Latest Ratios: P/E Ratio 10.2x · EV/EBITDA 14.6x · ROE 8.7%. (2000–2025 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 | $67.4B | $77.0B | $34.8B | $28.5B | $24.5B | $26.8B | $23.7B | $16.4B | $17.1B | $37.4B | $28.2B |
| Enterprise Value | $162.1B | $160.2B | $32.6B | $63.6B | $33.9B | $37.7B | $52.3B | $15.6B | $-8631070000 | $-19348669000 | $31.3B |
| P/E Ratio → | 10.20 | 12.48 | 12.45 | 6.67 | 4.86 | 13.44 | 157.29 | — | 62.69 | — | — |
| P/S Ratio | 1.84 | 2.40 | 1.16 | 0.99 | 0.92 | 1.06 | 0.99 | 0.71 | 0.69 | 1.45 | 0.95 |
| P/B Ratio | 0.78 | 0.96 | 0.44 | 0.38 | 0.34 | 0.39 | 0.38 | 0.28 | 0.25 | 0.55 | 0.43 |
| P/FCF | — | — | — | 5.50 | — | — | 0.78 | — | — | 0.96 | 0.40 |
| P/OCF | — | — | — | 5.09 | — | — | 0.77 | — | — | 0.95 | 0.40 |
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 | — | 4.99 | 1.09 | 2.20 | 1.27 | 1.49 | 2.18 | 0.68 | -0.35 | -0.75 | 1.06 |
| EV / EBITDA | 14.65 | 16.48 | 6.16 | 11.20 | 4.49 | 11.13 | 16.98 | — | -6.49 | -15.76 | — |
| EV / EBIT | 14.66 | 16.48 | 6.16 | 11.20 | 6.05 | 11.13 | 51.27 | — | -6.49 | -15.76 | — |
| EV / FCF | — | — | — | 12.27 | — | — | 1.73 | — | — | -0.49 | 0.45 |
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 | 94.7% | 94.7% | 93.9% | 94.8% | 95.4% | 98.0% | 92.5% | 96.9% | 97.9% | 97.9% | 95.3% |
| Operating Margin | 30.3% | 30.3% | 17.6% | 19.7% | 21.0% | 13.4% | 4.3% | -11.4% | 5.4% | 4.8% | -2.7% |
| Net Profit Margin | 21.6% | 21.6% | 11.2% | 16.5% | 20.7% | 9.3% | 2.1% | -23.4% | 1.1% | -2.9% | -4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 4.4% | 6.5% | 7.9% | 3.6% | 0.8% | -8.5% | 0.4% | -1.1% | -2.1% |
| ROA | 0.5% | 0.5% | 0.2% | 0.4% | 0.4% | 0.2% | 0.0% | -0.4% | 0.0% | -0.0% | -0.1% |
| ROIC | 2.6% | 2.6% | 1.5% | 1.5% | 1.5% | 0.9% | 0.3% | -0.9% | 0.4% | 0.4% | -0.2% |
| ROCE | 1.9% | 1.9% | 1.1% | 1.1% | 1.1% | 0.6% | 0.1% | -0.2% | 0.1% | 0.1% | -0.1% |
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 | 3.18 | 3.18 | 1.91 | 2.94 | 2.70 | 3.09 | 3.28 | 2.54 | 2.50 | 2.62 | 3.03 |
| Debt / EBITDA | 26.21 | 26.21 | 28.63 | 38.68 | 25.94 | 62.04 | 66.20 | — | 129.21 | 145.05 | — |
| Net Debt / Equity | — | 1.04 | -0.03 | 0.47 | 0.13 | 0.16 | 0.46 | -0.01 | -0.37 | -0.83 | 0.05 |
| Net Debt / EBITDA | 8.56 | 8.56 | -0.41 | 6.18 | 1.24 | 3.23 | 9.31 | — | -19.37 | -46.25 | — |
| Debt / FCF | — | — | — | 6.77 | — | — | 0.95 | — | — | -1.45 | 0.05 |
| Interest Coverage | 0.34 | 0.34 | 0.15 | 0.19 | 0.53 | 0.62 | 0.16 | -0.23 | 0.12 | 0.11 | -0.08 |
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 | 0.50 | 0.50 | 0.30 | 0.50 | 0.48 | 0.52 | 0.41 | 14.07 | 10.48 | 9.63 | 9.52 |
| Quick Ratio | 0.50 | 0.50 | 0.30 | 0.50 | 0.48 | 0.52 | 0.41 | 14.07 | 10.48 | 9.63 | 9.52 |
| Cash Ratio | 0.18 | 0.18 | 0.18 | 0.22 | 0.23 | 0.25 | 0.24 | 1.87 | 1.84 | 1.84 | 1.36 |
| Asset Turnover | — | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| 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 | — | — | 2.5% | 2.1% | 1.7% | — | 1.5% | 1.4% | 1.3% | 1.0% | — |
| Payout Ratio | — | — | 26.2% | 12.8% | 7.3% | — | 70.5% | — | 85.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 8.0% | 8.0% | 15.0% | 20.6% | 7.4% | 0.6% | — | 1.6% | — | — |
| FCF Yield | — | — | — | 18.2% | — | — | 127.8% | — | — | 104.4% | 248.3% |
| Buyback Yield | 0.0% | 0.0% | 3.2% | 3.0% | 2.8% | 1.3% | 4.5% | 8.3% | 24.0% | 21.1% | 18.7% |
| Total Shareholder Yield | 0.0% | 0.0% | 5.8% | 5.1% | 4.5% | 1.3% | 6.0% | 9.7% | 25.4% | 22.2% | 18.7% |
| Shares Outstanding | — | $2.0B | $2.0B | $2.1B | $2.1B | $2.1B | $2.2B | $2.1B | $2.1B | $2.0B | $1.6B |
Includes 30+ ratios · 26 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 DB stock.
