CPI · JSE · Banking
Capitec Bank Holdings Limited is one of South Africa’s largest retail banking groups, known for its simple, low-cost and digitally focused banking model.
Current price
435,120.00c
▲ +8,861.00c (2.08%) today
ET&A View
Last reviewed 14 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Capitec has developed one of the strongest banking franchises in Africa, combining exceptional customer growth, a highly scalable digital platform, strong returns on equity and an increasingly diversified earnings base.
Business Health
Is the business financially healthy?
Yes — very healthy
Revenue, earnings and profitability stand out.
Overall
Revenue
R45.1bn · ↑ +19% last year
Earnings
R18.4bn · ↑ +22% last year
Profitability
Earns 32% a year on shareholders' money
Capital strength
Its cushion against losses
Dividend
1.9% yield · Pays out 50% of earnings · covered 2.0×
Investor View
Open a section for the detail behind the quick view.
Capitec has developed one of the strongest banking franchises in Africa, combining exceptional customer growth, a highly scalable digital platform, strong returns on equity and an increasingly diversified earnings base.…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2026 | R52.1bn | +19.0% | — | R16.8bn | R145.43 | R17.8bn |
| FY2025 | R43.8bn | +21.4% | — | R13.7bn | R118.78 | R23.5bn |
| FY2024 | R36.0bn | +21.1% | — | R10.6bn | R91.37 | R16.0bn |
| FY2023 | R29.8bn | — | — | R9.2bn | R79.11 | R3.1bn |
Long-term growth investors
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Capitec Bank Holdings Limited with any company → The model’s own peer calculations are in the Research View.
Capitec Bank Holdings Limited is one of South Africa’s largest retail banking groups, known for its simple, low-cost and digitally focused banking model. The company provides transactional banking, savings, credit, insurance, payments, and increasingly broader financial services to millions of customers across South Africa. Capitec built its franchise by targeting consumers underserved by traditional banks and has since expanded rapidly into higher-income segments, business banking, digital payments, and insurance, creating a broader financial services ecosystem around its core banking platform.
Capitec’s strength comes from its low-cost operating model, strong customer growth, highly scalable digital infrastructure, and reputation for simple and transparent financial products. The company sits at the centre of several long-term themes including financial inclusion, digital banking adoption, cashless payments, rising demand for affordable financial services, and the continued formalisation of South Africa’s consumer economy. Its ability to acquire customers at scale while expanding into higher-value products gives Capitec significant cross-selling potential and supports continued earnings growth. While the business remains exposed to consumer credit conditions, unemployment, interest rates, and the broader South African economy, its strong brand, efficient platform, and growing product offering make it one of the most compelling banking franchises in Africa.
Banking · South Africa
For detailed analysis. Each section opens on its own.
As of 13 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Thin margins · Strong balance sheet · Neutral
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 9.1 / 10 | Excellent |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 9.3 / 10 | Excellent |
| Profitability |
For banks and insurers ET&A judges profitability on return on equity (and cost ÷ income where known), not sales margins. | 10.0 / 10 | Excellent |
| Capital strength | Needs equity and total assets to rate. For banks ET&A measures capital as equity ÷ assets, on its bank capital scale. | — | Not rated |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 4.7 / 10 | Average |
| Overall | Average of the 3 rated areas | 9.5 / 10 | Excellent |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Capitec Bank Holdings Limited yet.
Need deeper analysis on Capitec Bank Holdings Limited? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
For much of the past two years, investors treated lower US interest rates as an eventual certainty. Persistent inflation, resilient demand and a more hawkish Federal Reserve are now forcing markets to confront a very different possibility: the next move in rates may be higher.
ET&A Research · 1 September 2026 · 9 min read