Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 13.7x · ROE 10.1%. (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 | $7.9B | $7.2B | $6.8B | $5.6B | $7.0B | $7.2B | $4.8B | $6.2B | $4.9B | $6.0B | $5.4B |
| Enterprise Value | $10.9B | $10.2B | $9.8B | $13.2B | $12.7B | $6.9B | $7.4B | $13.6B | $11.2B | $9.5B | $8.6B |
| P/E Ratio → | 14.22 | 12.90 | 13.08 | 10.68 | 13.51 | 11.79 | 11.06 | 12.43 | 10.96 | 18.07 | 23.52 |
| P/S Ratio | 3.74 | 3.40 | 3.50 | 2.85 | 3.84 | 4.09 | 2.53 | 3.54 | 3.14 | 4.06 | 3.98 |
| P/B Ratio | 1.34 | 1.22 | 1.22 | 1.09 | 1.49 | 1.35 | 0.90 | 1.27 | 1.10 | 1.70 | 1.64 |
| P/FCF | 10.73 | 9.76 | 5.39 | — | 1.42 | — | — | — | 38.79 | — | — |
| P/OCF | 10.73 | 9.76 | 4.74 | 84.96 | 1.36 | — | — | 663.40 | 10.38 | 27.84 | — |
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 | — | 4.80 | 5.06 | 6.70 | 6.99 | 3.90 | 3.93 | 7.76 | 7.17 | 6.47 | 6.32 |
| EV / EBITDA | 13.74 | 12.84 | 12.70 | 16.68 | 16.56 | 7.67 | 11.20 | 18.66 | 17.82 | 16.62 | 22.27 |
| EV / EBIT | 15.34 | 14.33 | 14.71 | 19.36 | 19.26 | 8.66 | 13.17 | 21.48 | 19.74 | 18.37 | 25.36 |
| EV / FCF | — | 13.78 | 7.79 | — | 2.59 | — | — | — | 88.59 | — | — |
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 | 63.7% | 63.7% | 57.1% | 63.3% | 89.5% | 102.1% | 81.3% | 78.6% | 86.0% | 92.3% | 89.8% |
| Operating Margin | 21.4% | 21.4% | 19.8% | 22.4% | 33.0% | 43.5% | 27.5% | 29.1% | 31.4% | 32.3% | 23.5% |
| Net Profit Margin | 17.4% | 17.4% | 15.6% | 17.4% | 26.0% | 33.8% | 21.2% | 23.1% | 24.7% | 20.9% | 16.1% |
| 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% | 9.8% | 10.8% | 10.3% | 11.6% | 8.6% | 10.8% | 11.2% | 9.8% | 7.1% |
| ROA | 1.1% | 1.1% | 1.1% | 1.1% | 1.1% | 1.3% | 1.0% | 1.2% | 1.3% | 1.0% | 0.7% |
| ROIC | 5.2% | 5.2% | 4.1% | 4.0% | 5.0% | 7.0% | 3.7% | 3.7% | 4.0% | 4.2% | 2.7% |
| ROCE | 8.4% | 8.4% | 5.5% | 5.5% | 7.7% | 12.0% | 6.5% | 5.7% | 5.4% | 5.6% | 3.7% |
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 | 0.78 | 0.78 | 0.80 | 1.74 | 1.52 | 0.46 | 0.72 | 1.77 | 1.67 | 1.66 | 1.73 |
| Debt / EBITDA | 5.84 | 5.84 | 5.77 | 11.29 | 9.30 | 2.78 | 5.76 | 11.87 | 11.84 | 10.22 | 14.82 |
| Net Debt / Equity | — | 0.50 | 0.54 | 1.48 | 1.22 | -0.06 | 0.50 | 1.51 | 1.41 | 1.01 | 0.96 |
| Net Debt / EBITDA | 3.75 | 3.75 | 3.91 | 9.59 | 7.47 | -0.38 | 3.98 | 10.14 | 10.02 | 6.18 | 8.24 |
| Debt / FCF | — | 4.02 | 2.40 | — | 1.17 | — | — | — | 49.80 | — | — |
| Interest Coverage | 0.59 | 0.59 | 0.47 | 0.64 | 3.65 | 12.86 | 3.51 | 1.51 | 2.32 | 3.95 | 4.14 |
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 | 0.17 | 0.17 | 0.37 | 0.40 | 0.36 | 0.37 | 0.37 | 0.43 | 0.40 | 0.49 | 0.51 |
| Quick Ratio | 0.17 | 0.17 | 0.37 | 0.40 | 0.36 | 0.37 | 0.37 | 0.43 | 0.40 | 0.49 | 0.51 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.03 | 0.04 | 0.04 | 0.10 | 0.11 |
| Asset Turnover | — | 0.06 | 0.07 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| 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 | 1.9% | 2.0% | 2.1% | 2.6% | 2.1% | 2.0% | 3.0% | 2.3% | 2.6% | 1.9% | 2.1% |
| Payout Ratio | 25.5% | 25.5% | 27.3% | 27.0% | 27.6% | 23.3% | 33.2% | 28.7% | 28.5% | 34.7% | 48.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 7.7% | 7.6% | 9.4% | 7.4% | 8.5% | 9.0% | 8.0% | 9.1% | 5.5% | 4.3% |
| FCF Yield | 9.3% | 10.2% | 18.6% | — | 70.3% | — | — | — | 2.6% | — | — |
| Buyback Yield | 5.2% | 5.7% | 1.4% | 3.2% | 2.3% | 1.7% | 1.7% | 2.1% | 1.1% | 0.1% | 1.0% |
| Total Shareholder Yield | 7.1% | 7.8% | 3.5% | 5.8% | 4.4% | 3.7% | 4.7% | 4.4% | 3.7% | 2.0% | 3.1% |
| Shares Outstanding | — | $61M | $64M | $66M | $67M | $69M | $70M | $71M | $67M | $65M | $65M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BOKF stock.
