Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 14.9x · ROE 8.7%. (2000–2025 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 | $70.1B | $77.0B | $34.8B | $28.5B | $24.5B | $26.8B | $23.7B | $16.4B | $17.1B | $37.4B | $28.2B |
| Enterprise Value | $165.2B | $160.2B | $32.6B | $-11829800000 | $33.9B | $-16384000000 | $52.3B | $15.6B | $-8631070000 | $-19348669000 | $31.3B |
| P/E Ratio → | 10.38 | 12.48 | 12.45 | 6.67 | 4.86 | 13.44 | 157.29 | — | 62.69 | — | — |
| P/S Ratio | 1.01 | 1.27 | 0.52 | 0.48 | 0.66 | 0.87 | 0.78 | 0.48 | 0.47 | 1.01 | 0.70 |
| P/B Ratio | 0.80 | 0.96 | 0.44 | 0.38 | 0.34 | 0.39 | 0.38 | 0.28 | 0.25 | 0.55 | 0.43 |
| P/FCF | — | — | — | 5.50 | — | — | 0.78 | — | — | 0.96 | 0.40 |
| P/OCF | — | — | — | 5.09 | — | — | 0.77 | — | — | 0.95 | 0.40 |
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 | — | 2.63 | 0.49 | -0.20 | 0.91 | -0.53 | 1.73 | 0.45 | -0.24 | -0.52 | 0.78 |
| EV / EBITDA | 14.87 | 16.48 | 6.16 | -2.08 | 4.49 | -4.83 | 16.98 | — | -6.49 | -15.76 | — |
| EV / EBIT | 14.88 | 16.48 | 6.16 | -2.08 | 6.05 | -4.83 | 51.27 | — | -6.49 | -15.76 | — |
| EV / FCF | — | — | — | -2.28 | — | — | 1.73 | — | — | -0.49 | 0.45 |
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 | 49.9% | 49.9% | 42.5% | 46.1% | 68.2% | 80.6% | 73.3% | 64.7% | 66.9% | 68.4% | 70.4% |
| Operating Margin | 16.0% | 16.0% | 8.0% | 9.6% | 15.0% | 11.0% | 3.4% | -7.6% | 3.7% | 3.3% | -2.0% |
| Net Profit Margin | 11.4% | 11.4% | 5.1% | 8.0% | 14.8% | 7.7% | 1.6% | -15.6% | 0.7% | -2.0% | -3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 4.4% | 6.5% | 7.9% | 3.6% | 0.8% | -8.5% | 0.4% | -1.1% | -2.1% |
| ROA | 0.5% | 0.5% | 0.2% | 0.4% | 0.4% | 0.2% | 0.0% | -0.4% | 0.0% | -0.0% | -0.1% |
| ROIC | 2.6% | 2.6% | 1.8% | 1.7% | 1.7% | 1.0% | 0.3% | -0.9% | 0.4% | 0.4% | -0.2% |
| ROCE | 1.9% | 1.9% | 0.6% | 0.7% | 0.6% | 0.4% | 0.1% | -0.2% | 0.1% | 0.1% | -0.1% |
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 | 3.18 | 3.18 | 1.91 | 1.93 | 2.70 | 2.30 | 3.28 | 2.54 | 2.50 | 2.62 | 3.03 |
| Debt / EBITDA | 26.21 | 26.21 | 28.63 | 25.40 | 25.94 | 46.07 | 66.20 | — | 129.21 | 145.05 | — |
| Net Debt / Equity | — | 1.04 | -0.03 | -0.54 | 0.13 | -0.63 | 0.46 | -0.01 | -0.37 | -0.83 | 0.05 |
| Net Debt / EBITDA | 8.56 | 8.56 | -0.41 | -7.10 | 1.24 | -12.74 | 9.31 | — | -19.37 | -46.25 | — |
| Debt / FCF | — | — | — | -7.78 | — | — | 0.95 | — | — | -1.45 | 0.05 |
| Interest Coverage | 0.34 | 0.34 | 0.15 | 0.19 | 0.53 | 0.62 | 0.16 | -0.23 | 0.12 | 0.11 | -0.08 |
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 | 0.50 | 0.50 | 0.30 | 2.21 | 0.48 | 3.92 | 0.41 | 14.07 | 10.48 | 9.63 | 9.52 |
| Quick Ratio | 0.50 | 0.50 | 0.30 | 2.21 | 0.48 | 3.92 | 0.41 | 14.07 | 10.48 | 9.63 | 9.52 |
| Cash Ratio | 0.18 | 0.18 | 0.18 | 1.91 | 0.23 | 2.63 | 0.24 | 1.87 | 1.84 | 1.84 | 1.36 |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.03 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 |
| 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 | — | — | 2.5% | 2.1% | 1.7% | — | 1.5% | 1.4% | 1.3% | 1.0% | — |
| Payout Ratio | — | — | 26.2% | 12.8% | 7.3% | — | 70.5% | — | 85.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 8.0% | 8.0% | 15.0% | 20.6% | 7.4% | 0.6% | — | 1.6% | — | — |
| FCF Yield | — | — | — | 18.2% | — | — | 127.8% | — | — | 104.4% | 248.3% |
| Buyback Yield | 0.0% | 0.0% | 3.2% | 3.0% | 2.8% | 1.3% | 4.5% | 8.3% | 24.0% | 21.1% | 18.7% |
| Total Shareholder Yield | 0.0% | 0.0% | 5.8% | 5.1% | 4.5% | 1.3% | 6.0% | 9.7% | 25.4% | 22.2% | 18.7% |
