Last 47 quarters of trend data · Financial Services · Banks - Diversified
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
HSBC Holdings plc's quarterly P/E stands at 14.6x, down 93.5% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 13.9% YoY to 12.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 14.71 | 14.57 | 12.68 | 11.69 | 7.36 | 224.82 | 6.65 | 6.40 | 3.64 | — | 6.80 | 5.83 | 3.28 |
| — | -93.5% | +90.7% | +82.7% | +102.0% | — | -2.3% | +9.8% | +11.1% | — | -47.8% | -3.7% | -73.1% | |
| P/S Ratio | 2.07 | 2.45 | 1.83 | 1.59 | 1.51 | 1.28 | 1.12 | 0.69 | 1.01 | 0.50 | 1.13 | 0.87 | 2.04 |
| — | +91.1% | +63.4% | +129.8% | +48.8% | +158.7% | -0.9% | -20.7% | -50.2% | -30.3% | -39.2% | -43.0% | -27.3% | |
| P/B Ratio | 1.69 | 1.50 | 1.24 | 1.08 | 1.03 | 0.92 | 0.82 | 0.86 | 0.75 | 0.81 | 0.81 | 0.82 | 0.68 |
| — | +62.2% | +50.7% | +25.7% | +37.7% | +13.9% | +1.7% | +3.7% | +9.8% | +28.3% | +44.7% | +23.2% | +1.8% | |
| P/FCF | 12.18 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 16.11 | 12.80 | 2.94 | 3.09 | 1.23 | 14.86 | 11.55 | -0.02 | -0.50 | 70.87 | -1.83 | -1.47 | -2.09 |
| — | -13.9% | -74.6% | +18347.5% | +347.4% | -79.0% | +730.1% | +98.8% | +76.3% | +6842.9% | +80.0% | +77.6% | +79.3% | |
| EV / EBIT | 17.17 | 17.86 | 3.32 | 3.88 | 1.30 | 14.86 | 11.55 | -0.02 | -0.51 | 70.87 | -1.83 | -1.47 | -2.09 |
| — | +20.2% | -71.2% | +22997.4% | +353.3% | -79.0% | +730.1% | +98.8% | +75.3% | +6842.9% | +80.0% | +77.6% | +79.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
HSBC Holdings plc's operating margin was 24.1% in Q4 2025, up 2.3 pp QoQ and up 17.5 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. Gross margin contracted 5.5% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 45.8% | 53.5% | 52.3% | 52.4% | 48.5% | 46.3% | 100.0% | 46.5% | 100.0% | 46.9% | 100.0% | 100.0% |
| — | -5.5% | +15.4% | -47.7% | +12.8% | -51.5% | -1.2% | 0.0% | -53.5% | 0.0% | -53.1% | 0.0% | 0.0% | |
| Operating Margin | 20.3% | 24.1% | 21.8% | 18.8% | 28.0% | 6.6% | 23.2% | 15.2% | 34.5% | 1.2% | 22.8% | 19.4% | 78.0% |
| — | +265.7% | -6.1% | +23.7% | -18.9% | +430.5% | +1.6% | -21.9% | -55.7% | -89.6% | -1.6% | -16.9% | +130.0% | |
| Net Margin | 15.1% | 17.5% | 15.8% | 14.0% | 21.6% | 1.0% | 17.8% | 11.1% | 28.9% | -0.0% | 17.9% | 15.0% | 65.0% |
| — | +1624.5% | -11.5% | +26.2% | -25.1% | +2952.2% | -0.4% | -25.8% | -55.6% | -100.3% | +1.1% | -42.9% | +145.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.8% | 2.6% | 2.7% | 2.4% | 3.8% | 0.2% | 3.3% | 3.4% | 5.4% | -0.0% | 3.2% | 3.5% | 5.5% |
| — | +1340.7% | -20.6% | -29.2% | -30.7% | +1325.3% | +5.2% | -3.4% | -0.9% | -100.6% | +146.3% | +24.0% | +246.4% | |
| ROA | 0.7% | 0.2% | 0.2% | 0.2% | 0.2% | 0.0% | 0.2% | 0.2% | 0.4% | -0.0% | 0.2% | 0.2% | 0.4% |
| — | +1229.6% | -23.6% | -30.9% | -31.2% | +1377.8% | +7.5% | -2.6% | -2.9% | -100.6% | +142.1% | +19.8% | +232.5% | |
| ROIC | 4.0% | 1.0% | 1.7% | 1.5% | 1.9% | 0.3% | 0.9% | 1.0% | 1.4% | 0.2% | 2.0% | 2.3% | 2.8% |
| — | +240.5% | +84.2% | +53.6% | +34.6% | +87.8% | -52.5% | -56.4% | -49.0% | -85.9% | +138.7% | +78.7% | +227.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
HSBC Holdings plc's Debt/EBITDA ratio is 52.2x, up from 11.9x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 1498.9% YoY to 2.62x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.68 | 2.68 | 0.49 | 0.65 | 0.51 | 1.26 | 2.40 | 2.47 | 2.51 | 2.22 | 0.47 | 0.57 | 0.43 |
| — | +112.7% | -79.4% | -73.8% | -79.9% | -43.1% | +410.9% | +335.6% | +481.1% | +112.6% | -0.3% | +2.7% | +3.6% | |
| Debt / EBITDA | 15.52 | 52.24 | 11.91 | 16.34 | 9.91 | 106.43 | 56.60 | 52.85 | 37.87 | 436.73 | 11.55 | 12.40 | 6.62 |
| — | -50.9% | -79.0% | -69.1% | -73.8% | -75.6% | +390.0% | +326.3% | +471.7% | +1013.0% | -57.4% | -42.8% | -67.8% | |
| Current Ratio | 2.62 | 2.62 | 0.13 | 0.30 | 0.31 | 0.16 | — | — | — | 0.18 | — | 2.05 | 1.40 |
| — | +1498.9% | — | — | — | -8.8% | — | — | — | -99.4% | — | -9.7% | -43.7% | |
| Quick Ratio | 2.62 | 2.62 | 0.13 | 0.30 | 0.31 | 0.16 | — | — | — | 0.18 | — | 2.05 | 1.40 |
| — | +1498.9% | — | — | — | -8.8% | — | — | — | -99.4% | — | -9.7% | -43.7% | |
| Interest Coverage | 0.43 | 0.44 | 0.47 | 0.39 | 0.59 | 0.13 | 0.43 | — | 0.65 | — | 0.43 | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonQuick answers to the most common questions about buying HSBC stock.
HSBC Holdings plc's current P/E is 14.7x. The average P/E over the last 4 quarters is 11.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
HSBC Holdings plc's current operating margin is 20.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking HSBC Holdings plc's business trajectory between earnings reports.