HSBC HOLDINGS PLC vs ROYAL BANK OF CANADA, two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither bank's balance-sheet page says much (deposits are not debt, and both display clean), so the reading starts at returns: Royal Bank of Canada earns 15% on equity against HSBC's 11.3%, 0.9% on assets against 0.72%, oligopoly economics beating network economics on every line but one, HSBC's 33.9% net margin over RBC's 31%. The market pays 18.9 times for the Canadian machine against 15.5 for the Asian network, three and a half turns for market structure. At $284B and $327B they are near-peers in scale. The pair prices protection against reach; protection, as usual in banking, costs more and earns more.
Comparison updated 2026-07-10.
| Metric | HSBC | RY |
|---|---|---|
| Price | $93.76 | $202.84 |
| Market cap | $326.8B | $283.7B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Growth |
| P/E | 15.5 | 18.9 |
| P/B | 1.59 | 2.76 |
| P/S | 4.79 | 5.69 |
| EV/EBITDA | -3.8 | 113.4 |
| Revenue growth | +9.0% | +12.1% |
| Operating margin | 41.0% | — |
| Net margin | 33.9% | 31.0% |
| Return on equity | 11.3% | 15.0% |
| Return on assets | 0.7% | 0.9% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 8 / 9 | 9 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.