HSBC Holdings plc ADR (HSBC) is slightly overvalued and JPMorgan Chase & Co (JPM) is overvalued.
Both trade above our estimate of their intrinsic value. HSBC is the closer of the two: -10%, against -22% for JPM.
Values as of the 22 Sept 2026 close.
Book value at 2.00x, the multiple a 14.0% return on equity justifies, blended with earnings, values the shares at $92.20; the price of $101.59 is 10% above that value.
Leak Score 0/100 on 3 of 12 signals
Book value at 2.09x, the multiple a 17.7% return on equity justifies, blended with earnings, values the shares at $279.10; the price of $340.00 is 22% above that value.
Leak Score 45/100 on 9 of 12 signals
| Metric | HSBC | JPM |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $101.59 | $340.00 |
| Intrinsic value | $92.20 | $279.10 |
| Margin of safety | -10% | -22% |
| Leak Score | 0/100 (3/12) | 45/100 (9/12) |
| Market cap | $348.4B | $903.8B |
| Revenue growth, 5 years | 12.1% | 17.3% |
| Operating margin | 15.3% | 28.4% |
| Net margin | 17.8% | 21.4% |
| Return on equity | 14.0% | 17.7% |
| Debt to equity | 3.29 | 3.41 |
| P/E | 14.6x | 14.6x |
| Forward P/E | 10.8x | 13.5x |
| P/B | 2.0x | 2.6x |
| Dividend yield | 4.1% | 1.9% |