National Australia BankHAM:NAL -4.11%64 PB Ratio is 1.87 as of Jun. 26, 2026, which is 20% above its 10-year median of 1.56. GuruFocus rates HAM:NAL with a GF Score™ of 64/100 and a GF Value™ of €25.69 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,516 Banks companies, National Australia Bank ranks worse than 87.14% on this metric.
National Australia Bank Ltd stock PB Ratio (=1.91) is close to 1-year low of 1.77.
The historical rank and industry rank for National Australia Bank's PB Ratio or its related term are showing as below:
HAM:NAL'
s PB Ratio Range Over the Past 10 Years
Min: 0.81 Med: 1.56 Max: 2.38
Current: 1.94
During the past 13 years, National Australia Bank's highest PB Ratio was 2.38. The lowest was 0.81. And the median was 1.56.
HAM:NAL's PB Ratio is ranked worse than 87.14% of 1516
companies
in the Banks industry
Industry Median: 1.09
vs HAM:NAL: 1.94
During the past 12 months, National Australia Bank's average Book Value Per Share Growth Rate was -2.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 3.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 2.40% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 0.70% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of National Australia Bank was 16.60% per year. The lowest was -5.00% per year. And the median was 2.40% per year.
Back to Basics: PB Ratio
National Australia Bank (HAM:NAL) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* 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, National Australia Bank's PB Ratio, along with its competitors' market caps and PB 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 Australia Bank PB Ratio vs Banks Industry
For the Banks industry and Financial Services sector, National Australia Bank's PB Ratio distribution charts can be found below:
* The bar in red indicates where National Australia Bank's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
National Australia Bank (HAM:NAL) has a PB Ratio of 1.87 as of Jun. 26, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Australia Bank and its competitors. This is 20% above median its historical median of 1.56. Over the past decade, National Australia Bank's PB Ratio has ranged from 0.81 to 2.38. According to the industry distribution chart, National Australia Bank ranks #1321 out of 1516 companies in the Banks industry, placing it in the top 87.1%.
Is National Australia Bank's PB Ratio too high?
National Australia Bank's current PB Ratio of 1.87 is 20% above median its 10-year median of 1.56. Over the past 10 years, this metric has ranged from a low of 0.81 to a high of 2.38. The Banks industry median PB Ratio is 1.09. National Australia Bank's value of 1.87 is 71.6% above this industry median. Based on the distribution chart, National Australia Bank ranks #1321 out of 1516 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, National Australia Bank has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does National Australia Bank's PB Ratio compare to JPM and BAC?
According to the Banks industry distribution chart, National Australia Bank ranks #1321 out of 1516 companies for PB Ratio. This places National Australia Bank in the lower half of its industry. The industry median PB Ratio is 1.09. National Australia Bank's value of 1.87 is 71.6% above this benchmark. Historically, National Australia Bank's own PB Ratio has ranged from 0.81 to 2.38 over the past decade. While the company's 10-year median is 1.56 vs. the industry median of 1.09, National Australia Bank 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 PB Ratio for a Banks company?
The median PB Ratio among Banks companies is 1.09, based on 1,516 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Australia Bank's current PB Ratio of 1.87 is 71.6% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Australia Bank and its competitors. For the Banks industry, the median PB Ratio is 1.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Australia Bank's current PB Ratio is 1.87, which is 20% above median its own 10-year median of 1.56. 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 (HAM:NAL) is currently considered Modestly Undervalued. The stock's GF Value™ is €25.69, compared to a current price of €22.51 — trading 12.4% below its estimated fair value. The current PB Ratio is 1.87, which is 20% above median its 10-year median of 1.56 and 71.6% above the Banks industry median of 1.09. National Australia Bank's overall GF Score™ is 64/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For National Australia Bank (HAM:NAL), the current PB Ratio is 1.87 as of Jun. 26, 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 (HAM:NAL) Overvalued in 2026?
Based on GuruFocus' analysis, National Australia Bank stock appears to be undervalued.
The current stock price of €22.51 is trading 12.4% below its estimated GF Value™ of €25.69.
GuruFocus considers National Australia Bank to be Modestly Undervalued.
Key valuation signals for HAM:NAL:
PB Ratio: 1.87 (20% above median its 10-year median of 1.56)
GF Value™: €25.69 vs. price of €22.51 (12.4% below fair value)
Industry Position: 71.6% above the Banks median (#1321 of 1516)
No single metric tells the full story. See the HAM:NAL 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.
64GF Score
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