HSBC Holdings plc (HSBC) Key Metrics
HSBC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $323.43B
- Enterprise value
- $916.88B
- P/E (TTM)
- 13.5 10-yr median 12.2
- Forward P/E
- 10.7
- PEG ratio
- 0.89
- Price / sales
- 4.8 10-yr median 1.7
- Price / book
- 1.8 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 14.7
- Dividend yield
- 3.97% $3.75 a year
- Beta
- 0.58
HSBC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHSBC valuation Price multiples at each fiscal year-end price.
HSBC returns How much profit the business earns on the capital it uses.
HSBC per-share figures Results divided by the shares outstanding at year-end.
HSBC financial health Debt, liquidity and how easily interest is covered.
HSBC efficiency & capital use Working capital cycle and where the cash goes.
HSBC valuation history
HSBC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HSBC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HSBC cash returned to shareholders
HSBC price vs earnings per share
HSBC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $276.08B | $182.85B | $158.92B | $124.55B | $122.42B | $104.89B | $158.18B | $164.30B | $207.30B | $159.47B |
| Enterprise value | −$103.10B | $140.69B | $286.04B | −$21.26B | $95.43B | $155.04B | $571.84B | $435.23B | $350.68B | $336.89B |
| P/E ratio | 12.4 | 7.6 | 6.8 | 8.0 | 8.8 | 20.1 | 21.4 | 12.0 | 19.2 | 64.3 |
| Price / sales | 2.1 | 1.3 | 1.2 | 1.6 | 1.7 | 1.4 | 1.7 | 2.0 | 2.7 | 2.1 |
| Price / book | 1.4 | 1.0 | 0.9 | 0.7 | 0.6 | 0.5 | 0.1 | 0.8 | 1.0 | 0.9 |
| Price / free cash flow | 11.0 | 3.0 | 4.5 | 5.7 | 1.2 | 0.6 | 6.1 | 48.0 | — | 2.4 |
| Price / operating cash flow | 9.3 | 2.8 | 4.1 | 4.7 | 1.2 | 0.6 | 5.3 | 25.4 | — | 2.3 |
| EV / sales | -0.8 | 1.0 | 2.2 | -0.3 | 1.3 | 2.0 | 6.0 | 5.3 | 4.6 | 4.5 |
| EV / EBITDA | — | 3.9 | 8.5 | — | 4.1 | 11.1 | 24.0 | 19.9 | 18.4 | 27.3 |
| EV / free cash flow | — | 2.3 | 8.1 | — | 0.9 | 0.9 | 21.9 | 127.1 | — | 5.0 |
| Earnings yield | 8.1% | 13.1% | 14.8% | 12.5% | 11.4% | 5.0% | 4.7% | 8.4% | 5.2% | 1.6% |
| Free cash flow yield | 9.1% | 33.6% | 22.3% | 17.7% | 82.3% | 170.4% | 16.5% | 2.1% | −6.2% | 42.0% |
| Dividend yield | 4.2% | 9.4% | 7.7% | 5.6% | 5.2% | 1.9% | 6.2% | 6.6% | 4.3% | 5.7% |
| Shareholder yield (dividends + buybacks) | 8.8% | 15.9% | 11.7% | 9.3% | 9.7% | 2.5% | 6.7% | 7.8% | 5.8% | 7.3% |
| Share price at fiscal year-end | $78.67 | $49.46 | $40.54 | $31.16 | $30.15 | $25.91 | $39.09 | $41.11 | $51.64 | $40.18 |
| Per share | ||||||||||
| Revenue per share | $38.21 | $38.76 | $33.04 | $19.06 | $18.21 | $19.13 | $23.39 | $20.70 | $19.05 | $18.79 |
| Earnings per share | $6.35 | $6.49 | $6.00 | $3.89 | $3.43 | $1.29 | $1.82 | $3.43 | $2.69 | $0.62 |
| Operating cash flow per share | $8.48 | $17.66 | $9.98 | $6.61 | $25.69 | $45.01 | $7.35 | $1.62 | −$2.61 | $17.37 |
| Free cash flow per share | $7.15 | $16.61 | $9.03 | $5.51 | $24.81 | $44.14 | $6.45 | $0.86 | −$3.22 | $16.86 |
| Cash per share | $181.03 | $76.96 | $76.42 | $87.57 | $104.04 | $81.20 | $39.31 | $45.63 | $49.92 | $37.39 |
| Book value per share | $56.48 | $50.03 | $47.28 | $44.49 | $48.83 | $48.52 | $639.05 | $48.60 | $49.29 | $46.00 |
| Tangible book value per share | $52.75 | $46.68 | $44.09 | $41.63 | $43.75 | $43.47 | $634.07 | $42.51 | $43.45 | $40.62 |
| Dividends per share | $3.30 | $4.63 | $3.11 | $1.74 | $1.57 | $0.50 | $2.42 | $2.69 | $2.24 | $2.31 |
