Latest Ratios: P/E Ratio 48.7x · EV/EBITDA 15.1x · ROE 2.8%. (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 | $120.3B | $131.2B | $68.4B | $50.3B | $36.6B | $64.4B | $45.4B | $48.4B | $36.5B | $48.7B | $44.5B |
| Enterprise Value | $113.9B | $124.8B | $70.7B | $56.8B | $54.4B | $85.8B | $45.4B | $90.6B | $82.2B | $94.9B | $95.0B |
| P/E Ratio → | 48.66 | 60.14 | 15.39 | 10.97 | 5.19 | 5.39 | 19.08 | 9.31 | 6.07 | 28.53 | 12.66 |
| P/S Ratio | 2.25 | 2.46 | 1.75 | 1.37 | 1.07 | 2.12 | 1.59 | 1.69 | 1.32 | 1.79 | 1.74 |
| P/B Ratio | 0.93 | 1.15 | 1.13 | 0.87 | 0.70 | 1.06 | 0.75 | 0.83 | 0.71 | 1.00 | 0.94 |
| P/FCF | 4.60 | 5.02 | 4.03 | 2.56 | 2.84 | 5.55 | 2.84 | 3.07 | 3.02 | 3.70 | 4.02 |
| P/OCF | 4.34 | 4.73 | 3.77 | 2.44 | 2.65 | 5.24 | 2.72 | 2.91 | 2.81 | 3.43 | 3.75 |
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 | — | 2.33 | 1.81 | 1.54 | 1.59 | 2.82 | 1.59 | 3.17 | 2.98 | 3.48 | 3.72 |
| EV / EBITDA | 15.10 | 16.54 | 7.73 | 6.13 | 4.37 | 4.45 | 6.77 | 8.88 | 8.47 | 11.96 | 12.01 |
| EV / EBIT | 49.92 | 54.69 | 11.97 | 9.40 | 5.89 | 5.43 | 14.17 | 13.19 | 11.24 | 17.28 | 17.32 |
| EV / FCF | — | 4.77 | 4.17 | 2.90 | 4.23 | 7.39 | 2.84 | 5.75 | 6.79 | 7.21 | 8.58 |
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 | 47.3% | 47.3% | 50.8% | 53.3% | 74.0% | 101.1% | 57.7% | 66.2% | 68.1% | 65.6% | 69.2% |
| Operating Margin | 3.3% | 3.3% | 11.0% | 12.2% | 24.1% | 49.4% | 10.1% | 20.4% | 23.0% | 18.3% | 19.9% |
| Net Profit Margin | 3.5% | 3.5% | 8.8% | 9.9% | 19.2% | 38.7% | 8.6% | 16.4% | 18.9% | 6.6% | 13.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.8% | 2.8% | 8.0% | 8.8% | 13.0% | 20.4% | 4.6% | 10.1% | 12.0% | 4.1% | 7.9% |
| ROA | 0.4% | 0.4% | 1.0% | 1.0% | 1.7% | 2.9% | 0.7% | 1.5% | 1.6% | 0.5% | 1.1% |
| ROIC | 1.3% | 1.3% | 4.1% | 4.3% | 6.7% | 11.6% | 2.2% | 4.6% | 5.0% | 3.8% | 3.8% |
| ROCE | 1.4% | 1.4% | 4.6% | 4.8% | 7.7% | 13.4% | 2.7% | 5.9% | 6.5% | 5.1% | 5.6% |
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 | 0.45 | 0.45 | 0.75 | 0.86 | 0.93 | 0.71 | 0.67 | 0.96 | 1.14 | 1.24 | 1.27 |
| Debt / EBITDA | 6.76 | 6.76 | 4.98 | 5.38 | 3.92 | 2.23 | 6.05 | 5.45 | 6.06 | 7.60 | 7.65 |
| Net Debt / Equity | — | -0.06 | 0.04 | 0.11 | 0.34 | 0.35 | 0.00 | 0.73 | 0.88 | 0.95 | 1.06 |
| Net Debt / EBITDA | -0.85 | -0.85 | 0.25 | 0.71 | 1.44 | 1.11 | 0.00 | 4.14 | 4.71 | 5.83 | 6.38 |
| Debt / FCF | — | -0.25 | 0.14 | 0.33 | 1.39 | 1.84 | 0.00 | 2.68 | 3.78 | 3.51 | 4.56 |
| Interest Coverage | 0.14 | 0.14 | 0.40 | 0.48 | 2.24 | 9.89 | 1.03 | 1.33 | 1.70 | 1.99 | 2.72 |
Net cash position: cash ($57.4B) exceeds total debt ($51.0B)
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 | 0.15 | 0.15 | 0.14 | 0.36 | 0.33 | 0.38 | 0.46 | 0.35 | 0.23 | 0.21 | 0.20 |
| Quick Ratio | 0.15 | 0.15 | 0.14 | 0.36 | 0.33 | 0.38 | 0.46 | 0.35 | 0.23 | 0.21 | 0.20 |
| Cash Ratio | 0.12 | 0.12 | 0.12 | 0.12 | 0.09 | 0.07 | 0.13 | 0.05 | 0.05 | 0.06 | 0.04 |
| Asset Turnover | — | 0.10 | 0.11 | 0.10 | 0.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.08 | 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 | 1.4% | 1.2% | 1.4% | 1.9% | 2.6% | 1.8% | 1.0% | 1.6% | 2.1% | 1.6% | 1.8% |
| Payout Ratio | 61.8% | 61.8% | 19.6% | 19.1% | 12.9% | 9.3% | 16.9% | 13.6% | 12.9% | 39.4% | 21.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 1.7% | 6.5% | 9.1% | 19.3% | 18.6% | 5.2% | 10.7% | 16.5% | 3.5% | 7.9% |
| FCF Yield | 21.7% | 19.9% | 24.8% | 39.0% | 35.2% | 18.0% | 35.2% | 32.6% | 33.1% | 27.1% | 24.9% |
| Buyback Yield | 3.8% | 3.5% | 1.1% | 1.4% | 13.5% | 15.1% | 3.9% | 5.1% | 6.3% | 0.5% | 8.2% |
| Total Shareholder Yield | 5.3% | 4.7% | 2.4% | 3.3% | 16.1% | 16.8% | 4.9% | 6.7% | 8.4% | 2.1% | 10.1% |
| Shares Outstanding | — | $541M | $384M | $383M | $393M | $444M | $459M | $470M | $483M | $489M | $510M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COF stock.
