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London-headquartered global bank earning most of its profit in Hong Kong and mainland China, alongside wealth, commercial and markets businesses worldwide.
London-headquartered global bank earning most of its profit in Hong Kong and mainland China, alongside wealth, commercial and markets businesses worldwide.
Earns mostly from the interest spread on deposits and loans plus fees from wealth management, trade finance and payments, with Hong Kong the biggest profit source. It has been refocusing on Asia and wealth, selling its Canadian business and French retail arm and shedding US branches. These London shares and the Hong Kong ones are the same company.
In one line: A UK/Asia-facing Citigroup.
Moat: wide (scale, brand, distribution). Unmatched trade-finance/wealth franchise across Hong Kong and mainland China built over 150+ years.
Headquarters: London, UK · Founded: 1865 · Employees: 209,000
Size HSBC (HSBA.L) is a United Kingdom Financials company (Major Banks) with a market value of $301B, the largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,305 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against +14.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +2.7%); the operating margin is 30.4% (peer median 47.3%).
Valuation It trades at 1.51× book value against a peer median of 1.33× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 17.5%; HSBC delivers 13.6%, so the price asks more than the business earns today.
Credit HSBC has 134 bonds outstanding ($181B), rated A- by the agencies and trading like BBB+ at a weighted spread of 99 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £102B | £105B | £117B | £109B | £76.3B |
| Revenue growth | — | -10% | +7% | +43% | — |
| Net income | £19.7B | £16.0B | £17.9B | £18.0B | £11.6B |
| Free cash flow | n/a | £7.11B | £45.5B | £21.8B | £40.5B |
| Capital expenditure | n/a | £3.54B | £3.04B | £2.97B | £3.58B |
| Total debt | £352B | £371B | £360B | £335B | £300B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| HSBC HSBA.L | $301B | -1% | -4% | 14% | 1.51× | 17.5% |
| Standard Chartered STAN.L | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% |
| Citigroup C | $200B | -5% | +5% | 9% | 1.03× | 10.9% |
| DBS D05.SI | $155B | +19% | -5% | 16% | 2.83× | 21.4% |
| Boc Hong Kong 2388.HK | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% |
| JPMorgan Chase JPM | $889B | +11% | +9% | 18% | 2.53× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HSBA.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | +2.6% | 6th lowest of 21 |
| 6-month return | -1.1% | +14.1% | 3rd lowest of 21 |
| Return on equity | 13.6% | 12.7% | 6th highest of 21 |
| Price / book | 1.51× | 1.33× | 9th most expensive of 21 |
| Trailing P/E | 11.5× | 11.2× | 10th most expensive of 20 |
| ROE the price implies | 17.5% | 11.1% | 6th most demanding of 21 |
| ROE delivered | 13.6% | 13.0% | 6th highest of 17 |
| Bond spread | 99 bp | 81 bp | 2nd widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| HSBC HSBA.L | United Kingdom | $301B | -1% | -4% | 14% | 1.51× | 17.5% | 13.6% |
| Bank of China 601988.SS | China | $301B | +19% | -3% | 9% | 0.79× | 2.8% | n/a |
| Royal Bank of Canada RY.TO | Canada | $281B | +15% | +5% | 16% | 2.94× | 18.4% | 16.2% |
| Bank of America BAC | United States | $341B | -3% | -1% | 11% | 1.26× | 12.9% | 10.7% |
| China Construction Bank 601939.SS | China | $358B | +20% | -5% | 10% | 0.87× | 3.0% | 9.8% |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| CCB 0939.HK | Hong Kong | $361B | +22% | +6% | 10% | 0.64× | 5.1% | 9.9% |
| Agricultural Bank of China 601288.SS | China | $375B | +5% | -4% | 11% | 0.88× | 3.0% | n/a |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| Industrial and Commercial Bank of China 601398.SS | China | $428B | +13% | -4% | 10% | 0.75× | 2.7% | n/a |
| ICBC 1398.HK | Hong Kong | $433B | +14% | -5% | 9% | 0.60× | 4.9% | n/a |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
HSBC has 134 bonds outstanding with $181B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.71%, a spread of 99 bp over government bonds.