Bank of Montreal (BMO) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Diversified
EV/EBITDA
↑
37.46
↑+33% vs avg
5yr avg: 28.20
30Y Low5.7·High40.6
P/FCF
↑
19.91
↑+156% vs avg
5yr avg: 7.77
30Y Low0.8·High88.5
P/B Ratio
↓
1.99
↑+116% vs avg
5yr avg: 0.92
30Y Low0.7·High2.0
ROE
↓
10.1%
-16% vs avg
5yr avg: 12.0%
30Y Low6%·High21%
Debt/EBITDA
↑
30.24
+2% vs avg
5yr avg: 29.52
30Y Low6.6·High44.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BMO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Bank of Montreal trades at 21.2x earnings, 123% above its 5-year average of 9.5x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 56%. On a free-cash-flow basis, the stock trades at 19.9x P/FCF, 156% above the 5-year average of 7.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $119.6B | $89.8B | $66.4B | $53.7B | $61.3B | $70.4B | $38.2B | $47.4B | $48.2B | $49.9B | $42.5B |
| Enterprise Value | $363.1B | $434.7B | $370.9B | $326.5B | $294.7B | $256.2B | $247.4B | $272.4B | $228.2B | $235.6B | $203.3B |
| P/E Ratio → | 21.15 | 10.85 | 9.58 | 13.12 | 4.61 | 9.37 | 7.88 | 8.54 | 9.15 | 9.67 | 9.19 |
| P/S Ratio | 2.17 | 1.15 | 0.85 | 0.79 | 1.64 | 2.17 | 1.11 | 1.23 | 1.49 | 1.79 | 1.67 |
| P/B Ratio | 1.99 | 1.02 | 0.79 | 0.71 | 0.86 | 1.22 | 0.67 | 0.93 | 1.05 | 1.13 | 1.00 |
| P/FCF | 19.91 | 10.55 | 2.42 | 6.78 | 17.47 | 1.63 | 0.77 | 1.68 | 2.83 | 23.59 | — |
| P/OCF | 16.55 | 8.77 | 2.29 | 5.60 | 12.37 | 1.60 | 0.75 | 1.62 | 2.69 | 17.18 | — |
P/E links to full P/E history page with 30-year chart
BMO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Bank of Montreal's enterprise value stands at 37.5x EBITDA, 33% above its 5-year average of 28.2x. The Financial Services sector median is 11.4x, placing the stock at a 229% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.56 | 4.72 | 4.80 | 7.91 | 7.89 | 7.20 | 7.06 | 7.06 | 8.46 | 7.99 |
| EV / EBITDA | 37.46 | 31.66 | 31.85 | 40.61 | 15.22 | 21.67 | 31.06 | 32.13 | 26.72 | 30.46 | 29.99 |
| EV / EBIT | 44.53 | 37.64 | 38.90 | 54.90 | 16.48 | 24.97 | 38.98 | 37.46 | 30.78 | 35.52 | 35.47 |
| EV / FCF | — | 51.07 | 13.50 | 41.25 | 83.98 | 5.95 | 4.97 | 9.67 | 13.41 | 111.27 | — |
BMO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Bank of Montreal earns an operating margin of 14.8%, below the Financial Services sector average of 20.3%. Operating margins have expanded from 8.7% to 14.8% over the past 3 years, signaling improving operational efficiency. ROE of 10.1% is modest. ROIC of 1.8% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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 | 41.6% | 41.6% | 36.0% | 43.6% | 69.6% | 82.8% | 64.2% | 63.4% | 68.3% | 75.3% | 79.2% |
| Operating Margin | 14.8% | 14.8% | 12.1% | 8.7% | 48.0% | 31.6% | 18.5% | 18.8% | 22.9% | 23.8% | 22.5% |
| Net Profit Margin | 11.1% | 11.1% | 9.3% | 6.5% | 36.3% | 23.9% | 14.8% | 14.9% | 16.9% | 19.2% | 18.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 9.1% | 6.0% | 21.1% | 13.6% | 9.5% | 11.9% | 12.1% | 12.3% | 11.2% |
| ROA | 0.6% | 0.6% | 0.5% | 0.4% | 1.3% | 0.8% | 0.6% | 0.7% | 0.7% | 0.8% | 0.7% |
| ROIC | 1.8% | 1.8% | 1.6% | 1.1% | 3.6% | 2.3% | 1.4% | 1.8% | 2.0% | 2.0% | 2.0% |
| ROCE | 3.4% | 3.4% | 2.9% | 1.9% | 6.8% | 4.4% | 2.6% | 3.2% | 3.6% | 3.2% | 4.5% |
BMO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Bank of Montreal carries a Debt/EBITDA ratio of 30.2x, which is highly leveraged (610% above the sector average of 4.3x). Net debt stands at $344.9B ($415.2B total debt minus $70.3B cash). Interest coverage of just 0.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.71 | 4.71 | 4.43 | 4.66 | 4.60 | 5.00 | 4.87 | 5.52 | 5.04 | 5.07 | 4.65 |
| Debt / EBITDA | 30.24 | 30.24 | 32.05 | 44.14 | 16.86 | 24.31 | 34.61 | 33.24 | 26.99 | 29.05 | 29.05 |
