HDB vs PNC: HDFC Bank Limited ADR and PNC Financial Services 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, about 1.3 times PNC Financial Services.
- PNC Financial Services grew revenue faster over the last year (+21.4% vs +18.1%).
- On earnings, PNC Financial Services is the cheaper stock (12.9x 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 | PNC |
|---|---|---|
| Market cap | $116.2B | $88.8B |
| Share price | $22.28 | $217.72 |
| Revenue (last fiscal year) | $2.19T | $23.1B |
| Free cash flow (last fiscal year) | $1.13T | — |
| Revenue growth, last year | +18.1% | +21.4% |
| Revenue growth per year, last 5 fiscal years | +29.3% | +4.7% |
| Operating margin | — | — |
| Net margin | 30.8% | 30.7% |
| Return on equity | 8.8% | 12.0% |
| P/E (trailing) | 16.2x | 12.9x |
| Price / free cash flow | 0.07x | 20.3x |
| EV / EBITDA | — | 15.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 3.0% |
| Debt / equity | 5.15x | 8.62x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 9 |
| Insider purchases, last 12 months | 0 | 3 |
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 | — |
PNC Financial Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.2B | — | — |
| 2022 | $21.1B | — | — |
| 2023 | $21.5B | — | — |
| 2024 | $21.6B | — | — |
| 2025 | $23.1B | — | — |
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%
PNC Financial Services · by segments, 2025
Retail Banking$14.9B53%
Corporate & Institutional Banking$11.2B40%
Asset Management Group$1.7B6%
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 PNC Financial Services?
HDFC Bank Limited ADR (HDB), at $116.2B against $88.8B.
Is HDB or PNC cheaper?
By trailing P/E, PNC Financial Services (12.9x) 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 PNC?
PNC Financial Services: revenue grew +21.4% over the last year, against +18.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.