Latest Ratios: P/E Ratio 10.2x · EV/EBITDA 4.8x · ROE 9.5%. (1996–2025 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 | $81.9B | $87.8B | $50.7B | $31.3B | $32.9B | $45.1B | $35.3B | $41.6B | $32.8B | $47.1B | $46.9B |
| Enterprise Value | $68.9B | $78.0B | $26.3B | $-16769850000 | $-40094350000 | $-26909750000 | $-11817170000 | $37.0B | $5.2B | $15.7B | $43.8B |
| P/E Ratio → | 10.19 | 14.14 | 9.49 | 7.30 | 6.50 | 7.19 | 23.50 | 17.00 | 20.38 | — | 27.50 |
| P/S Ratio | 2.12 | 3.01 | 1.63 | 1.13 | 1.33 | 2.05 | 1.64 | 2.07 | 1.66 | 2.35 | 1.90 |
| P/B Ratio | 0.81 | 1.12 | 0.70 | 0.44 | 0.47 | 0.64 | 0.53 | 0.63 | 0.51 | 0.71 | 0.66 |
| P/FCF | — | — | 9.16 | — | 1.15 | 0.95 | 0.63 | — | 4.61 | 0.79 | 4.89 |
| P/OCF | — | — | 7.13 | — | 1.09 | 0.92 | 0.61 | — | 3.85 | 0.78 | 4.15 |
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 | — | 2.68 | 0.85 | -0.60 | -1.62 | -1.23 | -0.55 | 1.84 | 0.26 | 0.79 | 1.78 |
| EV / EBITDA | 4.78 | 7.16 | 2.98 | -2.39 | -5.24 | -2.73 | -3.39 | 7.46 | 1.27 | 4.07 | 10.72 |
| EV / EBIT | 5.69 | 8.54 | 3.19 | -2.60 | -5.70 | -3.28 | -4.10 | 8.67 | 1.45 | 4.67 | 12.62 |
| EV / FCF | — | — | 4.75 | — | -1.41 | -0.57 | -0.21 | — | 0.73 | 0.27 | 4.58 |
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 | 57.3% | 57.3% | 51.0% | 52.0% | 70.7% | 87.4% | 68.2% | 69.7% | 71.4% | 74.9% | 74.6% |
| Operating Margin | 18.0% | 18.0% | 14.5% | 13.0% | 21.1% | 32.6% | 11.5% | 16.6% | 14.4% | 14.5% | 12.0% |
| Net Profit Margin | 14.1% | 14.1% | 11.3% | 10.4% | 17.9% | 27.9% | 8.9% | 12.5% | 9.7% | -5.0% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | 8.9% | 7.3% | 8.5% | 10.2% | 3.4% | 5.0% | 3.8% | -1.7% | 3.3% |
| ROA | 0.5% | 0.5% | 0.4% | 0.3% | 0.4% | 0.5% | 0.2% | 0.3% | 0.2% | -0.1% | 0.2% |
| ROIC | 2.5% | 2.5% | 2.5% | 1.9% | 2.2% | 2.7% | 1.0% | 1.5% | 1.3% | 1.4% | 1.6% |
| ROCE | 1.1% | 1.1% | 1.0% | 0.8% | 0.9% | 1.0% | 0.4% | 0.7% | 0.5% | 0.5% | 0.5% |
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 | 2.81 | 2.81 | 2.56 | 2.46 | 2.65 | 2.38 | 2.15 | 2.22 | 2.34 | 2.12 | 1.39 |
| Debt / EBITDA | 20.19 | 20.19 | 21.05 | 25.16 | 23.95 | 16.88 | 41.26 | 29.37 | 36.34 | 36.10 | 24.28 |
| Net Debt / Equity | — | -0.13 | -0.34 | -0.67 | -1.05 | -1.03 | -0.70 | -0.07 | -0.43 | -0.48 | -0.04 |
| Net Debt / EBITDA | -0.90 | -0.90 | -2.77 | -6.85 | -9.53 | -7.30 | -13.50 | -0.93 | -6.70 | -8.10 | -0.74 |
| Debt / FCF | — | — | -4.41 | — | -2.56 | -1.53 | -0.84 | — | -3.88 | -0.53 | -0.32 |
| Interest Coverage | 0.42 | 0.42 | 0.32 | 0.29 | 0.82 | 2.59 | 0.81 | 0.71 | 0.63 | 0.92 | 0.70 |
Net cash position: cash ($229.8B) exceeds total debt ($219.9B)
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 | 0.58 | 0.58 | 0.77 | 0.84 | 0.82 | 0.86 | 0.83 | 0.75 | 0.85 | 0.90 | 0.47 |
| Quick Ratio | 0.58 | 0.58 | 0.77 | 0.84 | 0.82 | 0.86 | 0.83 | 0.75 | 0.85 | 0.90 | 0.47 |
| Cash Ratio | 0.33 | 0.33 | 0.32 | 0.35 | 0.39 | 0.40 | 0.35 | 0.31 | 0.38 | 0.39 | 0.24 |
| Asset Turnover | — | 0.03 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| 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 | 3.5% | 2.5% | 4.5% | 7.2% | 5.9% | 3.0% | 2.7% | 4.6% | 5.1% | 2.7% | 2.8% |
| Payout Ratio | 30.8% | 30.8% | 35.1% | 43.7% | 32.5% | 19.4% | 41.7% | 58.8% | 67.1% | — | 57.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 7.1% | 10.5% | 13.7% | 15.4% | 13.9% | 4.3% | 5.9% | 4.9% | — | 3.6% |
| FCF Yield | — | — | 10.9% | — | 86.6% | 104.7% | 159.2% | — | 21.7% | 125.8% | 20.4% |
| Buyback Yield | 9.9% | 7.0% | 9.9% | 16.8% | 12.6% | 3.7% | 4.0% | 7.4% | 12.4% | 4.1% | 3.7% |
| Total Shareholder Yield | 13.4% | 9.5% | 14.4% | 24.0% | 18.4% | 6.7% | 6.7% | 12.0% | 17.5% | 6.8% | 6.5% |
| Shares Outstanding | — | $3.5B | $3.8B | $4.0B | $4.2B | $4.4B | $4.4B | $4.4B | $4.3B | $4.3B | $4.3B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BCS stock.
