Large-cap financials
Query: US large-cap bank and financial stocks compared by P/E, price to book, dividend yield, revenue growth and 6-month return · data as of 2026-10-09
Built a single comparison table of the 45 largest US-listed financial companies (market cap $10B+, spanning banks, capital markets, insurance, asset management, payments and exchanges), sorted largest to smallest, with symbol, company, industry, market cap, P/E (TTM), price-to-book, dividend yield, revenue growth YoY, 6M/1M/1Y returns, ROE and technical trend. Added per-row qualitative commentary on business model, setup and risk, plus a narrative explaining how to read bank book multiples versus asset-light franchises and the current rate-sensitive sector backdrop.
The 45 largest US-listed financial companies (market cap $10B+) spanning banks, capital markets, insurance, asset management, payments and exchanges, sorted largest to smallest. Compare valuation (P/E, price-to-book), dividend yield, revenue growth and momentum side by side.
Large-Cap Financials — Valuation, Yield & Momentum Comparison (as of October 9, 2026)
| Symbol | Company | Industry | Market Cap | P/E (TTM) | Price / Book | Dividend Yield | Revenue Growth (YoY) | 6M Return | 1M Return | 1Y Return | Return on Equity | Technical Trend | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | JP Morgan Chase & Co. | Banks - Diversified | 8.851e+11 | 14.25 | 2.69 | 1.35% | 2.75% | 8.48% | -5.35% | 11.63% | 15.67% | Uptrend | The scale benchmark of the group and a fortress for the cycle: NII benefits from a still-elevated fed funds rate while a diversified IB, markets and card franchise cushions credit normalization. Persistent premium to book reflects best-in-class ROTCE; watch deposit costs and card credit as the main swing factors. |
| V | Visa Inc. | Credit Services | 7.236e+11 | 32.75 | 20.22 | 0.69% | 11.34% | 27.14% | 4.97% | 10.58% | 75.87% | Uptrend | A pure-play toll on global payment volume with ~50% net margins and effectively no credit risk. Valuation and book multiple look extreme but are an artifact of a buyback-shrunk equity base; the real debate is cross-border volume growth versus the slow structural erosion of card economics from real-time payments and stablecoins. |
| MA | Mastercard Incorporated | Credit Services | 5.161e+11 | 32.35 | 93.07 | 0.57% | 16.42% | 18.34% | 4.20% | 2.84% | 222.77% | Uptrend | Visa's closest peer and the other half of the global card duopoly, with faster revenue growth and even higher ROE. Regulatory noise around credit-card interchange in the US and EU is the recurring headline risk; new flows (pay-by-bank, B2B, value-added services) are the offsets investors are paying up for. |
| BAC | Bank of America Corporation | Banks - Diversified | 3.798e+11 | 12.55 | 1.58 | 1.55% | 6.84% | 4.46% | -13.17% | 11.31% | 10.15% | — | The most rate- and deposit-sensitive of the US mega-banks, so it is the most exposed to a Fed easing path and a steeper front end. Its large held-to-maturity book and deposit franchise are the lever if rates re-steepen; consumer credit quality is the watch item. |
| HSBC | HSBC Holdings, plc. | Banks - Diversified | 3.18e+11 | 13.28 | 8.22 | 4.03% | — | 4.08% | -10.34% | 36.04% | 11.25% | Downtrend, Cross-below | The most Asia-exposed global bank, making it a direct read on China property, Hong Kong rates and sterling. Trades on a Hong Kong/UK listing cross, so the ADR premium/discount and FX can move the quoted US price more than underlying earnings; the book multiple shown is distorted by ADR-to-ordinary share ratios. |
| MS | Morgan Stanley | Capital Markets | 2.984e+11 | 15.35 | 3.17 | 2.18% | — | 8.14% | -10.65% | 24.85% | 14.64% | Downtrend | A wealth-management-weighted capital-markets franchise — the most annuity-like revenue mix among the bulge-bracket brokers. Asset-gathering and fee-based flows are the core earnings driver, making it more defensive in an equity drawdown than a pure trading house. |
