Start with its own history
At 11.31×, HSBC is 54.7% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · HSBCBanks - DiversifiedUpdated Nov 5, 2026
HSBC Holdings plc P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
11.31×
54.7% belowthe 10-year annual average
Share price89.37
÷Earnings per share7.9
Price and EPS in quote currency. Calculation details
Investors are paying 11.31 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 24.98×
3-year average9.21×3 positive annual observations
5-year average9.22×5 positive annual observations
10-year average24.98×10 positive annual observations
Peer median · TTM12.11×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 12.74× | +62.0% |
| Dec 31, 2024 | 7.86× | +11.7% |
| Dec 31, 2023 | 7.03× | -18.7% |
| Dec 31, 2022 | 8.66× | -11.6% |
| Dec 31, 2021 | 9.79× | -64.0% |
| Dec 31, 2020 | 27.23× | +4.2% |
| Dec 31, 2019 | 26.14× | +99.9% |
| Dec 31, 2018 | 13.08× | -39.4% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 21.58× | -81.3% |
| Dec 31, 2016 | 115.71× | +852.0% |
| Dec 31, 2015 | 12.15× | -11.5% |
| Dec 31, 2014 | 13.74× | +5.1% |
| Dec 31, 2013 | 13.07× | -8.1% |
| Dec 31, 2012 | 14.22× | +71.3% |
| Dec 31, 2011 | 8.30× | -40.3% |
| Dec 31, 2010 | 13.91× | -58.7% |
| Dec 31, 2009 | 33.70× | +44.6% |
| Dec 31, 2008 | 23.30× | +130.5% |
| Dec 31, 2007 | 10.11× | -22.4% |
| Dec 31, 2006 | 13.02× | +10.8% |
| Dec 31, 2005 | 11.75× | -17.5% |
| Dec 31, 2004 | 14.25× | -50.9% |
| Dec 31, 2003 | 29.04× | +74.9% |
| Dec 31, 2002 | 16.61× | -23.6% |
| Dec 31, 2001 | 21.74× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How HSBC compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 HSBC This stockHSBC Holdings plc | 11.31× |
 JPMJPMorgan Chase & Co. | 14.74× |
 BACBank of America Corporation | 12.12× |
 CCitigroup Inc. | 11.95× |
 BCSBarclays PLC | 8.59× |
 UBSUBS Group AG | 16.67× |
 WFCWells Fargo & Company | 12.11× |
 DBDeutsche Bank AG | 8.50× |
 INGING Groep N.V. | 12.38× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does HSBC’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 12.11×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take HSBC into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("HSBC", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 89.37 ÷ EPS 7.9 = 11.31×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
HSBC P/E ratio: common questions
The essentials behind the numbers.
HSBC Holdings plc's current P/E is 11.31× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.