Latest Ratios: P/E Ratio 12.5x · EV/EBITDA 13.0x · ROE 8.5%. (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 | $8.2B | $8.3B | $5.7B | $5.2B | $6.6B | $7.2B | $7.9B | $9.0B | $8.0B | $9.6B | $9.9B |
| Enterprise Value | $11.7B | $11.8B | $7.7B | $7.8B | $7.0B | $5.4B | $6.9B | $9.3B | $8.8B | $10.4B | $10.0B |
| P/E Ratio → | 12.54 | 12.15 | 10.59 | 14.99 | 19.44 | 17.13 | — | 25.43 | 25.38 | 38.79 | 42.55 |
| P/S Ratio | 3.55 | 3.60 | 2.93 | 2.62 | 5.16 | 5.63 | 6.11 | 7.12 | 6.58 | 8.34 | 8.71 |
| P/B Ratio | 1.09 | 1.06 | 1.10 | 1.05 | 2.64 | 2.61 | 2.92 | 2.08 | 1.97 | 2.42 | 2.52 |
| P/FCF | 11.56 | 11.75 | 9.07 | 7.80 | 6.31 | 11.10 | 96.66 | — | 16.14 | 18.76 | 25.65 |
| P/OCF | 10.94 | 11.12 | 8.58 | 7.80 | 6.15 | 10.84 | 84.31 | — | 15.85 | 18.61 | 23.77 |
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 | — | 5.12 | 3.98 | 3.92 | 5.49 | 4.23 | 5.36 | 7.39 | 7.25 | 9.07 | 8.81 |
| EV / EBITDA | 13.02 | 13.17 | 8.85 | 12.71 | 14.56 | 9.15 | — | 18.19 | 18.58 | 25.63 | 23.77 |
| EV / EBIT | 15.51 | 15.69 | 10.69 | 16.61 | 15.48 | 9.67 | — | 19.87 | 20.88 | 29.89 | 27.67 |
| EV / FCF | — | 16.70 | 12.33 | 11.68 | 6.72 | 8.34 | 84.81 | — | 17.79 | 20.41 | 25.96 |
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 | 67.7% | 67.7% | 61.5% | 65.0% | 88.0% | 100.0% | 76.5% | 80.8% | 86.3% | 89.7% | 91.1% |
| Operating Margin | 23.4% | 23.4% | 24.2% | 17.2% | 33.4% | 42.3% | -102.2% | 31.9% | 31.4% | 28.5% | 29.9% |
| Net Profit Margin | 17.1% | 17.1% | 18.0% | 12.7% | 25.0% | 31.9% | -106.9% | 24.1% | 23.5% | 19.8% | 19.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 10.6% | 9.3% | 12.9% | 15.4% | -43.4% | 8.5% | 7.9% | 6.1% | 5.9% |
| ROA | 0.9% | 0.9% | 1.0% | 0.8% | 1.1% | 1.4% | -5.2% | 1.3% | 1.2% | 1.0% | 1.0% |
| ROIC | 5.4% | 5.4% | 5.7% | 5.1% | 8.5% | 10.4% | -21.2% | 6.1% | 5.8% | 4.8% | 5.0% |
| ROCE | 2.0% | 2.0% | 7.2% | 6.4% | 11.2% | 14.3% | -28.3% | 8.1% | 7.7% | 6.4% | 6.7% |
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 | 0.51 | 0.51 | 0.76 | 0.95 | 0.69 | 0.35 | 0.59 | 0.39 | 0.35 | 0.37 | 0.40 |
| Debt / EBITDA | 4.48 | 4.48 | 4.49 | 7.73 | 3.59 | 1.65 | — | 3.32 | 3.03 | 3.62 | 3.73 |
| Net Debt / Equity | — | 0.45 | 0.40 | 0.52 | 0.17 | -0.65 | -0.36 | 0.08 | 0.20 | 0.21 | 0.03 |
| Net Debt / EBITDA | 3.91 | 3.91 | 2.34 | 4.22 | 0.88 | -3.03 | — | 0.66 | 1.72 | 2.06 | 0.28 |
| Debt / FCF | — | 4.95 | 3.26 | 3.88 | 0.41 | -2.76 | -11.85 | — | 1.64 | 1.64 | 0.31 |
| Interest Coverage | 0.82 | 0.82 | 0.69 | 0.63 | 5.78 | 13.17 | -11.19 | 2.23 | 3.29 | 4.46 | 5.47 |
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 | 0.22 | 0.22 | 0.09 | 0.30 | 0.23 | 0.30 | 0.28 | 0.25 | 0.24 | 0.25 | 0.27 |
| Quick Ratio | 0.22 | 0.22 | 0.09 | 0.30 | 0.23 | 0.30 | 0.28 | 0.25 | 0.24 | 0.25 | 0.27 |
| Cash Ratio | 0.15 | 0.15 | 0.04 | 0.05 | 0.05 | 0.10 | 0.10 | 0.06 | 0.03 | 0.03 | 0.07 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 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 | 3.9% | 4.0% | 5.3% | 5.2% | 2.8% | 2.6% | 2.3% | 2.1% | 2.2% | 1.5% | 1.4% |
| Payout Ratio | 60.9% | 60.9% | 56.3% | 77.5% | 54.1% | 43.7% | — | 52.3% | 55.0% | 60.0% | 61.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.0% | 8.2% | 9.4% | 6.7% | 5.1% | 5.8% | — | 3.9% | 3.9% | 2.6% | 2.4% |
| FCF Yield | 8.7% | 8.5% | 11.0% | 12.8% | 15.8% | 9.0% | 1.0% | — | 6.2% | 5.3% | 3.9% |
| Buyback Yield | 1.3% | 1.3% | 0.1% | 0.1% | 0.1% | 1.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 5.2% | 5.4% | 5.4% | 5.3% | 2.8% | 3.7% | 2.4% | 2.1% | 2.3% | 1.6% | 1.6% |
| Shares Outstanding | — | $297M | $209M | $196M | $217M | $220M | $220M | $221M | $221M | $221M | $221M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying COLB stock.
