Hong Kong · HKEX · 00939
China Construction Bank (00939) stock analysis: valuation and financials
银行
HK$9.96 +0.5% Price as of Oct 13, 2026
State-backed scale and a 45.7% net margin, but three-year revenue CAGR -0.7%, flat CNY1.30 EPS and 6.45x P/E with a 4.46% yield — cheap, slow-growth value.
- Market cap
- HK$2.6T
- P/E
- 6.5x
- EV/Sales
- —
- FCF yield
- —
- Dividend yield
- 4.5%
- 52-week range
- HK$7.32 – HK$9.96
Research as of Oct 14, 2026
Business quality scorecard
- Growth14
- Capital allocation58
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Retail and corporate customers pay loan interest and fees on payments, cards and wealth services; net interest income is the profit engine, FY2025 revenue CNY 740.9B, net income CNY 338.9B, net margin 45.7%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥764.7B | ¥757.5B | ¥745.6B | ¥728.6B | ¥740.9B |
| Revenue growth | +7.1% | -0.9% | -1.6% | -2.3% | +1.7% |
| Net income | ¥302.5B | ¥324.7B | ¥332.7B | ¥335.6B | ¥338.9B |
Amounts in CNY · What is free cash flow?
Margins No gross margin: this is a bank and reports none. Net margin FY2025 45.74% vs 46.06% FY2024 and 44.34% TTM; quarterly net margin slid from 51.52% (Q3 FY2024) to 37.87% (Q2 FY2026) while revenue rose 10.0% yoy, so costs and impairments outgrew revenue.
- Cash flow WatchNo cash flow statement is provided: operating cash flow, free cash flow, capex, DSO and share-based compensation are all not disclosed, so cash conversion cannot be computed.
- Debt LowDebt-to-equity is reported at 0.0 and goodwill is only 0.06% of equity (2.4B vs 3,663.0B CNY), so capital is unimpaired and acquisition risk is negligible.
Management and track record
- Management AdequateSteady earnings: net income rose from CNY 271.1B (FY2020) to CNY 338.9B (FY2025); net margin 45.7%.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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