Capital One Financial Corporation's current P/E ratio is 48.7x. The historical average is 16.8x. This places it at the 93th percentile of its historical range.
Capital One Financial Corporation's current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Capital One Financial Corporation's return on equity (ROE) is 2.8%. The historical average is 13.5%.
Based on historical data, Capital One Financial Corporation is trading at a P/E of 48.7x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Capital One Financial Corporation's current dividend yield is 1.43% with a payout ratio of 61.8%.
Capital One Financial Corporation has 47.3% gross margin and 3.3% operating margin.
Capital One Financial Corporation's Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Integration and margin compression
Metrics are mathematically derived from official filings.
Market Prices Transformation, Not Earnings
COF trades at 1.01x book and 52.7x trailing earnings, but forward P/E of 10.4x implies the market expects normalized earnings post-Discover integration, per reported valuation metrics.
The wide gap between trailing and forward P/E reflects the earnings distortion from acquisition-related provisions and integration costs, which depressed 2025Q2 results. At 1.01x P/B, the market prices COF as a commodity balance sheet rather than a premium franchise, despite the strategic pivot toward a vertically integrated payments network. The implied ROTCE from current valuation appears modest, suggesting investors are skeptical of near-term synergy realization and margin recovery.
ROE Depressed by Provision Volatility
ROE averaged 1.4% over the last four quarters, down from 2.2% in 2024Q1, as provision spikes and negative NIM in 2026Q2 eroded returns, per quarterly financial data.
DuPont decomposition reveals that asset utilization collapsed in 2026Q2 when NIM turned negative, dragging ROA to 0.4% despite a 100% fee income contribution. The equity-to-assets ratio of 0.17 indicates leverage is moderate, but the earnings power is being suppressed by credit costs and integration expenses. The 2.8% ROE in 2026Q2, while improved from the -4.9% in 2025Q2, remains far below the 10-16% range of peers like JPM and WFC, suggesting profitability quality is strained.
NIM Collapse Signals Funding Stress
Net interest margin fell to -0.6% in 2026Q2 from 1.9% in 2025Q4, per quarterly results, while the efficiency ratio rose to 48.0%, indicating severe spread compression and cost absorption.
The negative NIM is anomalous and likely reflects accounting distortions from Discover consolidation, including purchase accounting adjustments and fair value marks. However, the trend from 1.9% to -0.6% suggests funding costs are rising faster than asset yields, possibly due to deposit competition and the mix shift toward securities. The efficiency ratio deterioration from 38.5% in 2024Q3 to 48.0% in 2026Q2 indicates that operating leverage is not yet materializing, as integration costs and marketing spend outpace revenue growth.
Thin Capital Buffer Post-Acquisition
Equity-to-assets ratio rose to 0.17 in 2026Q2 from 0.12 in 2024Q1, per reported data, but remains low for a bank of this scale, suggesting limited capital buffer for further shocks.
The increase in equity ratio reflects the Discover acquisition's balance sheet expansion, but the absolute level of 17% is below the 20%+ seen at money center banks like JPM. With CET1 ratios not disclosed in the provided data, investors should monitor regulatory capital adequacy, especially given the $527.2B securities portfolio that may carry unrealized losses. The dividend yield of 0.4% in 2026Q2, down from 0.7% in 2025Q4, suggests capital return is being prioritized for integration rather than shareholder distributions.
Provision Volatility Masks Credit Trends
Loan loss provisions swung from $11.4B in 2025Q2 to $4.1B in 2026Q1, per company filings, indicating elevated credit stress that may be normalizing but remains high versus pre-acquisition levels.
The provision spike in 2025Q2 drove a $4.3B net loss, but subsequent quarters show a normalization to $4.1B, suggesting credit deterioration may have peaked. However, the negative NIM in 2026Q2 and the 100% fee income concentration imply that interest income is not covering credit costs, which warrants monitoring for further reserve builds. The lack of NPL and charge-off data in the provided figures limits a full assessment, but the provision volatility alone suggests asset quality is a key risk.
P/E Misleads on Earnings Power
The trailing P/E of 52.7x is distorted by acquisition-related provisions and negative NIM, per reported data, obscuring the bank's normalized earnings potential and misleading investors on valuation.
For banks, P/E is often misapplied because provisions are non-cash and can swing dramatically with the credit cycle, as seen in 2025Q2's $4.3B loss. The forward P/E of 10.4x provides a more accurate picture, but it relies on assumptions about synergy realization and margin recovery that remain unproven. Investors should instead focus on P/TBV and ROTCE, which better capture the bank's capital efficiency and underlying profitability, especially given the integration overhang.