Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 11.6x · ROE 11.7%. (1996–2025 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 | $10.9B | $9.2B | $7.8B | $5.2B | $4.6B | $5.6B | $3.9B | $3.2B | $2.2B | $3.2B | $2.6B |
| Enterprise Value | $10.8B | $9.1B | $7.7B | $4.6B | $4.2B | $5.9B | $3.4B | $4.4B | $3.6B | $5.6B | $4.4B |
| P/E Ratio → | 12.23 | 14.20 | 11.32 | 10.77 | 7.31 | 7.05 | 8.09 | 7.36 | 5.84 | 18.51 | 33.13 |
| P/S Ratio | 1.99 | 1.68 | 1.60 | 1.22 | 1.06 | 1.19 | 1.04 | 0.96 | 0.75 | 1.12 | 1.02 |
| P/B Ratio | 1.33 | 1.54 | 1.38 | 0.99 | 0.86 | 1.11 | 0.91 | 0.87 | 0.70 | 1.12 | 0.94 |
| P/FCF | 9.07 | 7.67 | 18.84 | 11.69 | 4.25 | 8.14 | 2.43 | 6.77 | 5.33 | 4.94 | — |
| P/OCF | 8.63 | 7.29 | 16.00 | 10.47 | 3.95 | 6.38 | 2.32 | 5.07 | 4.24 | 4.73 | — |
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 | — | 1.66 | 1.57 | 1.07 | 0.97 | 1.26 | 0.91 | 1.34 | 1.20 | 1.95 | 1.73 |
| EV / EBITDA | 11.57 | 9.76 | 7.59 | 5.80 | 4.41 | 5.23 | 4.74 | 6.76 | 6.24 | 17.88 | 21.87 |
| EV / EBIT | 12.40 | 10.46 | 8.29 | 6.47 | 4.76 | 5.54 | 5.19 | 7.37 | 6.72 | 20.84 | 30.70 |
| EV / FCF | — | 7.58 | 18.48 | 10.21 | 3.92 | 8.65 | 2.13 | 9.42 | 8.52 | 8.62 | — |
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 | 86.6% | 86.6% | 82.9% | 83.6% | 94.8% | 99.3% | 97.3% | 94.6% | 94.0% | 97.6% | 97.4% |
| Operating Margin | 13.8% | 13.8% | 15.8% | 13.9% | 19.5% | 22.6% | 17.3% | 17.3% | 16.9% | 9.1% | 5.5% |
| Net Profit Margin | 10.9% | 10.9% | 12.4% | 10.2% | 14.6% | 17.5% | 13.4% | 12.9% | 12.5% | 6.2% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 13.3% | 9.8% | 12.8% | 17.8% | 12.7% | 13.1% | 13.0% | 6.5% | 3.1% |
| ROA | 1.7% | 1.7% | 1.9% | 1.4% | 1.9% | 2.7% | 2.0% | 1.8% | 1.7% | 0.9% | 0.5% |
| ROIC | 7.9% | 7.9% | 8.4% | 6.9% | 9.1% | 12.0% | 8.1% | 7.2% | 6.4% | 3.5% | 2.2% |
| ROCE | 3.6% | 3.6% | 11.4% | 9.2% | 12.2% | 15.9% | 11.0% | 10.7% | 9.6% | 5.2% | 3.2% |
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 | 0.36 | 0.36 | 0.49 | 0.55 | 0.35 | 0.46 | 0.42 | 0.65 | 1.03 | 1.08 | 0.99 |
| Debt / EBITDA | 2.33 | 2.33 | 2.73 | 3.70 | 1.93 | 2.05 | 2.53 | 3.64 | 5.71 | 9.85 | 13.53 |
| Net Debt / Equity | — | -0.02 | -0.03 | -0.12 | -0.07 | 0.07 | -0.11 | 0.34 | 0.42 | 0.84 | 0.66 |
| Net Debt / EBITDA | -0.11 | -0.11 | -0.15 | -0.84 | -0.38 | 0.31 | -0.67 | 1.90 | 2.34 | 7.64 | 8.97 |
| Debt / FCF | — | -0.09 | -0.35 | -1.48 | -0.33 | 0.51 | -0.30 | 2.64 | 3.19 | 3.68 | — |
| Interest Coverage | 1.07 | 1.07 | 0.95 | 0.87 | 4.40 | 23.20 | 9.90 | 3.37 | 3.14 | 3.85 | 2.13 |
Net cash position: cash ($2.3B) exceeds total debt ($2.2B)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.24 | 5.24 | 0.13 | 0.16 | 0.17 | 0.22 | 0.29 | 0.34 | 0.35 | 0.40 | 0.46 |
| Quick Ratio | 5.24 | 5.24 | 0.13 | 0.16 | 0.17 | 0.22 | 0.29 | 0.34 | 0.35 | 0.40 | 0.46 |
| Cash Ratio | 2.99 | 2.99 | 0.09 | 0.12 | 0.07 | 0.07 | 0.11 | 0.06 | 0.10 | 0.04 | 0.06 |
| Asset Turnover | — | 0.15 | 0.15 | 0.14 | 0.12 | 0.14 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 |
| 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 | 2.6% | 2.2% | 2.4% | 3.1% | 2.9% | 1.2% | 1.2% | 1.3% | 1.5% | 0.4% | 0.2% |
| Payout Ratio | 30.2% | 30.2% | 26.0% | 31.2% | 20.2% | 8.0% | 9.2% | 9.4% | 8.8% | 7.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 7.0% | 8.8% | 9.3% | 13.7% | 14.2% | 12.4% | 13.6% | 17.1% | 5.4% | 3.0% |
| FCF Yield | 11.0% | 13.0% | 5.3% | 8.6% | 23.5% | 12.3% | 41.2% | 14.8% | 18.8% | 20.3% | — |
| Buyback Yield | 2.2% | 2.7% | 1.8% | 8.5% | 2.3% | 3.1% | 1.5% | 6.8% | 7.6% | 0.4% | 4.4% |
| Total Shareholder Yield | 4.8% | 4.9% | 4.3% | 11.6% | 5.2% | 4.3% | 2.7% | 8.1% | 9.1% | 0.8% | 4.5% |
| Shares Outstanding | — | $110M | $111M | $113M | $118M | $119M | $115M | $118M | $122M | $122M | $116M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SF stock.
