Returns against tangible book
Banks trade on returns against tangible book value, not on earnings multiples. Both halves of that frame are below — except the current price, which this site does not publish.
No live price data, and no estimate in its place.
A current P/TBV needs a current share price. There is no free price source whose terms clearly permit redistribution, and this project ships nothing licensed in v1. Rather than publish a stale or unlicensed price as if it were current, the two columns that need one are left empty and the arithmetic is given so a reader can complete it from whatever price feed they already have:
P/TBV = your price ÷ TBVPS
One price the filings do carry — a year old, but public domain and exactly dated — is published in the second table below.
| Bank | ROTCE derived | TBVPS derived | Price | P / TBV |
|---|---|---|---|---|
| JPM JPMorgan Chase | 28.0% | $113.18 | — | — |
| MS Morgan Stanley | 26.3% | $53.18 | — | — |
| GS Goldman Sachs | 25.3% | $344.64 | — | — |
| WFC Wells Fargo | 17.7% | $46.19 | — | — |
| BAC Bank of America | 17.1% | $29.25 | — | — |
| C Citigroup | — | — | — | — |
Q2 2026, ordered by ROTCE. Both figures are computed by this site; ROTCE is annualized from a single quarter on a two-point average equity base and is not the figure any of these banks reports. Formulas and caveats.
The once-a-year price point, from the filings themselves
As of the last business day of June 2025 — not current. Every 10-K cover page states the aggregate market value of the company's shares held by non-affiliates, measured at the end of its second fiscal quarter. That figure is price times share count, it is public domain, and dividing it by shares outstanding at the same date recovers the price each bank itself used. One point per bank per year, dated, and sourced to the 10-K it came from.
| Bank | Public float | Implied price derived | TBVPS derived | P / TBV derived |
|---|---|---|---|---|
| MS Morgan Stanley | $218.0bn | $136.38 | $47.25 | 2.89× |
| JPM JPMorgan Chase | $794.4bn | $288.91 | $102.78 | 2.81× |
| GS Goldman Sachs | $213.2bn | $703.98 | $337.14 | 2.09× |
| WFC Wells Fargo | $257.3bn | $79.90 | $43.30 | 1.85× |
| BAC Bank of America | $351.9bn | $47.32 | $27.38 | 1.73× |
| C Citigroup | $156.2bn | $84.85 | $93.75 | 0.91× |
All four columns are measured at the same date — end of June 2025 — so the ratio is internally consistent, but it describes that date, not today. The implied price sits slightly below the market price by construction: the float excludes shares held by affiliates while the divisor counts all shares outstanding. For these six banks the gap is under one percent. Full derivation and caveats.
Six observations is a very small sample. No fitted line is drawn across them, because a regression through six points describes those six points and nothing else.