Latest Ratios: P/E Ratio 8.2x · EV/EBITDA N/A · ROE 13.3%. (2001–2025 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 | $36.6B | $35.2B | $20.3B | $37.2B | $30.7B | $36.5B | $46.5B | $71.8B | $66.2B | $31.2B | $24.2B |
| Enterprise Value | $159.6B | $672.8B | $541.4B | $224.9B | $341.1B | $299.8B | $204.4B | $253.5B | $246.7B | $175.1B | $186.3B |
| P/E Ratio → | 8.19 | 1.52 | 1.17 | 2.61 | 1.45 | 1.58 | 2.94 | 3.18 | 3.99 | 1.83 | 1.35 |
| P/S Ratio | 1.25 | 0.23 | 0.19 | 0.38 | 0.28 | 0.36 | 0.56 | 0.72 | 0.75 | 0.34 | 0.25 |
| P/B Ratio | 1.06 | 0.20 | 0.12 | 0.22 | 0.19 | 0.24 | 0.32 | 0.53 | 0.53 | 0.27 | 0.23 |
| P/FCF | — | — | — | — | 0.95 | — | 0.34 | — | — | 1.04 | 0.49 |
| P/OCF | — | — | — | — | 0.73 | — | 0.33 | — | — | 0.88 | 0.45 |
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 | — | 4.42 | 5.14 | 2.29 | 3.13 | 2.93 | 2.48 | 2.55 | 2.78 | 1.92 | 1.93 |
| EV / EBITDA | — | — | 22.91 | 13.44 | 11.26 | 7.76 | 20.45 | 13.17 | 10.17 | 6.19 | 5.24 |
| EV / EBIT | — | — | 32.04 | 22.03 | 13.85 | 9.12 | 50.15 | 18.95 | 12.69 | 7.38 | 5.84 |
| EV / FCF | — | — | — | — | 10.54 | — | 1.48 | — | — | 5.85 | 3.81 |
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 | 77.8% | 77.8% | 74.7% | 69.3% | 75.8% | 90.9% | 77.3% | 87.4% | 83.0% | 81.5% | 84.1% |
| Operating Margin | -2.5% | -2.5% | 16.0% | 10.4% | 22.6% | 32.1% | 4.9% | 13.5% | 21.9% | 26.0% | 33.1% |
| Net Profit Margin | 15.2% | 15.2% | 16.4% | 14.5% | 19.5% | 22.6% | 19.2% | 21.2% | 18.7% | 18.7% | 18.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 10.3% | 8.7% | 13.7% | 15.6% | 11.2% | 16.2% | 13.7% | 15.3% | 18.2% |
| ROA | 1.1% | 1.1% | 0.9% | 0.8% | 1.2% | 1.4% | 1.1% | 1.6% | 1.3% | 1.4% | 1.6% |
| ROIC | -0.3% | -0.3% | 1.8% | 1.5% | 4.0% | 6.5% | 0.9% | 3.0% | 4.8% | 6.4% | 8.5% |
| ROCE | -0.3% | -0.3% | 1.1% | 0.6% | 1.4% | 2.0% | 0.3% | 1.0% | 1.5% | 2.0% | 2.9% |
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 | 4.46 | 4.46 | 4.08 | 2.15 | 2.12 | 1.89 | 1.24 | 1.48 | 1.61 | 1.35 | 1.67 |
| Debt / EBITDA | — | — | 29.17 | 21.49 | 11.19 | 7.37 | 18.18 | 10.43 | 8.25 | 5.61 | 4.97 |
| Net Debt / Equity | — | 3.56 | 3.08 | 1.12 | 1.94 | 1.75 | 1.08 | 1.34 | 1.45 | 1.22 | 1.54 |
| Net Debt / EBITDA | — | — | 22.05 | 11.22 | 10.25 | 6.82 | 15.79 | 9.44 | 7.44 | 5.08 | 4.56 |
| Debt / FCF | — | — | — | — | 9.59 | — | 1.14 | — | — | 4.81 | 3.32 |
| Interest Coverage | -0.03 | -0.03 | 0.12 | 0.07 | 0.19 | 0.60 | 0.08 | 0.23 | 0.35 | 0.31 | 0.35 |
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 | 0.25 | 0.25 | 0.35 | 4.70 | 3.62 | 7.00 | 3.97 | 6.11 | 2.92 | 2.51 | 2.36 |
| Quick Ratio | 0.25 | 0.25 | 0.35 | 4.70 | 3.62 | 7.00 | 3.97 | 6.11 | 2.92 | 2.51 | 2.36 |
| Cash Ratio | 0.14 | 0.14 | 0.18 | 19.44 | 3.62 | 7.00 | 3.97 | 6.11 | 2.92 | 2.51 | 2.36 |
| Asset Turnover | — | 0.07 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.07 | 0.07 | 0.07 | 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 | 6.2% | 33.6% | 32.3% | 24.0% | 11.9% | 27.2% | 3.1% | 24.7% | 9.9% | — | 23.2% |
| Payout Ratio | 51.0% | 51.0% | 37.9% | 62.6% | 17.2% | 42.8% | 9.0% | 84.4% | 39.4% | — | 31.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.2% | 65.8% | 85.3% | 38.3% | 69.1% | 63.3% | 34.0% | 31.4% | 25.0% | 54.7% | 74.1% |
| FCF Yield | — | — | — | — | 105.4% | — | 297.1% | — | — | 95.7% | 202.1% |
| Buyback Yield | 0.1% | 0.6% | 2.8% | 0.0% | 0.7% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.4% | 34.2% | 35.1% | 24.0% | 12.6% | 29.0% | 3.1% | 24.7% | 9.9% | 0.0% | 23.3% |
| Shares Outstanding | — | $10.6B | $10.6B | $10.6B | $10.7B | $11.7B | $10.7B | $10.7B | $10.7B | $5.4B | $5.4B |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying BBD stock.
