Start with its own history
At 18.52×, RY is 49.5% above its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · RYBanks - DiversifiedUpdated Nov 5, 2026
Royal Bank of Canada P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
18.52×
49.5% abovethe 10-year annual average
Share price209.79
÷Earnings per share11.33
Price and EPS in quote currency. Calculation details
Investors are paying 18.52 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 12.39×
3-year average13.36×3 positive annual observations
5-year average12.62×5 positive annual observations
10-year average12.39×10 positive annual observations
Peer median · TTM16.68×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Oct 31, 2025 | 14.57× | -2.6% |
| Oct 31, 2024 | 14.97× | +42.0% |
| Oct 31, 2023 | 10.54× | -7.4% |
| Oct 31, 2022 | 11.38× | -2.5% |
| Oct 31, 2021 | 11.67× | -1.8% |
| Oct 31, 2020 | 11.88× | -1.8% |
| Oct 31, 2019 | 12.10× | +8.4% |
| Oct 31, 2018 | 11.17× | -16.0% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Oct 31, 2017 | 13.29× | +7.8% |
| Oct 31, 2016 | 12.32× | +11.3% |
| Oct 31, 2015 | 11.08× | -16.5% |
| Oct 31, 2014 | 13.27× | +4.8% |
| Oct 31, 2013 | 12.66× | +10.3% |
| Oct 31, 2012 | 11.48× | +0.3% |
| Oct 31, 2011 | 11.44× | -26.3% |
| Oct 31, 2010 | 15.52× | -26.7% |
| Oct 31, 2009 | 21.16× | +54.0% |
| Oct 31, 2008 | 13.74× | +3.9% |
| Oct 31, 2007 | 13.22× | -3.1% |
| Oct 31, 2006 | 13.64× | -14.5% |
| Oct 31, 2005 | 15.97× | +7.0% |
| Oct 31, 2004 | 14.93× | +4.4% |
| Oct 31, 2003 | 14.30× | +9.3% |
| Oct 31, 2002 | 13.08× | +0.1% |
| Oct 31, 2001 | 13.07× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How RY compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 RY This stockRoyal Bank of Canada | 18.52× |
 TD.TOThe Toronto-Dominion Bank | 19.12× |
 BMO.TOBank of Montreal | 20.13× |
 NA.TONational Bank of Canada | 18.08× |
 BNS.TOThe Bank of Nova Scotia | 17.42× |
 CM.TOCanadian Imperial Bank of Commerce | 15.94× |
 JPM.TOJPMorgan Chase & Co. | 14.74× |
 CITI.TOCitigroup Inc. | 11.95× |
 BOFA.TOBank of America Corporation | 12.12× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does RY’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 16.68×. 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 RY 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("RY", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 209.79 ÷ EPS 11.33 = 18.52×. 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.
RY P/E ratio: common questions
The essentials behind the numbers.
Royal Bank of Canada's current P/E is 18.52× 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.