Industrial and Commercial Bank of China Limited
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
0.740.71
Price/Sales ratio
N/AN/A
Earnings per Share (EPS)
$20.03$20.81

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
5.764.985.266.725.826.104.713.643.4667.54104.705.82
Price/Sales ratio
2.421.982.172.652.252.231.691.351.3637.4237.612.25
Price/Book Value ratio
1.030.770.740.900.740.710.510.390.356.959.770.74
Price/Cash Flow ratio
7.891.226.122.492.392.740.953.520.8946.3516.692.39
Price/Free Cash Flow ratio
10.141.257.242.512.582.850.973.740.8949.2520.322.58
Price/Earnings Growth ratio
1.25-6.0220.492.381.431.243.930.350.94-0.710.181.24
Dividend Yield
5.77%6.75%5.97%4.57%5.20%4.92%6.88%8.21%9.53%0.50%0.87%4.92%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%242.31%99.84%100%
Operating Profit Margin
54.75%51.70%53.51%97.12%96.91%45.81%44.28%45.00%110.35%64.33%18.05%45.81%
Pretax Profit Margin
55.06%52.24%53.95%50.39%48.32%45.94%44.49%45.20%46.25%64.23%34.04%45.94%
Net Profit Margin
41.99%39.85%41.32%39.53%38.62%36.61%35.84%37.06%39.53%55.40%29.98%36.61%
Effective Tax Rate
23.59%23.54%23.17%21.16%19.78%20.01%18.98%17.57%14.56%13.47%12.19%20.01%
Return on Assets
1.33%1.24%1.15%1.09%1.07%1.03%0.94%0.99%0.91%0.81%0.75%1.03%
Return On Equity
18.01%15.48%14.12%13.44%12.77%11.66%10.91%10.69%10.33%10.29%9.76%11.66%
Return on Capital Employed
1.76%3.27%3.06%5.41%5.13%2.51%2.37%2.38%4.82%0.94%0.66%2.51%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.75N/A
Quick Ratio
4.400.560.540.810.340.310.280.240.2540.330.750.34
Cash ratio
3.190.070.080.350.340.310.280.240.2540.330.340.34
Days of Sales Outstanding
184.36184.85157.95139.79N/AN/AN/AN/AN/AN/AN/AN/A
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
0.010.010.010.020.020.020.020.020.02N/A0.030.02
Debt Equity Ratio
0.180.170.180.250.260.280.280.240.26N/A0.390.26
Long-term Debt to Capitalization
0.150.150.150.200.210.220.210.190.20N/AN/A0.22
Total Debt to Capitalization
0.150.150.150.200.210.220.210.190.20N/A0.280.21
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.27N/A
Cash Flow to Debt Ratio
0.693.530.631.431.160.911.910.441.53N/A1.471.16
Company Equity Multiplier
13.4612.4112.2512.2611.8811.2511.5210.7911.3312.6312.3911.88
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.301.620.351.060.930.811.760.381.530.801.870.93
Free Cash Flow / Operating Cash Flow Ratio
0.770.970.840.990.920.960.980.930.990.940.980.92
Cash Flow Coverage Ratio
0.693.530.631.431.160.911.910.441.53N/A1.471.16
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1.47N/A
Dividend Payout Ratio
33.34%33.68%31.48%30.74%30.34%30.05%32.44%29.97%33.04%33.82%37.33%30.34%