National Bank of Canada NA

FinancialsBanking ServicesCanada

Last close 210.58 CAD on Nov 1, 2026, +24.4% year to date

Quant rating

Quant rating A+ Rank 3 of 51 in Financials

Growth B 11 of 51
Valuation A 4 of 51
Quality B 18 of 51
Revisions B 15 of 51
Momentum B 21 of 51

Wall Street consensus Hold (2.67)Average target 228.82 CAD +8.7%

Historical valuation

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

Key data

Market cap: 80.4B
Enterprise value: 116.4B
52-week range: 154.86 – 237.13
3-year range: 86.50 – 237.13
Dividend yield: 2.51%
Beta (5 years): 1.17
Shares outstanding: 382M
Next earnings: Dec 4, 2026

About the company

National Bank of Canada (the Bank) is a Canadian financial institution. The Bank operates through segments: Personal and Commercial Banking, Wealth Management, Financial Markets, and U.S. Specialty Finance and International (USSF&I). Its Personal and Commercial Banking segment includes banking, financing, and investing services offered to individuals, advisors, and businesses, as well as insurance operations. Its Wealth Management segment includes investment solutions, trust services, banking services, lending services, and other wealth management solutions offered through internal and third-party distribution networks. Its Financial Markets segment includes corporate banking, investment banking, and financial solutions for large and mid-size corporations, public sector organizations, and institutional investors. Its USSF&I segment includes specialty finance services and financial products and services provided through its subsidiaries, Credigy Ltd. and Advanced Bank of Asia Limited.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	21,298	19,971	16,777	9,545	6,987	–
Revenue growth	6.6%	19.0%	75.8%	36.6%	−7.8%	23.0%
EPS (basic, normalized)	11.21	10.88	9.43	9.45	8.92	–
EPS growth	3.0%	15.4%	−0.2%	6.0%	5.6%	5.8%
Gross margin	–	–	–	–	–	–
Net margin	18.1%	18.3%	18.8%	34.3%	43.7%	26.6%
ROE	14.6%	17.2%	16.8%	18.8%	18.1%	17.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	15.1%
Long-term debt (mil)	4,458
Net debt (mil)	–
Total equity (mil)	34,674
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	21,298	+6.6%	5.5x	78.39	+18.7%	2.7x	11.28	+5.6%	18.7x
2026	15,821	−25.7%	7.4x	83.18	+6.1%	2.5x	13.15	+16.5%	16.0x
2027	16,612	+5.0%	7.0x	89.06	+7.1%	2.4x	14.38	+9.4%	14.6x
2028	17,845	+7.4%	6.5x	95.64	+7.4%	2.2x	15.61	+8.5%	13.5x

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	15,821	0.0%	+1.7%	+2.8%	13.15	0.0%	+2.2%	+4.1%
2027	16,612	0.0%	+2.0%	+2.3%	14.38	0.0%	+1.2%	+2.4%
2028	17,845	0.0%	+0.2%	+6.5%	15.61	0.0%	+1.5%	+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)	2,837	2,982	2,989	3,230	3,650	3,449	3,698	3,893	3,907	4,053
Sales mean (mil)	2,791	2,865	2,942	3,039	3,284	3,503	3,454	3,726	3,811	3,869
Surprise	+1.6%	+4.1%	+1.6%	+6.3%	+11.1%	−1.6%	+7.1%	+4.5%	+2.5%	+4.8%
EPS reported	2.54	2.68	2.58	2.93	2.85	2.68	2.82	3.25	3.23	3.39
EPS mean	2.45	2.49	2.57	2.65	2.40	2.69	2.62	2.99	3.13	3.22
Surprise	+3.7%	+7.7%	+0.5%	+10.5%	+18.6%	−0.5%	+7.5%	+8.6%	+3.3%	+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
NA National Bank of Canada	80.4B	15.1%	18.1%	1.41x	16.0x	14.6x	2.5x	2.4x
RY Royal Bank of Canada	393.7B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
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
BMO Bank of Montreal	166.3B	14.7%	13.0%	1.44x	16.1x	14.4x	2.1x	2.0x
BNS The Bank of Nova Scotia	159.7B	15.1%	12.6%	1.25x	15.3x	13.8x	2.0x	1.9x
Mean		14.5%	18.1%	1.40x	15.6x	14.1x	2.3x	2.1x
Median		15.0%	18.6%	1.43x	16.1x	14.5x	2.3x	2.2x

