Latest Ratios: P/E Ratio 15.0x · EV/EBITDA 8.7x · ROE 19.2%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.6B | $22.9B | $14.6B | $11.9B | $10.8B | $9.7B | $13.1B | $17.0B | $17.7B | $16.5B | $12.6B |
| Enterprise Value | $28.0B | $14.1B | $4.6B | $15.6B | $16.2B | $18.1B | $27.3B | $23.3B | $28.8B | $31.0B | $34.5B |
| P/E Ratio → | 15.00 | 3.31 | 2.65 | 2.45 | 2.33 | 2.71 | 37.62 | 3.98 | 4.43 | 4.04 | 3.58 |
| P/S Ratio | 4.31 | 0.95 | 0.69 | 0.61 | 0.65 | 0.58 | 0.86 | 1.16 | 1.30 | 1.23 | 1.01 |
| P/B Ratio | 2.78 | 0.61 | 0.42 | 0.36 | 0.36 | 0.36 | 0.51 | 0.63 | 0.73 | 0.74 | 0.62 |
| P/FCF | 13.37 | 2.96 | 1.09 | 4.08 | — | 2.92 | 1.08 | 2.64 | — | 1.86 | — |
| P/OCF | 12.85 | 2.84 | 1.01 | 2.93 | — | 2.45 | 1.03 | 2.45 | — | 1.78 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.22 | 0.80 | 0.97 | 1.08 | 1.79 | 1.59 | 2.13 | 2.31 | 2.77 |
| EV / EBITDA | 8.73 | 1.30 | 0.54 | 2.08 | 2.16 | 3.01 | 30.30 | 3.53 | 4.78 | 5.16 | 6.51 |
| EV / EBIT | 9.52 | 1.42 | 0.58 | 2.28 | 2.36 | 3.40 | 121.78 | 3.90 | 5.16 | 5.56 | 7.05 |
| EV / FCF | — | 1.83 | 0.34 | 5.34 | — | 5.43 | 2.27 | 3.63 | — | 3.49 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.8% | 88.8% | 81.6% | 80.6% | 88.3% | 91.8% | 59.5% | 87.1% | 88.0% | 86.2% | 85.3% |
| Operating Margin | 41.4% | 41.4% | 36.8% | 35.1% | 41.1% | 31.9% | 1.5% | 40.8% | 41.3% | 41.5% | 39.3% |
| Net Profit Margin | 28.9% | 28.9% | 25.9% | 24.9% | 27.8% | 21.4% | 2.3% | 29.1% | 29.4% | 30.5% | 28.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.2% | 19.2% | 16.2% | 15.5% | 16.5% | 13.7% | 1.3% | 16.7% | 17.1% | 19.3% | 19.1% |
| ROA | 2.6% | 2.6% | 2.2% | 2.1% | 1.9% | 1.5% | 0.2% | 2.3% | 2.3% | 2.5% | 2.3% |
| ROIC | 10.3% | 10.3% | 8.2% | 7.4% | 7.2% | 5.3% | 0.2% | 7.7% | 7.1% | 7.1% | 6.4% |
| ROCE | 6.0% | 6.0% | 10.1% | 9.4% | 9.9% | 8.1% | 0.3% | 9.5% | 9.5% | 10.2% | 9.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 1.07 | 1.13 | 1.33 | 1.78 | 2.00 | 1.21 | 1.37 | 1.69 | 1.92 |
| Debt / EBITDA | 3.18 | 3.18 | 4.39 | 5.00 | 5.26 | 7.92 | 56.57 | 4.88 | 5.53 | 6.27 | 7.27 |
| Net Debt / Equity | — | -0.23 | -0.29 | 0.11 | 0.18 | 0.31 | 0.56 | 0.24 | 0.46 | 0.65 | 1.09 |
| Net Debt / EBITDA | -0.81 | -0.81 | -1.17 | 0.49 | 0.72 | 1.39 | 15.80 | 0.96 | 1.85 | 2.41 | 4.14 |
| Debt / FCF | — | -1.13 | -0.75 | 1.26 | — | 2.52 | 1.18 | 0.99 | — | 1.63 | — |
| Interest Coverage | 2.02 | 2.02 | 1.36 | 1.17 | 1.75 | 2.14 | 0.08 | 1.82 | 1.84 | 1.88 | 1.68 |
Net cash position: cash ($43.3B) exceeds total debt ($34.5B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.23 | 3.23 | 0.53 | 0.49 | 0.47 | 0.49 | 0.52 | 0.51 | 0.42 | 0.48 | 0.40 |
| Quick Ratio | 3.23 | 3.23 | 0.53 | 0.49 | 0.47 | 0.49 | 0.52 | 0.51 | 0.42 | 0.48 | 0.40 |
| Cash Ratio | 3.00 | 3.00 | 0.27 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.19 | 0.20 | 0.16 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.07 | 0.06 | 0.08 | 0.08 | 0.08 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 13.1% | 25.1% | 16.7% | 11.1% | 4.1% | 18.3% | 13.2% | 6.4% | 13.5% | 5.2% |
| Payout Ratio | 43.3% | 43.3% | 66.6% | 41.0% | 25.7% | 11.1% | 689.8% | 52.4% | 28.4% | 54.6% | 18.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 30.2% | 37.7% | 40.7% | 42.8% | 36.9% | 2.7% | 25.1% | 22.6% | 24.8% | 28.0% |
| FCF Yield | 7.5% | 33.8% | 91.9% | 24.5% | — | 34.3% | 92.3% | 37.8% | — | 53.8% | — |
| Buyback Yield | 0.1% | 0.5% | 0.8% | 0.7% | 0.8% | 0.6% | 1.2% | 0.6% | 0.5% | 0.4% | 0.5% |
| Total Shareholder Yield | 3.0% | 13.6% | 25.9% | 17.4% | 11.9% | 4.7% | 19.5% | 13.8% | 6.9% | 13.9% | 5.7% |
| Shares Outstanding | — | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying BAP stock.
