HSBC HOLDINGS PLC vs TORONTO DOMINION BANK, two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin comparison favors HSBC, 33.9% net against TD's 28.3%, but every return line runs the other way: TD earns 17.4% on equity against 11.3% and 1.04% on assets against 0.72%, Canadian oligopoly economics plus US retail scale beating the Asia network on capital efficiency. The market prices TD cheaper anyway, 13.2 times against 15.5, its US compliance penalties still costing it turns that its returns say it does not deserve. At $201B and $327B, both are systemically enormous. The pair is a quality-versus-cloud trade: the better earner under the regulatory shadow, the steadier story at the premium, and the shadow's expiry date is the whole question.
Comparison updated 2026-07-10.
| Metric | HSBC | TD |
|---|---|---|
| Price | $93.76 | $119.72 |
| Market cap | $326.8B | $201.2B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Mature |
| P/E | 15.5 | 13.2 |
| P/B | 1.59 | 2.18 |
| P/S | 4.79 | 3.55 |
| EV/EBITDA | -3.8 | — |
| Revenue growth | +9.0% | -8.8% |
| Operating margin | 41.0% | — |
| Net margin | 33.9% | 28.3% |
| Return on equity | 11.3% | 17.4% |
| Return on assets | 0.7% | 1.0% |
| 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.