Latest Ratios: P/E Ratio 50.3x · EV/EBITDA 15.7x · ROE 2.8%. (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 | $125.0B | $131.2B | $68.4B | $50.3B | $36.6B | $64.4B | $45.4B | $48.4B | $36.5B | $48.7B | $44.5B |
| Enterprise Value | $118.6B | $124.8B | $70.7B | $56.8B | $54.4B | $85.8B | $45.4B | $90.6B | $82.2B | $94.9B | $95.0B |
| P/E Ratio → | 50.34 | 60.14 | 15.39 | 10.97 | 5.19 | 5.39 | 19.08 | 9.31 | 6.07 | 28.53 | 12.66 |
| P/S Ratio | 1.80 | 1.89 | 1.27 | 1.02 | 0.95 | 2.01 | 1.43 | 1.43 | 1.15 | 1.62 | 1.62 |
| P/B Ratio | 0.97 | 1.15 | 1.13 | 0.87 | 0.70 | 1.06 | 0.75 | 0.83 | 0.71 | 1.00 | 0.94 |
| P/FCF | 4.78 | 5.02 | 4.03 | 2.56 | 2.84 | 5.55 | 2.84 | 3.07 | 3.02 | 3.70 | 4.02 |
| P/OCF | 4.51 | 4.73 | 3.77 | 2.44 | 2.65 | 5.24 | 2.72 | 2.91 | 2.81 | 3.43 | 3.75 |
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 | — | 1.80 | 1.31 | 1.15 | 1.42 | 2.68 | 1.43 | 2.68 | 2.58 | 3.16 | 3.45 |
| EV / EBITDA | 15.72 | 16.54 | 7.73 | 6.13 | 4.37 | 4.45 | 6.77 | 8.88 | 8.47 | 11.96 | 12.01 |
| EV / EBIT | 51.97 | 54.69 | 11.97 | 9.40 | 5.89 | 5.43 | 14.17 | 13.19 | 11.24 | 17.28 | 17.32 |
| EV / FCF | — | 4.77 | 4.17 | 2.90 | 4.23 | 7.39 | 2.84 | 5.75 | 6.79 | 7.21 | 8.58 |
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 | 47.3% | 47.3% | 50.8% | 53.3% | 74.0% | 101.1% | 57.7% | 66.2% | 68.1% | 65.6% | 69.2% |
| Operating Margin | 3.3% | 3.3% | 11.0% | 12.2% | 24.1% | 49.4% | 10.1% | 20.4% | 23.0% | 18.3% | 19.9% |
| Net Profit Margin | 3.5% | 3.5% | 8.8% | 9.9% | 19.2% | 38.7% | 8.6% | 16.4% | 18.9% | 6.6% | 13.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.8% | 2.8% | 8.0% | 8.8% | 13.0% | 20.4% | 4.6% | 10.1% | 12.0% | 4.1% | 7.9% |
| ROA | 0.4% | 0.4% | 1.0% | 1.0% | 1.7% | 2.9% | 0.7% | 1.5% | 1.6% | 0.5% | 1.1% |
| ROIC | 1.3% | 1.3% | 4.1% | 4.3% | 6.7% | 11.6% | 2.2% | 4.6% | 5.0% | 3.8% | 3.8% |
| ROCE | 1.4% | 1.4% | 4.6% | 4.8% | 7.7% | 13.4% | 2.7% | 5.9% | 6.5% | 5.1% | 5.6% |
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 | 0.45 | 0.45 | 0.75 | 0.86 | 0.93 | 0.71 | 0.67 | 0.96 | 1.14 | 1.24 | 1.27 |
| Debt / EBITDA | 6.76 | 6.76 | 4.98 | 5.38 | 3.92 | 2.23 | 6.05 | 5.45 | 6.06 | 7.60 | 7.65 |
| Net Debt / Equity | — | -0.06 | 0.04 | 0.11 | 0.34 | 0.35 | 0.00 | 0.73 | 0.88 | 0.95 | 1.06 |
| Net Debt / EBITDA | -0.85 | -0.85 | 0.25 | 0.71 | 1.44 | 1.11 | 0.00 | 4.14 | 4.71 | 5.83 | 6.38 |
| Debt / FCF | — | -0.25 | 0.14 | 0.33 | 1.39 | 1.84 | 0.00 | 2.68 | 3.78 | 3.51 | 4.56 |
| Interest Coverage | 0.14 | 0.14 | 0.40 | 0.48 | 2.24 | 9.89 | 1.03 | 1.33 | 1.70 | 1.99 | 2.72 |
Net cash position: cash ($57.4B) exceeds total debt ($51.0B)
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 | 0.15 | 0.15 | 0.14 | 0.36 | 0.33 | 0.38 | 0.46 | 0.35 | 0.23 | 0.21 | 0.20 |
| Quick Ratio | 0.15 | 0.15 | 0.14 | 0.36 | 0.33 | 0.38 | 0.46 | 0.35 | 0.23 | 0.21 | 0.20 |
| Cash Ratio | 0.12 | 0.12 | 0.12 | 0.12 | 0.09 | 0.07 | 0.13 | 0.05 | 0.05 | 0.06 | 0.04 |
| Asset Turnover | — | 0.10 | 0.11 | 0.10 | 0.08 | 0.07 | 0.08 | 0.09 | 0.09 | 0.08 | 0.08 |
| 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 | 1.4% | 1.2% | 1.4% | 1.9% | 2.6% | 1.8% | 1.0% | 1.6% | 2.1% | 1.6% | 1.8% |
| Payout Ratio | 61.8% | 61.8% | 19.6% | 19.1% | 12.9% | 9.3% | 16.9% | 13.6% | 12.9% | 39.4% | 21.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.7% | 6.5% | 9.1% | 19.3% | 18.6% | 5.2% | 10.7% | 16.5% | 3.5% | 7.9% |
| FCF Yield | 20.9% | 19.9% | 24.8% | 39.0% | 35.2% | 18.0% | 35.2% | 32.6% | 33.1% | 27.1% | 24.9% |
| Buyback Yield | 3.7% | 3.5% | 1.1% | 1.4% | 13.5% | 15.1% | 3.9% | 5.1% | 6.3% | 0.5% | 8.2% |
| Total Shareholder Yield | 5.1% | 4.7% | 2.4% | 3.3% | 16.1% | 16.8% | 4.9% | 6.7% | 8.4% | 2.1% | 10.1% |
| Shares Outstanding | — | $541M | $384M | $383M | $393M | $444M | $459M | $470M | $483M | $489M | $510M |
Credit cycle and regulatory headwinds
Based on current market data, Capital One's forward P/E of 10.45x suggests that investors are pricing in significant cyclical risk, as the valuation remains compressed relative to broader financial services peers despite the firm's aggressive expansion of its balance sheet and strategic M&A activity.