| Capex per share | $1.33 | $1.05 | $0.94 | $1.10 | $0.88 | $0.87 | $0.90 | $0.76 | $0.61 | $0.52 |
| Debt per share | $72.99 | $65.55 | $108.85 | $51.10 | $97.39 | $93.59 | $141.53 | $113.42 | $85.63 | $82.10 |
| Shares outstanding | 3.51B | 3.70B | 3.92B | 4.00B | 4.06B | 4.05B | 4.05B | 4.00B | 4.01B | 3.97B |
| Change in shares outstanding | −5.1% | −5.7% | −1.9% | −1.6% | +0.3% | +0.0% | +1.3% | −0.4% | +1.1% | +1.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.6% | 13.0% | 13.0% | 8.3% | 7.1% | 0.4% | 0.5% | 7.0% | 5.7% | 1.3% |
| Return on invested capital (ROIC) | — | 11.0% | 14.3% | 16.0% | 7.0% | 0.4% | 0.5% | 3.7% | 3.4% | 0.9% |
| Return on assets (ROA) | 0.7% | 0.8% | 0.8% | 0.5% | 0.5% | 0.2% | 0.3% | 0.5% | 0.4% | 0.1% |
| Return on tangible assets | 0.7% | 0.8% | 0.8% | 0.5% | 0.5% | 0.2% | 0.3% | 0.5% | 0.4% | 0.1% |
| Free cash flow margin | 18.7% | 42.9% | 27.3% | 28.9% | 136.2% | 230.7% | 27.6% | 4.1% | −16.9% | 89.7% |
| Income quality (OCF / net income) | 1.34 | 2.72 | 1.66 | 1.70 | 7.50 | 34.85 | 4.03 | 0.47 | −0.97 | 27.82 |
| Financial health | ||||||||||
| Total debt | $256.14B | $242.35B | $426.69B | $204.24B | $395.44B | $378.87B | $572.72B | $453.31B | $343.76B | $325.84B |
| Cash & short-term investments | $635.32B | $284.51B | $299.57B | $350.05B | $422.44B | $328.73B | $159.06B | $182.38B | $200.38B | $148.42B |
| Net debt | −$379.18B | −$42.17B | $127.12B | −$145.81B | −$26.99B | $50.15B | $413.66B | $270.93B | $143.38B | $177.42B |
| Debt / equity | 1.29 | 1.31 | 2.30 | 1.15 | 1.99 | 1.93 | 0.22 | 2.33 | 1.74 | 1.78 |
| Debt / assets | 0.08 | 0.08 | 0.14 | 0.07 | 0.13 | 0.13 | 0.21 | 0.18 | 0.14 | 0.14 |
| Net debt / EBITDA | −10.89 | −1.16 | 3.76 | −6.97 | −1.16 | 3.58 | 17.33 | 12.41 | 7.53 | 14.40 |
| Current ratio | 0.33 | 0.16 | 0.18 | 28.34 | 40.36 | 32.58 | 2.50 | — | 3.93 | 3.08 |
| Quick ratio | 0.33 | 0.16 | 0.18 | 28.34 | 40.36 | 91.96 | 6.62 | — | 3.92 | 2.98 |
| Interest coverage | 0.5 | 0.4 | 0.5 | 0.8 | 1.9 | 0.6 | 0.6 | 1.0 | 1.3 | 0.6 |
| Working capital | −$1.34T | −$1.52T | −$1.46T | $337.70B | $411.97B | $328.60B | $177.58B | $200.72B | $134.72B | $86.51B |
| Invested capital | −$180.96B | $142.81B | $312.45B | $32.02B | $171.26B | $246.59B | $3.00T | $465.18B | $341.25B | $360.00B |
| Tangible asset value | $192.56B | $179.89B | $180.12B | $184.61B | $186.16B | $184.55B | $2.57T | $169.89B | $174.42B | $161.23B |
| Net current asset value | −$2.38T | −$2.53T | −$2.53T | −$2.42T | −$2.33T | −$2.44T | $166.58B | −$2.16T | −$2.14T | −$2.06T |
| Graham number | $89.83 | $85.45 | $79.91 | $62.42 | $61.36 | $37.55 | $161.97 | $61.29 | $54.62 | $25.43 |
| Graham net-net per share | −$681.43 | −$687.11 | −$649.62 | −$605.31 | −$573.34 | −$679.70 | −$27.40 | −$525.09 | −$516.33 | −$503.19 |
| Capital allocation | ||||||||||
| Dividends paid | $11.58B | $17.10B | $12.20B | $6.97B | $6.38B | $2.02B | $9.77B | $10.76B | $9.01B | $9.16B |
| Share buybacks (net) | $12.66B | $11.89B | $6.43B | $4.64B | $5.54B | $579.0M | $859.0M | $2.00B | $3.07B | $2.51B |
| Dividend payout ratio | 52.0% | 71.3% | 51.8% | 44.8% | 45.9% | 38.7% | 132.4% | 78.4% | 83.4% | 369.4% |
| Dividends + buybacks / free cash flow | 96.6% | 47.2% | 52.6% | 52.7% | 11.8% | 1.5% | 40.7% | 372.6% | — | 17.4% |
| Capex / revenue | 3.5% | 2.7% | 2.9% | 5.8% | 4.8% | 4.5% | 3.8% | 3.7% | 3.2% | 2.8% |
| Capex / operating cash flow | 15.7% | 6.0% | 9.4% | 16.7% | 3.4% | 1.9% | 12.2% | 47.1% | — | 3.0% |
