NTIOF (National Bank of Canada) Dividend Payout Ratio: 0.38 (As of Apr. 2026) — 10% Below Median

What is National Bank of Canada Dividend Payout Ratio?

National Bank of Canada NTIOF -1.15% 77 Dividend Payout Ratio is 0.38 as of Apr. 2026, which is 10% below its 10-year median of 0.42. GuruFocus rates NTIOF with a GF Score™ of 77/100 and a GF Value™ of $109.25 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,168 Banks companies, National Bank of Canada ranks worse than 62.76% on this metric.

The Dividend Payout Ratio is the measure of dividends paid out to shareholders relative to the company's net income. It is calculated as the Dividends per Share divided by the Earnings per Share (Diluted) during the same time period. National Bank of Canada's Dividend Payout Ratio for the months ended in Apr. 2026 was 0.38.

The historical rank and industry rank for National Bank of Canada's Dividend Payout Ratio or its related term are showing as below:

NTIOF' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.32 Med: 0.42 Max: 0.5
Current: 0.4

During the past 13 years, the highest Dividend Payout Ratio of National Bank of Canada was 0.50. The lowest was 0.32. And the median was 0.42.

NTIOF's Dividend Payout Ratio is ranked worse than
62.76% of 1168 companies
in the Banks industry
Industry Median: 0.32 vs NTIOF: 0.40

As of today (2026-06-27), the Dividend Yield % of National Bank of Canada is 2.25%.

During the past 13 years, the highest Trailing Annual Dividend Yield of National Bank of Canada was 6.33%. The lowest was 2.18%. And the median was 3.74%.

National Bank of Canada's Dividends per Share for the months ended in Apr. 2026 was $0.90.

During the past 12 months, National Bank of Canada's average Dividends Per Share Growth Rate was 8.00% per year. During the past 3 years, the average Dividends Per Share Growth Rate was 9.00% per year. During the past 5 years, the average Dividends Per Share Growth Rate was 11.50% per year. During the past 10 years, the average Dividends Per Share Growth Rate was 8.90% per year.

During the past 13 years, the highest 3-Year average Dividends Per Share Growth Rate of National Bank of Canada was 22.70% per year. The lowest was 2.80% per year. And the median was 9.85% per year.

The growth rate is calculated with least square regression.

For more information regarding to dividend, please check our Dividend Page.

* Please note that "special dividend" is not included in the calculation of dividend per share and related fields.

National Bank of Canada (OTCPK:NTIOF) Dividend Payout Ratio Explanation

In dividends investing, Dividend Payout Ratio and Dividend Growth Rate are the two most important variables for consideration. A lower payout ratio may indicate that the company has more room to increase its dividends.

National Bank of Canada Dividend Payout Ratio Related Terms

National Bank of Canada Dividend Payout Ratio Historical Data

* Premium members only.

The historical data trend for National Bank of Canada's Dividend Payout Ratio 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.

National Bank of Canada Dividend Payout Ratio Chart

National Bank of Canada Annual Data

Trend

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Oct25

Dividend Payout Ratio

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0.32

0.37

0.42

0.41

National Bank of Canada Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Dividend Payout Ratio	Get a 7-Day Free Trial															0.40	0.44	0.42	0.38	0.38

NTIOF vs JPM, BAC, WFC: Dividend Payout Ratio Comparison

For the Banks - Diversified subindustry, National Bank of Canada's Dividend Payout Ratio, along with its competitors' market caps and Dividend Payout Ratio 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 Bank of Canada Dividend Payout Ratio vs Banks Industry

For the Banks industry and Financial Services sector, National Bank of Canada's Dividend Payout Ratio distribution charts can be found below:

* The bar in red indicates where National Bank of Canada's Dividend Payout Ratio falls into.

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77GF Score

National Bank of Canada NTIOF

Dividend Payout Ratio is just one metric. See GF Score™, valuation, warning signs, and more.

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National Bank of Canada Dividend Payout Ratio Calculation

National Bank of Canada's Dividend Payout Ratio for the fiscal year that ended in Oct. 2025 is calculated as

Dividend Payout Ratio	=	Dividends per Share (A: Oct. 2025 )	/	EPS without NRI (A: Oct. 2025 )
	=	3.317	/	8.064
	=	0.41

National Bank of Canada's Dividend Payout Ratio for the quarter that ended in Apr. 2026 is calculated as

Dividend Payout Ratio	=	Dividends per Share (Q: Apr. 2026 )	/	EPS without NRI (Q: Apr. 2026 )
	=	0.902	/	2.348
	=	0.38

Frequently Asked Questions Learn more about Dividend Payout Ratio →

What does a Dividend Payout Ratio of 0.38 mean?

