HSBC vs RY: HSBC Holdings PLC ADR and Royal Bank of Canada compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- HSBC Holdings PLC ADR is the larger company, worth $311.3B, close to Royal Bank of Canada's $272.2B.
- Royal Bank of Canada grew revenue faster over the last year (+7.3% vs +3.7%).
- On earnings, Royal Bank of Canada is the cheaper stock (18.5x vs 77.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HSBC | RY |
|---|---|---|
| Market cap | $311.3B | $272.2B |
| Share price | $92.98 | $191.91 |
| Revenue (last fiscal year) | $68.3B | $66.6B |
| Free cash flow (last fiscal year) | $25.1B | — |
| Revenue growth, last year | +3.7% | +7.3% |
| Revenue growth per year, last 5 fiscal years | +8.3% | +7.6% |
| Operating margin | 41.0% | — |
| Net margin | 33.9% | 31.0% |
| Return on equity | 11.7% | 15.0% |
| P/E (trailing) | 77.5x | 18.5x |
| Price / free cash flow | 12.4x | 5.14x |
| EV / EBITDA | — | — |
| FCF growth the price implies | -1.3% | — |
| Dividend yield | 0.81% | 3.1% |
| Debt / equity | 15.3x | 15.8x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 2 |
| 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.
HSBC Holdings PLC ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $49.6B | $100.7B | 32.0% |
| 2022 | $50.6B | $14.9B | 28.3% |
| 2023 | $66.1B | $35.4B | 46.2% |
| 2024 | $65.9B | $61.4B | 44.6% |
| 2025 | $68.3B | $25.1B | 41.0% |
Royal Bank of Canada
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $49.7B | — | — |
| 2022 | $49.0B | — | — |
| 2023 | $51.5B | — | — |
| 2024 | $57.3B | — | — |
| 2025 | $66.6B | — | — |
Where the revenue comes from
HSBC Holdings PLC ADR
No segment breakdown reported.
Royal Bank of Canada · by segments, 2025
Wealth Management$22.4B34%
Personal Banking$19.9B30%
Capital Markets$14.4B22%
Commercial Banking$8.6B13%
Insurance$1.3B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HSBC in InvestinglyQuestions
Which is bigger, HSBC Holdings PLC ADR or Royal Bank of Canada?
HSBC Holdings PLC ADR (HSBC), at $311.3B against $272.2B.
Is HSBC or RY cheaper?
By trailing P/E, Royal Bank of Canada (18.5x) is cheaper than HSBC Holdings PLC ADR (77.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, HSBC or RY?
Royal Bank of Canada: revenue grew +7.3% over the last year, against +3.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.