Latest Ratios: P/E Ratio 54.7x · EV/EBITDA 68.1x · ROE 4.8%. (2005–2025 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 | $4.9B | $3.7B | $3.6B | $3.3B | $3.6B | $5.3B | $4.1B | $5.0B | $4.2B | $4.5B | $5.1B |
| Enterprise Value | $9.4B | $8.2B | $7.9B | $8.1B | $8.1B | $8.0B | $7.2B | $8.7B | $7.6B | $7.9B | $7.6B |
| P/E Ratio → | 54.66 | 41.19 | 45.93 | 45.46 | 50.00 | 65.72 | 48.97 | 64.36 | 48.42 | 50.41 | 63.61 |
| P/S Ratio | 6.19 | 4.66 | 4.73 | 5.20 | 8.36 | 11.94 | 8.02 | 9.95 | 8.96 | 10.50 | 12.23 |
| P/B Ratio | 2.58 | 1.95 | 1.93 | 1.71 | 1.96 | 3.07 | 2.44 | 2.95 | 2.37 | 2.67 | 3.04 |
| P/FCF | 69.11 | 51.96 | 41.97 | 38.46 | 100.00 | 64.90 | 34.41 | 50.37 | 49.70 | 46.43 | 66.69 |
| P/OCF | 59.51 | 44.74 | 40.52 | 36.30 | 93.06 | 63.85 | 33.51 | 48.53 | 45.19 | 44.53 | 59.52 |
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 | — | 10.30 | 10.47 | 12.84 | 18.65 | 17.89 | 14.06 | 17.23 | 16.46 | 18.52 | 18.36 |
| EV / EBITDA | 68.06 | 59.22 | 66.59 | 72.92 | 67.82 | 59.96 | 53.74 | 69.18 | 52.24 | 51.51 | 53.56 |
| EV / EBIT | 81.73 | 71.12 | 79.23 | 87.07 | 87.74 | 79.47 | 71.33 | 84.72 | 63.10 | 59.57 | 62.04 |
| EV / FCF | — | 114.96 | 92.92 | 94.95 | 222.93 | 97.22 | 60.30 | 87.27 | 91.30 | 81.88 | 100.16 |
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 | 40.3% | 40.3% | 40.2% | 48.4% | 67.0% | 66.6% | 57.5% | 58.9% | 67.5% | 73.6% | 73.4% |
| Operating Margin | 14.5% | 14.5% | 13.2% | 14.7% | 21.3% | 22.5% | 19.7% | 20.3% | 26.1% | 31.1% | 29.6% |
| Net Profit Margin | 11.5% | 11.5% | 10.5% | 11.9% | 17.2% | 18.2% | 16.4% | 16.0% | 18.4% | 20.7% | 19.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 4.2% | 4.0% | 4.2% | 4.8% | 4.9% | 4.6% | 5.0% | 5.3% | 4.8% |
| ROA | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% |
| ROIC | 1.3% | 1.3% | 1.1% | 1.0% | 1.2% | 1.5% | 1.4% | 1.4% | 1.7% | 2.0% | 2.2% |
| ROCE | 1.7% | 1.7% | 1.4% | 1.3% | 1.6% | 1.9% | 1.8% | 1.8% | 2.2% | 2.7% | 2.9% |
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 | 2.59 | 2.59 | 2.59 | 2.75 | 2.62 | 1.81 | 2.13 | 2.32 | 2.13 | 2.19 | 1.67 |
| Debt / EBITDA | 35.57 | 35.57 | 40.40 | 47.57 | 40.50 | 23.62 | 26.81 | 31.45 | 25.65 | 24.04 | 19.53 |
| Net Debt / Equity | — | 2.36 | 2.34 | 2.51 | 2.41 | 1.53 | 1.84 | 2.16 | 1.98 | 2.03 | 1.53 |
| Net Debt / EBITDA | 32.46 | 32.46 | 36.51 | 43.39 | 37.40 | 19.94 | 23.07 | 29.25 | 23.80 | 22.30 | 17.90 |
| Debt / FCF | — | 63.00 | 50.95 | 56.49 | 122.93 | 32.33 | 25.88 | 36.89 | 41.60 | 35.45 | 33.47 |
| Interest Coverage | 0.24 | 0.24 | 0.22 | 0.28 | 0.65 | 0.63 | 0.47 | 0.47 | 0.75 | 1.02 | 1.04 |
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 | 0.05 | 0.05 | 0.10 | 0.11 | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 |
| Quick Ratio | 0.05 | 0.05 | 0.10 | 0.11 | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 |
| Cash Ratio | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 |
| Asset Turnover | — | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| 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 | 1.2% | 1.6% | 1.6% | 1.8% | 1.6% | 1.1% | 1.4% | 1.0% | 0.9% | 0.6% | 0.5% |
| Payout Ratio | 65.5% | 65.5% | 74.1% | 77.5% | 78.2% | 69.9% | 66.6% | 62.9% | 44.1% | 31.2% | 29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.4% | 2.2% | 2.2% | 2.0% | 1.5% | 2.0% | 1.6% | 2.1% | 2.0% | 1.6% |
| FCF Yield | 1.4% | 1.9% | 2.4% | 2.6% | 1.0% | 1.5% | 2.9% | 2.0% | 2.0% | 2.2% | 1.5% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.5% | 1.2% | 2.5% |
| Total Shareholder Yield | 1.3% | 1.7% | 1.7% | 2.0% | 1.8% | 1.2% | 1.4% | 1.2% | 1.4% | 1.8% | 3.0% |
