Latest Ratios: P/E Ratio 10.8x · EV/EBITDA 21.0x · ROE 20.6%. (2001–2025 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 | $90.7B | $80.1B | $49.0B | $68.6B | $42.2B | $33.5B | $44.7B | $67.0B | $67.0B | $63.7B | $50.5B |
| Enterprise Value | $235.2B | $822.1B | $690.8B | $654.8B | $552.9B | $382.7B | $430.7B | $455.0B | $468.3B | $453.3B | $593.6B |
| P/E Ratio → | 10.76 | 1.82 | 1.19 | 2.07 | 1.45 | 1.25 | 2.96 | 2.47 | 2.69 | 2.67 | 2.17 |
| P/S Ratio | 1.21 | 0.21 | 0.15 | 0.22 | 0.17 | 0.18 | 0.26 | 0.36 | 0.39 | 0.35 | 0.24 |
| P/B Ratio | 2.20 | 0.37 | 0.22 | 0.34 | 0.24 | 0.20 | 0.29 | 0.45 | 0.44 | 0.44 | 0.38 |
| P/FCF | 3.63 | 0.62 | — | 1.00 | 0.35 | 0.66 | 0.82 | 2.17 | 3.37 | 12.62 | 1.79 |
| P/OCF | 3.60 | 0.62 | — | 0.89 | 0.33 | 0.56 | 0.75 | 1.91 | 2.95 | 7.37 | 1.67 |
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 | — | 2.14 | 2.12 | 2.14 | 2.18 | 2.00 | 2.48 | 2.42 | 2.74 | 2.46 | 2.83 |
| EV / EBITDA | 20.96 | 14.26 | 12.79 | 14.44 | 13.33 | 8.24 | 48.08 | 13.07 | 13.70 | 13.43 | 15.25 |
| EV / EBIT | 24.04 | 16.36 | 14.53 | 16.49 | 15.07 | 9.06 | 82.35 | 14.56 | 15.30 | 14.82 | 16.64 |
| EV / FCF | — | 6.41 | — | 9.59 | 4.56 | 7.50 | 7.95 | 14.75 | 23.60 | 89.79 | 21.02 |
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 | 34.5% | 34.5% | 39.6% | 38.1% | 42.8% | 56.5% | 43.5% | 50.0% | 52.4% | 47.5% | 43.9% |
| Operating Margin | 13.1% | 13.1% | 14.6% | 12.9% | 14.5% | 22.1% | 3.0% | 16.6% | 17.9% | 16.6% | 17.0% |
| Net Profit Margin | 11.7% | 11.7% | 12.6% | 10.8% | 11.5% | 14.0% | 10.9% | 14.4% | 14.6% | 12.6% | 10.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.6% | 20.6% | 19.5% | 17.6% | 17.1% | 16.8% | 12.4% | 18.1% | 16.9% | 16.8% | 17.6% |
| ROA | 1.5% | 1.5% | 1.5% | 1.4% | 1.3% | 1.3% | 1.0% | 1.7% | 1.7% | 1.7% | 1.6% |
| ROIC | 3.2% | 3.2% | 3.3% | 3.1% | 3.4% | 4.3% | 0.6% | 3.3% | 3.3% | 3.1% | 3.6% |
| ROCE | 2.8% | 2.8% | 4.4% | 4.0% | 4.1% | 5.2% | 0.7% | 4.5% | 4.8% | 5.1% | 6.3% |
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 | 4.71 | 4.71 | 4.09 | 4.09 | 4.07 | 3.49 | 3.74 | 3.64 | 3.72 | 3.71 | 5.06 |
| Debt / EBITDA | 17.57 | 17.57 | 16.77 | 17.96 | 17.39 | 12.36 | 64.51 | 15.63 | 16.36 | 15.89 | 17.21 |
| Net Debt / Equity | — | 3.45 | 2.90 | 2.95 | 2.88 | 2.12 | 2.50 | 2.60 | 2.67 | 2.70 | 4.10 |
| Net Debt / EBITDA | 12.87 | 12.87 | 11.89 | 12.93 | 12.31 | 7.52 | 43.09 | 11.15 | 11.74 | 11.54 | 13.95 |
| Debt / FCF | — | 5.79 | — | 8.58 | 4.22 | 6.84 | 7.12 | 12.58 | 20.22 | 77.17 | 19.23 |
| Interest Coverage | 0.23 | 0.23 | 0.28 | 0.25 | 0.31 | 0.61 | 0.07 | 0.41 | 0.43 | 0.39 | 0.38 |
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 | 0.35 | 0.35 | 0.44 | 0.47 | 0.49 | 0.47 | 0.52 | 0.57 | 0.61 | 0.89 | 0.83 |
| Quick Ratio | 0.35 | 0.35 | 0.44 | 0.47 | 0.49 | 0.47 | 0.52 | 0.57 | 0.61 | 0.89 | 0.83 |
| Cash Ratio | 0.46 | 0.46 | 0.16 | 0.15 | 0.16 | 0.18 | 0.16 | 0.17 | 0.18 | 0.18 | 0.16 |
| Asset Turnover | — | 0.13 | 0.11 | 0.12 | 0.11 | 0.09 | 0.09 | 0.12 | 0.11 | 0.13 | 0.16 |
| 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 | 10.0% | 59.1% | 43.5% | 15.1% | 15.9% | 18.7% | 25.8% | 38.7% | 30.0% | 16.9% | 15.2% |
| Payout Ratio | 105.6% | 105.6% | 51.9% | 31.3% | 23.0% | 23.4% | 61.1% | 95.6% | 80.7% | 46.6% | 35.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 54.9% | 83.8% | 48.3% | 69.2% | 79.8% | 33.8% | 40.4% | 37.2% | 37.4% | 46.0% |
| FCF Yield | 27.5% | 160.1% | — | 99.6% | 287.1% | 152.2% | 121.2% | 46.0% | 29.6% | 7.9% | 55.9% |
| Buyback Yield | 0.6% | 3.8% | 3.6% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 4.8% | 1.9% |
| Total Shareholder Yield | 10.7% | 62.9% | 47.2% | 16.1% | 15.9% | 18.7% | 25.8% | 38.7% | 30.8% | 21.8% | 17.1% |
| Shares Outstanding | — | $11.2B | $10.9B | $10.9B | $9.9B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.9B |
Brazilian macro credit volatility
