Royal Bank of Canada RY

FinancialsBanking ServicesCanada

Last close 283.93 CAD on Nov 1, 2026, +24.5% year to date

Quant rating

Quant rating A+ Rank 2 of 51 in Financials

Growth B 18 of 51
Valuation B 8 of 51
Quality B 12 of 51
Revisions B 9 of 51
Momentum B 14 of 51

Wall Street consensus Buy (2.13)Average target 305.92 CAD +7.7%

Historical valuation

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

Key data

Market cap: 393.7B
Enterprise value: 738.5B
52-week range: 201.76 – 306.38
3-year range: 111.27 – 306.38
Dividend yield: 2.48%
Beta (5 years): 0.91
Shares outstanding: 1,387M
Next earnings: Dec 3, 2026

About the company

Royal Bank of Canada (RBC) is a global financial institution. Its business includes Personal & Commercial Banking, Wealth Management, Capital Markets, and Insurance. The Personal & Commercial Banking comprises its personal banking operations and certain retail investment businesses in Canada, the Caribbean and the United States, as well as its commercial and corporate banking operations in Canada and the Caribbean. Wealth Management provides a full suite of investment, trust and other wealth management solutions for businesses. Capital Markets provides public and private companies, institutional investors, governments and central banks globally with a range of capital markets products and services across its two main business lines: corporate and investment banking and global markets. Insurance offers a range of life, health, home, auto, travel, wealth and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	103,825	104,951	86,991	40,771	28,145	–
Revenue growth	−1.1%	20.6%	113.4%	44.9%	−19.3%	24.4%
EPS (basic, normalized)	14.10	11.27	10.33	11.08	10.34	–
EPS growth	25.1%	9.1%	−6.7%	7.1%	11.1%	8.7%
Gross margin	–	–	–	–	–	–
Net margin	19.1%	15.2%	16.5%	38.1%	56.1%	29.0%
ROE	16.7%	–	14.0%	16.6%	17.2%	16.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.9%
Long-term debt (mil)	13,580
Net debt (mil)	–
Total equity (mil)	145,036
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	103,825	−1.1%	7.1x	91.00	+10.0%	3.1x	14.43	+19.2%	19.7x
2026	72,353	−30.3%	10.2x	97.89	+7.6%	2.9x	16.39	+13.6%	17.3x
2027	76,357	+5.5%	9.7x	105.33	+7.6%	2.7x	17.88	+9.1%	15.9x
2028	80,249	+5.1%	9.2x	114.32	+8.5%	2.5x	19.55	+9.3%	14.5x

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	72,353	0.0%	+1.2%	+2.0%	16.39	0.0%	+1.9%	+3.0%
2027	76,357	0.0%	+2.3%	+3.0%	17.88	0.0%	+1.5%	+2.6%
2028	80,249	0.0%	+3.0%	+5.4%	19.55	0.0%	+2.7%	+3.8%

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)	14,154	14,631	15,074	16,739	15,672	16,985	17,209	17,960	17,453	18,538
Sales mean (mil)	13,534	14,367	14,667	15,596	15,736	16,031	16,651	17,458	17,217	18,140
Surprise	+4.6%	+1.8%	+2.8%	+7.3%	−0.4%	+5.9%	+3.4%	+2.9%	+1.4%	+2.2%
EPS reported	2.92	3.26	3.07	3.62	3.12	3.84	3.85	4.08	3.90	4.28
EPS mean	2.75	2.97	3.01	3.26	3.19	3.32	3.53	3.85	3.78	4.08
Surprise	+6.1%	+9.9%	+2.1%	+11.0%	−2.1%	+15.7%	+9.2%	+6.1%	+3.0%	+4.9%

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
RY Royal Bank of Canada	393.7B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
JPM JPMorgan Chase & Co.	1.25T	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
BAC Bank of America Corporation	484.3B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
WFC Wells Fargo & Company	350.2B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
HSBA HSBC Holdings PLC	409.4B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
AXP American Express Company	299.3B	–	13.8%	–	18.0x	15.8x	6.1x	5.4x
Mean		14.4%	21.2%	1.67x	13.6x	12.4x	2.6x	2.4x
Median		14.9%	21.3%	1.72x	12.5x	11.8x	2.1x	1.9x