| RY | Royal Bank Of Canada | Banks - Diversified | 2.801e+11 | 17.29 | 3.04 | 1.28% | 16.15% | 13.07% | -6.83% | 34.02% | 14.56% | Uptrend | Canada's largest bank and the most domestically concentrated, with heavy exposure to Canadian housing and consumer leverage. Earnings are steady but growth is muted; the stock's main drivers are Canadian rate policy, immigration-driven loan growth and the oil-linked provincial economy. |
| GS | Goldman Sachs Group, Inc. (The) | Capital Markets | 2.607e+11 | 13.83 | 2.86 | 1.45% | — | -0.45% | -12.20% | 17.57% | 13.99% | Downtrend | The highest-beta name to capital-markets activity: M&A, equity underwriting and trading revenue swing earnings sharply. Book multiple sits above the supermajors because the market is capitalizing an improving advisory cycle rather than balance-sheet value. |
| WFC | Wells Fargo & Company | Banks - Diversified | 2.527e+11 | 12.14 | 1.63 | 2.21% | -1.56% | -1.04% | -6.60% | 7.08% | 11.84% | — | A classic asset-sensitivity and deposit-franchise recovery story — the most obvious beneficiary if the regulatory asset cap is lifted and expense discipline holds. Management's focus on fee-based diversification aims to reduce the earnings cyclicality that historically justified a discount to peers. |
| MUFG | Mitsubishi UFJ Financial Group, | Banks - Diversified | 2.519e+11 | 16.83 | 1.81 | 1.94% | 9.52% | 23.99% | -3.91% | 45.70% | 9.62% | Uptrend | Japan's largest bank, and a leveraged bet on Japanese rate normalization: even modest BOJ hikes reprice a vast deposit base. Cross-shareholding unwinds and yen directionality are the secondary drivers; the ADR is a clean way to play the end of Japan's zero-rate era. |
| C | Citigroup, Inc. | Banks - Diversified | 2.175e+11 | 13.97 | 1.16 | 1.91% | 5.58% | 5.25% | -6.40% | 36.90% | 6.81% | — | The deepest-value large US bank — cheaper than rivals on both earnings and book, a persistent discount reflecting restructuring history and a global footprint that cuts both ways. Progress on expense targets, services growth and exiting consumer markets is the re-rating case. |
| AXP | American Express Company | Credit Services | 2.081e+11 | 18.69 | 6.56 | 1.15% | 6.39% | -1.43% | -3.91% | -3.81% | 31.87% | — | A closed-loop card issuer rather than a network: it earns premium interchange and lends against it, so it carries credit risk the networks avoid. Affluent, high-spend customer base makes revenue resilient, but the premium multiple leaves little room if credit normalizes. |
| TD | Toronto Dominion Bank (The) | Banks - Diversified | 1.971e+11 | 18.72 | 2.29 | 1.36% | 18.44% | 17.61% | -4.20% | 43.77% | 16.35% | Uptrend | A Canadian retail-banking heavyweight with a large US footprint (East Coast deposits), giving it partial exposure to US rate dynamics. US regulatory penalties and remediation spend have capped the multiple; a resolved overhang is the main catalyst. |
| SAN | Banco Santander, S.A. Sponsored | Banks - Diversified | 1.939e+11 | 13.23 | 1.65 | 1.09% | 0.03% | 11.94% | -7.79% | 35.08% | 13.75% | Uptrend | A euro-zone retail banking recovery play — large Latin American operations (Brazil, Mexico) provide faster growth and higher returns than the European core. European rate normalization plus a low starting multiple are the bull case; EM currency and political risk are the offsets. |
| BLK | BlackRock, Inc. | Asset Management | 1.759e+11 | 25.9 | 3.13 | 1.54% | 18.67% | 9.48% | 1.88% | -5.11% | 10.48% | Uptrend | The world's largest asset manager, and effectively a levered ETF-flow machine — earnings rise with AUM, which rises with markets. Private-market expansion and Aladdin's tech platform are the structural growth vectors; the risk is fee compression on index products. |
