HSBC Holdings PLC

Financial Services

$94.30

-0.25%

Market cap $323B

Established in 1865 in Hong Kong, London-based HSBC is one of the largest banks in the world, with assets of USD 3 trillion and over 40 million customers worldwide. It operates in over 50 countries with over 200,000 full-time staff.

It is a $323B financial services company. Revenue grew 3.2% over the last year, and it keeps 33¢ of every dollar of sales as profit. It trades at 8.5× earnings.

$94.30

-0.25%

Market cap $323B

Website: hsbc.com
Employees: 206 161
Sector: Financial Services

Share price · 3 years

$40.09 → $94.30+135.2%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $63.2B
Profit: keeps 33¢ of every $1 sold; $21.1B
Free cash flow: cash left after running the business; -$72.5B
Net debt: debt minus cash on hand; $610B
P/E: years of profit in the price; 8.5
EPS: earnings per share, FY2025; $1.23
Dividend: pays out 57% of profit; 4.47%
Shares: down 13% since 2021 — buybacks; 17.16B
Volatility: beta vs the market — under 1 swings less; 1.47

Revenue, last 5 years

52-week range

Low $65.67$94.30High $107.86

Today's price is 68% of the way from the year's low to its high.

Valuation vs own history

P/E

15.3×

P/S

5.1×

P/B

1.6×

FCF yield

11.1%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$323Btop 5%
Revenue growth+0%top 90%
Net margin34%top 11%
Return on equity19%top 29%
P/E8.5×top 10%
Dividend yield4.47%top 12%

Ranked against 130 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Valuation, Health, Quality and Moat lag behind.

Valuation35

P/E vs own history94th pct · 0/25
FCF yield-22.5% · 0/25
P/S1.7x · 25/25
EV/EBITDAn/a · 10/25

Growth52

Revenue CAGR6.1% · 12/25
Net income CAGR13.7% · 20/25
EPS CAGR ~5Y17.8% · 20/25
Fwd implied growth-23.0% · 0/25

Profitability75

ROIC2.6% · 5/25
ROE19.5% · 20/25
Net margin33.4% · 25/25
Operating margin40.4% · 25/25

Health40

Altman Z0.09 · 3/25
Current ration/a · 0/25
Interest coverageno interest expense · 25/25
Net cash / debtD/A 18% · 12/25

Quality25

Piotroski F2/9 · 5/25
Beneish M-2.37 · 20/25
FCF conversion-344% · 0/25
Margin stabilityn/a · 0/25

Moat30

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst 25.3% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$22.9B net income
FY2023Financial
Revenue crossed $50B
$56.3B for the year
FY2021Financial
Profitable every year on record
5 consecutive profitable years in our data
FY2021Financial
Revenue already above $10B
$49.9B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

#7 largest of 129 Financial Services companies by market cap

$10 000 invested in 2021 would be worth ~$36 778 today — price return only

$63.2B revenue in FY2025

Profitable 5 years in a row

206 161 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 33.4% net margin

Watch-outs

Negative free cash flow (-$72.5B)
Altman Z-Score 0.09 — elevated financial-distress risk

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+3.2% YoY
Profitable — makes more than it spends$21.1B FY2025
Profit growing — earnings are higher than last year+17.7% YoY
Generates cash — cash left after running and investing-$72.5B FY2025
Debt under control — could handle its obligationsno data
Established company — not a micro-cap — lower blow-up risk$323B market cap
Not printing shares — share count not ballooning — you keep your slice-13.0% shares over ~5y
Proven track record — years of profitability behind it5/5 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 4.47%
Valuation not extreme — price not wildly above earningsP/E 8.5

Peer comparisonHSBC Holdings PLC vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
HSBC this company	$322.5B	8.5	+3.2%	33.4%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.8	+3.9%	22.3%	Strong
BRK.B Berkshire Hathaway	$1.1T	11.8	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$900.9B	13.4	+13.5%	32.6%	Strained
V VISA Inc.	$754.5B	32.8	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$538.8B	33.1	+16.0%	46.3%	Solid
BAC Bank of America Corporation	$358.2B	11.2	+15.9%	27.8%	Strained

Head-to-head: HSBC vs BRK.A · HSBC vs BRK.B · HSBC vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 8Hold 9Sell 3

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $63.2B · net income $21.1B (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (FY2025)

$63.2B

YoY 3.2%

Net income (FY2025)

$21.1B

Margin 33.4%

Operating margin

40.4%

P/E ratio

8.5

Dividend yield

4.47%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	49.9	46.4	56.3	61.2	63.2
Gross profit	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—
Net income	12.6	14.3	22.4	22.9	21.1
EPS (diluted)	0.64	0.75	1.25	1.34	1.23

Cash flowFree cash flow -$72.5B · operating cash flow -$70.6B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

-$72.5B

Margin -114.7%

Operating cash flow (FY2025)

-$70.6B

FY basis

FCF margin

-114.7%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	110.5	-5.9	21.1	-139.1	-70.6
Capital expenditure	-1.3	-1.1	-1.3	-1.4	-1.9
Free cash flow	109.3	-7.1	19.7	-140.6	-72.5
FCF margin	219.0%	-15.2%	35.0%	-229.6%	-114.7%

Balance sheetAssets $3.44T · net debt $610B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

Cash vs debt

Total debt $838B − cash $228B = net debt $610B

Cash on hand covers 27% of debt.

Altman Z-Score

0.09

Distress zone

ROE

19.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	347.3	300.7	287.1	250.7	227.8
Total assets	2 949.3	3 038.7	3 017.0	3 233.0	3 438.2
Total liabilities	—	—	—	—	—
Total debt	619.5	643.8	688.6	699.9	837.6
Equity	185.2	192.6	192.3	205.7	197.1
Net debt	272.2	343.1	401.5	449.2	609.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of HSBC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $94.30 · market cap $323B.