HSBC Holdings
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
10.599.919.41
Price/Sales ratio
4.063.983.90
Earnings per Share (EPS)
$6.01$6.43$6.77

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
13.0811.3164.0319.1011.9121.3419.988.757.957.047.5821.34
Price/Sales ratio
2.422.112.593.212.562.221.651.891.842.802.592.56
Price/Book Value ratio
0.940.810.901.080.870.850.530.610.650.850.920.87
Price/Cash Flow ratio
-8.37-136.352.30-19.6825.285.290.571.164.674.03N/A5.29
Price/Free Cash Flow ratio
-7.54-44.622.37-15.9547.766.030.581.205.614.45N/A6.03
Price/Earnings Growth ratio
-0.73-1.95-0.710.030.27-0.37-0.580.030.500.11-0.19-0.37
Dividend Yield
4.01%4.90%5.76%4.36%6.57%6.20%1.93%5.24%5.63%7.72%8.27%6.57%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%111.82%94.01%100%
Operating Profit Margin
45.90%44.22%97.87%99.44%59.14%16.96%12.50%28.22%58.70%46.33%44.93%44.93%
Pretax Profit Margin
25.33%26.11%11.63%26.76%31.19%18.83%13.88%29.43%26.15%53.85%45.50%31.19%
Net Profit Margin
18.56%18.71%4.05%16.83%21.52%10.41%8.27%21.66%23.21%39.80%34.63%21.52%
Effective Tax Rate
21.27%19.98%51.54%30.80%24.45%34.75%30.51%22.28%4.89%19.07%20.55%34.75%
Return on Assets
0.51%0.56%0.10%0.42%0.53%0.27%0.17%0.47%0.52%0.73%0.76%0.53%
Return On Equity
7.18%7.17%1.41%5.67%7.37%4.01%2.66%7.01%8.29%12.10%12.54%7.37%
Return on Capital Employed
1.29%1.60%2.56%2.57%1.47%0.46%0.26%0.63%1.38%0.93%0.98%0.98%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Quick Ratio
11.401.3315.1517.348.24M6.627.28M3.282.621.30N/A6.62
Cash ratio
8.940.253.204.071.73M1.342.39M3.282.501.24N/A1.34
Days of Sales Outstanding
53.34N/A51.1855.4955.0852.5259.33N/AN/AN/AN/A52.52
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/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.030.040.03N/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Equity Ratio
0.420.590.49N/AN/AN/AN/AN/AN/AN/AN/AN/A
Long-term Debt to Capitalization
0.290.370.33N/AN/AN/AN/AN/AN/AN/AN/AN/A
Total Debt to Capitalization
0.290.370.33N/AN/AN/AN/AN/AN/AN/AN/AN/A
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1.56N/A
Cash Flow to Debt Ratio
-0.26-0.010.79N/AN/AN/AN/AN/AN/AN/AN/AN/A
Company Equity Multiplier
13.8312.7813.5413.2513.7314.7515.1914.9215.8216.3916.0713.73
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-0.28-0.011.12-0.160.100.412.881.620.390.69N/A0.41
Free Cash Flow / Operating Cash Flow Ratio
1.113.050.971.230.520.870.980.960.830.90N/A0.87
Cash Flow Coverage Ratio
-0.26-0.010.79N/AN/AN/AN/AN/AN/AN/AN/AN/A
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
52.48%55.45%369.38%83.39%78.40%132.37%38.68%45.86%44.79%54.36%N/A132.37%