Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 15.2x · 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 | $256.9B | $299.9B | $243.6B | $183.1B | $158.4B | $196.5B | $124.8B | $238.1B | $223.0B | $304.4B | $281.5B |
| Enterprise Value | $508.4B | $551.4B | $322.1B | $243.0B | $225.3B | $157.4B | $132.1B | $429.5B | $384.5B | $416.7B | $612.6B |
| P/E Ratio → | 11.13 | 14.75 | 13.08 | 10.19 | 13.15 | 9.62 | 73.61 | 13.15 | 10.77 | 14.80 | 13.81 |
| P/S Ratio | 2.94 | 3.58 | 2.96 | 2.22 | 2.13 | 2.48 | 1.68 | 2.74 | 2.58 | 3.44 | 3.19 |
| P/B Ratio | 1.48 | 1.64 | 1.35 | 0.98 | 0.87 | 1.03 | 0.67 | 1.27 | 1.13 | 1.46 | 1.40 |
| P/FCF | 8.89 | — | 80.25 | 4.54 | 5.86 | — | 60.83 | 35.38 | 6.18 | 16.35 | 279.28 |
| P/OCF | — | — | 80.25 | 4.54 | 5.86 | — | 60.83 | 35.38 | 6.18 | 16.26 | 279.28 |
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 | — | 6.59 | 3.91 | 2.94 | 3.03 | 1.99 | 1.78 | 4.95 | 4.45 | 4.71 | 6.94 |
| EV / EBITDA | 15.24 | 16.75 | 10.42 | 8.71 | 10.03 | 4.20 | 12.32 | 13.20 | 11.27 | 12.71 | 16.52 |
| EV / EBIT | 20.17 | 21.88 | 13.79 | 11.23 | 14.41 | 5.32 | 52.74 | 16.54 | 13.47 | 15.22 | 19.07 |
| EV / FCF | — | — | 106.12 | 6.02 | 8.33 | — | 64.41 | 63.82 | 10.66 | 22.38 | 607.79 |
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 | 95.6% | 95.6% | 94.7% | 93.5% | 97.9% | 105.2% | 81.0% | 96.9% | 98.0% | 97.1% | 95.7% |
| Operating Margin | 30.1% | 30.1% | 28.4% | 26.2% | 21.0% | 37.3% | 3.4% | 29.9% | 33.0% | 31.0% | 36.4% |
| Net Profit Margin | 25.5% | 25.5% | 24.0% | 23.2% | 18.4% | 27.9% | 4.5% | 22.7% | 25.9% | 25.1% | 24.9% |
| 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% | 10.7% | 10.4% | 7.3% | 11.8% | 1.8% | 10.2% | 11.1% | 10.9% | 11.1% |
| ROA | 1.0% | 1.0% | 1.0% | 1.0% | 0.7% | 1.1% | 0.2% | 1.0% | 1.2% | 1.1% | 1.2% |
| ROIC | 3.5% | 3.5% | 3.7% | 3.6% | 3.0% | 5.3% | 0.4% | 3.7% | 4.0% | 3.8% | 4.6% |
| ROCE | 5.8% | 5.8% | 5.0% | 5.0% | 4.2% | 7.6% | 0.6% | 6.0% | 6.5% | 6.0% | 7.3% |
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 | 2.33 | 2.33 | 1.56 | 1.59 | 1.24 | 1.03 | 1.46 | 1.77 | 1.70 | 1.58 | 1.75 |
| Debt / EBITDA | 12.94 | 12.94 | 9.12 | 10.65 | 10.06 | 5.21 | 25.36 | 10.22 | 9.81 | 10.01 | 9.49 |
| Net Debt / Equity | — | 1.37 | 0.43 | 0.32 | 0.37 | -0.21 | 0.04 | 1.02 | 0.82 | 0.54 | 1.65 |
| Net Debt / EBITDA | 7.64 | 7.64 | 2.54 | 2.15 | 2.98 | -1.04 | 0.68 | 5.88 | 4.73 | 3.43 | 8.93 |
| Debt / FCF | — | — | 25.87 | 1.48 | 2.47 | — | 3.58 | 28.45 | 4.48 | 6.03 | 328.50 |
| Interest Coverage | 0.63 | 0.63 | 0.54 | 0.66 | 1.72 | 7.55 | 0.31 | 1.38 | 1.95 | 2.93 | 5.44 |
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 | 0.29 | 0.29 | 0.27 | 0.29 | 0.21 | 0.28 | 0.35 | 0.31 | 0.34 | 0.19 | 0.06 |
| Quick Ratio | 0.29 | 0.29 | 0.27 | 0.29 | 0.21 | 0.28 | 0.35 | 0.31 | 0.34 | 0.19 | 0.06 |
| Cash Ratio | 0.10 | 0.10 | 0.14 | 0.16 | 0.11 | 0.15 | 0.17 | 0.09 | 0.12 | 0.14 | 0.01 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| 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 | 2.0% | 1.8% | 2.1% | 2.6% | 2.6% | 1.2% | 3.9% | 3.4% | 3.5% | 2.5% | 2.7% |
| Payout Ratio | 25.5% | 25.5% | 26.0% | 25.0% | 30.5% | 11.0% | 143.7% | 41.6% | 34.4% | 33.7% | 34.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 6.8% | 7.6% | 9.8% | 7.6% | 10.4% | 1.4% | 7.6% | 9.3% | 6.8% | 7.2% |
| FCF Yield | 11.3% | — | 1.2% | 22.0% | 17.1% | — | 1.6% | 2.8% | 16.2% | 6.1% | 0.4% |
| Buyback Yield | 6.8% | 5.8% | 9.2% | 7.4% | 3.8% | 10.8% | 5.6% | 11.0% | 10.2% | 3.3% | 2.9% |
| Total Shareholder Yield | 8.8% | 7.7% | 11.3% | 10.0% | 6.4% | 12.0% | 9.5% | 14.4% | 13.7% | 5.7% | 5.5% |
| Shares Outstanding | — | $3.2B | $3.5B | $3.7B | $3.8B | $4.1B | $4.1B | $4.4B | $4.8B | $5.0B | $5.1B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WFC stock.