| Capex / depreciation | 0.95 | 0.95 | 1.07 | 1.14 | 0.83 | 0.67 | 0.35 | 1.57 | 1.32 | 0.39 |
| Stock-based compensation / revenue | 0.5% | 0.4% | 0.4% | 0.5% | 0.6% | 0.6% | 0.5% | 0.5% | 0.7% | 0.7% |
| SG&A / revenue | 8.9% | 7.3% | 23.4% | 14.2% | 15.7% | 14.3% | 14.6% | 18.6% | 20.5% | 22.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 2.4 | — | — | 5.3 | 27.8 | 346.3 | 476.8 | 392.1 | 302.3 | 187.0 |
| Days of inventory on hand | — | — | — | — | — | -14,217.6 | -7,329.0 | — | 73.6 | 699.4 |
| Days payables outstanding | — | — | 170.0 | 363.0 | 698.0 | 470.1 | 10,973.9 | 27,324.4 | 39,253.1 | 38,765.3 |
| Cash conversion cycle (days) | — | — | — | -357.7 | -670.2 | -14,341.4 | -17,826.0 | -26,932.3 | -38,877.2 | -37,878.9 |
| Receivables turnover | 155.21 | — | — | 69.24 | 13.15 | 1.05 | 0.77 | 0.93 | 1.21 | 1.95 |
| Payables turnover | — | — | 2.15 | 1.01 | 0.52 | 0.78 | 0.03 | 0.01 | 0.01 | 0.01 |
| Inventory turnover | — | — | — | — | — | — | — | — | 4.96 | 0.52 |
| Asset turnover | 0.04 | 0.05 | 0.04 | 0.03 | 0.02 | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 |
| Average receivables | $864.0M | — | — | $1.10B | $5.62B | $73.48B | $123.63B | $88.88B | $63.36B | $38.22B |
| Average payables | — | — | $30.31B | $22.32B | $18.55B | $18.26B | $728.58B | $1.43T | $1.38T | $1.34T |
| Average inventory | — | — | — | — | — | −$552.26B | −$486.58B | — | $2.58B | $24.14B |
| Intangibles / total assets | 0.4% | 0.4% | 0.4% | 0.4% | 0.7% | 0.7% | 0.7% | 1.0% | 0.9% | 0.9% |
Computed from HSBC's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HSBC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), HSBC traded at 12.4 times earnings, against a 10-year median of 12.2. Based on the latest twelve months, the trailing P/E is 13.5 and the forward P/E is 10.7. HSBC earned a return on equity of 11.6% in fiscal 2025. It ended the year with $256.1 billion of debt and $635.3 billion in cash and short-term investments, a net cash position of $379.2 billion. It returned $24.2 billion to shareholders: $11.6 billion in dividends and $12.7 billion in share buybacks, 97% of free cash flow. The share count fell 11.6% from 3.97B to 3.51B over 9 years.
See the HSBC income statement, the HSBC chart for price history, or the HSBC stock overview for the latest quote and news.
HSBC key metrics FAQ
What is HSBC's P/E ratio?
HSBC's trailing P/E ratio is 13.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.7. At the end of fiscal 2025 it was 12.4, compared with a 10-year median of 12.2.
What is HSBC's return on equity?
HSBC's return on equity (ROE) was 11.6% in fiscal 2025: net income of $22.3 billion on average shareholders' equity of $191.6 billion.
How much debt does HSBC have?
HSBC had total debt of $256.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.29 and more cash than debt.
What is HSBC's dividend yield?
HSBC's forward dividend yield is 3.97%. HSBC paid $11.6 billion in dividends in fiscal 2025 ($3.30 per share), a payout ratio of 52.0%.
Does HSBC buy back its shares?
Yes. HSBC spent $12.7 billion on net share repurchases in fiscal 2025 Shares outstanding changed −5.1% over the year, to 3.51B..
What is HSBC's free cash flow yield?
HSBC generated $25.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.1% on its market value at year-end ($276.1 billion).
What is HSBC's current ratio?
HSBC's current ratio was 0.33 at the end of fiscal 2025: current assets were 0.33 times current liabilities.