BOK Financial Corporation's current P/E ratio is 14.2x. The historical average is 14.4x. This places it at the 50th percentile of its historical range.
BOK Financial Corporation's current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
BOK Financial Corporation's return on equity (ROE) is 10.1%. The historical average is 11.9%.
Based on historical data, BOK Financial Corporation is trading at a P/E of 14.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BOK Financial Corporation's current dividend yield is 1.85% with a payout ratio of 25.5%.
BOK Financial Corporation has 63.7% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BOK Financial Corporation's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Energy sector credit concentration
Metrics are mathematically derived from official filings.
Market Pricing Reflects Complexity Discount
Based on current market data, BOKF trades at a P/B of 1.43, which appears to discount the bank relative to peers like Commerce Bancshares, suggesting investors remain cautious regarding the long-term sustainability of its energy-linked earnings and the potential for cyclical volatility in its fee-based revenue streams.
The valuation multiple suggests the market views BOKF as a commodity-sensitive franchise rather than a premium wealth-management-led institution. This P/B level implies that investors are demanding a higher margin of safety for the bank's specialized energy exposure compared to the more diversified, fee-heavy regional peers.
DuPont Decomposition Reveals Margin Compression
As reported in financial statements, BOKF's ROE has remained constrained between 1.6% and 3.2% over the last ten quarters, indicating that the bank's profitability is currently pressured by a stagnant net interest margin and the high fixed-cost base required to support its specialized operational infrastructure.
The decomposition of profitability highlights that the bank's reliance on non-interest income, while historically a stabilizer, has not been sufficient to offset the lack of net interest margin expansion. This suggests that the bank's current return profile is structurally limited by its funding costs and the competitive landscape of its core operating markets.
Efficiency Ratio Volatility Hinders Performance
According to recent quarterly filings, BOKF's efficiency ratio has exhibited significant instability, swinging from 33.9% to 42.9%, which reflects the inherent difficulty in managing high-touch personnel costs against the bank's volatile mortgage and commodity-linked fee income streams in a shifting interest rate environment.
The inability to maintain a consistent efficiency ratio suggests that operating leverage is currently working against the bank during periods of revenue fluctuation. Investors should monitor whether the bank can achieve better cost discipline as the interest rate cycle matures and the demand for specialized energy advisory services stabilizes.
Stable Capital Buffers Support Resilience
Based on reported figures, BOKF has maintained a consistent equity-to-assets ratio between 0.10 and 0.12 over the past ten quarters, providing a stable capital foundation that appears sufficient to absorb potential credit shocks within its specialized energy-focused loan portfolio despite the ongoing volatility in its securities holdings.
This capital position suggests a conservative management approach, likely influenced by the bank's majority ownership structure, which prioritizes long-term stability over aggressive capital return. The current capital levels appear adequate to support the bank's growth initiatives while maintaining a buffer against the cyclical risks inherent in its commercial lending book.
Misapplication of P/E Multiples in Banking
The P/E ratio is frequently misapplied to BOKF, as it obscures the significant volatility introduced by mark-to-market adjustments in mortgage servicing rights and commodity derivative hedging, which do not reflect the bank's core lending health or its underlying cash-generating capacity.
Investors should prioritize P/TBV and PPNR (pre-provision net revenue) trends over P/E, as the latter is heavily distorted by non-cash accounting entries and the bank's cyclical provisioning practices. Relying on P/E may lead to an inaccurate assessment of the bank's true earnings power, particularly during periods of commodity price volatility.