| Shares Outstanding | — | $2.0B | $2.0B | $2.1B | $2.1B | $2.1B | $2.2B | $2.1B | $2.1B | $2.0B | $1.6B |
Credit provision volatility
According to recent market data, Deutsche Bank trades at a P/B ratio of 0.73, which significantly lags behind European peers like BBVA and ING, suggesting that investors continue to apply a conglomerate discount due to historical profitability concerns and ongoing structural transformation challenges.
The current P/B multiple below book value indicates that the market remains skeptical of the bank's ability to consistently generate a return on tangible equity (ROTCE) that exceeds its cost of capital. This valuation gap appears to reflect a lack of confidence in the sustainability of earnings, particularly given the volatility observed in non-interest income and the legacy of litigation-related capital outflows.
Based on reported financial statements, Deutsche Bank's ROE has struggled to maintain momentum, fluctuating between 0.0% and 2.4% over the last ten quarters, which highlights the difficulty in achieving meaningful profitability amidst a high fixed-cost base and volatile fee-based revenue streams.
The DuPont decomposition suggests that profitability is currently constrained by both thin margins and an inability to leverage the asset base effectively. The reliance on volatile investment banking fees, coupled with the high efficiency ratio, implies that the bank's core profitability remains highly sensitive to market cycles rather than structural operational improvements.
As reported in recent filings, the efficiency ratio deteriorated to 68.7% in 2025Q4, a sharp departure from the sub-40% levels seen throughout 2024, indicating that rising operational costs are significantly outpacing the bank's ability to generate stable income from its core banking activities.
This spike in the efficiency ratio suggests that the bank's multi-year restructuring efforts may be facing headwinds from inflationary wage pressures or integration costs. Investors should monitor whether this trend is a temporary anomaly or a sign that the bank's cost-to-income ratio is structurally higher than previously anticipated.
Based on the provided data, the P/E ratio of 9.53 is a misleading metric for Deutsche Bank, as it fails to account for the massive, non-recurring swings in credit provisions and litigation charges that frequently distort the bank's reported net income.
Using P/E to value a bank with such significant accounting noise and provision volatility obscures the underlying earnings power of the core business. Analysts should instead focus on P/TBV and normalized ROTCE to better assess the bank's true valuation relative to its tangible capital base.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying DB stock.
Deutsche Bank AG's current P/E ratio is 10.4x. The historical average is 40.3x. This places it at the 20th percentile of its historical range.
Deutsche Bank AG's current EV/EBITDA is 14.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.1x.
Deutsche Bank AG's return on equity (ROE) is 8.7%. The historical average is 4.9%.
Based on historical data, Deutsche Bank AG is trading at a P/E of 10.4x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Deutsche Bank AG has 49.9% gross margin and 16.0% operating margin. Operating margin between 10-20% is typical for established companies.
Deutsche Bank AG's Debt/EBITDA ratio is 26.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.