Latest Ratios: P/E Ratio 16.8x · EV/EBITDA 16.1x · ROE 10.1%. (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 | $11.3B | $11.6B | $8.3B | $7.4B | $8.9B | $11.9B | $7.8B | $10.8B | $11.7B | $15.5B | $12.1B |
| Enterprise Value | $15.9B | $16.1B | $8.2B | $7.7B | $8.8B | $-7964000000 | $-2218600000 | $12.4B | $13.7B | $14.2B | $10.0B |
| P/E Ratio → | 16.76 | 16.43 | 12.32 | 8.69 | 7.92 | 10.46 | 16.24 | 9.09 | 9.51 | 20.97 | 25.32 |
| P/S Ratio | 2.37 | 2.41 | 1.66 | 1.41 | 2.38 | 3.94 | 2.53 | 2.84 | 3.27 | 4.70 | 4.07 |
| P/B Ratio | 1.53 | 1.50 | 1.27 | 1.16 | 1.72 | 1.51 | 0.97 | 1.48 | 1.56 | 1.94 | 1.55 |
| P/FCF | — | — | 18.50 | 6.76 | 15.99 | 21.13 | 9.21 | 10.79 | 7.70 | 15.21 | 30.83 |
| P/OCF | — | — | 13.79 | 5.93 | 13.94 | 18.80 | 8.43 | 9.94 | 7.27 | 14.24 | 24.81 |
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 | — | 3.36 | 1.63 | 1.46 | 2.36 | -2.63 | -0.72 | 3.24 | 3.81 | 4.33 | 3.39 |
| EV / EBITDA | 16.08 | 16.30 | 8.29 | 6.25 | 5.64 | -5.01 | -3.04 | 7.48 | 8.27 | 10.51 | 12.67 |
| EV / EBIT | 17.38 | 17.62 | 9.19 | 6.72 | 5.99 | -5.34 | -3.57 | 8.03 | 8.92 | 11.54 | 14.96 |
| EV / FCF | — | — | 18.21 | 7.01 | 15.91 | -14.12 | -2.61 | 12.31 | 8.97 | 14.01 | 25.63 |
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 | 68.1% | 68.1% | 64.0% | 66.7% | 92.9% | 110.8% | 76.8% | 85.8% | 92.6% | 94.1% | 87.8% |
| Operating Margin | 19.1% | 19.1% | 17.8% | 21.8% | 39.5% | 49.3% | 20.1% | 40.4% | 42.7% | 37.5% | 22.6% |
| Net Profit Margin | 15.1% | 15.1% | 14.0% | 16.8% | 30.8% | 38.6% | 16.1% | 31.5% | 34.4% | 22.6% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 10.8% | 15.2% | 17.6% | 14.6% | 6.5% | 16.2% | 16.0% | 9.4% | 6.2% |
| ROA | 0.9% | 0.9% | 0.8% | 1.0% | 1.3% | 1.3% | 0.6% | 1.7% | 1.7% | 1.0% | 0.7% |
| ROIC | 5.2% | 5.2% | 4.5% | 6.2% | 10.0% | 9.1% | 3.3% | 8.0% | 8.7% | 7.2% | 4.3% |
| ROCE | 5.0% | 5.0% | 6.3% | 11.5% | 17.2% | 13.1% | 4.7% | 11.5% | 11.9% | 9.8% | 5.8% |
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 | 0.70 | 0.70 | 1.02 | 1.53 | 1.20 | 0.35 | 0.71 | 1.00 | 0.87 | 0.58 | 0.67 |
| Debt / EBITDA | 5.48 | 5.48 | 6.78 | 7.94 | 3.98 | 1.76 | 7.86 | 4.44 | 3.93 | 3.42 | 6.55 |
| Net Debt / Equity | — | 0.59 | -0.02 | 0.04 | -0.01 | -2.52 | -1.25 | 0.21 | 0.26 | -0.15 | -0.26 |
| Net Debt / EBITDA | 4.61 | 4.61 | -0.13 | 0.22 | -0.03 | -12.51 | -13.77 | 0.92 | 1.18 | -0.90 | -2.57 |
| Debt / FCF | — | — | -0.29 | 0.24 | -0.08 | -35.25 | -11.82 | 1.52 | 1.28 | -1.19 | -5.20 |
| Interest Coverage | 0.64 | 0.64 | 0.51 | 0.69 | 7.17 | 26.14 | 3.41 | 3.29 | 5.75 | 10.20 | 5.98 |
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 | 0.28 | 0.28 | 0.23 | 0.38 | 0.34 | 0.48 | 0.42 | 0.32 | 0.30 | 0.29 | 0.37 |
| Quick Ratio | 0.28 | 0.28 | 0.23 | 0.38 | 0.34 | 0.48 | 0.42 | 0.32 | 0.30 | 0.29 | 0.37 |
| Cash Ratio | 0.01 | 0.01 | 0.11 | 0.13 | 0.08 | 0.27 | 0.21 | 0.10 | 0.08 | 0.10 | 0.12 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 | 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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 54.0% | 42.1% | 30.7% | 31.6% | 75.5% | 33.4% | 21.3% | 24.2% | 31.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 6.1% | 8.1% | 11.5% | 12.6% | 9.6% | 6.2% | 11.0% | 10.5% | 4.8% | 3.9% |