Stifel Financial Corp's current P/E ratio is 12.2x. The historical average is 13.8x. This places it at the 52th percentile of its historical range.
Stifel Financial Corp's current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Stifel Financial Corp's return on equity (ROE) is 11.7%. The historical average is 10.2%.
Based on historical data, Stifel Financial Corp is trading at a P/E of 12.2x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Stifel Financial Corp's current dividend yield is 2.60% with a payout ratio of 30.2%.
Stifel Financial Corp has 86.6% gross margin and 13.8% operating margin. Operating margin between 10-20% is typical for established companies.
Stifel Financial Corp's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Credit provision spike and advisor costs
Metrics are mathematically derived from official filings.
Discounted as Cyclical, Not Wealth
Stifel trades at 1.49x book and 13.8x trailing earnings, a steep discount to wealth peers like Raymond James at 2.85x, per market data, suggesting the market prices it as a volatile investment bank.
The P/B of 1.49x is roughly half of Raymond James' 2.85x and far below Evercore's 5.49x, implying the market assigns little premium to Stifel's wealth management franchise. At 13.8x P/E, the valuation implies a low-teens ROTCE, which appears achievable given recent ROE of 3-4% quarterly, but the discount may reflect concerns about earnings volatility from the institutional segment. Investors should monitor whether the gap narrows as fee income stabilizes.
ROE Trapped by Thin Leverage
ROE averaged 3.4% over the last four quarters, per financial statements, as a 0.6% NIM and 0.14 equity-to-assets ratio cap returns, despite a strong 70% fee mix.
DuPont decomposition shows ROE is driven by asset utilization (fee income) rather than NIM, which remains structurally low at 0.6-0.7%. The equity-to-assets ratio of 0.14 is stable but low for a bank, and with NIM at 0.6%, the bank's contribution to ROE is minimal. The 70% fee mix provides stability, but the low NIM and high payout ratio (106% of net income in Q2) suggest limited internal capital generation, potentially constraining future growth.
NIM Stuck, Efficiency Improves
Net interest margin has held at 0.6-0.7% for ten quarters, as reported, while the efficiency ratio improved to 50.3% in 2026Q2 from 70.9% a year earlier, per latest quarterly report, indicating strong cost control.
The efficiency ratio's sharp improvement to 50.3% in 2026Q2 from 70.9% in 2025Q2 suggests significant operating leverage, likely from revenue growth outpacing expenses. However, NIM remains stagnant at 0.6-0.7%, reflecting a low-yielding securities portfolio and rising deposit costs. The provision spike to $126.2M in 2026Q2 may pressure future efficiency if credit costs persist, but the current trend indicates management is controlling comp costs effectively.
Thin Capital Buffer, High Payout
Equity-to-assets ratio has been stable at 0.13-0.14 over ten quarters, per balance sheet data, while dividends and buybacks totaled 106% of net income in 2026Q2, suggesting limited capital retention.
The equity-to-assets ratio of 0.14 is low for a bank holding company, and with a payout ratio exceeding 100% in 2026Q2, capital generation is barely covering shareholder returns. The $126.2M provision in 2026Q2 could further pressure capital if charge-offs materialize. While the securities portfolio provides liquidity, the thin equity buffer leaves little room for unexpected losses or aggressive growth without raising capital.
Provision Spike Warrants Scrutiny
Provision for credit losses surged to $126.2M in 2026Q2 from $8.3M a year earlier, a 15x increase, per financial statements, while charge-offs remain low, indicating a significant reserve build.
The 15-fold increase in provisions suggests management is building reserves in anticipation of credit deterioration, possibly due to commercial real estate or consumer loan exposure. With charge-offs still low, the reserve build may be precautionary, but the magnitude is notable relative to net income of $226.5M. Investors should monitor whether this is a one-time adjustment or the start of a trend, as it could signal asset quality stress.
P/E Misleads on Earnings Quality
The P/E ratio is commonly misapplied to Stifel because adjusted earnings exclude non-cash amortization of advisor forgivable loans and acquisition charges, per company intelligence, overstating true profitability.
Stifel's reported P/E of 13.8x may understate the true cost of advisor recruitment, as forgivable loans are capitalized and amortized, inflating earnings. A more accurate metric is P/TBV, which at 2.0x (based on tangible book value of $40.42) reflects the capital intensity of the business. Additionally, the provision spike in 2026Q2 could distort P/E, making P/B or P/TBV more reliable for valuation.