HDB vs MFG: HDFC Bank Limited ADR and Mizuho Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Mizuho Financial is the larger company, worth $134.9B, close to HDFC Bank Limited ADR's $116.2B.
- HDFC Bank Limited ADR grew revenue faster over the last year (+18.1% vs +14.0%).
- On earnings, HDFC Bank Limited ADR is the cheaper stock (16.2x vs 17.6x).
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 | MFG |
|---|---|---|
| Market cap | $116.2B | $134.9B |
| Share price | $22.28 | $10.61 |
| Revenue (last fiscal year) | $2.19T | $1.38T |
| Free cash flow (last fiscal year) | $1.13T | -$2.09T |
| Revenue growth, last year | +18.1% | +14.0% |
| Revenue growth per year, last 5 fiscal years | +29.3% | +8.9% |
| Operating margin | — | — |
| Net margin | 30.8% | 84.2% |
| Return on equity | 8.8% | 10.7% |
| P/E (trailing) | 16.2x | 17.6x |
| Price / free cash flow | 0.07x | 0.27x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 1.8% |
| Debt / equity | 5.15x | 26.1x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 1 |
| 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 | — |
Mizuho Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $980.0B | $5.36T | — |
| 2023 | $984.3B | $821.3B | — |
| 2024 | $1.12T | -$3.72T | — |
| 2025 | $1.21T | -$279.0B | — |
| 2026 | $1.38T | -$2.09T | — |
Where the revenue comes from
HDFC Bank Limited ADR · by segments, 2025
Retail Banking$1.09T50%
Insurance Services$655.7B30%
Wholesale Banking$347.7B16%
Treasury Services$54.0B2%
Others$45.0B2%
Mizuho Financial · by products, 2026
Securities-related business$306.8B22%
Lending-related business$299.4B22%
Fees for other customer services$252.1B18%
Trust-related business$169.2B12%
Asset management business$136.5B10%
Remittance Business$105.1B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HDB in InvestinglyQuestions
Which is bigger, HDFC Bank Limited ADR or Mizuho Financial?
Mizuho Financial (MFG), at $134.9B against $116.2B.
Is HDB or MFG cheaper?
By trailing P/E, HDFC Bank Limited ADR (16.2x) is cheaper than Mizuho Financial (17.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, HDB or MFG?
HDFC Bank Limited ADR: revenue grew +18.1% over the last year, against +14.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.