Deutsche Bank AG's current P/E ratio is 10.2x. The historical average is 40.3x. This places it at the 15th percentile of its historical range.
Deutsche Bank AG's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
Deutsche Bank AG's return on equity (ROE) is 8.7%. The historical average is 4.9%.
Based on historical data, Deutsche Bank AG is trading at a P/E of 10.2x. This is at the 15th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Deutsche Bank AG has 94.7% gross margin and 30.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Deutsche Bank AG's Debt/EBITDA ratio is 26.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Securities portfolio concentration and NIM compression
Persistent Tangible Book Discount
Deutsche Bank trades at a 0.85x P/B multiple, a persistent discount to tangible book value that suggests the market does not fully price in its reported return on tangible equity, which has averaged approximately 2.3% over the last four quarters.
The bank's P/B multiple has remained below 1.0x throughout the period, indicating the market views its equity as worth less than its stated book value. This discount is severe relative to peers like UBS (1.98x) and BBVA (2.39x), and implies investors are skeptical of the sustainability of its current earnings power or are applying a significant risk premium. The valuation suggests the market sees DB as a commodity balance sheet rather than a premium franchise.
ROE Constrained by Thin Margins
Return on equity has stabilized in the low-to-mid 2% range, but this level of profitability is fundamentally constrained by a net interest margin stuck at 0.3% for six consecutive quarters, as reported in the bank's financial statements.
The DuPont decomposition reveals that DB's ROE is not driven by strong asset yields or leverage, but rather by a high fee income contribution (averaging ~50%) and a modest equity multiplier. The static NIM is the primary bottleneck, preventing meaningful ROE expansion despite asset growth. This profitability profile is structurally weaker than peers like BBVA (17.9% ROE) and Santander (14.6% ROE), which benefit from wider spreads.
Static NIM Amidst Efficiency Gains
The net interest margin has been immobile at 0.3% for six quarters, while the efficiency ratio has improved from a volatile 88.3% to a more stable mid-60% range, indicating cost control is the primary driver of operational progress.
The flat NIM suggests that any asset yield improvements are being fully offset by rising funding costs or a shift toward lower-yielding liquid assets, consistent with the massive expansion of the securities portfolio. The efficiency ratio's stabilization in the low-to-mid 60s is a positive development, but it is insufficient to drive meaningful ROE improvement without a corresponding expansion in net interest income per dollar of assets.
Equity Growth Lagging Asset Expansion
The equity-to-assets ratio has compressed from 5.0% to 4.6% over ten quarters, as total assets grew by $200B while equity increased by only $3B, suggesting capital generation is not keeping pace with balance sheet growth.
This compression in leverage, while modest, indicates that the bank's asset expansion is consuming capital faster than it can be organically generated through retained earnings. The current equity ratio provides a thin buffer, and any significant increase in risk-weighted assets or credit losses could pressure capital ratios. Investors should monitor whether this trend necessitates a slowdown in growth or a future capital raise.
Valuation and Profitability Lag Key Peers
Deutsche Bank's P/B multiple of 0.85x and ROE of ~2.5% place it at the bottom of its European peer group, trailing significantly behind UBS, BBVA, and Santander on both valuation and profitability metrics.
The gap appears structural rather than cyclical. DB's NIM of 0.3% is drastically lower than peers, likely reflecting its business mix and funding structure. Its fee income ratio, while high, has been declining, eroding a key differentiator. The valuation discount is not just a reflection of lower ROE but also suggests the market assigns a higher risk premium to DB's balance sheet, possibly due to its securities concentration and historical volatility.
The Misleading Stability of P/E
The P/E ratio of 11.05x appears reasonable but is potentially misleading, as it is based on earnings heavily influenced by volatile loan loss provisions that have swung from a $6.3B benefit to a $519M expense in recent quarters.
For banks, P/E is highly sensitive to provisioning cycles, which can distort underlying earnings power. DB's recent net income includes significant provision releases that may not be recurring. A more appropriate metric is P/B or P/TBV, which focuses on the balance sheet's intrinsic value. The current P/B discount already reflects market skepticism about earnings quality, making the P/E ratio a less reliable indicator of valuation for this institution.