Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 6.4x · ROE 14.0%. (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 | $10.3B | $8.4B | $6.7B | $5.9B | $5.0B | $6.7B | $4.8B | $5.7B | $4.8B | $3.6B | $4.5B |
| Enterprise Value | $6.8B | $5.0B | $1.2B | $-285347560 | $485M | $-9943650200 | $-5711200000 | $3.6B | $1.9B | $-12913950 | $3.4B |
| P/E Ratio → | 12.92 | 10.12 | 10.99 | 10.91 | 4.53 | 7.16 | 9.59 | 8.54 | 7.79 | 34.79 | 21.27 |
| P/S Ratio | 3.22 | 2.64 | 2.41 | 2.23 | 1.70 | 2.70 | 2.15 | 2.35 | 2.03 | 1.91 | 2.67 |
| P/B Ratio | 1.72 | 1.35 | 1.20 | 1.14 | 1.22 | 1.12 | 0.80 | 0.95 | 0.88 | 0.71 | 0.87 |
| P/FCF | 15.06 | 12.36 | 14.60 | 12.31 | 5.48 | 7.17 | 7.83 | 9.20 | 6.24 | 6.31 | 9.13 |
| P/OCF | 11.67 | 9.58 | 9.98 | 8.58 | 4.92 | 6.65 | 7.13 | 8.08 | 5.64 | 5.69 | 7.59 |
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 | — | 1.56 | 0.45 | -0.11 | 0.17 | -4.01 | -2.53 | 1.50 | 0.80 | -0.01 | 1.98 |
| EV / EBITDA | 6.42 | 4.69 | 1.46 | -0.39 | 0.37 | -7.60 | -8.36 | 4.10 | 2.36 | -0.03 | 9.50 |
| EV / EBIT | 6.77 | 4.95 | 1.57 | -0.42 | 0.39 | -7.99 | -9.23 | 4.44 | 2.56 | -0.04 | 11.40 |
| EV / FCF | — | 7.31 | 2.71 | -0.60 | 0.53 | -10.68 | -9.23 | 5.86 | 2.47 | -0.02 | 6.76 |
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 | 66.1% | 66.1% | 60.7% | 64.8% | 88.2% | 101.1% | 78.8% | 80.8% | 80.5% | 74.1% | 80.0% |
| Operating Margin | 22.7% | 22.7% | 19.0% | 18.0% | 38.2% | 47.1% | 24.8% | 29.3% | 27.9% | 16.0% | 15.4% |
| Net Profit Margin | 18.8% | 18.8% | 14.7% | 14.4% | 34.1% | 35.4% | 20.3% | 24.0% | 23.4% | 5.1% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.0% | 14.0% | 11.4% | 11.7% | 21.9% | 15.6% | 8.4% | 11.7% | 11.7% | 2.1% | 4.2% |
| ROA | 1.1% | 1.1% | 0.9% | 0.8% | 1.5% | 1.3% | 0.9% | 1.3% | 1.3% | 0.3% | 0.6% |
| ROIC | 10.2% | 10.2% | 9.0% | 8.4% | 14.3% | 12.5% | 6.1% | 8.3% | 7.8% | 3.5% | 3.0% |
| ROCE | 14.1% | 14.1% | 11.9% | 11.3% | 19.2% | 16.3% | 8.0% | 11.1% | 9.6% | 4.2% | 3.8% |
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 | 0.25 | 0.25 | 0.23 | 0.24 | 0.39 | 0.22 | 0.26 | 0.26 | 0.31 | 0.40 | 0.40 |
| Debt / EBITDA | 1.50 | 1.50 | 1.53 | 1.68 | 1.22 | 1.03 | 2.31 | 1.79 | 2.09 | 5.11 | 5.82 |
| Net Debt / Equity | — | -0.55 | -0.98 | -1.20 | -1.10 | -2.78 | -1.75 | -0.34 | -0.53 | -0.71 | -0.23 |
| Net Debt / EBITDA | -3.24 | -3.24 | -6.41 | -8.38 | -3.49 | -12.71 | -15.44 | -2.33 | -3.61 | -9.17 | -3.32 |
| Debt / FCF | — | -5.05 | -11.90 | -12.91 | -4.95 | -17.85 | -17.06 | -3.34 | -3.77 | -6.33 | -2.36 |
| Interest Coverage | 0.81 | 0.81 | 0.57 | 0.61 | 4.14 | 7.54 | 2.63 | 2.22 | 2.57 | 1.51 | 1.39 |
Net cash position: cash ($5.0B) exceeds total debt ($1.6B)
