Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 37.3x · ROE 13.7%. (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 | $107.4B | $78.0B | $58.9B | $32.3B | $41.1B | $54.6B | $33.3B | $38.0B | $38.4B | $36.4B | $29.7B |
| Enterprise Value | $319.2B | $378.0B | $321.5B | $250.8B | $232.4B | $221.4B | $179.9B | $213.2B | $196.1B | $188.1B | $159.1B |
| P/E Ratio → | 19.17 | 9.67 | 8.59 | 6.82 | 6.80 | 8.71 | 9.08 | 7.61 | 7.40 | 7.83 | 7.01 |
| P/S Ratio | 2.45 | 1.26 | 0.92 | 0.58 | 1.31 | 2.35 | 1.32 | 1.33 | 1.53 | 1.78 | 1.63 |
| P/B Ratio | 2.40 | 1.21 | 1.00 | 0.61 | 0.82 | 1.19 | 0.81 | 0.98 | 1.09 | 1.17 | 1.25 |
| P/FCF | — | — | 5.89 | 2.90 | 1.90 | — | 0.55 | 2.07 | 3.99 | 13.70 | 2.96 |
| P/OCF | — | — | 5.31 | 2.66 | 1.81 | — | 0.55 | 1.99 | 3.89 | 14.82 | 2.91 |
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 | — | 6.10 | 5.02 | 4.52 | 7.43 | 9.52 | 7.16 | 7.45 | 7.80 | 9.18 | 8.76 |
| EV / EBITDA | 37.33 | 31.20 | 31.11 | 30.90 | 25.77 | 23.70 | 29.02 | 29.17 | 26.63 | 29.30 | 29.05 |
| EV / EBIT | 41.34 | 34.56 | 35.08 | 35.96 | 29.15 | 26.60 | 36.80 | 32.95 | 29.24 | 32.00 | 31.73 |
| EV / FCF | — | — | 32.16 | 22.51 | 10.76 | — | 3.00 | 11.61 | 20.40 | 70.78 | 15.84 |
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 | 43.0% | 43.0% | 36.7% | 38.4% | 66.5% | 85.2% | 64.3% | 60.0% | 67.1% | 73.4% | 73.7% |
| Operating Margin | 17.6% | 17.6% | 14.3% | 12.6% | 25.5% | 35.8% | 19.5% | 22.6% | 26.7% | 28.7% | 27.6% |
| Net Profit Margin | 13.6% | 13.6% | 11.1% | 9.0% | 19.9% | 27.7% | 15.1% | 17.8% | 21.0% | 22.9% | 23.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 12.7% | 9.7% | 12.9% | 14.8% | 9.5% | 13.8% | 15.9% | 17.1% | 18.9% |
| ROA | 0.8% | 0.8% | 0.7% | 0.5% | 0.7% | 0.8% | 0.5% | 0.8% | 0.9% | 0.9% | 0.9% |
| ROIC | 2.1% | 2.1% | 1.9% | 1.6% | 2.0% | 2.3% | 1.5% | 2.2% | 2.4% | 2.4% | 2.3% |
| ROCE | 4.3% | 4.3% | 3.8% | 2.9% | 3.7% | 4.6% | 2.9% | 4.1% | 4.6% | 4.2% | 3.7% |
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 | 5.52 | 5.52 | 5.40 | 5.30 | 5.25 | 5.15 | 5.28 | 5.13 | 5.08 | 5.36 | 6.11 |
| Debt / EBITDA | 29.37 | 29.37 | 30.83 | 34.70 | 29.34 | 25.28 | 35.21 | 27.10 | 24.23 | 26.06 | 26.41 |
| Net Debt / Equity | — | 4.66 | 4.45 | 4.11 | 3.80 | 3.64 | 3.55 | 4.54 | 4.49 | 4.86 | 5.47 |
| Net Debt / EBITDA | 24.76 | 24.76 | 25.41 | 26.92 | 21.21 | 17.86 | 23.65 | 23.98 | 21.42 | 23.63 | 23.63 |
| Debt / FCF | — | — | 26.26 | 19.61 | 8.85 | — | 2.45 | 9.54 | 16.41 | 57.08 | 12.89 |
| Interest Coverage | 0.33 | 0.33 | 0.24 | 0.22 | 0.84 | 2.54 | 0.75 | 0.64 | 0.90 | 1.27 | 1.35 |
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 | 0.13 | 0.13 | 0.14 | 0.19 | 0.21 | 0.21 | 0.23 | 0.17 | 0.15 | 0.15 | 0.17 |
| Quick Ratio | 0.13 | 0.13 | 0.14 | 0.19 | 0.21 | 0.21 | 0.23 | 0.17 | 0.15 | 0.15 | 0.17 |
| Cash Ratio | 0.07 | 0.07 | 0.07 | 0.09 | 0.10 | 0.11 | 0.12 | 0.05 | 0.05 | 0.04 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| 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 | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 47.4% | 47.4% | 41.4% | 45.2% | 47.8% | 41.2% | 67.8% | 47.2% | 40.0% | 30.3% | 41.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 10.3% | 11.6% | 14.7% | 14.7% | 11.5% | 11.0% | 13.1% | 13.5% | 12.8% | 14.3% |
| FCF Yield | — | — | 17.0% | 34.5% | 52.5% | — | 180.2% | 48.3% | 25.0% | 7.3% | 33.8% |
| Buyback Yield | 2.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $941M | $942M | $916M | $906M | $900M | $892M | $891M | $889M | $827M | $792M |
Canadian residential mortgage concentration
According to recent market data, CM trades at a P/B ratio of 2.36, which, when compared to peers like RY at 2.92, suggests that investors are applying a persistent discount to the bank's tangible book value due to perceived higher risk in its domestic mortgage-heavy portfolio.
