National Bank of CanadaSTU:NBC -0.11%73 PB Ratio is 2.68 as of Jun. 24, 2026, which is 50% above its 10-year median of 1.79. GuruFocus rates STU:NBC with a GF Score™ of 73/100 and a GF Value™ of €93.37 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,516 Banks companies, National Bank of Canada ranks worse than 94.66% on this metric.
National Bank of Canada stock PB Ratio (=2.67) is close to 10-year high of 2.67.
The historical rank and industry rank for National Bank of Canada's PB Ratio or its related term are showing as below:
STU:NBC'
s PB Ratio Range Over the Past 10 Years
Min: 1.14 Med: 1.79 Max: 2.67
Current: 2.67
During the past 13 years, National Bank of Canada's highest PB Ratio was 2.67. The lowest was 1.14. And the median was 1.79.
STU:NBC's PB Ratio is ranked worse than 94.66% of 1516
companies
in the Banks industry
Industry Median: 1.08
vs STU:NBC: 2.67
During the past 12 months, National Bank of Canada's average Book Value Per Share Growth Rate was 3.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 11.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 14.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 12.10% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of National Bank of Canada was 17.50% per year. The lowest was 5.00% per year. And the median was 7.80% per year.
Back to Basics: PB Ratio
National Bank of Canada (STU:NBC) 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 Bank of Canada'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 Bank of Canada PB Ratio vs Banks Industry
For the Banks industry and Financial Services sector, National Bank of Canada's PB Ratio distribution charts can be found below:
* The bar in red indicates where National Bank of Canada'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 Bank of Canada (STU:NBC) has a PB Ratio of 2.68 as of Jun. 24, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Bank of Canada and its competitors. This is 50% above median its historical median of 1.79. Over the past decade, National Bank of Canada's PB Ratio has ranged from 1.14 to 2.67. According to the industry distribution chart, National Bank of Canada ranks #1435 out of 1516 companies in the Banks industry, placing it in the top 94.7%.
Is National Bank of Canada's PB Ratio too high?
National Bank of Canada's current PB Ratio of 2.68 is 50% above median its 10-year median of 1.79. Over the past 10 years, this metric has ranged from a low of 1.14 to a high of 2.67. The Banks industry median PB Ratio is 1.08. National Bank of Canada's value of 2.68 is 148.1% above this industry median. Based on the distribution chart, National Bank of Canada ranks #1435 out of 1516 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, National Bank of Canada has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Bank of Canada's PB Ratio compare to JPM and BAC?
According to the Banks industry distribution chart, National Bank of Canada ranks #1435 out of 1516 companies for PB Ratio. This places National Bank of Canada in the lower half of its industry. The industry median PB Ratio is 1.08. National Bank of Canada's value of 2.68 is 148.1% above this benchmark. Historically, National Bank of Canada's own PB Ratio has ranged from 1.14 to 2.67 over the past decade. While the company's 10-year median is 1.79 vs. the industry median of 1.08, 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 PB Ratio for a Banks company?
The median PB Ratio among Banks companies is 1.08, 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 Bank of Canada's current PB Ratio of 2.68 is 148.1% 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 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 Bank of Canada and its competitors. For the Banks industry, the median PB Ratio is 1.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Bank of Canada's current PB Ratio is 2.68, which is 50% above median its own 10-year median of 1.79. 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 (STU:NBC) is currently considered Significantly Overvalued. The stock's GF Value™ is €93.37, compared to a current price of €138.20 — trading 48% above its estimated fair value. The current PB Ratio is 2.68, which is 50% above median its 10-year median of 1.79 and 148.1% above the Banks industry median of 1.08. National Bank of Canada's overall GF Score™ is 73/100 with 7 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 Bank of Canada (STU:NBC), the current PB Ratio is 2.68 as of Jun. 24, 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 (STU:NBC) Overvalued in 2026?
Based on GuruFocus' analysis, National Bank of Canada stock appears to be overvalued.
The current stock price of €138.20 is trading 48% above its estimated GF Value™ of €93.37.
GuruFocus considers National Bank of Canada to be Significantly Overvalued.
Key valuation signals for STU:NBC:
PB Ratio: 2.68 (50% above median its 10-year median of 1.79)
GF Value™: €93.37 vs. price of €138.20 (48% above fair value)
Industry Position: 148.1% above the Banks median (#1435 of 1516)
No single metric tells the full story. See the STU:NBC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
73GF Score
Get the complete analysis for STU:NBC
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