Credicorp Ltd.'s current P/E ratio is 15.0x. The historical average is 5.5x. This places it at the 97th percentile of its historical range.
Credicorp Ltd.'s current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
Credicorp Ltd.'s return on equity (ROE) is 19.2%. The historical average is 14.5%.
Based on historical data, Credicorp Ltd. is trading at a P/E of 15.0x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Credicorp Ltd.'s current dividend yield is 2.89% with a payout ratio of 43.3%.
Credicorp Ltd. has 88.8% gross margin and 41.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Credicorp Ltd.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Political and climate volatility
Premium Valuation Reflects Franchise Quality
Credicorp trades at a P/B of 2.74, a significant premium to regional peers like Itaú Unibanco (2.17) and Bradesco (1.05), suggesting the market prices its dominant deposit franchise and digital ecosystem as a structural advantage.
The premium valuation appears justified by the bank's superior return profile and market position, as its ROE of 19.2% (annualized from Q2 2026) significantly exceeds the peer average. However, the forward P/E of 3.76 is exceptionally low, which may indicate the market is discounting future earnings growth due to Peru's macroeconomic and political risks, or it could reflect a data anomaly. Investors should monitor whether the P/B premium is sustained by consistent ROTCE above the cost of equity.
ROE Driven by Leverage and Fee Diversification
Credicorp's ROE of 5.0% in Q2 2026, when annualized, reflects a strong profitability profile supported by a stable NIM of 1.4% and a rising fee income contribution of 40.2% of total revenue.
The DuPont decomposition reveals that profitability is primarily driven by the bank's leverage (Equity/Assets of 14%) and its growing non-interest income stream, which has expanded from 30.8% in Q4 2024 to over 40%. The stable NIM suggests effective asset-liability management, but the reliance on leverage means ROE is sensitive to asset quality shocks. The increasing fee mix, likely from Yape and insurance, improves earnings quality by reducing interest rate sensitivity.
NIM Stability Amidst Efficiency Volatility
The net interest margin has stabilized at 1.4% for two consecutive quarters after a dip to 1.1% in Q3 2025, while the efficiency ratio improved sharply to 48.0% in Q2 2026 from 59.5% in Q4 2025.
The NIM recovery suggests the bank has successfully navigated the Peruvian rate cycle, likely benefiting from its low-cost deposit base as rates stabilized. The dramatic improvement in the efficiency ratio indicates strong operating leverage, with revenue growth outpacing expense growth. However, the volatility in the efficiency ratio (ranging from 31.3% to 59.5%) warrants investigation into the consistency of cost control and the impact of non-recurring items.
Robust Capital Supports Strategic Flexibility
With an equity-to-assets ratio consistently at 14% and total equity of $38.1 billion in Q2 2026, Credicorp maintains a substantial capital buffer well above regulatory minimums.
The stable equity ratio despite 13.3% asset growth indicates the bank is generating capital organically through retained earnings. This strong position provides significant capacity for dividend payments, which were $3.9 billion in Q2 2026, and potential strategic investments. The capital strength is a key mitigant against the identified political and climate risks, though investors should monitor if the bank chooses to deploy excess capital into lower-return activities.
Proactive Provisioning Amidst Macro Uncertainty
Loan loss provisions surged 50.8% sequentially to $725.6 million in Q2 2026, representing a significant increase that suggests management is building reserves ahead of potential deterioration in the Peruvian credit environment.
The sharp rise in provisions, while impacting near-term profitability, appears to be a prudent, forward-looking action given the political volatility and potential El Niño climate risks highlighted in the company's disclosures. This proactive stance contrasts with the stable NIM and improving efficiency, indicating management is prioritizing balance sheet resilience. The adequacy of these reserves should be evaluated against the performance of the microfinance portfolio, which is most sensitive to domestic consumption shocks.
P/E Multiple Misleads on Earnings Quality
The reported P/E TTM of 14.78 is likely misleading due to the high volatility in provision expenses, which can swing quarterly net income significantly and obscure the underlying earnings power of the core banking franchise.
For a bank like Credicorp, where provisions can range from $394 million to over $1.1 billion in a single quarter, the P/E ratio becomes highly unstable and less meaningful for valuation. The market appears to recognize this, as evidenced by the focus on P/B (2.74) and the implied ROTCE. A more appropriate metric would be the price-to-tangible-book-value ratio, which better captures the franchise value independent of cyclical provisioning decisions. Analysts should adjust earnings for normalized credit costs to assess true operational performance.