HDFC Bank Limited (HDB) Financial Ratios
25 years of historical data (2001–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
24.74
↑+697% vs avg
5yr avg: 3.10
30Y Low0.1·High6.4
P/FCF
↓
16.51
↑+8704% vs avg
5yr avg: 0.19
30Y Low0.0·High1.0
P/B Ratio
↓
1.44
↑+3685% vs avg
5yr avg: 0.04
30Y Low0.0·High0.1
ROE
↓
8.2%
↑-42% vs avg
5yr avg: 14.1%
30Y Low8%·High20%
Debt/EBITDA
↑
8.06
↑+29% vs avg
5yr avg: 6.24
30Y Low2.4·High10.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HDB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
HDFC Bank Limited trades at 17.6x earnings, 5895% above its 5-year average of 0.3x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 32%. On a free-cash-flow basis, the stock trades at 16.5x P/FCF, 8704% above the 5-year average of 0.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $196.1B | $169.7B | $132.8B | $124.3B | $113.9B | $143.1B | $70.6B | $104.6B | $86.2B | $64.7B | $52.4B |
| Enterprise Value | $240.7B | $4.40T | $4.86T | $1.00T | $853.2B | $586.2B | $813.4B | $947.8B | $1.08T | $551.1B | $297.0B |
| P/E Ratio → | 17.58 | 0.24 | 0.21 | 0.27 | 0.30 | 0.45 | 0.26 | 0.47 | 0.47 | 0.42 | 0.41 |
| P/S Ratio | 4.44 | 0.04 | 0.04 | 0.06 | 0.07 | 0.09 | 0.05 | 0.09 | 0.09 | 0.08 | 0.07 |
| P/B Ratio | 1.44 | 0.02 | 0.02 | 0.04 | 0.05 | 0.07 | 0.04 | 0.06 | 0.07 | 0.06 | 0.06 |
| P/FCF | 16.51 | 0.15 | 0.14 | 0.29 | 0.21 | 0.16 | 0.46 | 0.63 | 1.01 | 0.18 | 0.33 |
| P/OCF | 15.59 | 0.14 | 0.13 | 0.26 | 0.20 | 0.16 | 0.41 | 0.57 | 0.91 | 0.17 | 0.31 |
P/E links to full P/E history page with 30-year chart
HDB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
HDFC Bank Limited's enterprise value stands at 24.7x EBITDA, 697% above its 5-year average of 3.1x. The Financial Services sector median is 11.4x, placing the stock at a 117% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.05 | 1.38 | 0.51 | 0.53 | 0.38 | 0.58 | 0.79 | 1.09 | 0.66 | 0.41 |
| EV / EBITDA | 24.74 | 4.76 | 6.41 | 1.46 | 1.59 | 1.29 | 2.15 | 2.69 | 3.76 | 2.41 | 1.54 |
| EV / EBIT | 26.55 | 5.11 | 6.88 | 1.51 | 1.64 | 1.33 | 2.22 | 2.79 | 3.89 | 2.51 | 1.60 |
| EV / FCF | — | 3.90 | 5.01 | 2.31 | 1.54 | 0.65 | 5.32 | 5.68 | 12.68 | 1.50 | 1.86 |
HDB Profitability
Margins and return-on-capital ratios measuring operating efficiency
HDFC Bank Limited earns an operating margin of 20.5%, roughly in line with the Financial Services sector average. Operating margins have compressed from 33.4% to 20.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 8.2% is modest, trailing the sector median of 9.4%. ROIC of 4.0% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
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 | 52.2% | 52.2% | 52.7% | 57.1% | 55.6% | 51.2% | 47.8% | 49.5% | 51.4% | 50.7% | 50.9% |
| Operating Margin | 20.5% | 20.5% | 20.0% | 33.4% | 32.4% | 28.8% | 25.9% | 28.3% | 28.0% | 26.3% | 25.7% |
| Net Profit Margin | 16.1% | 16.1% | 17.7% | 25.0% | 24.1% | 21.3% | 18.5% | 18.3% | 18.1% | 16.8% | 16.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 11.5% | 18.3% | 16.5% | 16.1% | 14.7% | 15.7% | 16.2% | 14.8% | 14.5% |
| ROA | 1.5% | 1.5% | 1.8% | 2.1% | 2.0% | 1.9% | 1.8% | 1.8% | 1.7% | 1.7% | 1.7% |
| ROIC | 4.0% | 4.0% | 4.8% | 9.0% | 9.2% | 9.4% | 8.2% | 8.2% | 8.4% | 8.9% | 9.1% |
| ROCE | 4.6% | 4.6% | 3.3% | 4.6% | 4.7% | 2.7% | 2.6% | 3.0% | 2.9% | 2.8% | 2.8% |
HDB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
HDFC Bank Limited carries a Debt/EBITDA ratio of 8.1x, which is highly leveraged (95% above the sector average of 4.1x). Net debt stands at $4.2T ($7.5T total debt minus $3.2T cash). Interest coverage of just 0.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 1.03 | 1.11 | 0.93 | 0.69 | 0.77 | 1.04 | 1.46 | 1.02 | 0.89 |
| Debt / EBITDA | 8.06 | 8.06 | 10.75 | 4.73 | 4.36 | 3.27 | 3.88 | 4.82 | 5.97 | 4.60 | 4.02 |