Based on reported figures, ITUB trades at a P/B of 2.22, which suggests the market assigns a significant premium to its franchise compared to regional peers like Bradesco, reflecting investor confidence in the bank's superior ability to defend its market share against digital-native competitors.
The valuation multiple implies that investors expect a sustained return on tangible equity that consistently exceeds the cost of capital in the Brazilian market. This premium appears justified by the bank's successful digital pivot and its ability to maintain a low-cost funding base through its dominant payroll account relationships.
As reported in financial statements, the bank's ROE has remained stable around 5% over the last ten quarters, indicating that ITUB effectively leverages its asset base while navigating the inherent volatility of the Brazilian interest rate environment and shifting fee income contributions.
The profitability profile is supported by a strategic balance between net interest income and service fees, which helps mitigate the impact of cyclical credit losses. Investors should monitor whether the bank can maintain these margins as the PIX payment system continues to erode traditional transactional fee revenue.
According to recent SEC filings, the efficiency ratio has fluctuated between 15.5% and 30.7%, demonstrating that management is actively balancing the high fixed costs of a legacy branch network with the necessary capital-intensive investments required to compete in an increasingly digital financial landscape.
The volatility in the efficiency ratio suggests that ITUB is still in the process of optimizing its physical footprint to better align with digital adoption trends. Sustained cost control will be critical to maintaining profitability if interest rate spreads face further compression from competitive pressures.
Based on reported figures, the bank has maintained a stable equity-to-assets ratio of approximately 7% to 8% over the last ten quarters, which indicates that management is successfully balancing aggressive capital deployment with the regulatory necessity of maintaining a robust buffer against potential domestic economic shocks.
This capital position provides the bank with the flexibility to pursue share buybacks and dividends while simultaneously absorbing potential credit losses. The consistency of this ratio suggests a disciplined approach to capital allocation that prioritizes long-term solvency over short-term balance sheet expansion.
The P/E ratio is frequently misapplied to ITUB, as it fails to account for the significant volatility in provision for loan losses that can artificially depress earnings in any given quarter, thereby obscuring the bank's true underlying profitability and long-term earnings power.
Investors should instead focus on P/TBV and ROE, which provide a more accurate reflection of the bank's capital efficiency and franchise value. Relying on P/E in a high-provisioning environment like Brazil may lead to an incorrect assessment of the bank's valuation relative to its historical performance.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ITUB stock.
Itaú Unibanco Holding S.A.'s current P/E ratio is 10.8x. The historical average is 3.3x. This places it at the 100th percentile of its historical range.
Itaú Unibanco Holding S.A.'s current EV/EBITDA is 21.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
Itaú Unibanco Holding S.A.'s return on equity (ROE) is 20.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.4%.
Based on historical data, Itaú Unibanco Holding S.A. is trading at a P/E of 10.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Itaú Unibanco Holding S.A.'s current dividend yield is 10.01% with a payout ratio of 105.6%.
Itaú Unibanco Holding S.A. has 34.5% gross margin and 13.1% operating margin. Operating margin between 10-20% is typical for established companies.
Itaú Unibanco Holding S.A.'s Debt/EBITDA ratio is 17.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.