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 | 0.38 | 0.38 | 0.38 | 0.38 | 0.39 | 0.66 | 0.61 | 0.51 | 0.47 | 0.48 | 0.40 |
| Quick Ratio | 0.38 | 0.38 | 0.38 | 0.38 | 0.39 | 0.66 | 0.61 | 0.51 | 0.47 | 0.48 | 0.40 |
| Cash Ratio | 0.07 | 0.07 | 0.10 | 0.12 | 0.10 | 0.27 | 0.21 | 0.08 | 0.11 | 0.16 | 0.10 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.05 |
| 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 | 1.8% | 2.3% | 2.7% | 2.7% | 3.2% | 2.1% | 2.8% | 2.0% | 2.2% | 2.6% | 1.5% |
| Payout Ratio | 23.7% | 23.7% | 29.4% | 29.5% | 14.6% | 15.1% | 26.4% | 17.3% | 17.1% | 89.1% | 30.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 9.9% | 9.1% | 9.2% | 22.1% | 14.0% | 10.4% | 11.7% | 12.8% | 2.9% | 4.7% |
| FCF Yield | 6.6% | 8.1% | 6.8% | 8.1% | 18.2% | 13.9% | 12.8% | 10.9% | 16.0% | 15.8% | 11.0% |
| Buyback Yield | 4.9% | 6.0% | 3.2% | 0.0% | 12.7% | 5.2% | 10.9% | 4.4% | 2.6% | 2.1% | 0.0% |
| Total Shareholder Yield | 6.8% | 8.3% | 5.9% | 2.7% | 15.9% | 7.4% | 13.7% | 6.4% | 4.8% | 4.7% | 1.5% |
| Shares Outstanding | — | $68M | $72M | $72M | $75M | $81M | $86M | $97M | $101M | $102M | $103M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BPOP stock.
Popular, Inc.'s current P/E ratio is 12.9x. The historical average is 12.3x. This places it at the 62th percentile of its historical range.
Popular, Inc.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.0x.
Popular, Inc.'s return on equity (ROE) is 14.0%. The historical average is 8.7%.
Based on historical data, Popular, Inc. is trading at a P/E of 12.9x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Popular, Inc.'s current dividend yield is 1.84% with a payout ratio of 23.7%.
Popular, Inc. has 66.1% gross margin and 22.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Popular, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Puerto Rico concentration and hurricane risk
Metrics are mathematically derived from official filings.
Premium Priced for Island Dominance
Trading at 1.82x book and 13.68x trailing earnings, BPOP's multiples exceed mainland peers, reflecting its oligopolistic Puerto Rico franchise. According to quarterly data, tangible book value per share rose to $88.22 in 2026Q2, supporting the premium.
The P/B of 1.82x is above the peer median of roughly 1.6x, implying the market assigns a scarcity premium to BPOP's dominant deposit share and pricing power. The forward P/E of 10.65x suggests investors expect earnings growth, consistent with the 9.8% NII increase in 2026Q2. However, the persistent 'Puerto Rico discount' may still cap multiple expansion relative to mainland banks, as jurisdictional risks remain embedded in the valuation.
