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Canada's oldest bank, with a large US Midwest commercial and retail banking business (BMO Bank) alongside Canadian retail and capital markets.
Canada's oldest bank, with a large US Midwest commercial and retail banking business (BMO Bank) alongside Canadian retail and capital markets.
Earns mostly from the lending spread and fees in Canada and in a US footprint centred on the Midwest, where it is stronger in commercial lending than in consumer banking. Buying Bank of the West from BNP Paribas in 2023 added branches in California and the western US and is still being integrated.
In one line: A Canadian bank with a genuine US Midwest commercial-banking footprint.
Moat: narrow (scale, distribution, brand). Large, long-standing US Midwest commercial-banking franchise (via Bank of the West acquisition) plus Canadian scale.
Headquarters: Montreal, Canada · Founded: 1817 · Employees: 53,234
Size Bank of Montreal (BMO.TO) is a Canada Financials company (Major Banks) with a market value of $120B, the 4th largest of 420 Canada companies the cockpit tracks. Shares closed at C$241.42 on 6 Nov 2026.
Performance Over six months the shares gained 15.9%, against +8.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +4.0%); the operating margin is 31.0% (peer median 38.3%).
Valuation It trades at 2.14× book value against a peer median of 1.70× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 16.4%; Bank of Montreal delivers 10.6%, so the price asks more than the business earns today.
Credit Bank of Montreal has 22 bonds outstanding ($24.1B), rated A- by the agencies and trading like AA- at a weighted spread of 46 bp.
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$77.6B | C$77.9B | C$78.8B | C$65.7B | C$44.3B |
| Revenue growth | — | -1% | +20% | +48% | — |
| Net income | C$9.15B | C$8.71B | C$7.32B | C$4.42B | C$13.5B |
| Free cash flow | C$84.2B | C$45.6B | C$17.2B | C$5.22B | C$45.5B |
| Capital expenditure | C$1.93B | C$1.73B | C$1.56B | C$1.68B | C$1.45B |
| Total debt | C$167B | C$175B | C$155B | C$147B | C$146B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank of Montreal BMO.TO | $120B | +16% | -2% | 11% | 2.14× | 16.4% |
| Royal Bank of Canada RY.TO | $281B | +15% | +5% | 16% | 2.94× | 18.4% |
| Toronto-Dominion Bank TD.TO | $208B | +18% | -11% | 13% | 2.48× | 15.3% |
| Bank of Nova Scotia BNS.TO | $114B | +21% | -3% | 12% | 1.99× | 16.3% |
| U.S. Bancorp USB | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BMO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +2.7% | 7th highest of 21 |
| 6-month return | +15.9% | +8.2% | 8th highest of 21 |
| Return on equity | 10.6% | 13.1% | 5th lowest of 21 |
| Price / book | 2.14× | 1.70× | 3rd most expensive of 21 |
| Trailing P/E | 19.7× | 12.0× | 2nd most expensive of 20 |
| ROE the price implies | 16.4% | 13.6% | 8th most demanding of 21 |
| ROE delivered | 10.6% | 13.1% | 5th lowest of 21 |
| Bond spread | 46 bp | 76 bp | 2nd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
Bank of Montreal has 22 bonds outstanding with $24.1B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 3.56%, a spread of 46 bp over government bonds.