Latest Ratios: P/E Ratio 23.5x · EV/EBITDA 14.2x · ROE 30.2%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.0B | $82.1B | $50.6B | $40.5B | $19.0B | $43.2B | — | — | — |
| Enterprise Value | $56.2B | $72.4B | $37.9B | $28.3B | $12.9B | $40.9B | — | — | — |
| P/E Ratio → | 23.48 | 28.86 | 25.90 | 39.67 | — | — | — | — | — |
| P/S Ratio | 5.84 | 7.27 | 6.12 | 7.18 | 6.41 | 37.76 | — | — | — |
| P/B Ratio | 5.90 | 7.26 | 6.62 | 6.32 | 3.89 | 9.73 | — | — | — |
| P/FCF | 18.88 | 23.52 | 22.77 | 37.15 | 29.68 | — | — | — | — |
| P/OCF | 18.84 | 23.47 | 21.11 | 31.96 | 25.19 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.40 | 4.58 | 5.02 | 4.36 | 35.70 | — | — | — |
| EV / EBITDA | 14.16 | 18.24 | 13.19 | 17.64 | 0.37 | — | — | — | — |
| EV / EBIT | 14.52 | 18.69 | 13.56 | 18.36 | — | — | — | — | — |
| EV / FCF | — | 20.71 | 17.04 | 25.95 | 20.19 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.0% | 63.0% | 61.7% | 59.4% | 52.7% | 58.0% | 52.9% | 51.3% | 43.0% |
| Operating Margin | 34.2% | 34.2% | 33.8% | 27.3% | -10.4% | -14.9% | -53.7% | -36.0% | -16.1% |
| Net Profit Margin | 25.4% | 25.4% | 23.8% | 18.3% | -12.3% | -14.4% | -47.6% | -25.7% | -13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.2% | 30.2% | 28.1% | 18.2% | -7.8% | -6.8% | -32.7% | -20.4% | -9.6% |
| ROA | 4.6% | 4.6% | 4.2% | 2.8% | -1.5% | -1.1% | -2.0% | -1.9% | -1.0% |
| ROIC | 23.1% | 23.1% | 26.0% | 17.4% | -4.5% | -4.9% | -18.6% | -14.4% | -6.1% |
| ROCE | 29.6% | 29.6% | 27.4% | 19.1% | -5.2% | -5.6% | -20.1% | -16.9% | -7.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.12 | 0.18 | 0.16 | 0.04 | 0.43 | 0.53 | 0.39 |
| Debt / EBITDA | 1.31 | 1.31 | 0.31 | 0.73 | 0.02 | — | — | — | — |
| Net Debt / Equity | — | -0.86 | -1.67 | -1.90 | -1.24 | -0.53 | -0.95 | -0.19 | -0.29 |
| Net Debt / EBITDA | -2.47 | -2.47 | -4.44 | -7.62 | -0.17 | — | — | — | — |
| Debt / FCF | — | -2.80 | -5.73 | -11.20 | -9.49 | — | -0.43 | -0.43 | — |
| Interest Coverage | 0.85 | 0.85 | 0.99 | 0.76 | -0.20 | -0.46 | -0.90 | -1.18 | -0.74 |
Net cash position: cash ($15.0B) exceeds total debt ($5.2B)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.59 | 0.59 | 0.96 | 1.08 | 1.12 | 1.07 | 0.58 | 0.71 | 0.87 |
| Quick Ratio | 0.59 | 0.59 | 0.96 | 1.08 | 1.12 | 1.07 | 0.58 | 0.71 | 0.87 |
| Cash Ratio | 0.25 | 0.25 | 0.35 | 0.39 | 0.30 | 0.17 | 0.06 | 0.08 | 0.09 |
| Asset Turnover | — | 0.15 | 0.17 | 0.13 | 0.10 | 0.06 | 0.04 | 0.05 | 0.07 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 3.5% | 3.9% | 2.5% | — | — | — | — | — |
| FCF Yield | 5.3% | 4.3% | 4.4% | 2.7% | 3.4% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $4.9B | $4.9B | $4.9B | $4.7B | $4.6B | $4.6B | $4.6B | $4.6B |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying NU stock.