Technical analysis

1M+0.2%
3M−4.6%
1Y+40.2%
3Y+188.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Royal Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	103,825	104,951	86,991	40,771	28,145	34,883
Total interest expense	70,825	76,998	61,862	18,054	8,143	14,048
Net interest income	33,000	27,953	25,129	22,717	20,002	20,835
Loan loss provision	4,362	3,232	2,468	484	597	1,720
Net interest income after loan loss provision	28,638	24,721	22,661	22,233	19,405	19,115
Non-interest income	33,605	29,391	26,335	26,268	29,691	26,346
Non-interest expense	−36,592	−34,250	−30,813	−28,392	−28,465	−31,072
Net income before taxes	25,651	19,862	18,183	20,109	20,631	14,389
Provision for taxes	5,282	3,622	3,571	4,302	4,581	2,952
Minority interest & equity in affiliates	−7.0	−10.0	−7.0	−13.0	−12.0	−5.0
Other	0	0	0	0	0	0
Net income before extraordinary items	20,362	16,230	14,605	15,794	16,038	11,432
Extraordinary items	–	–	–	–	–	–
Net income	20,362	16,230	14,605	15,794	16,038	11,432
Basic weighted average shares (mil)	1,409	1,412	1,391	1,404	1,424	1,424
Diluted weighted average shares (mil)	1,409	1,414	1,393	1,406	1,427	1,429
Basic EPS excluding extraordinary items	14.10	11.27	10.33	11.08	11.08	7.84
Basic EPS, normalized	14.10	11.27	10.33	11.08	10.34	9.31

Balance sheet in millions of CAD, fiscal years

Balance sheet, Royal Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	37,024	56,723	61,989	72,436	113,886	118,888
Other earning assets	1,161,209	1,055,046	1,025,584	968,020	825,003	795,702
Net loans	1,042,422	981,380	852,773	819,965	717,575	660,992
Property, plant & equipment	6,819	6,852	6,749	7,214	7,424	7,934
Goodwill	19,405	19,286	12,594	12,277	10,854	11,302
Intangibles	7,402	7,798	5,903	6,083	4,471	4,752
Long-term investments	829	835	501	711	654	652
Other long-term assets	8,498	7,958	8,504	4,803	4,651	2,722
Other assets	41,398	35,704	31,934	25,710	21,805	21,604
Total assets	2,325,006	2,171,582	2,006,531	1,917,219	1,706,323	1,624,548
Liabilities
Accounts payable	9,487	8,270	8,065	10,974	6,461	5,108
Payable/accrued	1,663	1,475	1,580	1,292	1,867	1,500
Accrued expenses	25,358	25,007	20,025	14,010	11,518	10,331
Total deposits	1,515,616	1,409,531	1,231,687	1,208,814	1,100,831	1,011,885
Other bearing liabilities	–	35.0	21,745	17,872	19,873	18,618
Short-term borrowings	339,889	337,679	372,068	307,106	276,176	287,699
Current portion of long-term debt	2,091	709	653	110	188	0
Long-term debt	18,778	20,438	16,825	17,377	38,348	31,041
Minority interest	59.0	103	99.0	111	95.0	103
Other liabilities	272,973	241,246	218,736	231,489	152,299	171,599
Total liabilities	2,185,914	2,044,493	1,891,483	1,809,155	1,607,656	1,537,884
Shareholders' equity
Preferred stock	11,675	9,031	7,314	7,318	6,684	5,945
Common stock	20,863	21,013	19,398	17,318	17,728	17,628
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	96,938	88,608	81,715	78,037	71,795	59,806
Treasury stock	−110	−61.0	−231	−334	−73.0	−129
Other equity	9,726	8,498	6,852	5,725	2,533	3,414
Total equity	139,092	127,089	115,048	108,064	98,667	86,664
Total liabilities & shareholders' equity	2,325,006	2,171,582	2,006,531	1,917,219	1,706,323	1,624,548

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Royal Bank of Canada, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	20,369	16,240	14,866	15,807	16,050	11,437
Depreciation, depletion & amortization	3,079	2,981	2,870	2,652	2,592	2,648
Deferred taxes	−216	−1,529	−995	569	581	−586
Non-cash items	−73.0	45.0	129	−208	−153	−65.0
Changes in working capital	32,061	5,402	9,209	3,122	41,974	125,385
Cash from operations	55,220	23,139	26,079	21,942	61,044	138,819
Investing activities
Capital expenditures	−2,243	−2,280	−2,730	−2,500	−2,186	−2,629
Other investing cash flows	−66,326	−18,607	−25,535	−54,554	−55,162	−36,928
Cash from investing	−68,569	−20,887	−28,265	−57,054	−57,348	−39,557
Financing activities
Financing cash flow items	−39.0	−6.0	−21.0	−5.0	−3.0	−6.0
Cash dividends paid	−8,800	−6,637	−5,549	−6,960	−6,420	−6,333
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,128	−1,503	−4,263	4,780	495	−1,407
Cash from financing	−6,711	−8,146	−9,833	−2,185	−5,928	−7,746
Foreign exchange effects	361	628	1,611	−4,152	−2,810	1,062
Net change in cash	−19,699	−5,266	−10,408	−41,449	−5,042	92,578
Free cash flow	52,977	20,859	23,349	19,442	58,858	136,190

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.