Public Comps and Valuation Multiples for Commercial Banking

Benchmark revenue and EBITDA valuation multiples for public comps like
JPMorgan Chase, Bank of America, ICBC China, HSBC and Agricultural Bank of China.

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Commercial Banking

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$907B$1.3T$195B6.7x-
$430B$855B$119B7.2x-
$378B$633B$122B5.2x-
$345B$128B$73B1.8x-
$324B$600B$110B5.4x-
$299B$716B$50B14.3x-
$286B$654B$113B5.8x-
$265B$488B$86B5.6x-
$264B$590B$99B6.0x-
$241B$323B$38B8.6x-
$217B$639B$91B7.0x-
$204B$393B$42B9.4x-
$201B$346B$21B16.3x-
$193B$570B$73B7.8x-
$173B$429B$51B8.5x-
$158B$158B$18B8.7x-
$158B$196B$58B3.4x-
$143B$173B$50B3.4x-
$142B$259B$30B8.7x-
$140B$240B$46B5.2x-
$131B$203B$21B9.6x-
$130B$525B$61B8.5x-
$129B$236B$32B7.3x-
$128B$179B$59B3.0x-
$127B$333B$27B12.2x-
$119B$23B
$111B$23B
$109B$28B
$108B-
$107B$13B
$107B$11B
$101B$25B
$100B$26B
$99B$12B
$99B$20B
$98B$30B
$95B$41B
$95B$35B
$94B$28B
$88B$27B
$88B$54B
$87B$16B
$85B$15B
$85B$40B
$76B$16B
$71B$24B
$69B$14B
$69B$38B
$69B$16B
$66B$14B
$64B$11B
$64B$21B
$63B$32B
$63B$9.9B
$63B$11B
$62B$22B
$62B$33B
$58B$32B
$55B$31B
$55B$15B
$54B$11B
$54B$10B
$53B-
$50B$14B
$50B$16B
$48B$15B
$46B$6.2B
$45B$9B
$44B$6.6B
$44B$9.3B
$44B$26B
$44B$8.4B
$43B$12B
$43B$13B
$43B$9.1B
$42B$7.6B
$42B$22B
$40B$74B
$40B$4.5B
$40B$7.6B
$38B$7.2B
$37B-
$37B$9.9B
$36B$9.9B
$36B$9.3B
$35B$11B
$35B$8.2B
$35B$7.7B
$35B$28B
$34B$11B
$33B$3.3B
$33B$9.8B
$33B$7.9B
$33B$8.3B
$32B$11B
$32B$8.1B
$31B$6.3B
$31B$7.2B
$31B$20B
$31B$11B
$31B$5.3B
$31B$14B
$31B$8.8B
$29B$6.1B
$29B$9.6B
$27B$4.5B
$27B$5.6B
$27B$7.7B
$27B$4.6B
$27B$7B
$26B$18B
$26B-
$25B$7.8B
$25B$5.2B
$25B$4.3B
$25B$3.8B
$25B$13B
$25B$8.2B
$24B-
$24B$8.9B
$24B$4.3B
$23B$8.9B
$23B$31B
$23B$5B
$23B$17B
$22B$2.6B
$22B$21B
$22B$8.2B
$21B$5.7B
$21B$3.5B
$20B$3.5B
$20B$8.7B
$20B$3.3B
$20B$9.7B
$19B$4.6B
$19B$4.9B
$19B$8.2B
$19B$2.7B
$19B$3B
$18B$3.1B
$18B$3.9B
$18B$2.7B
$18B-
$18B$3.2B
$18B$4.5B
$18B$6.6B
$17B$4.4B
$17B$2.3B
$17B$4.8B
$17B$1.1B
$17B$4.1B
$17B$5.9B
$17B$6.2B
$16B$1.6B
$16B$14B
$16B-
$16B$3.3B
$16B$4.6B
$16B$3.6B
$16B$5.1B
$16B$10B
$16B$7.7B
$15B$3.4B
$15B$3.3B
$15B$3.7B
$15B$2.3B
$15B$2.7B
$15B$3.2B
$15B$3.6B
$15B$3.9B
$15B$3.7B
$14B$3.6B
$14B$3.4B
$14B$8.5B
$14B$1.8B
$14B$2.7B
$14B-
