Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 6.5x · ROE 17.3%. (1991–2025 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 | $145.3B | $139.2B | $56.1B | $54.2B | $37.2B | $37.6B | $32.9B | $37.1B | $35.1B | $57.0B | $44.6B |
| Enterprise Value | $131.4B | $127.1B | $140.6B | $151.0B | $67.6B | $79.1B | $70.8B | $103.5B | $78.7B | $110.8B | $114.0B |
| P/E Ratio → | 13.50 | 13.79 | 5.79 | 7.06 | 6.13 | 8.76 | 35.29 | 11.87 | 6.96 | 18.48 | 13.54 |
| P/S Ratio | 3.44 | 3.77 | 1.58 | 0.93 | 0.92 | 1.20 | 1.09 | 1.05 | 1.00 | 1.53 | 1.21 |
| P/B Ratio | 2.20 | 2.25 | 0.93 | 0.98 | 0.74 | 0.77 | 0.66 | 0.68 | 0.66 | 1.07 | 0.81 |
| P/FCF | 9.66 | 10.58 | — | — | 1.75 | — | 0.86 | — | 4.90 | 79.81 | 9.56 |
| P/OCF | 8.49 | 9.30 | — | — | 1.57 | — | 0.84 | — | 4.05 | 27.73 | 6.74 |
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 | — | 3.44 | 3.96 | 2.59 | 1.67 | 2.53 | 2.35 | 2.94 | 2.23 | 2.97 | 3.10 |
| EV / EBITDA | 6.48 | 7.16 | 8.30 | 10.92 | 5.83 | 9.33 | 10.83 | 12.27 | 9.15 | 13.33 | 14.58 |
| EV / EBIT | 7.09 | 7.83 | 9.13 | 12.16 | 6.58 | 10.92 | 13.48 | 14.68 | 10.40 | 15.99 | 17.83 |
| EV / FCF | — | 9.66 | — | — | 3.18 | — | 1.85 | — | 10.98 | 155.24 | 24.43 |
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 | 83.6% | 83.6% | -18.8% | 49.8% | 61.1% | 63.8% | 56.3% | 55.9% | 56.5% | 60.0% | 61.1% |
| Operating Margin | 43.9% | 43.9% | 43.4% | 21.3% | 25.4% | 23.1% | 17.5% | 20.0% | 21.5% | 18.6% | 17.4% |
| Net Profit Margin | 28.5% | 28.5% | 28.3% | 13.8% | 15.7% | 14.9% | 4.3% | 10.0% | 15.3% | 9.4% | 9.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.3% | 17.3% | 17.4% | 15.2% | 12.8% | 9.4% | 2.5% | 6.5% | 10.2% | 6.5% | 6.3% |
| ROA | 1.3% | 1.3% | 1.3% | 1.1% | 0.9% | 0.7% | 0.2% | 0.5% | 0.8% | 0.5% | 0.5% |
| ROIC | 7.0% | 7.0% | 5.3% | 4.7% | 4.7% | 3.3% | 2.4% | 3.2% | 3.6% | 3.1% | 2.6% |
| ROCE | 7.6% | 7.6% | 7.8% | 6.2% | 4.8% | 2.8% | 2.0% | 3.3% | 3.4% | 2.8% | 2.6% |
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 | 1.32 | 1.32 | 2.41 | 3.25 | 2.27 | 2.38 | 2.22 | 2.11 | 2.02 | 1.95 | 2.14 |
| Debt / EBITDA | 4.61 | 4.61 | 8.53 | 12.98 | 9.89 | 13.69 | 16.95 | 13.75 | 12.44 | 12.50 | 15.16 |
| Net Debt / Equity | — | -0.20 | 1.41 | 1.75 | 0.60 | 0.85 | 0.76 | 1.21 | 0.82 | 1.01 | 1.25 |
| Net Debt / EBITDA | -0.68 | -0.68 | 4.99 | 7.00 | 2.62 | 4.90 | 5.80 | 7.87 | 5.07 | 6.47 | 8.87 |
| Debt / FCF | — | -0.92 | — | — | 1.43 | — | 0.99 | — | 6.08 | 75.43 | 14.87 |
| Interest Coverage | — | — | 0.42 | 0.50 | 0.83 | 0.87 | 0.67 | 0.59 | 0.65 | 0.60 | 0.60 |
Net cash position: cash ($94.0B) exceeds total debt ($81.8B)
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 | 0.44 | 0.44 | 0.32 | 0.35 | 0.40 | 0.38 | 0.52 | 0.41 | 0.42 | 0.41 | 0.41 |
| Quick Ratio | 0.44 | 0.44 | 0.32 | 0.35 | 0.40 | 0.38 | 0.52 | 0.41 | 0.42 | 0.41 | 0.41 |
| Cash Ratio | 0.15 | 0.15 | 0.10 | 0.14 | 0.17 | 0.17 | 0.17 | 0.10 | 0.14 | 0.11 | 0.10 |
| Asset Turnover | — | 0.04 | 0.05 | 0.08 | 0.06 | 0.05 | 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 | 3.1% | 3.0% | 7.0% | 5.2% | 5.9% | 2.5% | 3.2% | 5.8% | 6.0% | 3.0% | 3.6% |
| Payout Ratio | 39.9% | 39.9% | 38.9% | 35.0% | 34.4% | 19.9% | 81.6% | 61.1% | 39.0% | 48.3% | 46.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 7.3% | 17.3% | 14.2% | 16.3% | 11.4% | 2.8% | 8.4% | 14.4% | 5.4% | 7.4% |
| FCF Yield | 10.4% | 9.5% | — | — | 57.2% | — | 116.3% | — | 20.4% | 1.3% | 10.5% |
| Buyback Yield | 1.6% | 1.4% | 2.7% | 4.0% | 8.0% | 2.7% | 2.5% | 2.9% | 4.8% | 2.9% | 4.5% |
| Total Shareholder Yield | 4.6% | 4.4% | 9.7% | 9.2% | 13.9% | 5.2% | 5.7% | 8.7% | 10.8% | 5.9% | 8.1% |
| Shares Outstanding | — | $6.0B | $5.8B | $6.0B | $6.2B | $6.4B | $6.7B | $6.6B | $6.6B | $6.7B | $6.6B |
Geopolitical and Currency Volatility