| SCHW | Charles Schwab Corporation (The | Capital Markets | 1.672e+11 | 17.61 | 4.33 | 1.27% | 22.01% | 2.67% | -9.90% | 4.42% | 17.98% | — | Retail brokerage and custody franchise whose earnings are gated by client cash sorting: as clients redeploy idle cash into higher-yield alternatives, NII compresses. Balance-sheet deleveraging and sweep-deposit behavior are the key swing factors. |
| UBS | UBS Group AG Registered | Banks - Diversified | 1.665e+11 | 30.46 | 1.89 | 2.29% | 6.98% | 19.00% | -10.89% | 21.40% | 8.62% | Uptrend | Now a Swiss super-bank post-Credit Suisse, with integration, cost synergies and a much larger US wealth presence. The question is whether the enlarged balance sheet earns an acceptable return; regulatory capital requirements in Switzerland are the overhang. |
| SMFG | Sumitomo Mitsui Financial Group | Banks - Diversified | 1.576e+11 | 16.21 | 1.69 | 1.95% | — | 18.76% | -5.35% | 54.65% | 3.13% | Uptrend | A Japanese megabank megacap combining SMFG's card and consumer finance arms with a huge corporate loan book. Same BOJ normalization thesis as its domestic peers, plus a large stake in US consumer lending; Japanese bank ADRs give compressed but levered exposure to rate lift. |
| IBKR | Interactive Brokers Group, Inc. | Capital Markets | 1.497e+11 | 34.87 | 7.31 | 0.28% | 23.42% | 23.63% | -1.73% | 22.47% | 73.80% | Upward channel (9%), Uptrend | An electronic broker whose revenue scales with retail trading activity and margin balances — a high-quality but cyclical earnings stream. The premium multiple reflects market-share gains and interest income on client cash; a risk-on/risk-off trading tape is its biggest driver. |
| BX | Blackstone Inc. | Asset Management | 1.366e+11 | 25.57 | 12.64 | 4.58% | 9.22% | 1.48% | -8.87% | -26.80% | 72.23% | — | The largest alternative-asset manager, monetizing institutional demand for private credit, real estate and infrastructure. Fee-related earnings and the ability to launch and deploy new vintages are the growth engine; a frozen exit window or higher financing costs would slow realizations. |
| BBVA | Banco Bilbao Vizcaya Argentaria | Banks - Diversified | 1.359e+11 | 11.93 | 2.44 | 4.12% | — | 13.27% | -9.43% | 45.13% | 18.00% | Uptrend | The most turbo-charged way to own euro-zone rate normalization, with strong Mexican and Turkish operations layering in emerging-market growth. High-return but higher-volatility than the US mega-banks; EM currency swings can dominate quarterly results. |
| CB | Chubb Limited | Insurance - Property & Casualty | 1.316e+11 | 12.1 | 1.74 | 0.58% | 6.54% | 4.69% | 1.05% | 19.93% | 14.40% | — | A global specialty P&C insurer with pricing power in a still-firm commercial rate environment. Near-record underwriting margins and investment income on a higher rate curve are the profit hinges; catastrophe losses and a softening cycle are the risks. |
| MFG | Mizuho Financial Group, Inc. Sp | Banks - Regional | 1.284e+11 | 16.84 | 1.79 | 1.79% | 7.65% | 22.94% | -4.07% | 64.24% | 12.21% | Uptrend | The third Japanese megabank, with a broad corporate lending base and a sizeable US securities arm. Same BOJ rate-normalization lever as its peers, and a beneficiary of Japanese corporate cross-shareholding reform. |
| PGR | Progressive Corporation (The) | Insurance - Property & Casualty | 1.262e+11 | 10.9 | 3.7 | 6.35% | 16.32% | 12.11% | 0.62% | -4.73% | 35.29% | — | A disciplined auto insurer whose growth has been driven by personal-lines rate increases and telematics pricing. Combined ratios have been exceptional, so the question is whether pricing can stay ahead of loss severity without slowing the top line. |