| Net Debt / Equity | — | 3.91 | 3.61 | 3.58 | 3.29 | 3.23 | 3.70 | 4.41 | 3.94 | 4.18 | 3.80 |
| Net Debt / EBITDA | 25.12 | 25.12 | 26.15 | 33.93 | 12.05 | 15.72 | 26.27 | 26.54 | 21.08 | 24.00 | 23.73 |
| Debt / FCF | — | 40.52 | 11.09 | 34.47 | 66.52 | 4.31 | 4.20 | 7.99 | 10.57 | 87.67 | — |
| Interest Coverage | 0.27 | 0.27 | 0.20 | 0.16 | 1.62 | 1.84 | 0.68 | 0.55 | 0.77 | 1.08 | 1.27 |
BMO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.14x is below 1.0, meaning current liabilities exceed current assets — though the company's $70.3B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.20x to 0.14x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.14 | 0.14 | 0.14 | 0.20 | 0.17 | 0.23 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Quick Ratio | 0.14 | 0.14 | 0.14 | 0.20 | 0.17 | 0.23 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Cash Ratio | 0.06 | 0.06 | 0.06 | 0.08 | 0.11 | 0.13 | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | 0.03 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BMO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Bank of Montreal returns 4.9% to shareholders annually — split between a 2.9% dividend yield and 2.0% buyback yield. A payout ratio of 57.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 57.8% | 57.8% | 52.5% | 61.1% | 19.2% | 38.4% | 48.6% | 47.8% | 47.4% | 37.7% | 48.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 9.2% | 10.4% | 7.6% | 21.7% | 10.7% | 12.7% | 11.7% | 10.9% | 10.3% | 10.9% |
| FCF Yield | 5.0% | 9.5% | 41.4% | 14.7% | 5.7% | 61.2% | 130.4% | 59.5% | 35.3% | 4.2% | — |
| Buyback Yield | 2.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.9% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $723M | $729M | $711M | $666M | $649M | $642M | $640M | $645M | $652M | $668M |
Peer Comparison
Compare BMO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BMOYou | $120B | 21.2 | 37.5 | 19.9 | 41.6% | 14.8% | 10.1% | 1.8% | 30.2 |
 TD | $202B | 14.6 | 31.9 | — | 49.0% | 20.7% | 16.9% | 2.3% | 25.4 |
 RY | $282B | 20.3 | 39.9 | 7.5 | 45.3% | 18.7% | 15.3% | 2.0% | 29.1 |
 BNS | $107B | 21.7 | 48.6 | 29.9 | 44.3% | 14.4% | 9.0% | 1.6% | 41.6 |
 CM | $103B | 18.5 | 36.9 | — | 43.0% | 17.6% | 13.7% | 2.1% | 29.4 |
 MFC | $68B | 18.7 | 18.3 | 3.0 | 25.5% | 13.4% | 11.0% | 11.4% | 2.8 |
 USB | $90B | 12.6 | 11.8 | 11.4 | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 PNC | $91B | 14.0 | 12.7 | 9.7 | 71.7% | 27.1% | 12.1% | 5.4% | 6.7 |
 TFC | $62B | 12.7 | 13.5 | 10.8 | 62.2% | 20.9% | 8.2% | 3.6% | 9.9 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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BMO — Frequently Asked Questions
Quick answers to the most common questions about buying BMO stock.
What is Bank of Montreal's P/E ratio?
Bank of Montreal's current P/E ratio is 21.2x. The historical average is 10.0x. This places it at the 100th percentile of its historical range.
What is Bank of Montreal's EV/EBITDA?
Bank of Montreal's current EV/EBITDA is 37.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.8x.
What is Bank of Montreal's ROE?
Bank of Montreal's return on equity (ROE) is 10.1%. The historical average is 13.0%.
Is BMO stock overvalued?
Based on historical data, Bank of Montreal is trading at a P/E of 21.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Bank of Montreal's dividend yield?
Bank of Montreal's current dividend yield is 2.87% with a payout ratio of 57.8%.
What are Bank of Montreal's profit margins?
Bank of Montreal has 41.6% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Bank of Montreal have?
Bank of Montreal's Debt/EBITDA ratio is 30.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.