Nu Holdings Ltd.'s current P/E ratio is 23.5x. The historical average is 31.5x.
Nu Holdings Ltd.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Nu Holdings Ltd.'s return on equity (ROE) is 30.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -0.1%.
Based on historical data, Nu Holdings Ltd. is trading at a P/E of 23.5x. Compare with industry peers and growth rates for a complete picture.
Nu Holdings Ltd. has 63.0% gross margin and 34.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Nu Holdings Ltd.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory interest rate caps
Premium Valuation Reflects Growth Expectations
Nu Holdings trades at a P/B of 6.31, a significant premium to peers like SoFi (2.13) and LendingClub (1.52), implying the market prices in substantial future returns on tangible equity beyond the current 30.2% ROTCE.
The current P/B multiple suggests investors are paying for a durable competitive advantage and a long runway of profitable growth, not just the current earnings power. This premium valuation appears to be pricing in the successful execution of the Mexican and Colombian expansions and a continued increase in Average Revenue Per Active Customer (ARPAC). However, the valuation disconnect from traditional banking metrics indicates that any sustained deterioration in credit quality or a regulatory shock to interest rates could lead to a sharp multiple compression.
ROE Driven by Leverage and NIM
The 30.2% annualized ROE is primarily fueled by a 3.4% NIM and a high equity multiplier, as the equity-to-assets ratio of 0.16 indicates the bank is effectively using its deposit base to amplify returns on a growing asset base.
The DuPont decomposition reveals a profitability model reliant on spread income and financial leverage rather than fee-based revenue, which constituted only 28.4% of total revenue in Q2 2026. The high ROE is a function of the bank's ability to deploy low-cost customer deposits into higher-yielding credit assets. This structure makes profitability highly sensitive to both the net interest margin and the cost of credit losses, which are the primary variables that could erode this return profile.
NIM Compression Offset by Operating Leverage
Net interest margin has compressed 40 basis points to 3.4% over two years, yet the efficiency ratio improved to 31.7%, demonstrating that the digital platform's scalability is generating significant operating leverage to partially offset funding cost pressures.
The NIM trend suggests that as the bank scales its deposit base, it may be paying slightly higher rates to attract and retain funding, a common trade-off for growth. However, the improving efficiency ratio indicates that the fixed-cost technology platform is being spread over a much larger revenue base, which is a core tenet of the digital banking thesis. The key risk is whether the efficiency gains can continue to outpace any further NIM erosion from competitive deposit pricing or regulatory intervention.
Stable Leverage Supports Growth
The equity-to-assets ratio has remained stable at 0.15-0.16 over the past ten quarters, indicating that the rapid 89% asset growth has been funded in a balanced manner that preserves a consistent capital buffer without dilutive equity raises.
This stable leverage ratio suggests management is successfully growing the balance sheet organically through retained earnings and deposit inflows, rather than relying on external capital. The consistency implies a disciplined approach to capital allocation that supports the bank's expansion ambitions. Investors should monitor whether this ratio can be maintained as the loan book seasons and if regulatory capital requirements in new markets like Mexico impose different constraints.
P/E Multiple Obscures Provision Volatility
The P/E ratio of 25.09 is the most commonly misapplied metric for Nu, as it is heavily distorted by the front-loading of expected credit losses under IFRS 9, which can make earnings appear volatile and mask the underlying cash generation of the business.
For a high-growth bank using IFRS 9, provisions are recognized upfront, creating significant quarter-to-quarter earnings volatility that does not necessarily reflect actual credit performance. This makes the P/E ratio an unreliable indicator of valuation or earnings power. A more appropriate metric is the price-to-tangible-book-value (P/TBV) multiple, which focuses on the balance sheet's core value, or an adjusted P/E that normalizes for the provisioning cycle to assess the sustainable earnings trajectory.