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

TSX:NA • CA6330671034

Current stock price

201.78 CAD
-0.75 (-0.37%)
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

  • In the past year NA was profitable.
  • NA had a positive operating cash flow in the past year.
  • Each year in the past 5 years NA has been profitable.
  • Of the past 5 years NA 4 years had a positive operating cash flow.
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

  • The Return On Assets of NA (0.68%) is comparable to the rest of the industry.
  • NA has a Return On Equity of 12.38%. This is comparable to the rest of the industry: NA outperforms 50.00% of its industry peers.
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

  • The Profit Margin of NA (27.99%) is comparable to the rest of the industry.
  • In the last couple of years the Profit Margin of NA has grown nicely.
  • 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) 27.99%
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.
  • The number of shares outstanding for NA has been increased compared to 1 year ago.
  • Compared to 5 years ago, NA has more shares outstanding
  • NA has a better debt/assets ratio than last year.
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 5.42, which is a neutral value as it means it would take NA, 5.42 years of fcf income to pay off all of its debts.
  • NA has a better Debt to FCF ratio (5.42) than 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.
  • The Debt to Equity ratio of NA (2.24) 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
WACC14.86%
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.
  • The Earnings Per Share has been growing by 13.23% on average over the past years. This is quite good.
  • Looking at the last year, NA shows a very strong growth in Revenue. The Revenue has grown by 23.73%.
  • 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)23.73%
Revenue growth 3Y13.14%
Revenue growth 5Y12.02%
Sales Q2Q%20.53%

3.2 Future

  • Based on estimates for the next years, NA will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.00% on average per year.
  • Based on estimates for the next years, NA will show a small growth in Revenue. The Revenue will grow by 5.44% on average per year.
EPS Next Y15.29%
EPS Next 2Y13.25%
EPS Next 3Y11.1%
EPS Next 5Y9%
Revenue Next Year11.91%
Revenue Next 2Y8.63%
Revenue Next 3Y6.79%
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.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

  • With a Price/Earnings ratio of 17.39, NA is valued on the expensive side.
  • Based on the Price/Earnings ratio, NA is valued expensively inside the industry as 91.67% of the companies are valued cheaper.
  • NA's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.47.
  • Based on the Price/Forward Earnings ratio of 13.95, the valuation of NA can be described as correct.
  • NA's Price/Forward Earnings ratio is rather expensive when compared to the industry. NA is more expensive than 95.83% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.62, NA is valued a bit cheaper.
Industry RankSector Rank
PE 17.39
Fwd PE 13.95
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

  • Based on the Price/Free Cash Flow ratio, NA is valued a bit cheaper than 66.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF 5.67
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)1.14
PEG (5Y)1.31
EPS Next 2Y13.25%
EPS Next 3Y11.1%

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

5

5. NA.CA Dividend Analysis

5.1 Amount

  • NA has a Yearly Dividend Yield of 2.49%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 3.10, NA is paying slightly less dividend.
  • Compared to an average S&P500 Dividend Yield of 1.81, NA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.49%

5.2 History

  • The dividend of NA is nicely growing with an annual growth rate of 6.57%!
  • NA has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)6.57%
Div Incr Years0
Div Non Decr Years0
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 49.72% of its income as dividend. 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 2Y13.25%
EPS Next 3Y11.1%
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 (4/23/2026, 7:00:00 PM)

201.78

-0.75 (-0.37%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)02-25
Earnings (Next)05-27
Inst Owners39.17%
Inst Owner ChangeN/A
Ins Owners0.13%
Ins Owner ChangeN/A
Market Cap77.89B
Revenue(TTM)14.69B
Net Income(TTM)4.11B
Analysts76.36
Price Target196.39 (-2.67%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.49%
Yearly Dividend5.33
Dividend Growth(5Y)6.57%
DP49.72%
Div Incr Years0
Div Non Decr Years0
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)7.66%
PT rev (3m)10.95%
EPS NQ rev (1m)-0.03%
EPS NQ rev (3m)3.39%
EPS NY rev (1m)0.44%
EPS NY rev (3m)4.63%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.95%
Revenue NY rev (1m)0.2%
Revenue NY rev (3m)2.74%
Valuation
Industry RankSector Rank
PE 17.39
Fwd PE 13.95
P/S 5.3
P/FCF 5.67
P/OCF 5.59
P/B 2.34
P/tB 2.74
EV/EBITDA N/A
EPS(TTM)11.6
EY5.75%
EPS(NY)14.47
Fwd EY7.17%
FCF(TTM)35.6
FCFY17.65%
OCF(TTM)36.13
OCFY17.9%
SpS38.06
BVpS86.06
TBVpS73.57
PEG (NY)1.14
PEG (5Y)1.31
Graham Number149.869 (-25.73%)
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
WACC14.86%
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 Y15.29%
EPS Next 2Y13.25%
EPS Next 3Y11.1%
EPS Next 5Y9%
Revenue 1Y (TTM)23.73%
Revenue growth 3Y13.14%
Revenue growth 5Y12.02%
Sales Q2Q%20.53%
Revenue Next Year11.91%
Revenue Next 2Y8.63%
Revenue Next 3Y6.79%
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.


What is the valuation status of NATIONAL BANK OF CANADA (NA.CA) stock?

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


How profitable is NATIONAL BANK OF CANADA (NA.CA) stock?

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


What are the PE and PB ratios of NATIONAL BANK OF CANADA (NA.CA) stock?

The Price/Earnings (PE) ratio for NATIONAL BANK OF CANADA (NA.CA) is 17.39 and the Price/Book (PB) ratio is 2.34.


How financially healthy is NATIONAL BANK OF CANADA?

The financial health rating of NATIONAL BANK OF CANADA (NA.CA) is 2 / 10.