The wide divergence between the trailing P/E of 50.62x and the forward multiple indicates that the market is heavily discounting current earnings due to the non-recurring impact of credit loss provisions. This valuation profile suggests that investors are skeptical of the firm's ability to maintain historical profitability levels amidst rising regulatory scrutiny and potential credit deterioration.
According to recent financial statements, Capital One's ROIC has struggled to maintain positive momentum, oscillating from a peak of 2.0% in 2025Q3 to a negative 3.3% in 2025Q2, which highlights the volatility inherent in the firm's capital allocation strategy during periods of high credit provisioning.
The inability to consistently compound returns on invested capital suggests that the firm's aggressive growth strategy is currently being offset by the high cost of risk management. Investors should monitor whether the integration of recent acquisitions can improve these returns or if the current capital-intensive model will continue to suppress long-term value creation.
As reported in financial filings, Capital One's asset turnover has remained stagnant at 0.03x over the last ten quarters, indicating that the firm's massive investment in cloud-native infrastructure has yet to translate into meaningful operational efficiency gains relative to the scale of its balance sheet expansion.
The lack of improvement in asset turnover suggests that the firm's technology-driven strategy is currently functioning more as a defensive necessity than a source of operational leverage. Without a clear trend toward higher asset utilization, the firm may struggle to improve its operating margins in a competitive, high-rate environment.
Based on the provided quarterly data, the current ratio has fluctuated significantly, dropping from 0.36 in 2023Q4 to 0.13 in 2025Q3, which suggests that the firm's liquidity position is highly sensitive to the timing of large-scale capital deployment and shifts in loan portfolio dynamics.
While the firm maintains access to diverse funding sources, the low current ratio relative to traditional banking peers warrants further investigation into the firm's reliance on short-term wholesale funding. This liquidity profile appears vulnerable to sudden market dislocations, particularly if the firm's credit card segment experiences a rapid spike in delinquency rates.
The Price-to-Book (P/B) ratio of 0.97 is frequently misapplied to Capital One, as it fails to account for the significant impact of CECL-related reserve builds on the firm's tangible equity base, thereby obscuring the true underlying value of the company's proprietary credit-underwriting technology stack.
Investors should instead focus on adjusted earnings metrics that normalize for credit loss provisions, as the P/B ratio treats the firm as a static asset-heavy lender rather than a dynamic, data-driven financial services platform. Relying on book value in this context ignores the potential for the firm's cloud-native infrastructure to generate superior risk-adjusted returns over the long term.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying COF stock.
Capital One Financial Corporation's current P/E ratio is 50.3x. The historical average is 16.8x. This places it at the 93th percentile of its historical range.
Capital One Financial Corporation's current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Capital One Financial Corporation's return on equity (ROE) is 2.8%. The historical average is 13.5%.
Based on historical data, Capital One Financial Corporation is trading at a P/E of 50.3x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Capital One Financial Corporation's current dividend yield is 1.38% with a payout ratio of 61.8%.
Capital One Financial Corporation has 47.3% gross margin and 3.3% operating margin.
Capital One Financial Corporation's Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.