NATIONAL AUSTRALIA BANK LIMITED (NAB)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

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 the third largest Australian bank by market capitalisation. First listed in 1974 it became the NAB in 1982 with the merger of National Bank of Australasia and the Commercial Banking Company of Sydney.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$43.44

07 Nov
2025

0.380

OPEN

$43.08

0.88%

HIGH

$44.20

9,465,163

LOW

$43.06

TARGET
$37.493 -13.7% 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 FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 221.0 234.8 xxx
DPS (cps) xxx 170.0 171.0 xxx
EPS Growth xxx - 1.6% 6.3% xxx
DPS Growth xxx 0.6% 0.6% xxx
PE Ratio xxx N/A 18.4 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 76.9% 72.8% xxx

Dividend yield today if purchased 3 years ago: 5.48%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.93

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 84c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx221.0
DPS All xxxxxxxxxxxxxxx170.0
Sales/Revenue xxxxxxxxxxxxxxx60,247.0 M
Book Value Per Share xxxxxxxxxxxxxxx2,059.3
Net Operating Cash Flow xxxxxxxxxxxxxxx8,511.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.27 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.92 %
Return on Invested Capital xxxxxxxxxxxxxxx2.77 %
Return on Assets xxxxxxxxxxxxxxx0.62 %
Return on Equity xxxxxxxxxxxxxxx10.92 %
Return on Total Capital xxxxxxxxxxxxxxx2.81 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,275.0 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx108,678 M
Long Term Debt xxxxxxxxxxxxxxx180,995 M
Total Debt xxxxxxxxxxxxxxx289,673 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,604 M
Price To Book Value xxxxxxxxxxxxxxx2.14

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,408.0 M
Capex % of Sales xxxxxxxxxxxxxxx2.34 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3,621 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx214,326 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

-0.5

No. Of Recommendations

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

Morgans

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

UBS

07/11/2025

3

Neutral

$42.50

-2.16%

National Australia Bank’s FY25 result was broadly in line, according to UBS, though cash net profit after tax missed slightly by -1.5% while EPS met consensus.

The CET1 ratio came in lower than expected at 11.7%, with margins supporting revenue growth, but sustainability uncertain.

Costs rose 5% as NAB defended its business banking share, while credit quality weakened modestly due to higher non-performing loans. Guidance suggests operating expense growth will be below the FY25 level of 4.6%, with $1.8bn of investment.

Management expects business credit growth of around 7.5% and housing loan growth of 6% for FY26.

UBS cuts EPS forecasts by -3% for FY26 and -4.5% for FY27, assuming a small NIM rise and higher costs alongside increased bad debt charges. The broker sees the shares as fully priced, retains a Neutral rating, and lifts the target to $42.50 from $37.50.

FORECAST
UBS forecasts a full year FY26 dividend of 172.00 cents and EPS of 225.00 cents.
UBS forecasts a full year FY27 dividend of 173.00 cents and EPS of 228.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

20/08/2025

4

Underweight

$29.00

-33.24%

National Australia Bank reported unaudited 3Q25 profit of $1.7bn, down -1% and around 49% of Jarden’s 2H25 forecast, which the broker says was broadly in line outside of higher costs and rising bad debts.

Core profit rose 2% to $2.8bn, supported by revenue growth of 3% from margin and volume outcomes, explain the analysts.

The report notes opex increased/worsened by -3% due to staff and IT, with management abandoning its FY25 guidance for growth below 4.5% and now guiding to 4.5% due to payroll remediation costs of circa -$130m.

Bad debts rose sharply to $254m, up 214% quarter-on-quarter, driven by deterioration in New Zealand business banking, explains Jarden.

No changes to forecasts. Underweight rating and $29 target.

FORECAST
Jarden forecasts a full year FY26 dividend of 173.00 cents and EPS of 226.70 cents.
Access Extra Coverage Research History >

NAB STOCK CHART

FNArena News on NAB

1
Weekly Ratings, Targets, Forecast Changes – 07-11-25

10:00 AM - Weekly Reports
2
FNArena Corporate Results Monitor – 07-11-2025

Nov 07 2025 - Australia
3
Rudi’s View: Amcor, Charter Hall, Challenger, Goodman, Woolworths & More

Nov 06 2025 - Rudi's View
4
Australian Banks: Results Season Preview

Oct 30 2025 - Feature Stories
5
Australian Broker Call *Extra* Edition – Oct 21, 2025

Oct 21 2025 - Daily Market Reports

Latest Banks News

1
Australian Banks: Results Season Preview

Oct 30 2025 - Feature Stories
2
CommBank Shares Poised For A Break-Out

Oct 07 2025 - Technicals
3
The Quiet Revolution: How AI And Embedded Finance Are Rewiring Australian Money

Sep 18 2025 - Australia
4
Geopolitical Hedging A Boon For CommBank

Jun 10 2025 - Australia
5
Australian Banks: Expensive Havens

Jun 02 2025 - Feature Stories
6
Australian Banks: Global Sanctuary

May 01 2025 - Australia
7
Bank Of Queensland’s Ambitions Questioned

Apr 23 2025 - Australia
8
Fintech’s Future In Australian Banking

Apr 07 2025 - Australia
9
Clouds Are Gathering For Aussie Banks

Mar 27 2025 - Australia
10
Australian Banks: More De-Rating Ahead?

Mar 11 2025 - Australia