$13B$1.5B
$13B$2.9B
$13B$6.1B
$13B$6.8B
$13B$4.7B
$13B$6.5B
$13B$3.2B
$12B-
$12B$3B
$12B$2.9B
$12B$3.5B
$12B$6.8B
$12B$5.9B
$12B$4B
$11B$5.3B
$11B$3.6B
$11B$2.7B
$11B$3.8B
$11B-
$11B$9.2B
$11B$1.7B
$11B$2.8B
$11B$3.4B
$11B$2.9B
$11B-
$11B$7.2B
$11B$11B
$11B$4.4B
$11B$1.5B
$11B$3.7B
$11B$9B
$11B$3.5B
$10B$2.7B
$10B$2.7B
$10B$2.7B
$10B$2.4B
$10B-
$10B$2.7B
$10B$1.7B
$10B$4.2B
$9.9B$5B
$9.7B-
$9.7B-
$9.6B$889M
$9.6B$2.5B
$9.5B$3.6B
$9.5B$2.4B
$9.5B-
$9.1B$2.3B
$9B$3.8B
$9B-
$8.9B$1.7B
$8.9B$2.7B
$8.9B$1.8B
$8.8B$1.5B
$8.7B-
$8.7B$2.1B
$8.6B-
$8.6B$2.2B
$8.6B$6.7B
$8.5B$1.9B
$8.5B$1.2B
$8.5B$2.2B
$8.3B$2.2B
$8.3B$2.7B
$8.3B-
$8.3B$4B
$8.2B$2.5B
$8.2B$1.6B
$8.1B$5.7B
$8B$1.4B
$8B$1.4B
$7.9B$1.6B
$7.8B$3.1B
$7.7B$1.6B
$7.7B$1.6B
$7.7B$3.4B
$7.7B-
$7.6B$1.9B
$7.6B$4.3B
$7.6B$1.1B
$7.5B$2.2B
$7.4B$3.8B
$7.4B$2B
$7.3B$5.3B
$7.3B-
$7.3B$2.8B
$7.3B$6.8B
$7.2B$3.2B
$7B$1.2B
$6.9B$901M
$6.8B$1.8B
$6.8B$1.7B
$6.8B$2.1B
$6.8B$3B
$6.8B-
$6.7B$3.8B
$6.7B$1.6B
$6.7B-
$6.7B-
$6.7B$1.7B
$6.6B$2.1B
$6.6B$1.3B
$6.5B$6.3B
$6.4B-
$6.4B$1.6B
$6.4B$3.1B
$6.4B-
$6.3B$1.3B
$6.3B$654M
$6.3B$1.8B
$6.2B$1.3B
$6.2B$2.2B
$6.2B$520M
$6.2B$1.1B
$6.2B$3.6B
$6.1B$1.5B
$6B$5.5B
$6B$5.3B
$5.9B$1.6B
$5.8B-
$5.8B$2.1B
$5.7B$1.7B
$5.7B$1.5B
$5.6B$3.8B
$5.6B$1B
$5.4B-
$5.4B$2.3B
$5.4B$2.8B
$5.3B$1.9B
$5.3B$1.3B
$5.3B$3.1B
$5.2B$1.6B
$5.1B$340M
$5.1B$909M
$5.1B$668M
$5B-
$5B$1.2B
$5B$1.5B
$4.9B$1.1B
$4.9B$784M
$4.9B-
$4.8B$617M
$4.8B-
$4.8B$789M
$4.8B$1.8B
$4.8B-
$4.8B-
$4.8B$627M
$4.7B$1.4B
$4.7B$1.2B
$4.6B$601M
$4.6B$1.6B
$4.6B$1.3B
$4.6B$677M
$4.5B$1.3B
$4.5B$1.3B
$4.4B-
$4.4B$1.7B
$4.4B-
$4.4B$1.1B
$4.3B$790M
$4.3B-
$4.3B$2.2B
$4.3B-
$4.2B$1B
$4.2B$2.6B
$4.2B$781M
$4.2B$853M
$4.2B$1.4B
$4.2B$1.2B
$4.2B$1.1B
$4.2B-
$4.1B$772M
$4B$1.1B
$4B$621M
$4B$960M
$4B-
$3.9B$1B
$3.9B-
$3.9B$1.4B
$3.9B$711M
$3.9B-
$3.9B$18B
$3.8B$2.4B
$3.8B$1B
$3.7B$1B
$3.7B$4.5B
$3.7B-
$3.6B$860M
$3.6B$536M
$3.6B$807M
$3.6B$1B
$3.6B$900M
$3.6B$1.5B
$3.6B$1.1B
$3.5B-
$3.5B$1.4B
$3.5B$904M
$3.5B$1.3B
$3.4B$620M
$3.4B-
$3.4B$716M
$3.4B$767M
$3.4B$3.4B
$3.4B-
$3.3B$922M
$3.3B$962M
$3.3B-
$3.3B$923M
$3.3B$760M
$3.3B$689M
$3.3B$1.2B
$3.3B$1.7B
$3.2B-
$3.2B$694M
$3.2B-
$3.1B$739M
$3.1B-
$3.1B$894M
$3.1B$2.2B
$3B-
$3B$813M
$3B$672M
$3B$2.2B
$2.9B$1.2B
$2.9B$723M
$2.9B$933M
$2.9B-
$2.8B$690M
$2.8B$777M
$2.8B$754M
$2.8B-
$2.8B-
