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 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

$43.04

03 Feb
2026

0.080

OPEN

$43.60

0.19%

HIGH

$43.65

2,938,583

LOW

$42.93

TARGET
$39.66 -7.9% 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 221.0 237.1 xxx
DPS (cps) xxx 170.0 171.8 xxx
EPS Growth xxx - 1.6% 7.3% xxx
DPS Growth xxx 0.6% 1.1% xxx
PE Ratio xxx N/A 18.5 xxx
Dividend Yield xxx N/A 3.9% xxx
Div Pay Ratio(%) xxx 76.9% 72.5% xxx

Dividend yield today if purchased 3 years ago: 5.33%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.87

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: 11/11 - ex-div 85c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

-0.2

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

15/01/2026

5

Sell

$38.00

-11.71%

Citi believes ASX-listed bank outperformance looks unlikely in 2026 given relatively full valuations, even as the broader macro backdrop remains supportive.

The broker points to forecasts for two rate rises, alongside strong aggregate demand and labour conditions, which are expected to underpin net interest margins (NIMs), credit growth and asset quality.

The analysts note valuation concerns persist, yet argue absolute multiples may be a weak signal into 2026 amid fundamental and relative sector support.

Citi raises its target for National Australia Bank to $38 from $37.00 and maintains a Sell rating.

Among the majors, the broker's order of preference is ANZ, Westpac, National Australia Bank and CommBank.

FORECAST
Citi forecasts a full year FY26 dividend of 170.00 cents and EPS of 228.60 cents.
Citi forecasts a full year FY27 dividend of 170.00 cents and EPS of 240.30 cents.

Morgans

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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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

30/01/2026

5

Sell

$29.00

-32.62%

The December 2025 data showed mixed trends for major banks, with Westpac ((WBC)) and CommBank ((CBA)) gaining share in home loans. ANZ Bank ((ANZ)) and National Australia Bank lost momentum, and Macquarie Group ((MQG)) continued to take share from the majors, Jarden observes.

In corporate lending, Westpac showed strong gains and CommBank also improved, weakening National Australia Bank’s claim to sector leadership.

CommBank remained dominant in personal loans despite some slippage, while deposits saw CommBank gain, Westpac lose share, and Judo Capital ((JDO)) continue to deliver strong growth.

Sell rating for National Australia Bank, with target of $29.

FORECAST
Jarden forecasts a full year FY26 dividend of 171.00 cents and EPS of 227.00 cents.
Jarden forecasts a full year FY27 dividend of 171.00 cents and EPS of 229.00 cents.
Access Extra Coverage Research History >

NAB STOCK CHART

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