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 12.7x, up 90.7% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has compressed 74.6% YoY to 2.9x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.03 | 12.68 | 11.69 | 7.36 | 224.82 | 6.65 | 6.40 | 3.64 | — | 6.80 | 5.83 | 3.28 | 6.49 |
| — | +90.7% | +82.7% | +102.0% | — | -2.3% | +9.8% | +11.1% | — | -47.8% | -3.7% | -73.1% | -56.9% | |
| P/S Ratio | 2.23 | 1.83 | 1.59 | 1.51 | 1.28 | 1.12 | 0.69 | 1.01 | 0.50 | 1.13 | 0.87 | 2.04 | 0.71 |
| — | +63.4% | +129.8% | +48.8% | +158.7% | -0.9% | -20.7% | -50.2% | -30.3% | -39.2% | -43.0% | -27.3% | -73.1% | |
| P/B Ratio | 1.79 | 1.24 | 1.20 | 1.03 | 0.92 | 0.82 | 0.86 | 0.75 | 0.81 | 0.81 | 0.82 | 0.68 | 0.63 |
| — | +50.7% | +40.3% | +37.7% | +13.9% | +1.7% | +3.7% | +9.8% | +28.3% | +44.7% | +23.2% | +1.8% | +7.3% | |
| P/FCF | 5.21 | — | — | — | — | — | — | — | — | — | — | — | 73.07 |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 7.63 | 2.94 | 14.40 | 10.50 | 14.86 | 11.55 | -0.02 | -0.50 | 70.87 | -1.83 | -1.47 | -2.09 | -1.05 |
| — | -74.6% | +85050.6% | +2219.9% | -79.0% | +730.1% | +98.8% | +76.3% | +6842.9% | +80.0% | +77.6% | +79.3% | — | |
| EV / EBIT | 8.59 | 3.32 | 18.07 | 11.18 | 14.86 | 11.55 | -0.02 | -0.51 | 70.87 | -1.83 | -1.47 | -2.09 | -1.05 |
| — | -71.2% | +106697.9% | +2270.5% | -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 21.8% in Q3 2025, up 3.0 pp QoQ and down 1.4 pp YoY. The trailing four-quarter average of 18.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 15.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.0% | 53.5% | 52.3% | 52.4% | 48.5% | 46.3% | 100.0% | 46.5% | 100.0% | 46.9% | 100.0% | 100.0% | 100.0% |
| — | +15.4% | -47.7% | +12.8% | -51.5% | -1.2% | 0.0% | -53.5% | 0.0% | -53.1% | 0.0% | 0.0% | 0.0% | |
| Operating Margin | 22.5% | 21.8% | 18.8% | 28.0% | 6.6% | 23.2% | 15.2% | 34.5% | 1.2% | 22.8% | 19.4% | 78.0% | 12.0% |
| — | -6.1% | +23.7% | -18.9% | +430.5% | +1.6% | -21.9% | -55.7% | -89.6% | -1.6% | -16.9% | +130.0% | +118.9% | |
| Net Margin | 16.7% | 15.8% | 14.0% | 21.6% | 1.0% | 17.8% | 11.1% | 28.9% | -0.0% | 17.9% | 15.0% | 65.0% | 10.9% |
| — | -11.5% | +26.2% | -25.1% | +2952.2% | -0.4% | -25.8% | -55.6% | -100.3% | +1.1% | -42.9% | +145.0% | -34.9% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 2.8% | 2.5% | 3.8% | 0.2% | 3.3% | 3.4% | 5.4% | -0.0% | 3.2% | 3.5% | 5.5% | 2.5% |
| — | -16.2% | -25.3% | -30.7% | +1325.3% | +5.2% | -3.4% | -0.9% | -100.6% | +146.3% | +24.0% | +246.4% | +166.0% | |
| ROA | 0.8% | 0.2% | 0.2% | 0.2% | 0.0% | 0.2% | 0.2% | 0.4% | -0.0% | 0.2% | 0.2% | 0.4% | 0.2% |
| — | -23.6% | -30.9% | -31.2% | +1377.8% | +7.5% | -2.6% | -2.9% | -100.6% | +142.1% | +19.8% | +232.5% | +144.5% | |
| ROIC | 4.6% | 1.1% | 0.7% | 1.4% | 0.3% | 0.9% | 1.0% | 1.4% | 0.2% | 2.0% | 2.3% | 2.8% | 1.2% |
| — | +19.9% | -24.0% | -4.9% | +87.8% | -52.5% | -56.4% | -49.0% | -85.9% | +138.7% | +78.7% | +227.9% | +176.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
HSBC Holdings plc's Debt/EBITDA ratio is 11.9x, down from 61.3x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 0.49 | 2.71 | 2.04 | 1.26 | 2.40 | 2.47 | 2.51 | 2.22 | 0.47 | 0.57 | 0.43 | 1.04 |
| — | -79.4% | +9.8% | -18.6% | -43.1% | +410.9% | +335.6% | +481.1% | +112.6% | -0.3% | +2.7% | +3.6% | -3.7% | |
| Debt / EBITDA | 6.66 | 11.91 | 61.26 | 40.10 | 106.43 | 56.60 | 52.85 | 37.87 | 436.73 | 11.55 | 12.40 | 6.62 | 39.24 |
| — | -79.0% | +15.9% | +5.9% | -75.6% | +390.0% | +326.3% | +471.7% | +1013.0% | -57.4% | -42.8% | -67.8% | — | |
| Current Ratio | 0.16 | 0.13 | — | — | 0.16 | — | — | — | 0.18 | — | 2.05 | 1.40 | 28.34 |
| — | — | — | — | -8.8% | — | — | — | -99.4% | — | -9.7% | -43.7% | -29.8% | |
| Quick Ratio | 0.16 | 0.13 | — | — | 0.16 | — | — | — | 0.18 | — | 2.05 | 1.40 | 28.34 |
| — | — | — | — | -8.8% | — | — | — | -99.4% | — | -9.7% | -43.7% | -29.8% | |
| Interest Coverage | 0.43 | 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 ComparisonHSBC Holdings plc's current P/E is 15.0x. The average P/E over the last 4 quarters is 64.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
HSBC Holdings plc's current operating margin is 22.5%. Margins have been expanding 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.