National Australia BankASX:NAB -3.35%67 Piotroski F-Score is 4 as of Jun. 25, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates ASX:NAB with a GF Score™ of 67/100 and a GF Value™ of A$42.23 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,497 Banks companies, National Australia Bank ranks worse than 75.42% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Australia Bank has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for National Australia Bank's Piotroski F-Score or its related term are showing as below:
ASX:NAB'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 6
Current: 4
During the past 13 years, the highest Piotroski F-Score of National Australia Bank was 6. The lowest was 2. And the median was 5.
National Australia Bank (ASX:NAB) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
National Australia Bank Piotroski F-Score Related Terms
National Australia Bank Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for National Australia Bank's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:NAB vs JPM, BAC, WFC: Piotroski F-Score Comparison
For the Banks - Diversified subindustry, National Australia Bank's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Australia Bank Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, National Australia Bank's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where National Australia Bank's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
National Australia Bank's current Net Income (TTM) was 6,759.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
National Australia Bank's current Cash Flow from Operations (TTM) was 8,511.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
National Australia Bank's return on assets of this year was 0.0062569. National Australia Bank's return on assets of last year was 0.00657172.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
National Australia Bank's gearing of this year was 0.20294248. National Australia Bank's gearing of last year was 0.20033553.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
National Australia Bank's current ratio of this year was 1.06088204. National Australia Bank's current ratio of last year was 1.06111087.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
National Australia Bank's number of shares in issue this year was 3132. National Australia Bank's number of shares in issue last year was 3293.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
National Australia Bank's net margin of this year was 0.32428153. National Australia Bank's net margin of last year was 0.33734005.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
National Australia Bank's asset turnover of this year was 0.01929464. National Australia Bank's asset turnover of last year was 0.019481.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Australia Bank has an F-score of 4 indicating the company's financial situation is typical for a stable company.
National Australia Bank (ASX:NAB) has a Piotroski F-Score of 4 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on National Australia Bank and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, National Australia Bank's Piotroski F-Score has ranged from 2.00 to 6.00. According to the industry distribution chart, National Australia Bank ranks #1129 out of 1497 companies in the Banks industry, placing it in the top 75.4%.
Is National Australia Bank's Piotroski F-Score too high?
National Australia Bank's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 6.00. The Banks industry median Piotroski F-Score is 6.00. National Australia Bank's value of 4 is 33.3% below this industry median. Based on the distribution chart, National Australia Bank ranks #1129 out of 1497 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, National Australia Bank has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does National Australia Bank's Piotroski F-Score compare to JPM and BAC?
According to the Banks industry distribution chart, National Australia Bank ranks #1129 out of 1497 companies for Piotroski F-Score. This places National Australia Bank in the lower half of its industry. The industry median Piotroski F-Score is 6.00. National Australia Bank's value of 4 is 33.3% below this benchmark. Historically, National Australia Bank's own Piotroski F-Score has ranged from 2.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, National Australia Bank has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,497 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Australia Bank's current Piotroski F-Score of 4 is 33.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on National Australia Bank and its competitors. For the Banks industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Australia Bank's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Australia Bank stock overvalued right now?
Based on GuruFocus' analysis, National Australia Bank (ASX:NAB) is currently considered Modestly Undervalued. The stock's GF Value™ is A$42.23, compared to a current price of A$37.45 — trading 11.3% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 33.3% below the Banks industry median of 6.00. National Australia Bank's overall GF Score™ is 67/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For National Australia Bank (ASX:NAB), the current Piotroski F-Score is 4 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Australia Bank (ASX:NAB) Overvalued in 2026?
Based on GuruFocus' analysis, National Australia Bank stock appears to be undervalued.
The current stock price of A$37.45 is trading 11.3% below its estimated GF Value™ of A$42.23.
GuruFocus considers National Australia Bank to be Modestly Undervalued.
Key valuation signals for ASX:NAB:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: A$42.23 vs. price of A$37.45 (11.3% below fair value)
Industry Position: 33.3% below the Banks median (#1129 of 1497)
No single metric tells the full story. See the ASX:NAB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Australia Bank is the most business-focused of the four major banks, holding the largest share of business loans and the number-three spot in home loans. National Australia Bank is currently the second-largest bank by market capitalization, with the franchise covering consumer, small business, corporate, and institutional sectors. Under the UBank brand the bank also owns one of Australia's largest digital-only banks. Offshore operations in New Zealand round out the group.
67GF Score
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