Barclays PLC's current P/E ratio is 10.2x. The historical average is 31.8x. This places it at the 19th percentile of its historical range.
Barclays PLC's current EV/EBITDA is 4.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.1x.
Barclays PLC's return on equity (ROE) is 9.5%. The historical average is 9.8%.
Based on historical data, Barclays PLC is trading at a P/E of 10.2x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Barclays PLC's current dividend yield is 3.49% with a payout ratio of 30.8%.
Barclays PLC has 57.3% gross margin and 18.0% operating margin. Operating margin between 10-20% is typical for established companies.
Barclays PLC's Debt/EBITDA ratio is 20.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
US card delinquency uptick
Complexity Discount Persists
Barclays trades at 0.87x book, a discount to HSBC's 1.75x and UBS's 1.94x, implying the market prices its universal model as a risk rather than a synergy. According to reported figures, the P/B gap suggests skepticism about the investment bank's earnings stability.
The P/B of 0.87x is below the peer median of 1.35x, reflecting a persistent complexity discount. This valuation implies the market expects ROTCE to remain below the cost of equity, likely due to the volatile investment bank and legacy conduct costs. The forward P/E of 9.43x is also at a discount to HSBC and UBS, suggesting the market is not crediting the £10bn return plan fully.
ROE Stuck in Single Digits
ROE averaged 2.4% over the last five quarters, far below the 10%+ returns of HSBC and UBS, indicating a structural profitability gap. Based on reported figures, the low ROE stems from thin net interest margins and high operating costs.
The DuPont decomposition shows ROE is constrained by a NIM of 0.8% (2026Q2) and an efficiency ratio that spiked to 82.1%, eroding returns. While fee income contributes 100% of revenue in most quarters, the reliance on volatile trading income undermines earnings quality. The equity-to-assets ratio of 5% is typical for a bank, but the low ROA of 0.1% highlights the challenge of generating returns on a massive balance sheet.
NIM Compression and Cost Spike
Net interest margin fell to 0.8% in 2026Q2, while the efficiency ratio jumped to 82.1% from 54.4% in the prior quarter, signaling margin pressure and cost slippage. As reported in financial statements, these trends suggest the rate tailwind has faded.
The NIM of 0.8% is unusually low for a universal bank, indicating that deposit costs are rising faster than loan yields, possibly due to competitive pressures in the UK. The efficiency ratio spike in 2026Q2 suggests a sharp increase in non-interest expenses, possibly from investment bank compensation or conduct charges. Investors should monitor whether this is a one-off or the start of a trend, as cost discipline is critical for closing the ROE gap.
Capital Build Supports Returns
Equity grew to $79.4B with a stable equity-to-assets ratio of 5%, suggesting internal capital generation that may support the £10bn return target. Based on reported figures, the CET1 ratio appears adequate, though the securities portfolio's unrealized losses warrant monitoring.
The stable equity-to-assets ratio and retained earnings indicate a solid capital base, but the surge in investment securities to $886B raises the risk of unrealized losses if rates rise. The absence of dividend or buyback cash outflows in the data suggests a pause in capital returns, possibly to preserve liquidity during the strategic overhaul. The CET1 ratio is not disclosed, but the capital build appears sufficient to meet regulatory minimums and fund the announced return plan.
Credit Deterioration Emerging
Loan loss provisions rose 132% from $363M in 2024Q3 to $841M in 2026Q1, aligning with rising US card delinquencies. According to recent disclosures, this suggests the credit cycle is turning, particularly in unsecured consumer lending.
The provision increase indicates that the aggressive expansion in US consumer credit is entering a higher-risk phase. While the overall loan book appears diversified, the concentration in credit cards exposes Barclays to cyclical downturns. The adequacy of reserves is unclear, but the trend warrants close monitoring, as further deterioration could pressure earnings and capital.
P/E Misleads on Earnings Quality
The P/E of 10.93x is misleading because earnings are heavily influenced by volatile provisions and one-off conduct charges, obscuring underlying profitability. As per the data, investors should use P/TBV and ROTCE to assess value creation.
For banks, P/E is often distorted by cyclical credit costs and non-recurring items, making it an unreliable gauge of franchise value. Barclays' P/E appears low, but this reflects the market's skepticism about earnings sustainability. A better metric is P/TBV, which at 1.30x (based on tangible book value of $20.66) still implies a discount to peers, but more accurately captures the balance sheet's risk. Investors should also adjust for the investment bank's volatility when comparing to domestic peers.