HDB vs ITUB: HDFC Bank Limited ADR and Itau Unibanco Banco Holding SA compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- HDFC Bank Limited ADR is the larger company, worth $116.2B, close to Itau Unibanco Banco Holding SA's $109.6B.
- HDFC Bank Limited ADR grew revenue faster over the last year (+18.1% vs +8.4%).
- On earnings, Itau Unibanco Banco Holding SA is the cheaper stock (12.3x vs 16.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HDB | ITUB |
|---|---|---|
| Market cap | $116.2B | $109.6B |
| Share price | $22.28 | $10.16 |
| Revenue (last fiscal year) | $2.19T | $168.1B |
| Free cash flow (last fiscal year) | $1.13T | -$299M |
| Revenue growth, last year | +18.1% | +8.4% |
| Revenue growth per year, last 5 fiscal years | +29.3% | +13.8% |
| Operating margin | — | — |
| Net margin | 30.8% | 24.4% |
| Return on equity | 8.8% | 19.5% |
| P/E (trailing) | 16.2x | 12.3x |
| Price / free cash flow | 0.07x | 0.85x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 32.9% |
| Debt / equity | 5.15x | 12.5x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
HDFC Bank Limited ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $782.4B | $904.0B | — |
| 2022 | $892.4B | $554.7B | — |
| 2023 | $1.13T | $433.6B | — |
| 2024 | $1.85T | $968.5B | — |
| 2025 | $2.19T | $1.13T | — |
Itau Unibanco Banco Holding SA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $100.2B | $54.2B | — |
| 2021 | $126.4B | $45.2B | — |
| 2022 | $142.3B | $121.1B | — |
| 2023 | $155.0B | $68.3B | — |
| 2024 | $168.1B | -$299M | — |
Where the revenue comes from
HDFC Bank Limited ADR · by segments, 2025
Itau Unibanco Banco Holding SA
No segment breakdown reported.
Questions
Which is bigger, HDFC Bank Limited ADR or Itau Unibanco Banco Holding SA?
HDFC Bank Limited ADR (HDB), at $116.2B against $109.6B.
Is HDB or ITUB cheaper?
By trailing P/E, Itau Unibanco Banco Holding SA (12.3x) is cheaper than HDFC Bank Limited ADR (16.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, HDB or ITUB?
HDFC Bank Limited ADR: revenue grew +18.1% over the last year, against +8.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.