| COF | Capital One Financial Corporati | Credit Services | 1.222e+11 | 10.97 | 1.28 | 1.20% | 36.62% | 4.05% | -3.79% | -4.51% | 2.19% | — | A monoline card lender — pure consumer-credit exposure, with the cheapest book multiple among large issuers. A reserve rebuild or rising card delinquencies would hit earnings hard; conversely, a soft-landing consumer makes it one of the most re-rateable names here. |
| SPGI | S&P Global Inc. | Financial Data & Stock Exchanges | 1.202e+11 | 24.82 | 4.14 | 0.67% | 7.94% | 4.24% | -0.63% | -9.85% | 15.46% | — | A ratings and market-data colossus with the widest moat in this table: issuance volumes drive ratings revenue, and its data/subscription businesses are subscription-like. Rich multiple means regulatory scrutiny of index and ratings pricing is the chief risk. |
| BMO | Bank Of Montreal | Banks - Diversified | 1.196e+11 | 17.33 | 1.95 | 1.50% | 10.61% | 14.38% | -6.39% | 29.88% | 10.17% | Uptrend | Canada's most capital-markets-levered bank, with large US and wealth operations, so its earnings swing with issuance and trading activity. More cyclical than Canadian retail peers, which is why it tends to trade at a narrower book multiple. |
| HDB | HDFC Bank Limited | Banks - Regional | 1.145e+11 | 15.47 | 9.35 | 2.08% | 15.25% | -16.65% | 2.01% | -35.57% | 8.94% | Downtrend | India's largest private bank, and a direct play on Indian credit penetration and GDP growth. The very high book multiple reflects a decadal compounding premium; a large merger integration and deposit-competition dynamics are the near-term variables. |
| BNS | Bank Nova Scotia Halifax Pfd 3 | Banks - Diversified | 1.067e+11 | 16.91 | 1.75 | 0.91% | 12.09% | 23.54% | -3.88% | 43.89% | 8.71% | Uptrend | A Canada/Pacific retail bank with meaningful Latin American exposure (Mexico, Peru, Chile under the same parent), giving it a mid-teens growth skew versus domestic peers. EM currency and political risk are priced into its discount to Canadian comps. |
| CM | Canadian Imperial Bank of Comme | Banks - Diversified | 1.02e+11 | 15.04 | 2.26 | 1.40% | 13.77% | 7.28% | -3.96% | 38.83% | 12.88% | Downtrend, Cross-below | A domestic Canadian retail bank with growing US wealth and capital-markets operations. Earnings are steady, growth is muted, and the stock trades as a leveraged play on the Canadian consumer and the Canadian dollar. |
| CME | CME Group Inc. | Financial Data & Stock Exchanges | 1.009e+11 | 23.82 | 3.87 | 3.56% | 6.37% | -4.05% | 2.37% | 10.01% | 15.30% | — | A derivatives-exchange toll-booth: revenue scales with volatility and hedging activity, and clearing margins are extraordinarily sticky. It is the classic defensive financial — the risk is a volume drought in a low-volatility regime. |
| IBN | ICICI Bank Limited | Banks - Regional | 1.001e+11 | — | — | 0.89% | — | 7.31% | -3.33% | -9.33% | — | — | India's second-largest private bank, blending corporate banking, retail credit and an insurance arm. Valuation data is unavailable for this ADR, but the equity story is Indian loan growth and improving deposit franchise; foreign-investor positioning can swing the ADR sharply. |
| HOOD | Robinhood Markets, Inc. | Capital Markets | 9.802e+10 | 48.24 | 9.89 | 0.00% | 51.58% | 57.57% | -3.80% | -27.74% | 21.98% | Uptrend | The retail-trading disruptor: crypto, options and event-contract volumes make earnings hyper-cyclical, and the multiple is a bet on sustained engagement and new products rather than on balance sheet. It is the highest-volatility name in this table by a wide margin — regulatory treatment of crypto and prediction markets is the wildcard. |
| BNY | The Bank of New York Mellon Cor | Banks - Diversified | 9.683e+10 | 16.65 | 2.76 | 1.56% | 7.85% | 12.77% | -12.23% | 36.96% | 12.39% | Uptrend | The custody and asset-servicing benchmark — revenue rises with assets under custody and rates, and the business is fee-heavy with limited credit risk. Stable, low-beta exposure; the sensitive variable is client cash amid changing rate expectations. |
