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Quebec-based bank with leading retail/commercial franchise in Quebec plus wealth management and capital markets across Canada.
Quebec-based bank with leading retail/commercial franchise in Quebec plus wealth management and capital markets across Canada.
Earns mainly from the gap between loan and deposit rates in Quebec, with fee income from wealth management and a capital-markets arm trading and advising for institutions. The 2025 purchase of Canadian Western Bank extended its reach in Western Canada, and it holds a majority of ABA Bank in Cambodia.
In one line: A regional bank akin to a Quebec-focused Fifth Third/PNC..
Moat: narrow (scale, distribution, brand). Dominant retail/commercial banking brand in Quebec with entrenched branch and relationship network.
Headquarters: Montreal, Canada · Founded: 1859 · Employees: 33,200
Size National Bank of Canada (NA.TO) is a Canada Financials company (Major Banks) with a market value of $59.3B, the 19th largest of 420 Canada companies the cockpit tracks. Shares closed at C$214.61 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against +8.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median 0.0%); the operating margin is 40.0% (peer median 38.2%).
Valuation It trades at 2.62× book value against a peer median of 1.69× (most expensive of 21).
Price implies The share price implies a return on equity of about 20.1%; National Bank of Canada delivers 14.3%, so the price asks more than the business earns today.
Credit National Bank of Canada has 24 bonds outstanding ($18.6B), rated A- by the agencies and trading like A at a weighted spread of 59 bp.
Next results Next results expected around 4 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$32.2B | C$30.3B | C$28.2B | C$23.0B | C$13.8B |
| Revenue growth | — | +8% | +23% | +67% | — |
| Net income | C$4.85B | C$4.02B | C$3.82B | C$3.29B | C$3.38B |
| Free cash flow | C$29.9B | C$3.82B | C$316M | -C$5.48B | C$2.83B |
| Capital expenditure | C$489M | C$502M | C$703M | C$651M | C$670M |
| Total debt | C$103B | C$82.1B | C$73.9B | C$67.6B | C$65.2B |
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 |
|---|---|---|---|---|---|---|
| National Bank of Canada NA.TO | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% |
| 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 Montreal BMO.TO | $120B | +16% | -2% | 11% | 2.14× | 16.4% |
| Canadian Imperial Bank of Commerce CM.TO | $105B | +8% | 0% | 16% | 2.50× | 20.1% |
| Laurentian Bank of Canada LB.TO | n/a | 0% | n/a | n/a | n/a | n/a |
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 | NA.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +0.7% | 3rd highest of 21 |
| 6-month return | +3.8% | +8.7% | 6th lowest of 21 |
| Return on equity | 14.3% | 13.2% | 5th highest of 21 |
| Price / book | 2.62× | 1.69× | most expensive of 21 |
| Trailing P/E | 17.9× | 12.1× | 5th most expensive of 21 |
| ROE the price implies | 20.1% | 13.2% | 4th most demanding of 21 |
| ROE delivered | 14.3% | 13.5% | 5th highest of 20 |
| Bond spread | 59 bp | 79 bp | 3rd tightest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| China CITIC Bank 601998.SS | China | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% | n/a |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| United Overseas Bank U11.SI | Singapore | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% | 9.8% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |
| Skandinaviska Enskilda Banken SEB-A.ST | Sweden | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% | 13.5% |
| Danske Bank A/S DANSKE.CO | Denmark | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% | 14.1% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
National Bank of Canada has 24 bonds outstanding with $18.6B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 4.21%, a spread of 59 bp over government bonds.