Banks valuation multiples
Worldwide, the median listed bank was valued at 1.4x tangible book value and 1.2x book value at 30 September 2026. By region, the median was 1.4x in the United States, 1.5x in Europe, 1.2x in Japan and 0.9x in Emerging Asia.
Global 686 listed banks at 30 September 2026
median
median
median
median
*Excludes companies with negative tangible book equity. **Excludes companies with negative book equity. ***Excludes companies with negative normalised earnings. How the figures are built
| P/TBV | P/B | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 670 | 1.4x | n/m | 1.2x | 1.4x |
| United States | 270 | 1.4x | n/m | 1.2x | 1.5x |
| Europe | 129 | 1.5x | n/m | 1.4x | 1.6x |
| Japan | 73 | 1.2x | n/m | 1.1x | 1.6x |
| Emerging Asia | 148 | 0.9x | n/m | 0.9x | 0.8x |
Companies: those in the P/TBV median. Median: the typical bank. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. Larger companies weigh more in the aggregate, so it can differ from the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| P/TBVMarket value to tangible book equity. The key multiple for banks. | 1.4x | 1.4x | 1.5x | 1.2x | 0.9x |
| P/BMarket value to book equity. | 1.2x | 1.2x | 1.4x | 1.1x | 0.9x |
| P/ENormalised earnings: one-off items removed. | 12.2x | 11.8x | 12.5x | 18.5x | 8.6x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Return on equity | 10.3% | 10.8% | 11.9% | 6.0% | 9.2% |
| Return on tangible equity | 11.6% | 12.6% | 12.4% | 6.1% | 9.5% |
| Return on assets | 1.0% | 1.2% | 1.0% | 0.3% | 0.9% |
| Net margin | 26.0% | 31.5% | 26.7% | – | 24.1% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- JPMorgan Chase & CoUS
- Industrial and Commercial Bank of China LtdChina
- China Construction Bank CoChina
- Bank of America CorpUS
- Agricultural Bank of China LtdChina
of 686 companies
United States
- JPMorgan Chase & CoUS
- Bank of America CorpUS
- Wells Fargo & CoUS
- Citigroup IncUS
- US BancorpUS
of 270 companies
Europe
- HSBC Holdings plcUK
- Banco Santander SASpain
- UBS Group AGSwitzerland
- Banco Bilbao Vizcaya Argentaria SASpain
- UniCredit SpAItaly
of 135 companies
Japan
- Mitsubishi UFJ Financial Group IncJapan
- Sumitomo Mitsui Financial Group IncJapan
- Mizuho Financial Group IncJapan
- Japan Post Bank Co LtdJapan
- Resona Holdings IncJapan
of 74 companies
Emerging Asia
- Industrial and Commercial Bank of China LtdChina
- China Construction Bank CoChina
- Agricultural Bank of China LtdChina
- Bank of China LtdChina
- China Merchants Bank Co LtdChina
of 153 companies
Subscribers get the figures of all 686 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | P/TBV | P/B |
|---|---|---|---|
| Diversified Banks | Money-center and large diversified banks | See plans | See plans |
| Regional & Community Banks | Regional and community banks, thrifts | See plans | See plans |
Global medians, 30 Sep 2026
Global median P/TBV, 12 quarters
Banks in the full data
Price to tangible book value
Banks are valued on their equity, and tangible book value leaves out goodwill and other intangible assets, which cannot absorb a loss. The median P/TBV of the 671 banks in the statistics is 1.4x, up from 1.1x in Q4 2023. There is no aggregate P/TBV; the aggregate P/B is 1.4x, against a median of 1.2x.
Japan and Europe re-rated; the United States did not
The median Japanese bank traded at 0.4x tangible book in Q4 2023 and trades at 1.2x now. European banks moved from 0.9x to 1.5x. US banks, 270 of the 671 in the statistics, trade at 1.4x, about where they started.
Returns explain most of the gap, except in Japan
A bank's price to book follows its return on equity. The median return on tangible equity is 12.6% in the United States and 12.4% in Europe, where banks trade at 1.4x and 1.5x tangible book; in Emerging Asia it is 9.5%, at 0.9x, the lowest of the four regions. Japan is the exception: the lowest median return of the four, 6.1%, and a P/TBV of 1.2x, with the highest median P/E, 18.5x. The market is pricing a rise in Japanese bank returns that has not yet shown in the accounts.
Size
Large banks (above USD 10bn) trade at a median 1.7x tangible book, against 1.0x for micro caps; in Emerging Asia the large-bank median is 1.0x.
What P/TBV multiple do banks trade at?
The median listed bank traded at 1.4x tangible book value (P/TBV) at 30 September 2026, across 670 companies above USD 100m; the aggregate was not meaningful. United States 1.4x, Europe 1.5x, Japan 1.2x, Emerging Asia 0.9x.
What is the median P/B of banks?
1.2x at 30 September 2026, across 671 companies; the aggregate was 1.4x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private banks?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
Global Equity Valuations Database
- Question
- Is this market cheap or dear against its own history?
- Covers
- Stock market indices and their sectors, back to 1970 on the longest series
- Delivered
- Daily, through an API, with a monthly Excel dashboard
Siblis Global Valuation Multiples
- Question
- What does a company like my target trade on, and who are its listed peers?
- Covers
- 70 industries, 139 sub-industries and about 25,000 companies, delisted ones included
- Delivered
- Excel reports for every quarter end, licensed for client work
Every industry, at any valuation date
One subscription covers all 70 industries and 139 sub-industries in eight regions: about 25,000 companies, delisted ones included, at every quarter end since Q1 2009.
Siblis Research in research and the press
Siblis Research market valuation data appears in peer-reviewed journals, central bank publications and the financial press.
Companies with a market value above USD 100m whose main business is deposit-taking banks, from global banks to regional and savings banks, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
686 banks at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Banks Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/banks/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_banks_multiples,
title = {Banks Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/banks/}
}