EQB Inc. EQB

FinancialsBanking ServicesCanada

Last close 121.91 CAD on Nov 2, 2026, +19.2% year to date

Quant rating

Quant rating A+ Rank 23 of 51 in Financials

Growth B 31 of 51
Valuation C 40 of 51
Quality C 38 of 51
Revisions B 25 of 51
Momentum C 38 of 51

Wall Street consensus Hold (2.67)Average target 138.56 CAD +13.7%

Historical valuation

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

Key data

Market cap: 5.2B
Enterprise value: 19.1B
52-week range: 83.93 – 150.32
3-year range: 72.30 – 150.32
Dividend yield: 2.02%
Beta (5 years): 1.23
Shares outstanding: 42.6M
Next earnings: Dec 1, 2026

About the company

EQB Inc. is a Canada-based digital financial services company. The Company, through its wholly owned subsidiary, Equitable Bank, offers banking services. Its divisions include Personal Banking and Commercial Banking. Personal Banking product suite consists of deposits, single family residential mortgage loans, home equity lines of credit, reverse mortgages, insurance lending, and payment infrastructure partnerships. Commercial Banking includes Business Enterprise Solutions, Commercial Finance Group, Multi-Unit Insured, Specialized Finance, Equipment Leasing, Credit Union and Concentra Trust. It lends through a network of mortgage and leasing brokers, lending partners, and other financial institutions. Its Commercial loans involve lending on multi-unit residential, industrial and office buildings, and other commercial properties. It offers a digital EQ Bank platform. It offers wealth management through ACM Advisors Ltd., a majority-owned subsidiary specializing in alternative assets.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,924	3,163	2,406	1,616	1,107	–
Revenue growth	−7.5%	31.4%	48.9%	46.0%	−1.3%	21.1%
EPS (basic, normalized)	8.67	10.41	9.67	7.63	8.49	–
EPS growth	−16.7%	7.7%	26.7%	−10.1%	31.1%	6.0%
Gross margin	–	–	–	–	–	–
Net margin	8.8%	12.3%	15.2%	16.4%	26.0%	15.7%
ROE	10.8%	15.0%	17.1%	–	–	14.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	15.1%
Long-term debt (mil)	12,983
Net debt (mil)	–
Total equity (mil)	4,042
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	2,924	−7.5%	6.5x	85.23	+7.8%	1.4x	8.90	−19.3%	13.7x
2026	1,535	−47.5%	12.4x	89.41	+4.9%	1.4x	9.00	+1.1%	13.5x
2027	2,153	+40.2%	8.9x	96.35	+7.8%	1.3x	11.68	+29.8%	10.4x
2028	2,293	+6.5%	8.3x	105.44	+9.4%	1.2x	13.62	+16.6%	9.0x

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	1,535	0.0%	+8.7%	+24.6%	9.00	+0.2%	−0.1%	−2.3%
2027	2,153	−0.2%	+5.0%	+7.6%	11.68	−0.3%	−2.9%	−6.7%
2028	2,293	0.0%	+13.0%	+3.0%	13.62	−0.8%	−8.6%	−11.1%

Earnings surprises EPS beat in 2 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)	267	271	256	263	271	250	330	263	261	319
Sales mean (mil)	273	283	284	286	270	268	284	300	286	358
Surprise	−2.1%	−4.2%	−10.0%	−7.9%	+0.4%	−6.9%	+16.2%	−12.2%	−8.9%	−10.9%
EPS reported	2.81	2.96	2.51	2.98	2.31	2.07	1.53	2.26	2.03	2.12
EPS mean	2.67	2.89	2.92	2.76	2.58	2.60	2.14	2.17	1.98	2.25
Surprise	+5.0%	+2.5%	−14.1%	+7.8%	−10.3%	−20.5%	−28.4%	+4.3%	+2.5%	−5.9%

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
EQB EQB Inc.	5.2B	15.1%	8.8%	0.78x	13.5x	10.4x	1.4x	1.3x
RY Royal Bank of Canada	397.2B	14.9%	19.1%	1.45x	17.5x	16.0x	2.9x	2.7x
TD The Toronto-Dominion Bank	288.1B	16.1%	22.8%	1.37x	17.3x	15.6x	2.6x	2.5x
BMO Bank of Montreal	168.4B	14.7%	13.0%	1.44x	16.3x	14.6x	2.1x	2.0x
BNS The Bank of Nova Scotia	160.6B	15.1%	12.6%	1.25x	15.4x	13.8x	2.0x	1.9x
CM Canadian Imperial Bank of Commerce	149.5B	15.6%	16.5%	1.37x	15.6x	14.3x	2.5x	2.3x
Mean		15.2%	15.5%	1.28x	15.9x	14.1x	2.2x	2.1x
Median		15.1%	14.8%	1.37x	15.9x	14.5x	2.3x	2.2x