| Net Debt / Equity | — | 0.49 | 0.60 | 0.30 | 0.29 | 0.20 | 0.39 | 0.52 | 0.84 | 0.47 | 0.28 |
| Net Debt / EBITDA | 4.58 | 4.58 | 6.23 | 1.28 | 1.38 | 0.98 | 1.96 | 2.39 | 3.46 | 2.13 | 1.27 |
| Debt / FCF | — | 3.75 | 4.88 | 2.03 | 1.33 | 0.49 | 4.86 | 5.05 | 11.67 | 1.33 | 1.53 |
| Interest Coverage | 0.47 | 0.47 | 0.46 | 0.85 | 0.89 | 0.74 | 0.59 | 0.64 | 0.66 | 0.59 | 0.56 |
HDB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.34x is below 1.0, meaning current liabilities exceed current assets — though the company's $3.2T cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 4.96x to 0.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.34 | 0.34 | 0.41 | 4.96 | 0.28 | 9.43 | 7.13 | 4.10 | 2.96 | 4.79 | 6.18 |
| Quick Ratio | 0.34 | 0.34 | 0.41 | 4.96 | 0.28 | 9.43 | 7.13 | 4.10 | 2.96 | 4.79 | 6.18 |
| Cash Ratio | 0.11 | 0.11 | 0.13 | 1.55 | 0.10 | 1.78 | 1.14 | 0.96 | 0.70 | 0.97 | 1.31 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HDB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
HDFC Bank Limited returns 1.3% to shareholders annually primarily through dividends. The payout ratio of 23.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 1.3% | 93.1% | 65.2% | 69.5% | 31.8% | 0.1% | 94.1% | 39.2% | 40.0% | 45.3% | 46.5% |
| Payout Ratio | 23.5% | 23.5% | 13.9% | 17.4% | 9.4% | 0.1% | 25.5% | 18.6% | 19.3% | 20.8% | 20.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 417.2% | 482.4% | 370.1% | 334.0% | 222.4% | 385.8% | 213.6% | 214.9% | 235.4% | 244.5% |
| FCF Yield | 6.1% | 665.5% | 729.2% | 348.9% | 487.0% | 631.7% | 216.4% | 159.6% | 98.8% | 567.0% | 305.8% |
| Buyback Yield | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.3% | 93.1% | 67.0% | 69.5% | 31.8% | 0.1% | 94.1% | 39.2% | 40.0% | 45.3% | 46.5% |
| Shares Outstanding | — | $5.1B | $4.7B | $3.7B | $3.7B | $3.7B | $3.7B | $3.6B | $3.5B | $3.4B | $3.4B |
Peer Comparison
Compare HDB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HDBYou | $196B | 17.6 | 24.7 | 16.5 | 52.2% | 20.5% | 8.2% | 4.0% | 8.1 |
 IBN | $96B | 17.9 | 11.6 | 11.8 | 68.1% | 24.8% | 17.0% | 10.9% | 2.7 |
 HBM | $10B | 16.4 | 9.8 | 48.1 | 29.1% | 25.5% | 19.7% | 12.0% | 1.1 |
 ITUB | $93B | 10.6 | 20.9 | 3.6 | 34.5% | 13.1% | 20.6% | 3.2% | 17.6 |
 BBD | $41B | 8.7 | — | — | 34.6% | -1.1% | 13.3% | -0.3% | — |
 KB | $39B | 10.6 | 6.7 | — | 49.1% | 16.8% | 9.7% | 4.9% | — |
 SHG | $34B | 9.6 | 22.5 | 8.0 | 53.3% | 17.9% | 8.8% | 2.5% | 19.0 |
 WF | $17B | 7.7 | 17.8 | 3.6 | 48.8% | 14.7% | 9.4% | 2.5% | 18.1 |
 BAC | $408B | 14.0 | 14.8 | 32.3 | 55.4% | 18.5% | 10.2% | 3.2% | 10.0 |
 JPM | $849B | 15.9 | 13.6 | — | 58.6% | 27.7% | 17.4% | 5.4% | 9.0 |
 C | $223B | 21.4 | 25.1 | — | 41.7% | 10.0% | 6.1% | 1.6% | 27.7 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonHDB — Frequently Asked Questions
Quick answers to the most common questions about buying HDB stock.
What is HDFC Bank Limited's P/E ratio?
HDFC Bank Limited's current P/E ratio is 17.6x. The historical average is 0.3x. This places it at the 100th percentile of its historical range.
What is HDFC Bank Limited's EV/EBITDA?
HDFC Bank Limited's current EV/EBITDA is 24.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.0x.
What is HDFC Bank Limited's ROE?
HDFC Bank Limited's return on equity (ROE) is 8.2%. The historical average is 14.8%.
Is HDB stock overvalued?
Based on historical data, HDFC Bank Limited is trading at a P/E of 17.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is HDFC Bank Limited's dividend yield?
HDFC Bank Limited's current dividend yield is 1.27% with a payout ratio of 23.5%.
What are HDFC Bank Limited's profit margins?
HDFC Bank Limited has 52.2% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does HDFC Bank Limited have?
HDFC Bank Limited's Debt/EBITDA ratio is 8.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.