Banco Bradesco S.A.'s current P/E ratio is 8.2x. The historical average is 3.7x. This places it at the 96th percentile of its historical range.
Banco Bradesco S.A.'s return on equity (ROE) is 13.3%. The historical average is 18.7%.
Based on historical data, Banco Bradesco S.A. is trading at a P/E of 8.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Bradesco S.A.'s current dividend yield is 6.24% with a payout ratio of 51.0%.
Banco Bradesco S.A. has 77.8% gross margin and -2.5% operating margin.
Key Metrics
Top Statement Risk
Persistently compressed net interest margin
P/B at Parity with Declining Book Value
Banco Bradesco trades at 0.99x P/B, a significant discount to the Brazilian peer group median, suggesting the market prices its tangible book value with minimal franchise premium amid persistently low returns on equity as reported in the valuation data.
The current P/B of 0.99 is a stark contrast to peer Itaú Unibanco's 2.06x multiple, reflecting investor skepticism about Bradesco's ability to generate returns above its cost of capital. This valuation implies the market does not expect a meaningful ROTCE recovery, especially given the equity-to-assets ratio has compressed to 0.07, signaling that even the book value base is under pressure from asset growth outpacing internal capital generation.
ROE Lags Peers on Thin Margins and High Costs
Bradesco's annualized ROE of 3.9% in 2026Q2 is materially below the peer group median, driven by a structurally compressed NIM and an efficiency ratio that spiked to 111.6% in 2025Q4, indicating that operational scale has not translated into superior profitability.
DuPont decomposition reveals the core issue is the net interest margin, which has averaged a meager 0.8% over the last ten quarters, far below levels needed for strong ROE generation in a Brazilian banking context. Even with fee income contributing roughly 36-47% of revenue, the combination of thin margins and an efficiency ratio that has been volatile (ranging from 51.7% to 111.6%) leaves little room for earnings power, suggesting the profitability challenge is structural rather than cyclical.
Margin Compression Outpaced by Cost Volatility
Net interest margin has compressed from 1.1% in 2025Q1 to 0.8% in 2026Q2, as per the reported ratios, indicating that the bank's funding cost advantages are not sufficient to offset asset yield pressure, while the efficiency ratio's wild swings suggest poor operating leverage.
The NIM trend is particularly concerning because it coincides with a 25% expansion of the balance sheet, implying the new assets are being deployed at returns below the existing mix. The efficiency ratio's volatility, with a near-doubling in 2025Q4, points to significant non-recurring costs or operational disruptions that mask the underlying cost structure, making it difficult to assess true underlying expense control and raising questions about the sustainability of the recent improvement to 51.7% in 2026Q2.
Volatile Provisions Signal Unresolved Credit Stress
Loan loss provisions surged to $11.7B in 2025Q4 as reported in financial statements, representing a period of acute stress, and while moderating to $7.1B in 2026Q2, remain elevated and variable, suggesting asset quality pressures are not fully resolved.
The provisioning pattern is erratic rather than trending, with the 2025Q4 spike likely indicating a cleanup of problem credits or a reaction to a specific macroeconomic shock. For an analyst, the key question is whether current reserve levels are adequate for the loan book's size and composition; the data alone doesn't provide coverage ratios, but the sheer magnitude and volatility of provisions relative to net income suggest that credit costs remain the primary swing factor for earnings and capital, warranting close monitoring for signs of stabilization.
Pervasive Underperformance Across Key Ratios
Bradesco trails peers on nearly every meaningful profitability and valuation metric, with its P/B of 0.99x and ROE of 3.9% comparing unfavorably to Itaú's 2.06x and 21.1%, respectively, based on the provided peer context, suggesting the gap is structural rather than cyclical.
The comparison is most damning on ROE, where Bradesco's single-digit return is an order of magnitude below the peer leader, directly explaining the valuation discount. While Banco Santander Brasil (BSBR) also trades at a discount (P/B 0.90x), its ROE of 11.1% is nearly triple Bradesco's, indicating that Bradesco's issues are company-specific, likely tied to its high cost structure and margin compression, rather than solely a reflection of the Brazilian macro environment.
P/E Multiple Misrepresents Earnings Power
The P/E ratio of 7.65 appears compelling but is heavily distorted by volatile provisions and non-recurring items, as evidenced by the 2025Q4 efficiency ratio exceeding 100%, which masks the bank's true normalized earnings capacity.
Using P/E to value Bradesco is perilous because earnings are highly volatile due to provisioning swings, as seen when EPS growth turned negative in the quarter preceding 2026Q2. The forward P/E of 1.20 seems implausibly low, likely reflecting market expectations of a large, one-time adjustment or a modeling artifact. A more appropriate metric would be price-to-tangible-book value (P/TBV) alongside ROTCE, which strips out the volatility of provisions and focuses on the core profitability of the equity base, though even on this basis, the sub-4% return does not justify a premium valuation.