The valuation gap relative to larger, more diversified peers implies that the market remains skeptical of CM's ability to generate superior returns on tangible equity. Investors should monitor whether this discount narrows as the bank executes its U.S. wealth management strategy or if it remains a structural feature of the bank's domestic-centric business model.
Based on reported figures, CM's ROE has remained constrained in the 3.1% to 4.8% range over the last ten quarters, indicating that the bank's profitability is currently struggling to overcome the combined pressures of rising funding costs and a high fixed-cost base in its Canadian operations.
The DuPont decomposition suggests that the bank's profitability is heavily reliant on asset utilization, which is currently being pressured by a compressed NIM. Without a significant expansion in non-interest income contribution, the bank may find it difficult to return to historical ROE levels, warranting further investigation into the scalability of its current fee-based business lines.
As reported in financial statements, the efficiency ratio has deteriorated from 22.0% in 2024Q1 to 27.3% in 2026Q2, signaling that non-interest expenses are outpacing revenue growth and potentially eroding the bank's operating leverage in a challenging interest rate environment.
The upward trend in the efficiency ratio suggests that the bank's high fixed-cost structure is becoming a drag on profitability. Investors should monitor whether management can implement cost-control measures to offset the impact of digital transformation investments, which appear to be currently suppressing the bank's overall operating margin.
Based on the provided data, CM maintains a consistent equity-to-assets ratio of 0.06, which, while stable, indicates that the bank's capital buffer is being tested as total assets expand, potentially limiting the flexibility for future capital returns to shareholders in the near term.
The stability of the equity-to-assets ratio suggests a disciplined approach to capital management, yet the lack of significant growth in this metric during a period of asset expansion warrants caution. This may indicate that the bank is operating near its preferred regulatory capital floor, which could restrict its ability to absorb unexpected credit shocks without impacting dividend sustainability.
The P/E ratio is frequently misapplied to CM, as it obscures the volatility inherent in IFRS 9 provision modeling, which can lead to significant, non-cash earnings swings that do not necessarily reflect the underlying health of the bank's core lending franchise.
Investors should prioritize P/TBV over P/E when evaluating CM, as the latter is highly sensitive to management's forward-looking credit loss assumptions. Relying on P/E may lead to an inaccurate assessment of the bank's valuation, as it fails to account for the quality of capital and the structural constraints imposed by the Canadian regulatory environment.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CM stock.
Canadian Imperial Bank of Commerce's current P/E ratio is 19.2x. The historical average is 9.9x. This places it at the 96th percentile of its historical range.
Canadian Imperial Bank of Commerce's current EV/EBITDA is 37.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.6x.
Canadian Imperial Bank of Commerce's return on equity (ROE) is 13.7%. The historical average is 13.6%.
Based on historical data, Canadian Imperial Bank of Commerce is trading at a P/E of 19.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Canadian Imperial Bank of Commerce's current dividend yield is 2.58% with a payout ratio of 47.4%.
Canadian Imperial Bank of Commerce has 43.0% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
Canadian Imperial Bank of Commerce's Debt/EBITDA ratio is 29.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.