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Bank of Nova ScotiaBNS -0.08%67 Graham Number is $68.32 as of Apr. 2026, which is 7168% above its 10-year median of 0.94. GuruFocus rates BNS with a GF Score™ of 67/100 and a GF Value™ of $60.83 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,432 Banks companies, Bank of Nova Scotia ranks worse than 88.41% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-08-01), the stock price of Bank of Nova Scotia is $87.77. Bank of Nova Scotia's graham number for the quarter that ended in Apr. 2026 was $68.32. Therefore, Bank of Nova Scotia's Price to Graham Number ratio for today is 1.28.
The historical rank and industry rank for Bank of Nova Scotia's Graham Number or its related term are showing as below:
BNS'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.71 Med: 0.94 Max: 1.31
Current: 1.31
During the past 13 years, the highest Price to Graham Number ratio of Bank of Nova Scotia was 1.31. The lowest was 0.71. And the median was 0.94.
BNS's Price-to-Graham-Number is ranked worse than 88.41% of 1432
companies
in the Banks industry
Industry Median: 0.8
vs BNS: 1.31
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Bank of Nova Scotia (NYSE:BNS) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Bank of Nova Scotia's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
87.77
/
68.32
=
1.28
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Bank of Nova Scotia Graham Number Related Terms
Bank of Nova Scotia Graham Number Historical Data
* Premium members only.
The historical data trend for Bank of Nova Scotia's Graham Number 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.
For the Banks - Diversified subindustry, Bank of Nova Scotia's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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.
Bank of Nova Scotia Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, Bank of Nova Scotia's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Bank of Nova Scotia's Price-to-Graham-Number 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.
Bank of Nova Scotia (BNS) has a Graham Number of $68.32 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Bank of Nova Scotia and its competitors. This is 7168% above median its historical median of 0.94. Over the past decade, Bank of Nova Scotia's Graham Number has ranged from 0.71 to 1.31. According to the industry distribution chart, Bank of Nova Scotia ranks #1266 out of 1432 companies in the Banks industry, placing it in the top 88.4%.
Is Bank of Nova Scotia's Graham Number too high?
Bank of Nova Scotia's current Graham Number of $68.32 is 7168% above median its 10-year median of 0.94. Over the past 10 years, this metric has ranged from a low of 0.71 to a high of 1.31. The Banks industry median Graham Number is 0.80. Bank of Nova Scotia's value of $68.32 is 8440% above this industry median. Based on the distribution chart, Bank of Nova Scotia ranks #1266 out of 1432 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Bank of Nova Scotia has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank of Nova Scotia's Graham Number compare to JPM and BAC?
According to the Banks industry distribution chart, Bank of Nova Scotia ranks #1266 out of 1432 companies for Graham Number. This places Bank of Nova Scotia in the lower half of its industry. The industry median Graham Number is 0.80. Bank of Nova Scotia's value of $68.32 is 8440% above this benchmark. Historically, Bank of Nova Scotia's own Graham Number has ranged from 0.71 to 1.31 over the past decade. While the company's 10-year median is 0.94 vs. the industry median of 0.80, Bank of Nova Scotia has consistently been above 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 Graham Number for a Banks company?
The median Graham Number among Banks companies is 0.80, based on 1,432 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bank of Nova Scotia's current Graham Number of $68.32 is 8440% above 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 Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Bank of Nova Scotia and its competitors. For the Banks industry, the median Graham Number is 0.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bank of Nova Scotia's current Graham Number is $68.32, which is 7168% above median its own 10-year median of 0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Nova Scotia stock overvalued right now?
Based on GuruFocus' analysis, Bank of Nova Scotia (BNS) is currently considered Significantly Overvalued. The stock's GF Value™ is $60.83, compared to a current price of $87.77 — trading 44.3% above its estimated fair value. The current Graham Number is $68.32, which is 7168% above median its 10-year median of 0.94 and 8440% above the Banks industry median of 0.80. Bank of Nova Scotia's overall GF Score™ is 67/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Bank of Nova Scotia (BNS), the current Graham Number is $68.32 as of Apr. 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 Bank of Nova Scotia (BNS) Overvalued in 2026?
Based on GuruFocus' analysis, Bank of Nova Scotia stock appears to be overvalued.
The current stock price of $87.77 is trading 44.3% above its estimated GF Value™ of $60.83.
GuruFocus considers Bank of Nova Scotia to be Significantly Overvalued.
Key valuation signals for BNS:
Graham Number: $68.32 (7168% above median its 10-year median of 0.94)
GF Value™: $60.83 vs. price of $87.77 (44.3% above fair value)
Industry Position: 8440% above the Banks median (#1266 of 1432)
No single metric tells the full story. See the BNS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bank of Nova Scotia is a global financial-services provider with over CAD 1.5 trillion in assets as of the end of April 2026. It has four major business segments: Canadian banking, international banking, global wealth management, and global banking and markets. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank's international operations span numerous countries and are more concentrated in Latin America.
67GF Score
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