National Australia Bank Ltd
ASX: NAB · Financials · Diversified Banks
- Market cap
- A$126.5B
- P/E (trailing)
- 18.4
- P/B ratio
- 1.99
- Dividend / share
- $1.54
- 52-week range
- –
- Intrinsic value
- A$27.98
Share price
ASX: NAB · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$27.98 The median of our 4 model estimates
44.4% above fair value Against the A$40.39 price.
- Dividend discount model
- A$16.70
- P/B multiple
- A$32.72
- P/E multiple
- A$31.01
- EPS growth model
- A$24.95
Total revenue
As reported · financial years
Earnings per share
Diluted · as reported
Net interest margin
As reported: the spread between lending and funding rates
Average NIM of 1.74% in FY25: in line with Australian major banks.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Moderate buybacks -4.9% year-on-year, +2.0% a year over 10 years: share count has been stable over the long run.
Deposits & loans
Customer deposits vs net loans: funding stability at a glance
Financial health
Latest financial year (FY25)
- Net interest margin
- 1.74%
- Average
- Return on equity
- 10.6%
- Solid
- Cost-to-income
- 49.6%
- Good
- CET1 capital
- 11.7%
- Above APRA benchmark
Verdicts are graded against what's normal for the sector (Financials), not a one-size-fits-all bar. Hover a tile for the reasoning.
Cost-to-income ratio
Operating costs as a share of income: lower is leaner
Good 49.6% in FY25: a lean cost base.
CET1 capital ratio
Core equity capital buffer against losses, vs APRA's "unquestionably strong" 10.25%
Above APRA benchmark 11.7% in FY25: meets APRA's "unquestionably strong" 10.25% bar.
Loan impairment expense
Provisions for bad loans: spikes mark credit-cycle stress; below zero means write-backs
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Typical for AU banks 70% of FY25 earnings paid out: in line with big-four payout norms.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net interest income | $13.8B | $14.8B | $16.8B | $16.8B | $17.4B |
| Total revenue | $16.7B | $18.6B | $20.6B | $20.6B | $20.9B |
| Net profit | $6.4B | $6.9B | $7.4B | $7.0B | $6.8B |
| EPS (diluted) | $1.85 | $2.06 | $2.29 | $2.23 | $2.20 |
| Dividend / share | $0.76 | $1.16 | $1.27 | $1.43 | $1.54 |
What does NAB do?
NAB is a diversified financial institution serving individuals, businesses and institutional clients across Australia, with an established presence in New Zealand and international markets. Its retail and business banking arms handle everyday needs — deposit accounts, home loans, and financing for personal and commercial customers — while a separate arm focuses on larger corporate and institutional relationships. Founded in 1834, the bank is headquartered in Melbourne, Australia.
Beyond core lending and deposits, the group offers wealth management, superannuation and financial planning, along with insurance covering property, vehicles, and travel. It also provides payment and card services, foreign exchange, and services aimed at small business operators. Andrew Francis Irvine leads the organisation, which reports about 39,976 full-time employees, and its shares have traded on the ASX since 1988.
Book value per share
Net assets per share: the base a bank's P/B multiple is paid on
Flat -0.6% a year over 10 years: book value per share is going nowhere.
Common questions about NAB
Is NAB undervalued right now? +–
The median of our 4 model estimates puts National Australia Bank Ltd's fair value at A$27.98 per share against a price of A$40.39, 44.4% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does NAB pay a dividend? +–
National Australia Bank Ltd paid $1.54 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is NAB growing? +–
Net profit has compounded at 21.4% a year over the last five financial years, and 0.6% a year over ten.
What is NAB's P/E ratio? +–
National Australia Bank Ltd trades on a trailing price-to-earnings ratio of 18.4, based on diluted earnings of $2.20 per share in FY25.
Compare NAB with peers
How has National Australia Bank (NAB) grown its earnings, and where do valuation models place its shares?
National Australia Bank's combined net interest and non-interest income rose from $18.1B in FY2016 to $20.9B in FY2025, though the path was uneven, dipping as low as $16.7B in FY2021 before recovering. Net income has been far more volatile: it was just $352M in FY2016, climbed to a peak of $7.4B in FY2023, and has since eased to $6.8B in FY2025. Diluted earnings per share followed the same arc, moving from $0.16 to a high of $2.29 in FY2023 before slipping to $2.20 in FY2025.
Profitability, measured by net interest margin, has narrowed over the period, from 1.88% in FY2016 to a low of 1.65% in FY2022, before edging back up to 1.74% in FY2025. Capital strength, tracked through the CET1 ratio, moved from 9.77% in FY2016 to a peak of 13.0% in FY2021, settling at 11.7% in FY2025, a level well above where the bank started the decade.
NAB shares closed at $38.57 on 3 July 2026, putting the current price-to-earnings ratio at 17.54, above the company's own five-year median of 14.1. The valuation models, as of 5 July 2026, produce a range of fair value estimates below that price: the dividend discount model estimates $16.70, the EPS-growth model estimates $24.95, the P/E-ratio model estimates $31.01, and the price-to-book model estimates $32.51. None of these model outputs currently exceed the traded share price.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 6 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.