NATIONAL AUSTRALIA BANK LIMITED (NAB)
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NAB

NAB - NATIONAL AUSTRALIA BANK LIMITED

FNArena Sector : Banks
Year End: September
GICS Industry Group : Banks
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

National Australia Bank is one of Australia’s major banks, providing personal, business and institutional banking services. It became NAB in 1982 after the merger of National Bank of Australasia and the Commercial Banking Company of Sydney.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$40.00

06 Nov
2026

1.040

OPEN

$39.10

2.67%

HIGH

$40.29

10,840,014

LOW

$39.09

TARGET
$38.065

-0.33 change from previous day

 -4.8% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . RMC . SUN . WBC .
FNARENA'S MARKET CONSENSUS FORECASTS
NAB: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 199.9 225.9 xxx
DPS (cps) xxx 170.0 170.2 xxx
EPS Growth xxx - 9.5% 13.0% xxx
DPS Growth xxx 0.0% 0.1% xxx
PE Ratio xxx N/A 17.5 xxx
Dividend Yield xxx N/A 4.3% xxx
Div Pay Ratio(%) xxx 85.0% 75.3% xxx

Dividend yield today if purchased 3 years ago: 5.87%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.29

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 07/05 - ex-div 85.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx199.9
DPS All xxxxxxxxxxxxxxx170.0
Sales/Revenue xxxxxxxxxxxxxxx59,308.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,013.0
Net Operating Cash Flow xxxxxxxxxxxxxxx-1,647.0 M
Net Profit Margin xxxxxxxxxxxxxxx10.31 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx9.74 %
Return on Invested Capital xxxxxxxxxxxxxxx2.48 %
Return on Assets xxxxxxxxxxxxxxx0.54 %
Return on Equity xxxxxxxxxxxxxxx9.74 %
Return on Total Capital xxxxxxxxxxxxxxx2.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-6,933.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx90,687 M
Long Term Debt xxxxxxxxxxxxxxx185,776 M
Total Debt xxxxxxxxxxxxxxx276,463 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,751 M
Price To Book Value xxxxxxxxxxxxxxx1.94

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx1,227.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.07 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,997 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx226,034 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.1

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

06/11/2026

5

Underweight

$34.00

-15.00%

National Australia Bank's second-half FY26 cash profit missed Morgan Stanley's forecast by -1% and consensus by -5%, largely due to higher-than-expected loan losses.

The broker highlights deteriorating credit quality, with watch loans rising 15% in the September quarter and signs of emerging customer stress.

Underlying revenue excluding Markets and Treasury rose 1.5%, while pre-provision profit broadly met the broker's expectations.

The common equity tier 1 (CET1) capital ratio was 11.9%, with the bank expecting to retain another $900m through its dividend reinvestment plan.

Given revenue growth is expected to slow, credit quality is weakening and the valuation remains stretched, Morgan Stanley's Underweight rating is retained. Target of $34 unchanged.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 170.00 cents and EPS of 205.60 cents.
Morgan Stanley forecasts a full year FY28 dividend of 170.00 cents and EPS of 221.20 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

09/11/2026

5

Sell

$27.00

-32.50%

Jarden reiterates its Sell rating for National Australia Bank with its target price decreased to $27.00 following an assessment of emerging credit cycle issues.

The analyst observes the company's corporate customer franchise displays emerging stress, citing a bad debts charge of -20 basis points compared to -9 basis points at peers.

While noting $275m in cost savings, the broker highlights this does not offset bad debts approaching -30 basis points over the next three years.

Jarden questions the long-term benefit of shifting jobs and value to offshore markets where the bank lacks an earnings presence, cautioning that retail banking is facing disruption and artificial intelligence could break the inertia of retail deposits.

FY27 and FY28 cash earnings estimates are reduced by -7% and -8% respectively to account for higher bad debts and lower net interest margins.
Access Extra Coverage Research History >

NAB STOCK CHART

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