$2.7B$835M
$2.7B-
$2.7B$732M
$2.7B-
$2.7B$756M
$2.7B-
$2.7B$455M
$2.7B-
$2.6B$906M
$2.6B-
$2.6B$738M
$2.6B$386M
$2.6B$1.5B
$2.5B-
$2.5B$767M
$2.5B$987M
$2.5B$747M
$2.4B-
$2.4B$339M
$2.4B$737M
$2.4B$621M
$2.4B$699M
$2.4B$1.1B
$2.4B$427M
$2.4B-
$2.4B$723M
$2.4B-
$2.4B-
$2.3B-
$2.3B-
$2.3B-
$2.3B$703M
$2.3B$691M
$2.3B$1.3B
$2.2B$361M
$2.2B-
$2.2B$1.4B
$2.2B-
$2.1B$542M
$2.1B$328M
$2.1B$731M
$2.1B$442M
$2.1B$664M
$2.1B$486M
$2.1B-
$2B-
$2B$448M
$2B-
$2B-
$2B-
$2B$29M
$2B$612M
$1.9B$435M
$1.9B$860M
$1.9B$440M
$1.9B$320M
$1.9B$825M
$1.9B$789M
$1.8B-
$1.8B$385M
$1.8B$412M
$1.8B$409M
$1.8B$458M
$1.8B-
$1.8B$632M
$1.8B$571M
$1.7B-
$1.7B$511M
$1.7B$457M
$1.7B$604M
$1.7B$264M
$1.7B$1.7B
$1.7B$439M
$1.7B-
$1.7B$558M
$1.6B$222M
$1.6B-
$1.6B$400M
$1.6B$656M
$1.6B-
$1.6B$414M
$1.6B-
$1.6B-
$1.6B-
$1.6B-
$1.6B-
$1.6B-
$1.6B$281M
$1.5B-
$1.5B$840M
$1.5B$3.3B
$1.5B$325M
$1.5B$497M
$1.5B$2.4B
$1.4B-
$1.4B$398M
$1.4B$357M
$1.4B-
$1.4B$479M
$1.4B-
$1.4B$255M
$1.4B-
$1.4B-
$1.4B-
$1.4B$299M
$1.3B$591M
$1.3B$393M
$1.3B$560M
$1.3B$1.3B
$1.3B$695M
$1.3B$475M
$1.3B$293M
$1.3B$1.8B
$1.3B$298M
$1.2B-
$1.2B$377M
$1.2B$353M
$1.2B$341M
$1.2B-
$1.2B-
$1.2B$351M
$1.2B$362M
$1.2B$577M
$1.2B$606M
$1.2B-
$1.2B$278M
$1.2B-
$1.2B-
$1.1B-
$1.1B-
$1.1B-
$1.1B$240M
$1.1B-
$1.1B-
$1.1B$229M
$1.1B$236M
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B$392M
$1.1B$226M
$1.1B$173M
$1.1B$922M
$1B$655M
$1B$178M
$1B$185M
$1B$295M
$1B-
$1B$280M
$1B$290M
$1B-
$1B$275M
$1B$417M
$1B$245M
$1B$299M
$1B-
$1B$319M
$1B-
$1B-
$1B-
$1B$350M
$1B-
$1B-
$1000M$1.2B
$998M$262M
$997M$417M
$992M-
$987M-
$983M$653M
$971M$286M
$966M-
$965M$4B
$960M-
$956M$297M
$948M-
$933M$268M
$931M$338M
$928M-
$922M$138M
$922M-
$919M$496M
$917M$264M
$910M-
$909M$278M
$909M-
$898M$260M
$898M$859M
$888M$567M
$885M-
$880M$232M
$879M-
$878M-
$877M$198M
$867M$233M
$866M-
$861M$295M
$853M$226M
$853M$201M
$851M-
$846M$179M
$842M-
$840M$867M
$836M$421M
$835M$303M
$828M-
$823M$215M
$822M-
$817M$317M
$812M$256M
$808M$301M
$785M-
$779M-
$775M$236M
$774M$252M
$767M-
$767M-
$760M-
$749M$427M
$742M-
$741M$210M
$738M$369M
$737M$181M
$728M-
$714M-
$707M-
$698M$237M
$691M$140M
$689M$510M
$688M$199M
$686M$189M
$684M$182M
$670M$107M
$670M$1.3B
$660M-
$654M$221M
$654M-
$651M-
$650M$255M
$649M-
$645M-
$645M$325M
$643M$131M
$641M$243M
