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Bank of Nova ScotiaBNS +0.98%67 Owner Earnings per Share (TTM) is 16.27 as of Apr. 2026, which is 214% above its 10-year median of 5.18. GuruFocus rates BNS with a GF Scoreâ„¢ of 67/100 and a GF Valueâ„¢ of $61.31 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,038 Banks companies, Bank of Nova Scotia ranks better than 75.14% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Bank of Nova Scotia's Owner Earnings per Share (TTM) ended in Apr. 2026 was $16.27. It's Price-to-Owner-Earnings ratio for today is 5.63.
The historical rank and industry rank for Bank of Nova Scotia's Owner Earnings per Share (TTM) or its related term are showing as below:
BNS'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 0.72 Med: 5.18 Max: 68.99
Current: 5.63
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Bank of Nova Scotia Owner Earnings per Share (TTM) Related Terms
Bank of Nova Scotia Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Bank of Nova Scotia's Owner Earnings per Share (TTM) 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.
Bank of Nova Scotia Owner Earnings per Share (TTM) Chart
BNS vs JPM, BAC, WFC: Owner Earnings per Share (TTM) Comparison
For the Banks - Diversified subindustry, Bank of Nova Scotia's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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-Owner-Earnings vs Banks Industry
For the Banks industry and Financial Services sector, Bank of Nova Scotia's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Bank of Nova Scotia's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Bank of Nova Scotia's Change In Deferred Tax for the trailing twelve months (TTM) ended in Apr. 2026 was $2,289 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $329 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Bank of Nova Scotia's 5-Year Average Maintenance Capital Expenditure = $329 Mil
5. "Change In Working Capital" is from cashflow statement. Bank of Nova Scotia's Change In Working Capital for the trailing twelve months (TTM) ended in Apr. 2026 was $10,238 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 16.27 mean?
Bank of Nova Scotia (BNS) has a Owner Earnings per Share (TTM) of 16.27 as of Apr. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Bank of Nova Scotia. This is 214% above median its historical median of 5.18. Over the past decade, Bank of Nova Scotia's Owner Earnings per Share (TTM) has ranged from 0.72 to 68.99. According to the industry distribution chart, Bank of Nova Scotia ranks #258 out of 1038 companies in the Banks industry, placing it in the top 24.9%.
Is Bank of Nova Scotia's Owner Earnings per Share (TTM) too high?
Bank of Nova Scotia's current Owner Earnings per Share (TTM) of 16.27 is 214% above median its 10-year median of 5.18. Over the past 10 years, this metric has ranged from a low of 0.72 to a high of 68.99. The Banks industry median Owner Earnings per Share (TTM) is 10.63. Bank of Nova Scotia's value of 16.27 is 53.1% above this industry median. Based on the distribution chart, Bank of Nova Scotia ranks #258 out of 1038 companies in the Banks industry, which is in the top quartile — a strong position 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 Owner Earnings per Share (TTM) compare to JPM and BAC?
According to the Banks industry distribution chart, Bank of Nova Scotia ranks #258 out of 1038 companies for Owner Earnings per Share (TTM). This places Bank of Nova Scotia in the top 25% of its industry — outperforming the majority of peers. The industry median Owner Earnings per Share (TTM) is 10.63. Bank of Nova Scotia's value of 16.27 is 53.1% above this benchmark. Historically, Bank of Nova Scotia's own Owner Earnings per Share (TTM) has ranged from 0.72 to 68.99 over the past decade. While the company's 10-year median is 5.18 vs. the industry median of 10.63, 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 Owner Earnings per Share (TTM) for a Banks company?
The median Owner Earnings per Share (TTM) among Banks companies is 10.63, based on 1,038 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bank of Nova Scotia's current Owner Earnings per Share (TTM) of 16.27 is 53.1% 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 Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Bank of Nova Scotia. For the Banks industry, the median Owner Earnings per Share (TTM) is 10.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bank of Nova Scotia's current Owner Earnings per Share (TTM) is 16.27, which is 214% above median its own 10-year median of 5.18. 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 $61.31, compared to a current price of $91.54 — trading 49.3% above its estimated fair value. The current Owner Earnings per Share (TTM) is 16.27, which is 214% above median its 10-year median of 5.18 and 53.1% above the Banks industry median of 10.63. 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 Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Bank of Nova Scotia (BNS), the current Owner Earnings per Share (TTM) is 16.27 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 $91.54 is trading 49.3% above its estimated GF Value™ of $61.31.
GuruFocus considers Bank of Nova Scotia to be Significantly Overvalued.
Key valuation signals for BNS:
Owner Earnings per Share (TTM): 16.27 (214% above median its 10-year median of 5.18)
GF Value™: $61.31 vs. price of $91.54 (49.3% above fair value)
Industry Position: 53.1% above the Banks median (#258 of 1038)
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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