Latest Ratios: P/E Ratio 11.0x · EV/EBITDA 22.4x · ROE 8.7%. (2002–2025 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 | $33.3B | $26.6B | $16.6B | $16.0B | $14.2B | $16.5B | $14.9B | $18.2B | $16.8B | $22.0B | $17.8B |
| Enterprise Value | $120.1B | $133.09T | $108.60T | $108.04T | $97.66T | $105.65T | $82.52T | $84.66T | $75.23T | $86.77T | $52.74T |
| P/E Ratio → | 11.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/S Ratio | 1.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 0.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 9999.00 | 6.19 | 0.00 | — | 0.00 | 0.00 | — | 0.00 | — | 0.03 | 0.01 |
| P/OCF | 9999.00 | 5.94 | 0.00 | 0.03 | 0.00 | 0.00 | — | 0.00 | — | 0.02 | 0.00 |
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 | — | 3.84 | 3.07 | 3.20 | 3.98 | 4.10 | 3.21 | 3.20 | 4.73 | 5.94 | 3.91 |
| EV / EBITDA | 22.39 | 16.18 | 14.86 | 15.11 | 13.26 | 16.29 | 14.94 | 15.15 | 7.73 | 18.23 | 7.12 |
| EV / EBIT | 26.57 | 19.21 | 18.01 | 18.11 | 15.34 | 18.92 | 17.36 | 17.24 | — | — | — |
| EV / FCF | — | 30941.91 | 28.23 | — | 14.69 | 10.37 | — | 12.85 | — | 114.94 | 15.26 |
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 | 47.4% | 47.4% | 44.0% | 44.0% | 56.1% | 80.9% | 75.7% | 73.8% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 20.0% | 20.0% | 17.0% | 17.6% | 25.9% | 21.7% | 18.5% | 18.5% | 59.3% | 30.8% | 53.0% |
| Net Profit Margin | 14.3% | 14.3% | 12.6% | 12.9% | 19.0% | 15.6% | 13.3% | 12.8% | 19.9% | 20.0% | 20.6% |
| 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% | 7.7% | 8.0% | 9.0% | 8.3% | 7.7% | 8.7% | 9.0% | 8.9% | 8.7% |
| ROA | 0.7% | 0.7% | 0.6% | 0.6% | 0.7% | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% | 0.7% |
| ROIC | 2.5% | 2.5% | 2.2% | 2.3% | 2.6% | 2.4% | 2.2% | 2.6% | 5.1% | 2.7% | 5.3% |
| ROCE | 1.4% | 1.4% | 2.3% | 2.4% | 2.6% | 2.3% | 2.1% | 2.6% | 6.5% | 3.4% | 5.3% |
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 | 2.77 | 2.77 | 2.55 | 2.55 | 2.41 | 2.68 | 2.53 | 2.72 | 2.56 | 3.28 | 2.30 |
| Debt / EBITDA | 18.75 | 18.75 | 20.56 | 20.11 | 17.47 | 20.76 | 21.20 | 20.44 | 9.63 | 23.23 | 9.86 |
| Net Debt / Equity | — | 2.39 | 1.85 | 1.92 | 1.83 | 2.10 | 1.78 | 2.02 | 2.05 | 2.57 | 1.66 |
| Net Debt / EBITDA | 16.18 | 16.18 | 14.86 | 15.11 | 13.26 | 16.29 | 14.94 | 15.15 | 7.73 | 18.22 | 7.11 |
| Debt / FCF | — | 30935.71 | 28.22 | — | 14.69 | 10.37 | — | 12.84 | — | 114.91 | 15.25 |
| Interest Coverage | 0.42 | 0.42 | 0.34 | 0.36 | 0.67 | 1.41 | 0.97 | 0.82 | -0.06 | -0.06 | -0.06 |
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 | 0.36 | 0.36 | 0.33 | 0.34 | 0.31 | 0.30 | 0.29 | 0.31 | 0.23 | 0.25 | 0.25 |
| Quick Ratio | 0.36 | 0.36 | 0.33 | 0.34 | 0.31 | 0.30 | 0.29 | 0.31 | 0.23 | 0.25 | 0.25 |
| Cash Ratio | 0.27 | 0.27 | 0.09 | 0.08 | 0.07 | 0.07 | 0.09 | 0.09 | 0.06 | 0.08 | 0.08 |
| Asset Turnover | — | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 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 | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 0.0% | 0.0% | 28.5% | 33.5% | 33.0% | 30.3% | 28.4% | 24.4% | 22.6% | 24.2% | 24.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.1% | 18295.7% | 25672.9% | 26145.5% | 30426.1% | 23643.0% | 22358.8% | 18387.6% | 18779.1% | 13185.3% | 15239.1% |
| FCF Yield | 0.0% | 16.2% | 23115.3% | — | 46793.4% | 61729.0% | — | 36261.9% | — | 3430.9% | 19363.8% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $497M | $506M | $519M | $509M | $534M | $500M | $477M | $474M | $474M | $474M |
Credit Provisioning Volatility
As reported in recent financial filings, SHG trades at a P/B of 0.83, a valuation multiple that suggests the market continues to apply a persistent Korea Discount despite the bank's ongoing efforts to improve shareholder returns through buybacks and consistent dividend distributions.