Columbia Banking System, Inc.'s current P/E ratio is 12.5x. The historical average is 26.7x. This places it at the 11th percentile of its historical range.
Columbia Banking System, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Columbia Banking System, Inc.'s return on equity (ROE) is 8.5%. The historical average is 6.4%.
Based on historical data, Columbia Banking System, Inc. is trading at a P/E of 12.5x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Columbia Banking System, Inc.'s current dividend yield is 3.91% with a payout ratio of 60.9%.
Columbia Banking System, Inc. has 67.7% gross margin and 23.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Columbia Banking System, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Deposit migration and margin pressure
Metrics are mathematically derived from official filings.
Discount Reflecting Integration Overhang
COLB trades at 1.17x tangible book, a discount to peers like HOMB at 1.39x, implying the market prices in integration risk and margin pressure, per reported figures.
The P/B of 1.17x is below the peer median of approximately 1.33x, suggesting investors are not yet crediting the full earnings power of the combined franchise. The forward P/E of 10.18x versus TTM 13.41x implies the market expects earnings recovery, but the discount to peers like HOMB and BOKF indicates skepticism about achieving peer-level returns. The implied ROTCE from the current multiple appears modest, reflecting the stagnant NIM and elevated expense base.
ROE Stuck at Sub-3% Levels
ROE has hovered between 1.5% and 2.9% over the past year, with Q2 2026 at 2.7%, reflecting a NIM of 0.9% and limited fee income, as per financial statements.
The DuPont decomposition shows that ROE is constrained by a thin NIM of 0.9% and a low asset utilization, with ROA at 0.3%. Fee income as a percentage of revenue is volatile, ranging from 4.1% to 14.4%, indicating that non-interest income is not a reliable driver. The efficiency ratio, though improved to 44.7% in Q2 2026 from 48.1% in Q3 2025, remains above the peer average, suggesting cost synergies from the Umpqua merger are still being realized.
NIM Stagnant Amid Deposit Migration
Net interest margin has been flat at 0.9% for three consecutive quarters, while the efficiency ratio improved to 44.7% in Q2 2026, according to company filings.
The flat NIM indicates that asset repricing benefits are being offset by rising deposit costs as customers shift to higher-yield accounts. The efficiency ratio, though improved, remains above the peer median of around 40%, suggesting that cost control is still a work in progress. The lack of forward guidance from management adds uncertainty about whether the NIM can expand in the near term, especially given the deposit mix shift.
Capital Ratios Stable but Thin
Equity to assets remained at 12% in Q2 2026, unchanged from prior quarters, indicating stable but not robust capital levels, as reported in financial statements.
The equity-to-assets ratio of 12% is adequate but does not provide a significant buffer above regulatory minimums, especially given the bank's recent crossing of the $50 billion asset threshold. The stable capital position suggests limited capacity for aggressive capital return, though the bank did repurchase $203 million in stock in Q2 2026, representing a payout ratio of 148% of net income. Investors should monitor whether capital ratios remain stable as the bank integrates the Umpqua acquisition and manages potential credit losses.
Provision Spike Signals Credit Strain
Loan loss provisions jumped to $70 million in Q3 2025 from $28 million in Q2, a 150% increase, signaling potential credit deterioration, according to company data.
The spike in provisions suggests that the bank is building reserves in anticipation of higher charge-offs, particularly in its commercial real estate portfolio. While net charge-offs were not disclosed in Q2 2026, the provision level indicates that management is taking a cautious stance. The criticized loan ratio in the CRE portfolio warrants close monitoring, as any uptick would confirm deteriorating credit conditions in the Pacific Northwest office market.
P/E Misleading Due to Provision Volatility
The P/E ratio is distorted by volatile provisions and merger-related costs, making P/TBV a more reliable valuation metric, as evidenced by the Q3 2025 EPS drop.
The P/E of 13.41x TTM is skewed by the provision spike in Q3 2025, which depressed earnings and inflated the multiple. Similarly, the forward P/E of 10.18x may understate risk if provisions remain elevated. Investors should focus on P/TBV, which at 1.17x reflects the tangible book value and is less sensitive to short-term earnings swings. Additionally, the CET1 ratio, which excludes AOCI unrealized losses, may overstate capital strength given the large securities portfolio; adjusting for AOCI would provide a more conservative view of capital adequacy.