Wells Fargo & Company's current P/E ratio is 11.1x. The historical average is 18.0x. This places it at the 17th percentile of its historical range.
Wells Fargo & Company's current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Wells Fargo & Company's return on equity (ROE) is 11.7%. The historical average is 13.8%.
Based on historical data, Wells Fargo & Company is trading at a P/E of 11.1x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wells Fargo & Company's current dividend yield is 2.01% with a payout ratio of 25.5%.
Wells Fargo & Company has 95.6% gross margin and 30.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wells Fargo & Company's Debt/EBITDA ratio is 12.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit costs and rate sensitivity
Metrics are mathematically derived from official filings.
Discount to Peers Reflects Lower Returns
Based on reported figures, WFC trades at 1.49 times book against a peer median near 1.42, while its 13.4 times trailing earnings sits close to the group, suggesting the market prices it as a mid-tier franchise rather than a premium one. Investors should monitor whether ROTCE recovery justifies a narrower discount.
At 1.49 times book, WFC sits roughly in line with U.S. Bancorp and PNC but well below JPMorgan at 2.60, which the market reserves for superior returns. The reported trailing ROE of roughly 3.3 percent in 2026Q3 is far below the 12 to 16 percent earned by several peers, so the current multiple implicitly assumes a meaningful future return improvement. The forward P/E of 11.56 times compresses the trailing multiple, which appears to reflect expected earnings growth rather than a re-rating of the franchise.
ROE Recovery Constrained by Thin Margins
Per the reported quarterly figures, ROE improved from 2.5 percent in 2024Q1 to 3.3 percent in 2026Q3, but ROA has remained near 0.2 to 0.3 percent, indicating that leverage rather than asset returns is doing most of the work in the return profile.
The DuPont structure shows a net interest margin of roughly 0.5 to 0.6 percent combined with a balance sheet where equity is about 8 to 10 percent of assets, so ROE of 3 percent largely reflects the multiplier effect of a large asset base rather than strong asset yield. Fee income contributing about 42 to 44 percent of revenue provides diversification, but it also means earnings quality depends on non-interest streams that may be more cyclical than lending income. The modest ROE gain since 2024 suggests recovery is real but incremental.
Efficiency Gains Offset Flat Margins
Based on reported figures, the efficiency ratio fell from 68.7 percent in 2024Q1 to 62.8 percent in 2026Q3, a meaningful improvement that suggests cost discipline is contributing more to earnings momentum than net interest margin expansion.
The net interest margin has held nearly flat at 0.5 to 0.6 percent across all ten quarters, indicating that rate-driven margin pressure has been absorbed rather than reversed. The efficiency improvement of roughly six percentage points therefore carries much of the operating leverage story, though quarterly readings remain volatile between 63.8 and 68.9 percent. Investors should monitor whether cost reductions are sustainable or whether the ratio reverts as revenue fluctuates.
Equity Cushion Thin Against Asset Base
According to reported quarterly figures, equity-to-assets ran between 0.08 and 0.10 across the period, which implies limited headroom relative to a balance sheet near $2.3 trillion if asset quality weakens materially.
The reported equity ratio is a simple leverage measure and does not substitute for regulatory CET1, Tier 1, or total capital ratios, which were not supplied and therefore cannot be assessed here. Within the available data, a ratio near 8 to 9 percent suggests the bank operates with substantial leverage, so any capital return capacity should be evaluated against regulatory minimums rather than this headline figure. Further investigation of CET1 trends is warranted before drawing firm conclusions about buyback or dividend capacity.
Tangible Book Growth Masks Return Gap
The most commonly misapplied metric here is price-to-book, since rising tangible book value per share from $41.5 to $50.1 over ten quarters makes the stock look cheaper on book than its low ROTCE warrants, and a P/B-based thesis can overstate the margin of safety.
Book multiples assume that book value will earn a return near the cost of equity, but WFC's reported ROE near 3 percent is far below typical cost-of-equity estimates, so a 1.49 times multiple may not represent value when returns remain depressed. A more informative adjustment is to compare the price to tangible book against a normalized ROTCE, rather than relying on the headline P/B. This framing suggests the valuation case depends on a sustained return recovery that the reported figures have not yet demonstrated.