Bank of Montreal BMO

FinancialsBanking ServicesCanada

Last close 239.22 CAD on Nov 1, 2026, +38.4% year to date

Quant rating

Quant rating B Rank 12 of 51 in Financials

Growth B 8 of 51
Valuation A 6 of 51
Quality C 30 of 51
Revisions B 17 of 51
Momentum B 17 of 51

Wall Street consensus Hold (2.81)Average target 258.29 CAD +8.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 166.3B
Enterprise value: 340.1B
52-week range: 168.92 – 259.20
3-year range: 104.81 – 259.20
Dividend yield: 2.86%
Beta (5 years): 1.11
Shares outstanding: 695M
Next earnings: Dec 2, 2026

About the company

Bank of Montreal (the Bank) is a North American bank. The Bank provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services. The Bank serves about 13 million customers across North America, and in select markets globally, through three integrated operating groups: Personal and Commercial Banking (P&C), BMO Wealth Management and BMO Capital Markets. The P&C operating group represents the sum of its two retail and commercial operating segments, Canadian Personal and Commercial Banking (Canadian P&C) and U.S. Personal and Commercial Banking (U.S. P&C). BMO Wealth Management serves a full range of clients, from individuals and families to business owners and institutions, offering a wide spectrum of wealth, asset management and insurance products and services. BMO Capital Markets offers a comprehensive range of products and services to corporate, institutional and government clients.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	63,537	65,985	55,574	26,897	19,887	–
Revenue growth	−3.7%	18.7%	106.6%	35.2%	−14.7%	22.2%
EPS (basic, normalized)	11.56	9.09	7.92	20.41	12.94	–
EPS growth	27.3%	14.7%	−61.2%	57.7%	29.8%	3.0%
Gross margin	–	–	–	–	–	–
Net margin	13.0%	10.5%	7.4%	49.5%	37.8%	23.6%
ROE	10.2%	–	14.1%	15.2%	15.0%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.7%
Long-term debt (mil)	70,406
Net debt (mil)	–
Total equity (mil)	86,523
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	63,537	−3.7%	5.4x	111.57	+8.6%	2.1x	12.16	+25.6%	19.7x
2026	39,237	−38.2%	8.7x	113.46	+1.7%	2.1x	14.85	+22.1%	16.1x
2027	41,056	+4.6%	8.3x	119.45	+5.3%	2.0x	16.56	+11.5%	14.4x
2028	43,307	+5.5%	7.9x	127.19	+6.5%	1.9x	18.18	+9.8%	13.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	39,237	0.0%	+1.3%	+1.6%	14.85	0.0%	+2.4%	+4.7%
2027	41,056	0.0%	+1.8%	+2.0%	16.56	0.0%	+1.7%	+2.6%
2028	43,307	0.0%	+2.0%	+5.5%	18.18	0.0%	+0.8%	+3.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	7,988	8,206	8,368	9,266	8,679	8,988	9,341	9,824	9,567	9,896
Sales mean (mil)	8,046	8,211	8,359	8,543	8,713	8,870	9,014	9,440	9,467	9,749
Surprise	−0.7%	−0.1%	+0.1%	+8.5%	−0.4%	+1.3%	+3.6%	+4.1%	+1.1%	+1.5%
EPS reported	2.59	2.64	1.90	3.04	2.62	3.23	3.28	3.48	3.67	3.96
EPS mean	2.77	2.76	2.41	2.41	2.53	2.95	3.03	3.20	3.45	3.76
Surprise	−6.5%	−4.4%	−21.0%	+26.3%	+3.4%	+9.5%	+8.1%	+8.7%	+6.5%	+5.4%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BMO Bank of Montreal	166.3B	14.7%	13.0%	1.44x	16.1x	14.4x	2.1x	2.0x
JPM JPMorgan Chase & Co.	1.25T	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
RY Royal Bank of Canada	393.7B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
BAC Bank of America Corporation	484.3B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
TD The Toronto-Dominion Bank	286.3B	16.1%	22.8%	1.37x	17.2x	15.5x	2.6x	2.5x
WFC Wells Fargo & Company	350.2B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
Mean		14.4%	21.3%	1.53x	14.5x	13.2x	2.1x	2.0x
Median		14.8%	21.9%	1.46x	14.8x	13.8x	2.3x	2.1x

