Loading…
Australia's oldest bank and one of its big four, offering retail, business and institutional banking nationwide.
Australia's oldest bank and one of its big four, offering retail, business and institutional banking nationwide.
Earns mostly from the lending spread, with home loans the largest part, plus business and institutional banking. After a money-laundering reporting scandal and years of weak returns, it has sold off insurance and some wealth and consumer-finance arms to simplify itself.
In one line: Australia's Wells Fargo (retail/mortgage-heavy).
Moat: narrow (scale, distribution, brand). Long-standing brand and large mortgage book as one of Australia's big-four banks.
Headquarters: Sydney, Australia · Founded: 1817 · Employees: 34,682
Size Westpac Banking (WBC.AX) is an Australia Financials company (Major Banks) with a market value of $87.6B, the 3rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$37.03 on 6 Nov 2026.
Performance Over six months the shares gained 4.1%, against +7.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median -1.1%); the operating margin is 42.9% (peer median 36.2%).
Valuation It trades at 1.78× book value against a peer median of 1.57× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 16.4%; Westpac Banking delivers 9.5%, so the price asks more than the business earns today.
Credit Westpac Banking has 52 bonds outstanding ($53.2B), rated AA- by the agencies and trading like A+ at a weighted spread of 60 bp.
Next results Next results expected around 3 May 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$59.4B | A$59.4B | A$58.4B | A$57.5B | A$47.4B |
| Revenue growth | — | +2% | +2% | +21% | — |
| Net income | A$6.81B | A$6.81B | A$6.91B | A$6.98B | A$7.19B |
| Free cash flow | A$7.92B | A$7.92B | A$13.6B | -A$1.17B | -A$3.93B |
| Capital expenditure | A$1.06B | A$1.06B | A$1.15B | A$1.02B | A$1.38B |
| Total debt | n/a | A$250B | A$232B | A$230B | A$219B |
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 |
|---|---|---|---|---|---|---|
| Westpac Banking WBC.AX | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% |
| Commonwealth Bank of Australia CBA.AX | $194B | +9% | +1% | 14% | 3.56× | 33.3% |
| National Australia Bank NAB.AX | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% |
| 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 | WBC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | +1.1% | highest of 21 |
| 6-month return | +4.1% | +7.5% | 6th lowest of 21 |
| Return on equity | 9.5% | 12.6% | 5th lowest of 21 |
| Price / book | 1.78× | 1.57× | 7th most expensive of 21 |
| Trailing P/E | 18.6× | 12.0× | 4th most expensive of 21 |
| ROE the price implies | 16.4% | 14.2% | 6th most demanding of 21 |
| ROE delivered | 9.5% | 12.8% | 4th lowest of 20 |
| Bond spread | 60 bp | 78 bp | 5th tightest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| 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% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| 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 |
| 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% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| 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% |
| 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% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
Westpac Banking has 52 bonds outstanding with $53.2B face value. The agencies rate it AA-; its bonds trade like A+. Weighted yield 5.12%, a spread of 60 bp over government bonds.