National Bank of Canada (NTIOF) has a Dividend Payout Ratio of 0.38 as of Apr. 2026. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on National Bank of Canada and its competitors. This is 10% below median its historical median of 0.42. Over the past decade, National Bank of Canada's Dividend Payout Ratio has ranged from 0.32 to 0.50. According to the industry distribution chart, National Bank of Canada ranks #733 out of 1168 companies in the Banks industry, placing it in the top 62.8%.

Is National Bank of Canada's Dividend Payout Ratio too high?

National Bank of Canada's current Dividend Payout Ratio of 0.38 is 10% below median its 10-year median of 0.42. Over the past 10 years, this metric has ranged from a low of 0.32 to a high of 0.50. The Banks industry median Dividend Payout Ratio is 0.32. National Bank of Canada's value of 0.38 is 18.8% above this industry median. Based on the distribution chart, National Bank of Canada ranks #733 out of 1168 companies in the Banks industry, which is below the industry midpoint. Overall, National Bank of Canada has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does National Bank of Canada's Dividend Payout Ratio compare to JPM and BAC?

According to the Banks industry distribution chart, National Bank of Canada ranks #733 out of 1168 companies for Dividend Payout Ratio. This places National Bank of Canada in the lower half of its industry. The industry median Dividend Payout Ratio is 0.32. National Bank of Canada's value of 0.38 is 18.8% above this benchmark. Historically, National Bank of Canada's own Dividend Payout Ratio has ranged from 0.32 to 0.50 over the past decade. While the company's 10-year median is 0.42 vs. the industry median of 0.32, National Bank of Canada 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 Dividend Payout Ratio for a Banks company?

The median Dividend Payout Ratio among Banks companies is 0.32, based on 1,168 companies in the industry. Companies in the top quartile (top 25%) have a Dividend Payout Ratio significantly above this median, while those in the bottom quartile fall well below. However, Dividend Payout Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Bank of Canada's current Dividend Payout Ratio of 0.38 is 18.8% 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 Dividend Payout Ratio mean?

A high Dividend Payout Ratio can signal that a stock is expensive relative to its fundamentals. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on National Bank of Canada and its competitors. For the Banks industry, the median Dividend Payout Ratio is 0.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Bank of Canada's current Dividend Payout Ratio is 0.38, which is 10% below median its own 10-year median of 0.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is National Bank of Canada stock overvalued right now?

Based on GuruFocus' analysis, National Bank of Canada (NTIOF) is currently considered Significantly Overvalued. The stock's GF Value™ is $109.25, compared to a current price of $156.22 — trading 43% above its estimated fair value. The current Dividend Payout Ratio is 0.38, which is 10% below median its 10-year median of 0.42 and 18.8% above the Banks industry median of 0.32. National Bank of Canada's overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Dividend Payout Ratio calculated?

Dividend Payout Ratio is calculated from a company's financial statements. For National Bank of Canada (NTIOF), the current Dividend Payout Ratio is 0.38 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 National Bank of Canada (NTIOF) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank of Canada stock appears to be overvalued. The current stock price of $156.22 is trading 43% above its estimated GF Value™ of $109.25. GuruFocus considers National Bank of Canada to be Significantly Overvalued.

Key valuation signals for NTIOF:

Dividend Payout Ratio: 0.38 (10% below median its 10-year median of 0.42)
GF Value™: $109.25 vs. price of $156.22 (43% above fair value)
GF Score™: 77/100 with 7 warning signs
Industry Position: 18.8% above the Banks median (#733 of 1168)

No single metric tells the full story. See the NTIOF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

National Bank of Canada Business Description

Industry Financial Services Banks

Comparable Companies TSX:BNS TSX:CM TSX:BMO TSX:TD TSX:RY JPM BAC SHSE:601398 LSE:HSBA SHSE:601288 SHSE:601939 SHSE:601988 WFC C TSE:8306 ASX:CBA XMAD:SAN XSWX:UBSG TSE:8316 XMAD:BBVA

Other Exchanges NBC:Germany NA.PR.G.PFD:Canada NA.PR.E.PFD:Canada NA.PR.C.PFD:Canada NA.PR.S.PFD:Canada NA:Canada

Address 800, Rue Saint Jacques, Place Banque Nationale, Montreal, QC, CAN, H3C 1A3

Website https://www.nbc.ca

National Bank of Canada is the sixth-largest bank in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth management and capital markets services. The bank derives around 45% of its 2025 revenue from the province of Quebec, with additional operations in the rest of Canada and the United States. National Bank of Canada also owns ABA Bank, one of the largest commercial banks in Cambodia.

77GF Score

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$156.22

Price

$109.25

GF Value

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