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

TSX:NA • CA6330671034

Current stock price

177.49 CAD
-1.57 (-0.88%)
Last:

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

3

1. NA.CA Profitability Analysis

1.1 Basic Checks

  • NA had positive earnings in the past year.
  • NA had a positive operating cash flow in the past year.
  • In the past 5 years NA has always been profitable.
  • 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

  • With a Return On Assets value of 0.68%, NA perfoms like the industry average, outperforming 45.83% of the companies in the same industry.
  • NA has a Return On Equity (12.38%) which is comparable to the rest of the industry.
Industry RankSector Rank
ROA 0.68%
ROE 12.38%
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

  • NA has a Profit Margin of 27.99%. This is comparable to the rest of the industry: NA outperforms 50.00% of its industry peers.
  • NA's Profit Margin has improved in the last couple of years.
  • NA does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 27.99%
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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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.
  • NA has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for NA has been increased compared to 5 years ago.
  • Compared to 1 year ago, NA has an improved debt to assets ratio.
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

  • NA has a debt to FCF ratio of 5.42. This is a neutral value as NA would need 5.42 years to pay back of all of its debts.
  • NA's Debt to FCF ratio of 5.42 is fine compared to the rest of the industry. NA outperforms 79.17% of its industry peers.
  • NA has a Debt/Equity ratio of 2.24. This is a high value indicating a heavy dependency on external financing.
  • NA has a Debt to Equity ratio (2.24) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 2.24
Debt/FCF 5.42
Altman-Z N/A
ROIC/WACCN/A
WACC15.43%
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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5

3. NA.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 8.11% over the past year.
  • NA shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 13.23% yearly.
  • Looking at the last year, NA shows a very strong growth in Revenue. The Revenue has grown by 23.73%.
  • Measured over the past years, NA shows a quite strong growth in Revenue. The Revenue has been growing by 12.02% on average per year.
EPS 1Y (TTM)8.11%
EPS 3Y5.41%
EPS 5Y13.23%
EPS Q2Q%10.92%
Revenue 1Y (TTM)23.73%
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.
  • The Revenue is expected to grow by 5.44% on average over the next years.
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

  • A Price/Earnings ratio of 15.30 indicates a correct valuation of NA.
  • Based on the Price/Earnings ratio, NA is valued expensively inside the industry as 91.67% of the companies are valued cheaper.
  • NA is valuated rather cheaply when we compare the Price/Earnings ratio to 24.88, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 12.27, which indicates a correct valuation of NA.
  • Based on the Price/Forward Earnings ratio, NA is valued more expensive than 95.83% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of NA to the average of the S&P500 Index (22.19), we can say NA is valued slightly cheaper.
Industry RankSector Rank
PE 15.3
Fwd PE 12.27
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

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, NA is valued a bit cheaper than the industry average as 70.83% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 5
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

  • NA's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.03
PEG (5Y)1.16
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

  • NA has a Yearly Dividend Yield of 2.78%. Purely for dividend investing, there may be better candidates out there.
  • NA's Dividend Yield is slightly below the industry average, which is at 3.05.
  • Compared to an average S&P500 Dividend Yield of 1.90, NA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.78%

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

  • 49.72% of the earnings are spent on dividend by NA. This is a bit on the high side, but may be sustainable.
  • The dividend of NA is growing, but earnings are growing more, so the dividend growth is sustainable.
DP49.72%
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 (3/27/2026, 7:00:00 PM)

177.49

-1.57 (-0.88%)

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 Cap68.73B
Revenue(TTM)14.69B
Net Income(TTM)4.11B
Analysts75.45
Price Target182.42 (2.78%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.78%
Yearly Dividend5.33
Dividend Growth(5Y)6.57%
DP49.72%
Div Incr Years15
Div Non Decr Years31
Ex-Date03-30
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)4.89%
Min EPS beat(2)4.39%
Max EPS beat(2)5.39%
EPS beat(4)3
Avg EPS beat(4)5.39%
Min EPS beat(4)-3.39%
Max EPS beat(4)15.18%
EPS beat(8)6
Avg EPS beat(8)3.96%
EPS beat(12)8
Avg EPS beat(12)2.45%
EPS beat(16)10
Avg EPS beat(16)2%
Revenue beat(2)2
Avg Revenue beat(2)2.7%
Min Revenue beat(2)1.43%
Max Revenue beat(2)3.96%
Revenue beat(4)3
Avg Revenue beat(4)2.21%
Min Revenue beat(4)-4.43%
Max Revenue beat(4)7.89%
Revenue beat(8)5
Avg Revenue beat(8)1.3%
Revenue beat(12)7
Avg Revenue beat(12)0.27%
Revenue beat(16)7
Avg Revenue beat(16)-0.9%
PT rev (1m)3.06%
PT rev (3m)4.31%
EPS NQ rev (1m)3.43%
EPS NQ rev (3m)3.43%
EPS NY rev (1m)4.17%
EPS NY rev (3m)7.61%
Revenue NQ rev (1m)0.95%
Revenue NQ rev (3m)0.95%
Revenue NY rev (1m)2.05%
Revenue NY rev (3m)6.56%
Valuation
Industry RankSector Rank
PE 15.3
Fwd PE 12.27
P/S 4.68
P/FCF 5
P/OCF 4.93
P/B 2.07
P/tB 2.42
EV/EBITDA N/A
EPS(TTM)11.6
EY6.54%
EPS(NY)14.47
Fwd EY8.15%
FCF(TTM)35.49
FCFY20%
OCF(TTM)36.01
OCFY20.29%
SpS37.94
BVpS85.79
TBVpS73.34
PEG (NY)1.03
PEG (5Y)1.16
Graham Number149.63
Profitability
Industry RankSector Rank
ROA 0.68%
ROE 12.38%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 27.99%
GM N/A
FCFM 93.55%
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 2.24
Debt/FCF 5.42
Debt/EBITDA N/A
Cap/Depr 29.62%
Cap/Sales 1.38%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 334.3%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC15.43%
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)23.73%
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 1Y798.32%
FCF growth 3YN/A
FCF growth 5Y-25.97%
OCF growth 1Y1055.14%
OCF growth 3YN/A
OCF growth 5Y-25.34%

NATIONAL BANK OF CANADA / NA.CA Fundamental Analysis 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 49.72%.