Based on reported figures, BBVA trades at a P/B of 2.07, which suggests the market assigns a premium valuation compared to European peers, likely reflecting the bank's superior digital-first efficiency and the high-margin contribution from its dominant Mexican franchise relative to its domestic Spanish operations.
The current valuation multiple appears to price in an expectation of sustained high returns on tangible equity, supported by the bank's aggressive digital transformation. Investors should monitor whether this premium is justified by long-term earnings growth or if it remains vulnerable to cyclical downturns in emerging markets.
According to recent financial statements, the bank's ROE has remained in a narrow 3.8% to 5.0% range over the last ten quarters, indicating that profitability is heavily influenced by volatile NIM contributions and the ongoing strategic shift toward higher-margin digital retail banking services across its core geographies.
The decomposition of profitability highlights that while asset utilization is improving through digital efficiency, the overall ROE is constrained by the cyclical nature of NII. The reliance on Mexico as a primary profit engine suggests that group-level profitability is structurally sensitive to local interest rate cycles and currency fluctuations.
As reported in quarterly filings, the efficiency ratio has shown significant volatility, reaching 42.0% in 2025Q4, which suggests that management's digital-first strategy is successfully containing variable costs even as the bank navigates a challenging environment of fluctuating net interest margins across its diverse international footprint.
The ability to maintain a sub-45% efficiency ratio appears to be a key competitive advantage, allowing the bank to absorb margin compression during periods of rising funding costs. This operational leverage warrants further investigation to determine if it can be sustained if regulatory pressures in Spain increase.
Based on the bank's reported figures, the equity-to-assets ratio has remained stable between 0.07 and 0.08, providing a consistent capital cushion that supports the bank's aggressive share buyback programs despite the significant expansion of the investment securities portfolio observed over the last ten quarters.
The stability of the capital base suggests that management is effectively balancing organic growth with capital return, though the reliance on buybacks may limit the bank's flexibility in the event of a severe macro-economic shock. Investors should monitor whether this capital adequacy remains sufficient under potential stress scenarios.
As indicated by the provided data, the P/E ratio is frequently misapplied to BBVA, as it fails to account for the significant impact of hyperinflation accounting in Turkey and volatile provision expenses that can artificially depress earnings in any given quarter, thereby distorting the bank's true valuation.
Investors should prioritize P/TBV and normalized ROE metrics over P/E to better assess the bank's underlying franchise value. Relying on P/E risks misinterpreting temporary accounting adjustments as structural changes in the bank's long-term earnings power.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BBVA stock.
Banco Bilbao Vizcaya Argentaria, S.A.'s current P/E ratio is 13.5x. The historical average is 36.6x. This places it at the 30th percentile of its historical range.
Banco Bilbao Vizcaya Argentaria, S.A.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
Banco Bilbao Vizcaya Argentaria, S.A.'s return on equity (ROE) is 17.3%. The historical average is 12.6%.
Based on historical data, Banco Bilbao Vizcaya Argentaria, S.A. is trading at a P/E of 13.5x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Banco Bilbao Vizcaya Argentaria, S.A.'s current dividend yield is 3.08% with a payout ratio of 39.9%.
Banco Bilbao Vizcaya Argentaria, S.A. has 83.6% gross margin and 43.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Banco Bilbao Vizcaya Argentaria, S.A.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.