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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Apr. 2026, National Bank of Canada has a Sloan Ratio of -1.82%, indicating the company is in the safe zone and there is no funny business with accruals.
National Bank of Canada (OTCPK:NTIOF) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Apr. 2026, National Bank of Canada has a Sloan Ratio of -1.82%, indicating the company is in the safe zone and there is no funny business with accruals.
National Bank of Canada Sloan Ratio % Related Terms
National Bank of Canada Sloan 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.
For the Banks - Diversified subindustry, National Bank of Canada's Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs Banks Industry
For the Banks industry and Financial Services sector, National Bank of Canada's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where National Bank of Canada's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
National Bank of Canada's Sloan Ratio for the fiscal year that ended in Oct. 2025 is calculated as
National Bank of Canada's Net Income for the trailing twelve months (TTM) ended in Apr. 2026 was 777.883 (Jul. 2025 ) + 757.077 (Oct. 2025 ) + 910.609 (Jan. 2026 ) + 897.194 (Apr. 2026 ) = $3,343 Mil.
National Bank of Canada's Cash Flow from Operations for the trailing twelve months (TTM) ended in Apr. 2026 was 630.341 (Jul. 2025 ) + 724.907 (Oct. 2025 ) + 10090.044 (Jan. 2026 ) + 7827.541 (Apr. 2026 ) = $19,273 Mil.
National Bank of Canada's Cash Flow from Investing for the trailing twelve months (TTM) ended in Apr. 2026 was -2150.318 (Jul. 2025 ) + -1375.465 (Oct. 2025 ) + -2129.112 (Jan. 2026 ) + -2109.932 (Apr. 2026 ) = $-7,765 Mil.
* 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 (NTIOF) has a Sloan Ratio % of -1.82% as of Apr. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Bank of Canada and its competitors.
Is National Bank of Canada's Sloan Ratio % too high?
National Bank of Canada's current Sloan Ratio % is -1.82%. 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 Sloan Ratio % compare to JPM and BAC?
National Bank of Canada's Sloan Ratio % of -1.82% can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Banks company?
A good Sloan Ratio % depends on the Banks industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Bank of Canada and its competitors. National Bank of Canada's current Sloan Ratio % is -1.82%. 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 $109.35, compared to a current price of $161.42 — trading 47.6% above its estimated fair value. The current Sloan Ratio % is -1.82%. 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 Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For National Bank of Canada (NTIOF), the current Sloan Ratio % is -1.82% 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 $161.42 is trading 47.6% above its estimated GF Value™ of $109.35.
GuruFocus considers National Bank of Canada to be Significantly Overvalued.
Key valuation signals for NTIOF:
Sloan Ratio %: -1.82%
GF Value™: $109.35 vs. price of $161.42 (47.6% above fair value)
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.
73GF Score
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Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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