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£15.53
Market Capi
$360B
Growth-adj P/E (3-yr hist)i
1.1x
Growth-adj P/E (3-yr proj)i
0.7x
P/S 26Ei
4.8x
P/S 28Ei
4.3x
P/B 26Ei
1.9x
P/B 28Ei
1.7x
P/E 26Ei
13x
P/E 28Ei
10x
P/S 26Ei
4.8x
P/B 26Ei
1.9x
P/E 26Ei
13x
P/S 28Ei
4.3x
P/B 28Ei
1.7x
P/E 28Ei
10x
Revenue
2026E
$76B
Gross Margini
n/a
Hist. CAGRi
7.8%
Proj. CAGRi
9.6%
EBIT
2026E
$39B
Op. Margini
55%
Hist. CAGRi
23%
Proj. CAGRi
8.5%
Net profit
2026E
$28B
Net Margini
35%
Hist. CAGRi
12%
Proj. CAGRi
14%
Business Model
Recent Developments
Average Targeti
$20.09-3%
Consensusi
Outperform
16 analysts covering
TBV/sharei
£9.59
Div. Yieldi
4.1%
Buyback Yldi
2.9%
Market Capi
$360B
P/E 26Ei
13x
Adj. P/E (fwd.)i
0.7x
Revenue 26E
$76B
Proj. CAGRi
9.6%
Gross Margini
—
EBIT 26E
$39B
Proj. CAGRi
8.5%
Op. Margini
55%
Net Profit 26E
$28B
Proj. CAGRi
14%
Net Margini
35%
Average Targeti
$20.09-3%
Consensusi
Outperform
16 analysts covering
Profile
HSBC Holdings is one of the world's largest banking groups, operating across retail banking, commercial banking, and global markets with a pronounced Asia-Pacific tilt. Following a January 2025 restructuring, the group now organises its four principal businesses as: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking.
Based on the prior segment structure, revenue split broadly as follows:
Industry
HSBC serves retail consumers, affluent and high-net-worth individuals, SMEs, large corporates, and institutional clients across more than 60 countries. Asia-Pacific generates the majority of group profits, with Hong Kong alone accounting for the single largest geographic contribution. The global banking industry is highly regulated and moderately concentrated at the top; HSBC's universal model means it competes with domestic champions in each market and global peers like JPMorgan and Standard Chartered across international corridors.
Key metrics
Economic moat
HSBC's deepest structural advantage is its Asia network: decades of on-the-ground presence in Hong Kong, mainland China, and Southeast Asia create relationships and regulatory licences that global rivals cannot replicate quickly. High switching costs in trade finance and cash management — where corporate clients embed HSBC deeply into treasury workflows — anchor the commercial banking franchise. Its status as one of a handful of truly global transaction banks also means multinational corporates default to HSBC for cross-border payments, creating durable, low-churn fee income. Scale provides a further cost advantage: spreading compliance, technology, and risk infrastructure across trillions in assets limits per-unit costs that smaller peers cannot match.
Georges Elhedery
Elhedery became Group CEO in September 2024, succeeding Noel Quinn after a tenure as Group CFO (2023–2024). His prior HSBC career spanned Co-CEO of Global Banking & Markets, head of the MENAT region, and a long run running the Markets & Securities Services division. He joined HSBC in 2005 following stints at Goldman Sachs and Banque Paribas, and brings rare depth across trading, wholesale banking, and Asia operations. His early signature as CEO has been structural simplification — the January 2025 four-business reorganisation and the March 2026 workforce reduction programme both reflect his stated focus on cost discipline and agility.
Manveen Kaur
Kaur was appointed CFO in December 2024, stepping into the role Elhedery vacated when he moved to Group CEO. She sits on the board as an executive director, giving her direct governance accountability alongside her operational role. Her appointment continues HSBC's pattern of promoting from within senior finance leadership. On 10 September 2026, HSBC announced Kaur will step down as CFO by the company's 2027 AGM, remaining as an adviser to Elhedery on strategic projects through 2028 while the board runs a search for her successor.
Suzy White
White has served as COO since September 2024, taking on the role alongside Elhedery's elevation to CEO. Her remit covers the operational transformation programme, including the AI-driven restructuring of global service centres announced in 2026. She is a key figure in translating Elhedery's simplification agenda into execution.
Other key figures
The board includes Jamie Forese (former Citigroup President, director since April 2020) and Rachel Duan (former GE China CEO, director since August 2021), providing institutional financial services and Asia market depth at the non-executive level. HSBC named David Rice as its first Chief AI Officer effective 1 April 2026, while expanding Mario Shamtani's remit as Chief Technology Officer to scale AI across the bank's technology platforms.
P/S Ratioi
P/B Ratioi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Margins
Returns & spread
Efficiency
Balance sheet
Values in trillions of USD.
Tangible book value
Capital & asset quality
Last earnings
HSBC's first-half 2026 results, reported on 4 August 2026, showed profit before tax up 23% year-on-year to $19.5bn, with second-quarter profit before tax rising 60% to $10.1bn on a $2.6bn favourable swing in notable items. First-half revenue reached $37.7bn, driven by growth in banking net interest income and a strong rise in wealth fees.
Basic earnings per share for the half came in at $0.85, up from $0.65 a year earlier.
The standout move was wealth fee and other income climbing to $5.5bn for the half (from $4.6bn a year earlier), led by higher customer activity in the International Wealth and Premier Banking and Hong Kong businesses.
Management raised full-year banking net interest income guidance to at least $46bn, up from "around $46bn" previously, confirmed a second interim dividend of $0.10 per share, and announced a share buy-back of up to $1bn to be completed by the third-quarter results.
Recent developments
On 10 September 2026, HSBC announced that Group CFO Pam Kaur will step down by the company's 2027 annual general meeting. The board has opened a search for her successor, and Kaur will continue advising the Group CEO on strategic projects through 2028.
On 19 August 2026, HSBC and Standard Chartered completed the first live cross-border tokenised-deposit transaction on Swift's blockchain-based ledger, an early step toward interoperable 24/7 bank settlement.
The group continued executing the share buy-back announced alongside first-half results, and pressed on with the organisational simplification tied to its 2025 four-business restructuring.
Debate & sentiment
Bulls point to capital return resuming through buybacks and dividends, return on tangible equity running near 19% annualised, and accelerating wealth fee income as evidence the simplification strategy is working.
Skeptics note the CET1 ratio fell to 14.1% from 14.9% at the end of 2025, reflecting the Hang Seng Bank privatisation, deposit growth, and higher risk-weighted assets, which narrows the capital buffer.
The unexpected CFO succession announcement has raised questions about leadership continuity just as the bank pushes through a multi-year cost and restructuring programme.
After a strong run in the shares, valuations leave less room for error if credit costs — including exposure to Hong Kong commercial real estate — pick up.
Consensusi
Outperform
Average targeti
$20.09-3%
Highest targeti
$25.01+21%
Lowest targeti
$10.67-48%
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