| BN | Brookfield Corporation | Asset Management | 9.307e+10 | 68.69 | 2.17 | 0.54% | -12.68% | -11.69% | -2.34% | -17.70% | 1.95% | Downtrend | An asset manager whose reported earnings understate the value of its vast owned real assets and insurance operations. The very high P/E reflects non-cash/accounting items, not an expensive operating franchise; the market is really valuing its carried interest and renewable/real-asset pipeline. |
| ING | ING Group, N.V. | Banks - Diversified | 8.989e+10 | 12.5 | 1.72 | 4.01% | 21.77% | 29.61% | -9.00% | 35.19% | 15.54% | Uptrend | A Dutch bank with a low-risk, fee-rich retail and wholesale mix and one of Europe's strongest capital positions. The euro-zone rate path is its main earnings driver; excess capital translates into buybacks and dividends. |
| USB | U.S. Bancorp | Banks - Regional | 8.893e+10 | 11.39 | 1.61 | 2.73% | 4.37% | 4.40% | -7.68% | 26.15% | 11.55% | Downtrend | A super-regional with a fee-heavy payments and merchant-acquiring business layered on traditional banking — one of the highest-quality, lowest-volatility franchises in the group. Cheap on both earnings and book, the risk is its rate sensitivity and any consumer-credit deterioration. |
| BCS | Barclays PLC | Banks - Diversified | 8.884e+10 | 8.76 | 1.01 | 2.70% | — | -2.20% | -12.44% | 14.68% | 9.22% | — | The deep-value way to own a global investment bank: strong UK cards and consumer business plus a transatlantic IB, trading barely above book. Restructuring costs and lower returns than US peers are why the discount exists; continued buybacks are the catalyst. |
| ICE | Intercontinental Exchange Inc. | Financial Data & Stock Exchanges | 8.768e+10 | 22.03 | 3.12 | 0.97% | 7.47% | -2.06% | 0.58% | -0.69% | 11.43% | — | An exchange-and-data hybrid: revenue comes from energy and financial derivatives plus a mortgage-tech and data-services complex. Recurring data revenue smooths the volume cycle, which is why it earns a premium multiple to pure-play exchanges. |
| PNC | PNC Financial Services Group, I | Banks - Regional | 8.745e+10 | 12.07 | 1.66 | 3.24% | 7.16% | 0.69% | -9.78% | 19.07% | 11.00% | Downtrend | A super-regional with a strong fee-based business (asset management, treasury services) and a disciplined credit culture. Its coast-to-coast expansion is the growth story, while a lower deposit beta than peers makes it less rate-sensitive than the money-center banks. |
| LYG | Lloyds Banking Group Plc | Banks - Regional | 8.728e+10 | 12.58 | 1.52 | 4.03% | 7.88% | -0.12% | -8.15% | 21.33% | 9.94% | — | The UK's largest mortgage lender — a clean cyclical play on UK house prices, base rates and credit demand. Structurally low returns versus US peers explain the near-book valuation; an improving UK rate backdrop is the lever. |
| KKR | KKR & Co. Inc. | Asset Management | 8.4e+10 | 29.06 | 3.42 | 0.84% | -11.04% | 0.09% | -9.83% | -26.55% | 7.77% | — | A private-markets powerhouse spanning private equity, credit, real assets and insurance. Earnings scale with capital deployment and management fees, so the primary risk is a slowdown in new fundraising or an extended exit drought; a strong multiple reflects confidence in private credit's structural growth. |
| MRSH | Marsh | Insurance Brokers | 8.387e+10 | 21.49 | 6.06 | 1.59% | 10.32% | 5.73% | -0.28% | -12.28% | — | — | The world's largest insurance broker, earning commissions on premium placed rather than underwriting risk — an asset-light, high-margin, remarkably recession-resistant model. Price escalation in commercial premiums has been the growth engine; softening rates would slow it. |
| BAM | Brookfield Asset Management Inc | Asset Management | 8.354e+10 | 26.37 | 11.08 | 3.14% | 21.03% | 3.24% | -2.88% | -19.10% | 28.34% | — | A pure-play manager of Brookfield's renewable, infrastructure, private equity and credit funds, earning fee income on a massive asset base. The growth engine is capital raised and deployed; the sensitivity is fundraising pace and the performance of its listed affiliates. |