$632M$367M
$624M-
$623M-
$620M$161M
$619M$211M
$619M-
$618M$162M
$616M$158M
$598M$177M
$596M-
$594M-
$593M$185M
$588M$135M
$583M$256M
$581M-
$575M$136M
$574M$179M
$573M-
$573M$244M
$561M$451M
$560M-
$559M-
$558M$527M
$552M-
$551M$134M
$550M$176M
$549M-
$549M$157M
$549M$465M
$549M$429M
$544M$153M
$541M-
$528M$764M
$525M-
$520M-
$516M-
$514M-
$508M$169M
$505M-
$504M$131M
$500M-
$494M-
$490M$109M
$486M$97M
$485M$133M
$481M-
$479M$117M
$469M$131M
$460M$108M
$458M$134M
$448M$149M
$445M$84M
$444M$155M
$443M$120M
$439M$306M
$431M-
$427M-
$427M$104M
$424M$121M
$422M-
$422M$128M
$422M-
$418M-
$418M$123M
$412M$121M
$411M$125M
$405M-
$402M-
$402M$203M
$399M$656M
$389M-
$388M-
$385M$110M
$385M$263M
$383M-
$376M$159M
$374M$104M
$372M$185M
$370M$104M
$370M-
$366M$105M
$366M$111M
$362M-
$356M$102M
$355M-
$351M$112M
$349M-
$345M$267M
$344M$141M
$342M-
$342M-
$341M$102M
$335M-
$333M-
$332M$479M
$332M-
$329M$88M
$329M-
$327M$157M
$326M$115M
$322M$107M
$321M$73M
$319M-
$313M$67M
$313M-
$307M$90M
$302M-
$299M-
$296M-
$294M$87M
$292M$92M
$285M-
$283M$101M
$281M-
$281M$95M
$280M-
$276M-
$275M$65M
$275M-
$273M$78M
$273M$129M
$273M$95M
$273M-
$270M-
$270M-
$267M$93M
$264M-
$263M$86M
$262M-
$256M-
$253M$124M
$253M-
$250M-
$248M-
$242M$278M
$241M$133M
$237M-
$236M$272M
$236M-
$233M$171M
$233M-
$229M$78M
$226M-
$225M-
$224M$64M
$223M$99M
$222M-
$215M$63M
$209M-
$206M-
$205M-
$201M-
$198M$77M
$197M-
$197M-
$190M-
$190M$171M
$186M-
$185M$93M
$184M-
$184M$54M
$183M$203M
$182M-
$182M-
$180M$77M
$179M$103M
$177M-
$173M$99M
$173M$54M
$172M$74M
$170M$66M
$169M-
$169M-
$167M$102M
$167M-
$165M-
$164M-
$160M-
$157M$72M
$153M$97M
$151M-
$149M-
$146M-
$144M-
$140M$174M
$139M-
$139M-
$136M-
$135M-
$126M-
$126M-
$122M$47M
$121M-
$117M-
$117M-
$116M-
$115M-
$113M-
$110M-
$110M-
$110M$69M
$109M-
$108M$39M
$107M$49M
$107M-
$105M$17M
$103M-
$100M-
$99M-
$99M-
$94M-
$93M-
$92M-
$92M-
$91M-
$91M-
$89M-
$89M$32M
$86M$49M
$85M$17M
$84M-
$84M-
$84M-
$80M$37M
$79M-
$74M-
$70M-
$66M-
$66M$38M
$63M$42M
$58M-
$52M$33M
$50M-
$47M-
$46M-
$44M$50M
$42M-
$38M-
$30M-
$28M-
$25M-
$24M$20M
$22M$23M
$21M$15M
$21M-
$18M-
$18M$34M
$15M-
$12M-
$12M$14M
$10M$18M
$8M-
$6M-
$6M-
$4M-
$4M-
$3M-
$3M$305M
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-$551M
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