Technical analysis

1M−0.7%
3M−4.8%
1Y+40.3%
3Y+162.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Bank of Montreal, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	63,537	65,985	55,574	26,897	19,887	23,315
Total interest expense	42,050	46,517	36,893	11,012	5,577	9,344
Net interest income	21,487	19,468	18,681	15,885	14,310	13,971
Loan loss provision	3,617	3,761	2,178	313	20.0	1,431
Net interest income after loan loss provision	17,870	15,707	16,503	15,572	14,290	12,540
Non-interest income	14,787	13,327	10,578	17,825	12,876	11,215
Non-interest expense	−21,107	−19,499	−21,134	−15,511	−16,908	−17,407
Net income before taxes	11,550	9,535	5,947	17,886	10,258	6,348
Provision for taxes	2,825	2,208	1,510	4,349	2,504	1,251
Minority interest & equity in affiliates	−16.0	−9.0	−12.0	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	8,709	7,318	4,425	13,537	7,754	5,097
Extraordinary items	–	–	–	–	–	–
Net income	8,709	7,318	4,425	13,537	7,754	5,097
Basic weighted average shares (mil)	722	728	709	664	647	641
Diluted weighted average shares (mil)	723	729	711	666	649	642
Basic EPS excluding extraordinary items	11.46	9.53	5.77	20.04	11.60	7.56
Basic EPS, normalized	11.56	9.09	7.92	20.41	12.94	9.97

Balance sheet in millions of CAD, fiscal years

Balance sheet, Bank of Montreal, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	67,484	65,098	77,934	87,466	93,261	57,408
Other earning assets	637,843	580,556	508,253	474,255	397,859	417,684
Net loans	677,186	678,083	656,789	551,602	458,677	445,681
Property, plant & equipment	6,252	6,249	6,241	4,841	4,454	4,183
Goodwill	16,797	16,774	16,728	5,285	5,378	6,535
Intangibles	4,758	4,925	5,216	2,193	2,266	2,442
Long-term investments	1,786	1,727	1,461	–	–	–
Other long-term assets	4,135	4,320	4,726	2,493	2,274	1,635
Other assets	60,561	51,915	69,658	11,064	24,006	13,693
Total assets	1,476,802	1,409,647	1,347,006	1,139,199	988,175	949,261
Liabilities
Accounts payable	45,170	34,407	53,754	2,966	3,413	2,969
Payable/accrued	12,638	11,311	11,999	11,647	9,444	8,719
Accrued expenses	5,092	6,468	5,299	2,319	960	1,359
Total deposits	976,202	982,440	910,879	769,478	685,631	659,034
Other bearing liabilities	711	359	8,111	13,235	14,021	13,493
Short-term borrowings	186,345	144,014	148,546	144,942	129,629	117,582
Current portion of long-term debt	4,434	4,432	4,800	6,584	4,419	5,999
Long-term debt	62,441	49,242	35,364	31,469	30,703	32,167
Minority interest	49.0	36.0	28.0	–	–	–
Other liabilities	95,669	92,688	92,131	85,521	52,432	51,346
Total liabilities	1,388,751	1,325,397	1,270,911	1,068,161	930,652	892,668
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	23,359	23,921	22,941	17,744	13,599	13,430
Additional paid-in capital	373	354	328	317	313	302
Retained earnings (accumulated deficit)	47,377	46,469	44,006	45,117	35,497	30,745
Treasury stock	–	–	–	–	–	–
Other equity	16,942	13,506	8,820	7,860	8,114	12,116
Total equity	88,051	84,250	76,095	71,038	57,523	56,593
Total liabilities & shareholders' equity	1,476,802	1,409,647	1,347,006	1,139,199	988,175	949,261

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Bank of Montreal, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,725	7,327	4,377	13,537	7,754	5,097
Depreciation, depletion & amortization	2,180	2,110	2,099	1,480	1,425	1,421
Deferred taxes	12.0	153	−732	475	212	137
Non-cash items	107	76.0	−990	513	524	206
Changes in working capital	−784	17,037	4,837	−11,048	34,134	43,975
Cash from operations	10,240	26,703	9,591	4,957	44,049	50,836
Investing activities
Capital expenditures	−1,729	−1,564	−1,677	−1,448	−983	−1,032
Other investing cash flows	2,334	−22,965	−19,480	−28,023	684	−30,942
Cash from investing	605	−24,529	−21,157	−29,471	−299	−31,974
Financing activities
Financing cash flow items	−948	−12,074	2,068	6,927	0	−8,113
Cash dividends paid	−5,031	−3,840	−2,703	−2,595	−2,980	−2,475
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,694	829	903	11,648	−2,142	284
Cash from financing	−8,673	−15,085	268	15,980	−5,122	−10,304
Foreign exchange effects	214	75.0	1,766	2,739	−2,775	47.0
Net change in cash	2,386	−12,836	−9,532	−5,795	35,853	8,605
Free cash flow	8,511	25,139	7,914	3,509	43,066	49,804

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.