07
Earnings per Share (EPS)
$11.00$12.69

Historical Multiples (2015 – 2024)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Median
Valuation Ratios
Price/Earnings ratio
11.2012.2812.4111.5910.809.9611.306.1518.4512.6213.9010.80
Price/Sales ratio
2.522.713.032.762.452.023.253.172.772.882.382.02
Price/Book Value ratio
1.241.341.491.381.210.891.521.171.041.091.201.20
Price/Cash Flow ratio
20.99-21.4422.833.522.120.991.9916.808.393.184.082.12
Price/Free Cash Flow ratio
27.07-17.3731.373.712.201.012.0323.7310.173.364.362.20
Price/Earnings Growth ratio
4.812.310.851.734.58-0.770.210.08-0.250.15-1.26-0.77
Dividend Yield
4.35%3.90%3.02%4.08%4.42%4.87%3.39%3.11%3.35%4.15%3.19%4.87%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%113.90%100%128.28%100%
Operating Profit Margin
50.03%49.42%57.00%72.35%28.70%25.36%38.12%110.04%35.48%N/A11.52%25.36%
Pretax Profit Margin
27.54%27.36%30.38%32.40%28.70%25.36%38.12%68.11%20.20%29.75%22.15%25.36%
Net Profit Margin
22.53%22.06%24.44%23.83%22.73%20.36%28.81%51.55%15.04%22.83%17.12%20.36%
Effective Tax Rate
17.52%19.20%19.50%26.45%20.81%19.70%24.41%24.31%25.34%23.15%23.32%20.81%
Return on Assets
0.68%0.67%0.75%0.70%0.67%0.53%0.78%1.18%0.32%0.51%0.51%0.53%
Return On Equity
11.08%10.92%12.05%11.91%11.27%9.00%13.47%19.05%5.66%8.68%9.03%9.00%
Return on Capital Employed
1.75%1.72%2.01%2.42%0.95%0.74%1.15%2.81%0.76%N/A0.34%0.74%
Liquidity Ratios
Current Ratio
1.091.101.091.091.08N/AN/AN/AN/AN/AN/AN/A
Quick Ratio
0.813.143.523.914.314.214.624.09N/AN/AN/A4.21
Cash ratio
0.530.410.430.550.600.701.010.82N/AN/AN/A0.70
Days of Sales Outstanding
155.38173.16152.08161.5486.4886.7690.81112.50148.51483.34362.3286.48
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/A148.51N/A362.32N/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/A-1.78KN/A-1.57KN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/A1.93KN/A1.93KN/A
Debt Ratios
Debt Ratio
0.040.000.030.110.210.190.180.190.180.180.180.19
Debt Equity Ratio
0.660.100.631.993.633.263.253.093.183.073.073.26
Long-term Debt to Capitalization
0.390.090.380.660.670.670.630.630.630.640.640.67
Total Debt to Capitalization
0.390.090.380.660.780.760.760.750.760.750.750.76
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.10N/A
Cash Flow to Debt Ratio
0.08-0.590.100.190.150.270.230.020.030.110.090.27
Company Equity Multiplier
16.2816.2615.9916.9216.6816.7717.1716.0317.4916.7316.7316.68
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.12-0.120.130.781.152.031.630.180.330.900.582.03
Free Cash Flow / Operating Cash Flow Ratio
0.771.230.720.950.960.970.970.700.820.940.930.97
Cash Flow Coverage Ratio
0.08-0.590.100.190.150.270.230.020.030.110.090.27
Short Term Coverage Ratio
N/AN/AN/AN/A0.360.780.510.050.080.270.230.78
Dividend Payout Ratio
48.85%48.00%37.58%47.37%47.79%48.55%38.43%19.16%61.92%52.47%52.47%47.79%