Technical analysis

1M+0.2%
3M−8.3%
1Y+38.1%
3Y+171.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, National Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	21,298	19,971	16,777	9,545	6,987	7,578
Total interest expense	16,780	17,032	13,191	4,274	2,204	3,323
Net interest income	4,518	2,939	3,586	5,271	4,783	4,255
Loan loss provision	1,246	569	397	145	2.0	89.0
Net interest income after loan loss provision	3,272	2,370	3,189	5,126	4,781	4,166
Non-interest income	9,462	8,461	6,472	4,381	4,144	3,672
Non-interest expense	−7,600	−6,054	−5,753	−5,230	−4,853	−5,302
Net income before taxes	5,134	4,777	3,908	4,277	4,072	2,536
Provision for taxes	1,117	961	619	894	895	453
Minority interest & equity in affiliates	0	1.0	2.0	1.0	0	−42.0
Other	0	0	0	0	0	0
Net income before extraordinary items	4,017	3,817	3,291	3,384	3,177	2,041
Extraordinary items	–	–	–	–	–	–
Net income	4,017	3,817	3,291	3,384	3,177	2,041
Basic weighted average shares (mil)	378	340	338	337	337	336
Diluted weighted average shares (mil)	382	343	341	341	341	338
Basic EPS excluding extraordinary items	10.18	10.78	9.33	9.72	9.06	5.73
Basic EPS, normalized	11.21	10.88	9.43	9.45	8.92	8.45

Balance sheet in millions of CAD, fiscal years

Balance sheet, National Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	27,916	31,549	35,234	31,870	33,879	29,142
Other earning assets	232,152	174,375	157,801	161,403	137,206	136,969
Net loans	302,623	243,032	218,816	200,203	175,853	157,874
Property, plant & equipment	2,162	1,868	1,592	1,397	1,216	1,155
Goodwill	3,101	1,522	1,521	1,519	1,504	1,414
Intangibles	1,748	1,233	1,256	1,360	1,510	1,434
Long-term investments	46.0	40.0	49.0	140	225	409
Other long-term assets	1,572	1,315	1,022	887	1,045	769
Other assets	5,599	7,292	6,186	4,961	3,357	2,459
Total assets	576,919	462,226	423,477	403,740	355,795	331,625
Liabilities
Accounts payable	3,540	3,143	2,691	1,793	1,287	1,273
Payable/accrued	4,192	3,433	2,458	2,582	2,469	1,993
Accrued expenses	–	–	–	–	–	–
Total deposits	428,003	333,545	288,173	266,394	240,938	215,878
Other bearing liabilities	–	0	6,627	6,541	6,836	6,866
Short-term borrowings	32,092	30,417	30,735	29,101	14,565	28,709
Current portion of long-term debt	89.0	75.0	109	94.0	0	0
Long-term debt	26,821	20,524	22,652	28,302	24,774	23,307
Minority interest	0	0	2.0	2.0	3.0	3.0
Other liabilities	48,413	45,539	46,448	47,187	46,070	37,216
Total liabilities	543,150	436,676	399,895	381,996	336,942	315,245
Shareholders' equity
Preferred stock	3,114	3,150	3,150	3,150	2,650	2,950
Common stock	9,865	3,463	3,294	3,196	3,160	3,057
Additional paid-in capital	137	85.0	68.0	56.0	47.0	47.0
Retained earnings (accumulated deficit)	20,366	18,633	16,650	15,140	13,028	10,444
Treasury stock	–	–	–	–	–	–
Other equity	287	219	420	202	−32.0	−118
Total equity	33,769	25,550	23,582	21,744	18,853	16,380
Total liabilities & shareholders' equity	576,919	462,226	423,477	403,740	355,795	331,625

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, National Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,017	3,816	3,335	3,383	3,177	2,083
Depreciation, depletion & amortization	654	514	524	481	481	448
Deferred taxes	−180	−138	−229	110	119	−158
Non-cash items	79.0	−161	4.0	−3.0	1.0	76.0
Changes in working capital	65.0	621	1,532	−5,893	2,335	17,532
Cash from operations	4,635	4,652	5,166	−1,922	6,113	19,981
Investing activities
Capital expenditures	−233	−443	−352	−296	−217	−182
Other investing cash flows	−6,847	−6,893	272	−1,160	1,609	−3,167
Cash from investing	−7,080	−7,336	−80.0	−1,456	1,392	−3,349
Financing activities
Financing cash flow items	−347	–	0	−4.0	−334	−414
Cash dividends paid	−1,952	−1,640	−1,503	−1,325	−1,101	−1,300
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,124	543	−764	948	−304	482
Cash from financing	−1,175	−1,097	−2,267	−381	−1,739	−1,232
Foreign exchange effects	−13.0	96.0	545	1,750	−1,029	44.0
Net change in cash	−3,633	−3,685	3,364	−2,009	4,737	15,444
Free cash flow	4,402	4,209	4,814	−2,218	5,896	19,799

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.