ROE Expansion on Operating Leverage
ROE improved to 4.4% in 2026Q2 from 2.0% in 2024Q1, as per quarterly data, driven by a 41.8% efficiency ratio and rising fee income. The DuPont decomposition shows NIM stable at 0.9% but asset utilization and non-interest income are lifting returns.
The efficiency ratio improvement from 43.8% to 41.8% over the period indicates strong cost control, while fee income as a percentage of revenue climbed to 15.8% in 2026Q2, diversifying the revenue mix. ROA remains low at 0.4%, reflecting the high securities concentration, but the equity multiplier is modest at 12.5x, suggesting conservative leverage. The provision swing from zero to $65.9M in 2026Q2 tempers the quality of earnings, yet the underlying profitability trend appears solid.
NIM Stability Masks Deposit Beta Risk
NIM held at 0.9% for five consecutive quarters through 2026Q2, as reported in financial statements, while the efficiency ratio improved to 41.8%. This stability suggests a low-cost deposit base, but the risk of deposit repricing remains a key monitor.
The stable NIM despite rate changes indicates that BPOP's funding advantage, with a high proportion of non-interest-bearing deposits, is holding. However, the recent risk flag about federal fund disbursements being spent down could pressure funding costs if low-cost public deposits are replaced with wholesale funding. The efficiency ratio at 41.8% is best-in-class among peers, reflecting the scale of the branch network, but digital adoption may require future rationalization.
Capital Ratios Strengthen on Retention
Equity-to-assets improved to 8.1% in 2026Q2 from 7.3% a year earlier, as per quarterly data, indicating strong internal capital generation. This supports continued capital return, with dividends and buybacks at 64% of net income in 2026Q2.
The improving capital ratio provides a buffer against Puerto Rico's cyclical risks and hurricane tail-risk. The bank's conservative capital management, evidenced by aggressive buybacks and consistent dividends, suggests confidence in its capital position. However, the high securities concentration (89% of assets) exposes the balance sheet to AOCI volatility, which could impact regulatory capital if unrealized losses materialize.
Provision Volatility Clouds Credit Quality
Provision for credit losses swung from zero in 2026Q1 to $65.9M in 2026Q2, as per reported figures, while charge-offs averaged $60M. This lumpiness raises questions about the adequacy of reserves and the timing of loss recognition.
The zero provision in 2026Q1 followed by a $65.9M charge in 2026Q2 suggests that management may be smoothing earnings or that credit conditions are deteriorating unevenly. The stable NPL trends mentioned in the balance sheet analysis provide some comfort, but the volatility warrants monitoring. Given the bank's exposure to Puerto Rico's economic cycle and hurricane risk, reserve adequacy is a key credit metric to watch.
Outperforming Peers on Efficiency, Lagging on ROE
BPOP's efficiency ratio of 41.8% in 2026Q2 beats FBP and OFG, but its ROE of 4.4% trails their 19.0% and 15.9%, as per peer data. This gap reflects BPOP's larger securities portfolio and lower leverage.
The peer comparison highlights that BPOP's profitability is structurally lower due to its balance sheet composition, with a high proportion of investment securities yielding lower returns than loans. However, its efficiency and deposit franchise are superior, suggesting that if loan growth accelerates, ROE could converge toward peers. The valuation premium over FBP and OFG indicates the market already prices in this potential.
P/E Misleads on Provision Timing
The P/E ratio is commonly misapplied to BPOP because provision volatility distorts earnings, as seen in the swing from zero to $65.9M in 2026Q2. Investors should use P/TBV and adjust for credit costs to assess true earning power.
The trailing P/E of 13.68x is artificially depressed by the lumpy provisions, while the forward P/E of 10.65x may overstate earnings quality if provisions normalize higher. A better metric is P/TBV, which at 1.91x (based on $88.22 tangible book) reflects the franchise value without earnings noise. Additionally, adjusting for the securities portfolio's unrealized gains/losses would provide a clearer picture of capital adequacy and valuation.