NATIONAL BANK OF CANADA (NA.CA) Fundamental Analysis & Valuation

TSX:NA • CA6330671034

183.94 CAD
-1.66 (-0.89%)
Last: Mar 10, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This NA.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

Overall NA gets a fundamental rating of 3 out of 10. We evaluated NA against 24 industry peers in the Banks industry. NA has a bad profitability rating. Also its financial health evaluation is rather negative. NA is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

3

1. NA.CA Profitability Analysis

1.1 Basic Checks

  • In the past year NA was profitable.
  • In the past year NA had a positive cash flow from operations.
  • NA had positive earnings in each of the past 5 years.
  • NA had a positive operating cash flow in 4 of the past 5 years.
NA.CA Yearly Net Income VS EBIT VS OCF VS FCFNA.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B 15B

1.2 Ratios

  • NA has a Return On Assets (0.67%) which is in line with its industry peers.
  • Looking at the Return On Equity, with a value of 11.41%, NA is in line with its industry, outperforming 50.00% of the companies in the same industry.
Industry RankSector Rank
ROA 0.67%
ROE 11.41%
ROIC N/A
ROA(3y)0.73%
ROA(5y)0.77%
ROE(3y)13.03%
ROE(5y)14.07%
ROIC(3y)N/A
ROIC(5y)N/A
NA.CA Yearly ROA, ROE, ROICNA.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • The Profit Margin of NA (27.55%) is comparable to the rest of the industry.
  • NA's Profit Margin has improved in the last couple of years.
  • The Operating Margin and Gross Margin are not available for NA so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 27.55%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-6.72%
PM growth 5Y2.58%
GM growth 3YN/A
GM growth 5YN/A
NA.CA Yearly Profit, Operating, Gross MarginsNA.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. NA.CA Health Analysis

2.1 Basic Checks

  • NA does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, NA has more shares outstanding
  • Compared to 5 years ago, NA has more shares outstanding
  • The debt/assets ratio for NA has been reduced compared to a year ago.
NA.CA Yearly Shares OutstandingNA.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
NA.CA Yearly Total Debt VS Total AssetsNA.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B 400B 500B

2.2 Solvency

  • The Debt to FCF ratio of NA is 13.40, which is on the high side as it means it would take NA, 13.40 years of fcf income to pay off all of its debts.
  • NA has a better Debt to FCF ratio (13.40) than 62.50% of its industry peers.
  • NA has a Debt/Equity ratio of 1.74. This is a high value indicating a heavy dependency on external financing.
  • With a decent Debt to Equity ratio value of 1.74, NA is doing good in the industry, outperforming 70.83% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.74
Debt/FCF 13.4
Altman-Z N/A
ROIC/WACCN/A
WACC15.3%
NA.CA Yearly LT Debt VS Equity VS FCFNA.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
NA.CA Yearly Current Assets VS Current LiabilitesNA.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. NA.CA Growth Analysis

3.1 Past

  • NA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.11%, which is quite good.
  • Measured over the past years, NA shows a quite strong growth in Earnings Per Share. The EPS has been growing by 13.23% on average per year.
  • NA shows a strong growth in Revenue. In the last year, the Revenue has grown by 22.63%.
  • NA shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 12.02% yearly.
EPS 1Y (TTM)8.11%
EPS 3Y5.41%
EPS 5Y13.23%
EPS Q2Q%10.92%
Revenue 1Y (TTM)22.63%
Revenue growth 3Y13.14%
Revenue growth 5Y12.02%
Sales Q2Q%20.53%

3.2 Future

  • The Earnings Per Share is expected to grow by 9.00% on average over the next years. This is quite good.
  • NA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.44% yearly.
EPS Next Y14.78%
EPS Next 2Y13.26%
EPS Next 3Y11.74%
EPS Next 5Y9%
Revenue Next Year11.68%
Revenue Next 2Y8.6%
Revenue Next 3Y7.19%
Revenue Next 5Y5.44%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NA.CA Yearly Revenue VS EstimatesNA.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B
NA.CA Yearly EPS VS EstimatesNA.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

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3

4. NA.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • NA is valuated correctly with a Price/Earnings ratio of 15.86.
  • NA's Price/Earnings ratio is rather expensive when compared to the industry. NA is more expensive than 91.67% of the companies in the same industry.
  • NA is valuated rather cheaply when we compare the Price/Earnings ratio to 26.25, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 12.71, which indicates a correct valuation of NA.
  • 95.83% of the companies in the same industry are cheaper than NA, based on the Price/Forward Earnings ratio.
  • NA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.39, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.86
Fwd PE 12.71
NA.CA Price Earnings VS Forward Price EarningsNA.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • NA's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 16.23
EV/EBITDA N/A
NA.CA Per share dataNA.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.07
PEG (5Y)1.2
EPS Next 2Y13.26%
EPS Next 3Y11.74%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. NA.CA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.60%, NA has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.05, NA is paying slightly less dividend.
  • Compared to an average S&P500 Dividend Yield of 1.82, NA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.6%

5.2 History

  • On average, the dividend of NA grows each year by 6.57%, which is quite nice.
  • NA has been paying a dividend for at least 10 years, so it has a reliable track record.
  • NA has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)6.57%
Div Incr Years15
Div Non Decr Years31
NA.CA Yearly Dividends per shareNA.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • NA pays out 50.67% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • NA's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP50.67%
EPS Next 2Y13.26%
EPS Next 3Y11.74%
NA.CA Yearly Income VS Free CF VS DividendNA.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B 10B 15B
NA.CA Dividend Payout.NA.CA Dividend Payout, showing the Payout Ratio.NA.CA Dividend Payout.PayoutRetained Earnings

