# National Bank of Canada (NA.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Banks. Price C$217.91, market value C$83.9 billion.

## Valuation
- **P/E (trailing): 18.2×** (5-yr avg 10.7×, 3-yr avg 11.8×). National Bank of Canada trades at 18.2× trailing earnings, well above its own five-year average of 10.7×: 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 15.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 3.0×**. Each dollar of revenue is priced at 3.0×.
- **Price / book: 2.5×**. The shares trade at 2.5× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 11.8%** (5-yr avg 8.5%). Free cash flow equals 11.8% of the market value, above its five-year average of 8.5%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.5%**. The inverse of the P/E: 5.5% of the price is earned each year.

## Profitability
- **Net margin: 13.0%**. 13.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.9%**. 11.9% on shareholders' equity is solid.
- **Return on assets: 0.8%**. Each dollar of assets produces 0.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 184.3%** (3-yr 47.4%/yr, 5-yr 22.6%/yr). Revenue grew 184.3% over the last year, against 22.6% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -5.7%** (3-yr 1.6%/yr, 5-yr 12.1%/yr). Earnings per share fell 5.7%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: C$33.2 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: 2.42%** (C$4.98 per share, trailing). National Bank of Canada yields 2.42%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 49%** (21% of free cash flow). 49% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 21**. 21 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 10.8%/yr** (1-yr 7.7%). The dividend has compounded at 10.8% a year over five years, doubling roughly every 7 years at that pace.
- **Shareholder yield: 4.6%**. Dividends plus net buybacks return 4.6% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (12 analysts). 12 analysts cover National Bank of Canada; the consensus is hold, with an average price target of C$223.75 (+3% 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): 55.2%** (YTD 27.9%, 3-mo 7.3%). The shares are up 55.2% over twelve months including dividends.
- **From 52-week high: -8.1%** (49.7% above the low). Trading 8% below 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): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 0.70** (volatility 19%). Beta of 0.70 against the S&P/TSX Composite: the shares move roughly with the market.

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

Not investment advice.