# Bank of Nova Scotia (BNS.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Banks. Price C$129.65, market value C$158.0 billion.

## Valuation
- **P/E (trailing): 16.9×** (5-yr avg 10.0×, 3-yr avg 11.7×). Bank of Nova Scotia trades at 16.9× trailing earnings, well above its own five-year average of 10.0×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 13.7×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.5×**. Each dollar of revenue is priced at 2.5×.
- **Price / book: 1.8×**. The shares trade at 1.8× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -4.8%** (5-yr avg 18.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 5.9%**. The inverse of the P/E: 5.9% of the price is earned each year.

## Profitability
- **Net margin: 10.6%**. 10.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 9.0%**. 9.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on assets: 0.7%**. Each dollar of assets produces 0.7% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 148.2%** (3-yr 32.9%/yr, 5-yr 18.5%/yr). Revenue grew 148.2% over the last year, against 18.5% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -3.2%** (3-yr -10.9%/yr, 5-yr 1.4%/yr). Earnings per share fell 3.2%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -14.8%/yr**. Free cash flow has compounded at -14.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: C$108.1 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 3.52%** (C$4.44 per share, trailing). Bank of Nova Scotia yields 3.52%, an income-level yield.
- **Payout ratio: 75%**. 75% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 3**. 3 straight years of increases.
- **Dividend growth (5 yr): 3.7%/yr** (1-yr 1.9%). The dividend has grown 3.7% a year over five years.
- **Shareholder yield: 4.2%**. Dividends plus net buybacks return 4.2% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (14 analysts). 14 analysts cover Bank of Nova Scotia; the consensus is hold, with an average price target of C$132.86 (+2% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 54.1%** (YTD 32.2%, 3-mo 16.5%). The shares are up 54.1% over twelve months including dividends.
- **From 52-week high: -1.6%** (48.5% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 60**. An RSI of 60 is neutral.
- **Beta (1 yr): 0.64** (volatility 17%). Beta of 0.64 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BNS.TO · Page: https://foliofundamentals.com/stocks/bns.to

Not investment advice.