China A-share · SSE · 601398
ICBC (601398) stock analysis: valuation and financials
货币金融服务
¥8.45 +0.2% Price as of Oct 21, 2026
Large state-owned bank; corporate banking accounts for 49.0% of revenue; revenue three-year CAGR -1.5% but TTM +5.9%; net margin 44.0%, ROE 8.97%; capital and NPL data not disclosed; 8.05x P/E valuation is low, belonging to the low-growth steady type.
- Market cap
- ¥3.0T
- P/E
- 8.0x
- EV/Sales
- —
- FCF yield
- —
- 52-week range
- ¥6.64 – ¥8.45
Research as of Oct 21, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth17
- Capital allocation76
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Revenue comes from net interest margin and fees on corporate and personal deposits and loans; corporate finance business, with a 49.0% revenue share, has become the largest profit engine.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥942.8B | ¥875.7B | ¥843.1B | ¥821.8B | ¥838.3B |
| Revenue growth | +6.8% | -7.1% | -3.7% | -2.5% | +2.0% |
| Net income | ¥348.3B | ¥361.1B | ¥364.0B | ¥365.9B | ¥368.6B |
Amounts in CNY · What is free cash flow?
Margins No gross profit; 2025 pre-tax profit margin 50.6% vs 51.3%, net margin 44.0% vs 44.5%; TTM 42.7%, Q2 36.8%; revenue increased 9.9%, faster than net profit 3.3%.
- Cash flow WatchOperating cash flow, capital expenditure, and free cash flow not disclosed; cash conversion rate and free cash flow margin cannot be calculated.
- Debt ManageableNet debt, net debt/EBITDA, and maturity structure not disclosed; interest-bearing debt/equity is 0 only because debt line items are missing and cannot be regarded as unlevered.
Management and track record
- Management AdequateNet profit rose from RMB315.9 billion in 2020 to RMB368.6 billion in 2025, net margin rose from 35.8% to 44.0%, ROE 9.0%; but revenue five-year CAGR -1.0%, growth is weak
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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