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NA.CA Fundamentals: All Metrics, Ratios and Statistics

NATIONAL BANK OF CANADA

TSX:NA (3/10/2026, 7:00:00 PM)

183.94

-1.66 (-0.89%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)02-25
Earnings (Next)05-27
Inst Owners38.67%
Inst Owner ChangeN/A
Ins Owners0.13%
Ins Owner ChangeN/A
Market Cap71.43B
Revenue(TTM)13.98B
Net Income(TTM)3.85B
Analysts75.45
Price Target182.42 (-0.83%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.6%
Yearly Dividend5.33
Dividend Growth(5Y)6.57%
DP50.67%
Div Incr Years15
Div Non Decr Years31
Ex-Date03-30
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.5%
Min EPS beat(2)-3.39%
Max EPS beat(2)4.39%
EPS beat(4)3
Avg EPS beat(4)5.88%
Min EPS beat(4)-3.39%
Max EPS beat(4)15.18%
EPS beat(8)6
Avg EPS beat(8)4.13%
EPS beat(12)8
Avg EPS beat(12)2.41%
EPS beat(16)10
Avg EPS beat(16)2.63%
Revenue beat(2)1
Avg Revenue beat(2)-0.23%
Min Revenue beat(2)-4.43%
Max Revenue beat(2)3.96%
Revenue beat(4)3
Avg Revenue beat(4)2.65%
Min Revenue beat(4)-4.43%
Max Revenue beat(4)7.89%
Revenue beat(8)5
Avg Revenue beat(8)1.26%
Revenue beat(12)6
Avg Revenue beat(12)-0.12%
Revenue beat(16)7
Avg Revenue beat(16)-0.77%
PT rev (1m)3.06%
PT rev (3m)4.31%
EPS NQ rev (1m)1.74%
EPS NQ rev (3m)2.1%
EPS NY rev (1m)4.17%
EPS NY rev (3m)7.61%
Revenue NQ rev (1m)1%
Revenue NQ rev (3m)1.21%
Revenue NY rev (1m)2.53%
Revenue NY rev (3m)6.56%
Valuation
Industry RankSector Rank
PE 15.86
Fwd PE 12.71
P/S 5.11
P/FCF 16.23
P/OCF 15.41
P/B 2.12
P/tB 2.47
EV/EBITDA N/A
EPS(TTM)11.6
EY6.31%
EPS(NY)14.47
Fwd EY7.87%
FCF(TTM)11.34
FCFY6.16%
OCF(TTM)11.94
OCFY6.49%
SpS36
BVpS86.96
TBVpS74.47
PEG (NY)1.07
PEG (5Y)1.2
Graham Number150.65
Profitability
Industry RankSector Rank
ROA 0.67%
ROE 11.41%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 27.55%
GM N/A
FCFM 31.49%
ROA(3y)0.73%
ROA(5y)0.77%
ROE(3y)13.03%
ROE(5y)14.07%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-6.72%
PM growth 5Y2.58%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 1.74
Debt/FCF 13.4
Debt/EBITDA N/A
Cap/Depr 35.63%
Cap/Sales 1.67%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 114.28%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC15.3%
ROIC/WACCN/A
Cap/Depr(3y)63%
Cap/Depr(5y)59.13%
Cap/Sales(3y)3.02%
Cap/Sales(5y)2.91%
Profit Quality(3y)127.34%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.11%
EPS 3Y5.41%
EPS 5Y13.23%
EPS Q2Q%10.92%
EPS Next Y14.78%
EPS Next 2Y13.26%
EPS Next 3Y11.74%
EPS Next 5Y9%
Revenue 1Y (TTM)22.63%
Revenue growth 3Y13.14%
Revenue growth 5Y12.02%
Sales Q2Q%20.53%
Revenue Next Year11.68%
Revenue Next 2Y8.6%
Revenue Next 3Y7.19%
Revenue Next 5Y5.44%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y4.59%
FCF growth 3YN/A
FCF growth 5Y-25.97%
OCF growth 1Y-0.37%
OCF growth 3YN/A
OCF growth 5Y-25.34%

NATIONAL BANK OF CANADA / NA.CA FAQ

Can you provide the ChartMill fundamental rating for NATIONAL BANK OF CANADA?

ChartMill assigns a fundamental rating of 3 / 10 to NA.CA.


Can you provide the valuation status for NATIONAL BANK OF CANADA?

ChartMill assigns a valuation rating of 3 / 10 to NATIONAL BANK OF CANADA (NA.CA). This can be considered as Overvalued.


What is the profitability of NA stock?

NATIONAL BANK OF CANADA (NA.CA) has a profitability rating of 3 / 10.


What is the earnings growth outlook for NATIONAL BANK OF CANADA?

The Earnings per Share (EPS) of NATIONAL BANK OF CANADA (NA.CA) is expected to grow by 14.78% in the next year.


How sustainable is the dividend of NATIONAL BANK OF CANADA (NA.CA) stock?

The dividend rating of NATIONAL BANK OF CANADA (NA.CA) is 6 / 10 and the dividend payout ratio is 50.67%.