Technical analysis

1M−2.0%
3M−13.8%
1Y+39.2%
3Y+79.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, EQB Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	2,924	3,163	2,406	1,616	1,107	1,122
Total interest expense	1,831	2,089	1,568	883	525	624
Net interest income	1,094	1,073	838	733	583	497
Loan loss provision	137	107	38.9	37.3	−7.7	42.3
Net interest income after loan loss provision	956	966	799	696	590	455
Non-interest income	168	182	137	48.8	60.3	58.3
Non-interest expense	−753	−594	−435	−376	−260	−213
Net income before taxes	371	554	502	368	390	300
Provision for taxes	105	153	130	98.3	97.9	76.7
Minority interest & equity in affiliates	−1.3	−1.1	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	265	401	372	270	293	224
Extraordinary items	–	–	–	–	–	–
Net income	265	401	372	270	293	224
Basic weighted average shares (mil)	38.3	38.2	37.7	34.7	33.9	33.6
Diluted weighted average shares (mil)	38.6	38.5	38.0	35.0	34.4	33.9
Basic EPS excluding extraordinary items	6.70	10.19	9.67	7.63	8.49	6.52
Basic EPS, normalized	8.67	10.41	9.67	7.63	8.49	6.48

Balance sheet in millions of CAD, fiscal years

Balance sheet, EQB Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	717	592	549	495	773	558
Other earning assets	3,493	3,148	3,301	2,725	1,655	1,067
Net loans	46,233	47,034	47,361	46,510	32,901	28,272
Property, plant & equipment	195	119	35.2	36.2	21.6	26.0
Goodwill	92.5	111	57.6	57.6	16.9	16.9
Intangibles	149	199	154	145	92.6	71.2
Long-term investments	49.9	50.0	–	–	–	–
Other long-term assets	48.4	74.6	14.2	–	–	–
Other assets	2,517	1,908	1,461	1,175	699	736
Total assets	53,494	53,234	52,933	51,145	36,159	30,746
Liabilities
Accounts payable	986	818	525	381	197	235
Payable/accrued	342	307	318	208	144	68.6
Accrued expenses	22.6	20.0	21.3	57.5	50.4	43.5
Total deposits	36,012	33,093	31,472	30,671	20,660	16,350
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	1,559	947	2,860	665	1,377	252
Current portion of long-term debt	2.0	–	–	1,240	200	–
Long-term debt	11,035	14,593	14,590	15,093	11,422	12,039
Minority interest	8.2	10.4	–	–	–	–
Other liabilities	324	317	302	295	157	110
Total liabilities	50,290	50,106	50,088	48,610	34,206	29,099
Shareholders' equity
Preferred stock	–	0	181	181	70.6	72.5
Common stock	503	506	471	463	230	218
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,551	2,466	2,198	1,882	1,659	1,396
Treasury stock	–	–	–	–	–	–
Other equity	149	156	−5.2	9.4	−7.6	−39.0
Total equity	3,204	3,128	2,846	2,535	1,953	1,648
Total liabilities & shareholders' equity	53,494	53,234	52,933	51,145	36,159	30,746

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, EQB Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	267	402	372	270	293	224
Depreciation, depletion & amortization	67.9	60.0	39.2	46.9	32.7	22.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	207	218	187	124	117	86.2
Changes in working capital	−170	−958	−564	−411	251	−7.8
Cash from operations	372	−278	33.3	29.9	693	325
Investing activities
Capital expenditures	−84.9	−67.4	−35.0	−76.6	−38.6	−27.8
Other investing cash flows	18.3	470	97.6	−690	−420	−223
Cash from investing	−66.6	403	62.6	−767	−458	−251
Financing activities
Financing cash flow items	−8.8	145	–	–	–	–
Cash dividends paid	−82.0	−74.7	−48.5	−48.0	−29.6	−29.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−88.9	−152	6.9	507	10.1	4.1
Cash from financing	−180	−82.4	−41.6	459	−19.5	−25.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	126	42.2	54.4	−278	216	48.9
Free cash flow	287	−346	−1.7	−46.7	655	297

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 2, 2026 after market close.