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National Bank of CanadaNTIOF +0.33%77 Shiller PE Ratio is 22.88 as of Sep. 13, 2026, which is 54% above its 10-year median of 14.87. GuruFocus rates NTIOF with a GF Score™ of 77/100 and a GF Value™ of $113.59 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,236 Banks companies, National Bank of Canada ranks worse than 83.66% on this metric.
The historical rank and industry rank for National Bank of Canada's Shiller PE Ratio or its related term are showing as below:
NTIOF'
s Shiller PE Ratio Range Over the Past 10 Years
Min: 8.64 Med: 14.87 Max: 25.75
Current: 22.7
During the past years, National Bank of Canada's highest Shiller PE Ratio was 25.75. The lowest was 8.64. And the median was 14.87.
NTIOF's Shiller PE Ratio is ranked worse than 83.66% of 1236
companies
in the Banks industry
Industry Median: 13.915
vs NTIOF: 22.70
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.
National Bank of Canada's adjusted earnings per share data for the three months ended in Jul. 2026 was $2.304. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $6.67 for the trailing ten years ended in Jul. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
National Bank of Canada (OTCPK:NTIOF) Shiller PE Ratio Explanation
Compared with the regular PE Ratio, which works poorly for cyclical businesses, the Shiller PE Ratio smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller PE Ratio should give similar results to regular PE Ratio.
Compared with the PS Ratio, the Shiller PE Ratio makes the comparison between different industries more meaningful.
Be Aware
Shiller PE Ratio assumes that over the long term, businesses and profitability revert to their means. If a company's business model does not work in the future compared with the past, Shiller PE Ratio and PS Ratio will give false valuations.
National Bank of Canada Shiller PE Ratio Related Terms
National Bank of Canada Shiller PE Ratio Historical Data
* 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.
NTIOF vs JPM, BAC, WFC: Shiller PE Ratio Comparison
For the Banks - Diversified subindustry, National Bank of Canada's Shiller PE Ratio, along with its competitors' market caps and Shiller PE 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 Shiller PE Ratio vs Banks Industry
For the Banks industry and Financial Services sector, National Bank of Canada's Shiller PE Ratio distribution charts can be found below:
* The bar in red indicates where National Bank of Canada's Shiller PE Ratio falls into.
National Bank of Canada Shiller PE Ratio Calculation
For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller PE Ratio is also called PE10.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.
* 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.
Add all the adjusted EPS together and divide 10 will get our E10.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
National Bank of Canada (NTIOF) has a Shiller PE Ratio of 22.88 as of Sep. 13, 2026. Shiller price-earnings ratio is the ratio of share price to a company's inflation-adjusted earnings over a 10-year period. View historical data on National Bank of Canada and its competitors. This is 54% above median its historical median of 14.87. Over the past decade, National Bank of Canada's Shiller PE Ratio has ranged from 8.64 to 25.75. According to the industry distribution chart, National Bank of Canada ranks #1034 out of 1236 companies in the Banks industry, placing it in the top 83.7%.
Is National Bank of Canada's Shiller PE Ratio too high?
National Bank of Canada's current Shiller PE Ratio of 22.88 is 54% above median its 10-year median of 14.87. Over the past 10 years, this metric has ranged from a low of 8.64 to a high of 25.75. The Banks industry median Shiller PE Ratio is 13.92. National Bank of Canada's value of 22.88 is 64.4% above this industry median. Based on the distribution chart, National Bank of Canada ranks #1034 out of 1236 companies in the Banks industry, which is in the bottom quartile relative to peers. 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 Shiller PE Ratio compare to JPM and BAC?
According to the Banks industry distribution chart, National Bank of Canada ranks #1034 out of 1236 companies for Shiller PE Ratio. This places National Bank of Canada in the lower half of its industry. The industry median Shiller PE Ratio is 13.92. National Bank of Canada's value of 22.88 is 64.4% above this benchmark. Historically, National Bank of Canada's own Shiller PE Ratio has ranged from 8.64 to 25.75 over the past decade. While the company's 10-year median is 14.87 vs. the industry median of 13.92, 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 Shiller PE Ratio for a Banks company?
The median Shiller PE Ratio among Banks companies is 13.92, based on 1,236 companies in the industry. Companies in the top quartile (top 25%) have a Shiller PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Shiller PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Bank of Canada's current Shiller PE Ratio of 22.88 is 64.4% 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 Shiller PE Ratio mean?
A high Shiller PE Ratio can signal that a stock is expensive relative to its fundamentals. Shiller price-earnings ratio is the ratio of share price to a company's inflation-adjusted earnings over a 10-year period. View historical data on National Bank of Canada and its competitors. For the Banks industry, the median Shiller PE Ratio is 13.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Bank of Canada's current Shiller PE Ratio is 22.88, which is 54% above median its own 10-year median of 14.87. 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 $113.59, compared to a current price of $152.59 — trading 34.3% above its estimated fair value. The current Shiller PE Ratio is 22.88, which is 54% above median its 10-year median of 14.87 and 64.4% above the Banks industry median of 13.92. National Bank of Canada's overall GF Score™ is 77/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shiller PE Ratio calculated?
Shiller PE Ratio is calculated from a company's financial statements. For National Bank of Canada (NTIOF), the current Shiller PE Ratio is 22.88 as of Sep. 13, 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 $152.59 is trading 34.3% above its estimated GF Value™ of $113.59.
GuruFocus considers National Bank of Canada to be Significantly Overvalued.
Key valuation signals for NTIOF:
Shiller PE Ratio: 22.88 (54% above median its 10-year median of 14.87)
GF Value™: $113.59 vs. price of $152.59 (34.3% above fair value)
Industry Position: 64.4% above the Banks median (#1034 of 1236)
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 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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