Capital One Financial Corporation (COF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+177.3%

$587.96

vs $212.06 price

Levered DCF

$1,029.77

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

-0.12

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	60.14×	15.36×	10.94×	5.19×	5.37×	19.05×	9.27×	6.35×
P/B	1.15×	1.12×	0.86×	0.7×	1.05×	0.75×	0.83×	0.7×
P/S	1.89×	1.27×	1.01×	0.95×	2×	1.43×	1.43×	1.14×
EV / EBITDA	16.52×	7.71×	6.12×	4.37×	4.43×	6.75×	8.85×	8.44×
Gross margin	47.3%	50.8%	53.3%	74.0%	101.1%	57.7%	66.2%	68.1%
Operating margin	3.3%	11.0%	12.2%	24.1%	49.4%	10.1%	20.4%	23.0%
Net margin	3.5%	8.8%	9.9%	19.2%	38.7%	8.6%	16.4%	18.9%
Current ratio	0.15×	0.14×	0.36×	0.33×	0.38×	0.46×	0.35×	0.23×
Debt / equity	0.45×	0.75×	0.86×	0.93×	0.71×	0.67×	0.96×	1.14×
Interest coverage	0.14×	0.4×	0.48×	2.24×	9.89×	1.03×	1.33×	1.7×
Dividend yield	1.3%	1.7%	2.3%	3.2%	2.2%	1.6%	2.2%	2.9%
Payout ratio	72.1%	24.4%	23.7%	16.0%	11.5%	27.3%	18.7%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	7.8%	8.4%	14.0%	20.3%	4.5%	9.6%	11.6%
Return on invested capital	1.1%	3.7%	3.8%	6.0%	10.2%	2.3%	4.3%	4.9%
Return on assets	0.4%	1.0%	1.0%	1.6%	2.9%	0.6%	1.4%	1.6%
Free cash flow yield	19.9%	24.8%	39.1%	35.2%	18.1%	35.3%	32.7%	33.4%
Earnings yield	1.9%	7.0%	9.7%	20.1%	19.3%	6.0%	11.5%	16.6%
Enterprise value	$124.6B	$70.6B	$56.7B	$54.4B	$85.5B	$45.3B	$90.4B	$82B
Net debt / EBITDA	-0.85×	0.25×	0.71×	1.44×	1.11×	0×	4.14×	4.71×
Cash conversion cycle (days)	10	8	8	1	313	7	5	2