| MCO | Moody's Corporation | Financial Data & Stock Exchanges | 8.04e+10 | 29.49 | 29.48 | 0.87% | 8.89% | 6.47% | -0.67% | -3.46% | 81.39% | — | The ratings and analytics peer to S&P Global, with the same high-moat, subscription-like economics and a balance-sheet-light model. Debt-issuance activity drives the cyclical ratings book; its analytics arm provides the recurring base. |
Table 0
How to read this table
The 45 largest US-listed financial companies sorted by market cap cover five very different business models, and the valuation columns only make sense when you separate them:
- Money-center and global banks (JPM, BAC, C, WFC, plus the Japanese, Canadian and European ADRs) — trade on earnings and near or below book value because earnings are levered to rates and credit. Watch the price-to-book column: a multiple below ~1.5x signals the market is pricing either restructuring, weak returns, or country risk; a multiple well above 2x (RY, HDB) reflects a home-market growth or returns premium.
- Capital markets and brokers (MS, GS, SCHW, IBKR, HOOD) — earnings swing with issuance, advisory and trading activity, so momentum and beta matter as much as P/E.
- Payment networks and card issuers (V, MA, AXP, COF) — the networks carry no credit risk and earn premium multiples; the issuers do, which is why COF trades at a discount on both earnings and book.
- Asset managers (BLK, BX, KKR, BAM, BN) — valued on AUM and fee-related earnings, with very high ROE and book multiples that reflect asset-light balance sheets.
- Insurers, brokers and financial infrastructure (CB, PGR, MRSH, SPGI, MCO, CME, ICE, BNY) — the defensive core: recurring subscription or commission revenue, low credit exposure, and the steadiest earnings streams in the group.
Two things the numbers alone won't tell you
1. Book value is the wrong ruler for part of this group. Mastercard's ~93x and Visa's ~20x price-to-book are arithmetic side-effects of years of buybacks shrinking shareholders' equity, not evidence of a more expensive business. Compare the asset-light names (networks, managers, exchanges, brokers) against each other on P/E, and compare banks against each other on price-to-book.
2. Book value also doesn't travel across borders well. For ADRs of foreign issuers — HSBC, HDB, MUFG, UBS, IBN and peers — the ratio of the ADR to the ordinary shares, plus currency translation, distorts both the quoted price and any book multiple computed from it. Treat the cross-border valuations as directional, not precise, and evaluate those names on the underlying franchise (home-market credit growth, rate policy, capital returns) rather than on a single ratio.
Sector backdrop
Financials are the laggard of the current tape: the sector has given back ground over the past month while technology, health care and software leadership has absorbed capital. With the 10-year Treasury around 4.6% and the VIX near 15, the market is paying for secular growth and duration and refusing to pay for rate and credit cyclicality — which is precisely why the banks in this table trade at single-digit-to-mid-teens earnings multiples while the data, exchange and asset-management franchises command the top of the range. The screen's own column structure tells that story: yield and cheapness cluster in the lenders; growth and multiple expansion cluster in the fee-based infrastructure names. Rate-sensitive names remain the funding source until participation (the share of the group holding above its 50-day) stops making new lows; Q3 earnings, which report into this window, are the catalyst that will reprice the group one way or the other.
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