| Shares Outstanding | — | $280M | $279M | $279M | $279M | $279M | $278M | $277M | $277M | $279M | $284M |
Interest rate margin compression
Based on reported figures, TFSL trades at a P/B of 2.58, which appears significantly elevated compared to regional peers like WaFd at 1.00, suggesting the market may be mispricing the bank's franchise value relative to its actual return on tangible equity generation capacity.
The current valuation multiples appear disconnected from the bank's stagnant ROE, which has hovered near 1.2% over the last ten quarters. Investors should monitor whether this premium is a reflection of the unique MHC dividend waiver structure or an overestimation of the bank's long-term earnings power in a high-rate environment.
As reported in financial statements, TFSL's ROE remains constrained at approximately 1.2%, driven by a persistent 0.4% NIM that indicates the bank's asset-liability mix is currently unable to generate meaningful spread income despite the stability provided by its core residential mortgage lending focus.
The decomposition of profitability suggests that the bank's reliance on long-term fixed-rate assets limits its ability to capture upside from rising interest rates. Without a shift toward higher-yielding assets or improved asset utilization, the bank's profitability appears likely to remain in a strained state for the foreseeable future.
According to recent regulatory filings, TFSL has maintained a remarkably consistent NIM of 0.4% over ten quarters, while its efficiency ratio of 27.3% in 2026Q2 demonstrates disciplined cost control that nonetheless fails to translate into improved bottom-line profitability due to the underlying asset yield compression.
The bank's efficiency ratio is impressive on a standalone basis, yet it appears to be a defensive measure rather than a driver of growth. The lack of NIM expansion suggests that the bank's funding costs are effectively neutralizing any potential gains from its mortgage portfolio, warranting further investigation into deposit beta sensitivity.
As noted in financial analysis, the P/E ratio of 54.66 is a misleading metric for TFSL, as it fails to account for the unique MHC dividend waiver policy that artificially suppresses earnings available to public shareholders while concentrating value in the parent entity's retained capital base.
Investors should prioritize P/TBV and dividend yield sustainability over P/E, as the latter is heavily distorted by the bank's specific capital structure. Relying on P/E may lead to an incorrect assessment of the bank's valuation, as it ignores the structural reality that the MHC does not participate in dividend distributions.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying TFSL stock.
TFS Financial Corporation's current P/E ratio is 54.7x. The historical average is 61.8x. This places it at the 47th percentile of its historical range.
TFS Financial Corporation's current EV/EBITDA is 68.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.5x.
TFS Financial Corporation's return on equity (ROE) is 4.8%. The historical average is 3.6%.
Based on historical data, TFS Financial Corporation is trading at a P/E of 54.7x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TFS Financial Corporation's current dividend yield is 1.22% with a payout ratio of 65.5%.
TFS Financial Corporation has 40.3% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
TFS Financial Corporation's Debt/EBITDA ratio is 35.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.