The current P/B ratio indicates that investors remain skeptical of the bank's ability to consistently generate returns above its cost of equity. This valuation level implies that the market is pricing SHG as a commodity balance sheet rather than a premium franchise, warranting further investigation into whether the 'Value-Up' program can catalyze a re-rating.
Based on the provided quarterly data, SHG's ROE has fluctuated within a narrow range, peaking at 2.8% in 2026Q1, which highlights the bank's reliance on a diversified revenue mix to maintain profitability despite the structural headwinds of a stagnant net interest margin.
The DuPont decomposition suggests that profitability is heavily supported by the bank's non-banking segments, which mitigate the impact of interest rate volatility. Investors should monitor whether the bank can sustain these ROE levels as credit costs remain sensitive to the broader macroeconomic environment.
According to quarterly financial statements, SHG achieved an efficiency ratio of 22.5% in 2026Q1, a notable improvement from the 38.4% observed in 2025Q4, suggesting that management is successfully leveraging digital transformation to control operating costs in a low-NIM environment.
The persistent 0.4% NIM across the ten-quarter period indicates that the bank's core lending spread is under significant pressure. The ability to maintain profitability appears to hinge on these efficiency gains, which may provide a durable margin floor if the bank continues to migrate retail operations to digital channels.
As indicated by the consistent equity-to-assets ratio of 0.08 throughout the ten-quarter reporting period, SHG maintains a stable capital base that appears sufficient to support both ongoing asset expansion and the recent shift toward more aggressive shareholder return programs.
This capital adequacy profile suggests that the bank is not currently constrained by regulatory requirements, allowing for the flexibility to execute share cancellations. However, the bank's ability to maintain this ratio while increasing payouts warrants close monitoring as credit loss provisions remain volatile.
Investors frequently misapply the P/E ratio to SHG, a metric that obscures the bank's true earnings power by failing to account for the significant volatility inherent in management's quarterly credit loss provisioning under IFRS 9 accounting standards.
Because P/E is highly sensitive to these non-cash provision adjustments, it often provides a distorted view of the bank's core profitability. Analysts should instead prioritize P/TBV and ROE, which offer a more accurate reflection of the bank's capital efficiency and franchise value relative to its tangible book base.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying SHG stock.
Shinhan Financial Group Co., Ltd.'s current P/E ratio is 11.0x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Shinhan Financial Group Co., Ltd.'s current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
Shinhan Financial Group Co., Ltd.'s return on equity (ROE) is 8.7%. The historical average is 9.5%.
Based on historical data, Shinhan Financial Group Co., Ltd. is trading at a P/E of 11.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Shinhan Financial Group Co., Ltd.'s current dividend yield is 0.00% with a payout ratio of 0.0%.
Shinhan Financial Group Co., Ltd. has 47.4% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
Shinhan Financial Group Co., Ltd.'s Debt/EBITDA ratio is 18.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.