| FCF Yield | — | — | 5.4% | 14.8% | 6.3% | 4.7% | 10.9% | 9.3% | 13.0% | 6.6% | 3.2% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $133M | $134M | $133M | $133M | $137M | $140M | $151M | $171M | $178M | $177M |
Deposit beta and funding
Based on recent market data, Comerica trades at a P/B multiple of 1.53, which appears elevated relative to its modest ROE of 2.3% reported in 2025Q4, suggesting that investors may be pricing in a recovery that has yet to materialize in the bank's core profitability metrics.
The current valuation implies an expectation of significant margin expansion or credit quality improvement that is not currently supported by the bank's recent performance. Investors should monitor whether this premium persists if the bank fails to demonstrate a clear path toward higher tangible book value growth.
As reported in financial statements, Comerica's ROE has compressed to 2.3% in 2025Q4, driven primarily by a persistent NIM of 0.7% and an efficiency ratio that has struggled to remain below 50%, indicating that the bank's traditional commercial model is currently facing significant operational headwinds.
The decomposition suggests that the bank's profitability is being squeezed by both rising funding costs and an inability to fully leverage its asset base. This trend warrants further investigation into whether the current cost structure is structurally misaligned with the bank's revenue-generating capacity in a higher-rate environment.
According to recent regulatory filings, Comerica's equity-to-assets ratio has remained tight at 0.10 as of 2025Q4, which may limit the bank's flexibility to return capital to shareholders while simultaneously navigating potential increases in capital requirements for institutions of its size and complexity.
The bank's capital position appears adequate for current operations but leaves little room for aggressive balance sheet expansion or significant share repurchases. Investors should monitor management's capital allocation strategy, as any further regulatory tightening could necessitate a more conservative approach to dividend sustainability.
Market participants frequently rely on P/E ratios to evaluate Comerica, yet this metric often obscures the volatility inherent in the bank's provision for loan losses and interest rate swap adjustments, which can create significant, non-cash distortions in reported earnings that do not reflect true operational health.
Using P/E for a bank with such sensitivity to CECL provisioning and derivative accounting is fundamentally flawed as it ignores the underlying quality of the balance sheet. Analysts should instead prioritize P/TBV and ROTCE to better assess the bank's long-term value creation and capital efficiency.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CMA stock.
Comerica Incorporated's current P/E ratio is 16.8x. The historical average is 15.0x. This places it at the 83th percentile of its historical range.
Comerica Incorporated's current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Comerica Incorporated's return on equity (ROE) is 10.1%. The historical average is 12.3%.
Based on historical data, Comerica Incorporated is trading at a P/E of 16.8x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Comerica Incorporated has 68.1% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
Comerica Incorporated's Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.