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One of Australia's big-four banks, strong in business banking alongside retail home loans and NZ operations (Bank of New Zealand).
One of Australia's big-four banks, strong in business banking alongside retail home loans and NZ operations (Bank of New Zealand).
Earns mostly from the lending spread, with business and agricultural lending more important than at its three big rivals, and home loans next. It has shrunk its footprint to Australia and New Zealand, demerging its UK banks in 2016 and selling its MLC wealth arm in 2021.
In one line: Australia's PNC-style business bank.
Moat: narrow (scale, distribution, customer qualification). Leading business-banking relationships and scale among Australia's big-four banks.
Headquarters: Melbourne, Australia · Founded: 1982 · Employees: 41,880
Size National Australia Bank (NAB.AX) is an Australia Financials company (Major Banks) with a market value of $86.2B, the 4th largest of 316 Australia companies the cockpit tracks. Shares closed at A$40.00 on 6 Nov 2026.
Performance Over six months the shares gained 8.5%, against +7.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 8.1% over the last twelve months (peer median +0.3%); the operating margin is 39.8% (peer median 36.2%).
Valuation It trades at 2.02× book value against a peer median of 1.57× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 20.2%; National Australia Bank delivers 10.0%, so the price asks more than the business earns today.
Credit National Australia Bank has 36 bonds outstanding ($34.5B), rated AA- by the agencies and trading like AA- at a weighted spread of 79 bp.
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$57.9B | A$60.2B | A$63.2B | A$51.7B | A$25.0B |
| Revenue growth | — | -5% | +22% | +107% | — |
| Net income | A$6.10B | A$6.76B | A$6.96B | A$7.41B | A$6.89B |
| Free cash flow | -A$756M | A$7.10B | -A$37.2B | -A$27.9B | A$27.1B |
| Capital expenditure | A$1.38B | A$1.41B | A$1.44B | A$1.19B | A$1.08B |
| Total debt | n/a | A$290B | A$282B | A$289B | A$291B |
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 Australia Bank NAB.AX | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% |
| Commonwealth Bank of Australia CBA.AX | $194B | +9% | +1% | 14% | 3.56× | 33.3% |
| Westpac Banking WBC.AX | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% |
| ANZ ANZ.AX | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% |
| Macquarie MQG.AX | $63.5B | +5% | +5% | 13% | 2.53× | 26.4% |
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 | NAB.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +1.1% | 4th highest of 21 |
| 6-month return | +8.5% | +7.0% | 9th highest of 21 |
| Return on equity | 10.0% | 12.6% | 6th lowest of 21 |
| Price / book | 2.02× | 1.57× | 3rd most expensive of 21 |
| Trailing P/E | 20.8× | 12.0× | most expensive of 21 |
| ROE the price implies | 20.2% | 14.2% | 2nd most demanding of 21 |
| ROE delivered | 10.0% | 12.8% | 5th lowest of 20 |
| Bond spread | 79 bp | 75 bp | 7th widest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| 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% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| China CITIC Bank 0998.HK | Hong Kong | $73.0B | 0% | -1% | 9% | 0.45× | 4.5% | 8.6% |
| Bank of Communications 601328.SS | China | $106B | +22% | -5% | 8% | 0.62× | 2.4% | n/a |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| 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% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
National Australia Bank has 36 bonds outstanding with $34.5B face value. The agencies rate it AA-; its bonds trade like AA-. Weighted yield 4.63%, a spread of 79 bp over government bonds.