# National Australia Bank (NAB.AU)

Canonical: https://gigainvestors.com/s/NAB.AU

Analysis as of: 2026-10-16T07:33:45.699Z. Financial observations: FY2015–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 39.71 per share; close as of 2026-10-15.

Estimated value: low AUD 20.03 per share, central AUD 23.12 per share, high AUD 27.35 per share. Buy at or below the central value AUD 23.12 per share. Valuation as of 2026-10-16T07:33:45.699Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.40×

Chart: Net income; fiscal year observations.

- FY2016: AUD 228M

- FY2017: AUD 5.2B

- FY2018: AUD 5.5B

- FY2019: AUD 4.7B

- FY2020: AUD 2.5B

- FY2021: AUD 6.4B

- FY2022: AUD 6.9B

- FY2023: AUD 7.4B

- FY2024: AUD 7.0B

- FY2025: AUD 6.8B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 11.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 0.5%

- FY2017: 11.3%

- FY2018: 11.6%

- FY2019: 9.4%

- FY2020: 4.5%

- FY2021: 11.2%

- FY2022: 13.2%

- FY2023: 13.7%

- FY2024: 12.4%

- FY2025: 11.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 7.6%

- Book return interval: 10 years

- Starting book value per share: AUD 18.54

- Ending book value per share: AUD 18.30

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -0.5%

- FY2017: 7.0%

- FY2018: 9.7%

- FY2019: 16.5%

- FY2020: -6.3%

- FY2021: 4.6%

- FY2022: 4.5%

- FY2023: 15.6%

- FY2024: 16.8%

- FY2025: 10.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: -2.0%

- Share growth excluding flagged crisis recapitalisations: 1.9%

- Five-year share growth excluding flagged crisis recapitalisations: -2.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -0.76×

- Book value created per share: AUD -0.24

- Earnings retained per share after dividends and buybacks: AUD 0.32

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 106

- FY2017: 108

- FY2018: 110

- FY2019: 108

- FY2020: 133

- FY2021: 136

- FY2022: 129

- FY2023: 125

- FY2024: 120

- FY2025: 121

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.2% a year forever · "NAB flags A$706m impairment charges amid Iran war uncertainty" (finance.yahoo.com, Apr 2026) · net income -2.9%

Story as of 2026-10-16T09:59:57.650Z; price observation 2026-10-15.

The price assumes profits grow 6.2% a year forever

- 2025-08-17: NAB Flags Higher Costs as Credit Impairments Hit Profit ([finance.yahoo.com](https://finance.yahoo.com/m/842d913f-b36e-3be7-8bfb-e1fc24c7a02a/nab-flags-higher-costs-as.html))

- 2025-11-05: NAB’s Annual Profit Falls Amid Higher Costs, Credit Impairments ([finance.yahoo.com](https://finance.yahoo.com/m/57f97ed1-82ab-3adf-87d3-68b8a0995359/nab%E2%80%99s-annual-profit-falls.html))

- 2026-04-21: NAB flags A$706m impairment charges amid Iran war uncertainty ([finance.yahoo.com](https://finance.yahoo.com/economy/policy/articles/nab-flags-706m-impairment-charges-113330493.html))

### Net income · FY2025

net income -2.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 228M 

- FY2017: AUD 5.2B 

- FY2018: AUD 5.5B 

- FY2019: AUD 4.7B 

- FY2020: AUD 2.5B 

- FY2021: AUD 6.4B 

- FY2022: AUD 6.9B 

- FY2023: AUD 7.4B 

- FY2024: AUD 7.0B 

- FY2025: AUD 6.8B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are AUD 60.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.699Z); FY2025: revenue 60247000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NAB.AU: National Australia Bank Limited provides financial services to individuals and businesses in Australia, New Zealand, Europe, Asia, the United States, and internationally. The company operates through Business and Private Banking; Personal Banking; Corporate and Institutional Banking; New Zealand Banking; and Corporate Functions and Other segments. It accepts transaction accounts, savings accounts, debit cards, and term deposits; and specialized accounts, such as foreign currency, business interest, cash maximiser, farm management, community free saver, statutory trust, and project bank accounts, as well as farm management deposits. In addition, the company provides home loans, personal loans, and business loans; vehicle and equipment finance; and trade and invoice finance, as well as business overdrafts and bank guarantees. Further, it offers insurance products consisting of home and content, landlord, travel, car, caravan and trailer, life, and business insurance products; and self-managed super funds, cash management, and financial advice services. Additionally, the company provides investment products; credit, debit, and business cards; payments and merchant services; online and internet banking services; small business services; international and foreign exchange solutions; and industry-specific banking services. The company was founded in 1834 and is based in Melbourne, Australia.

### Why customers stay

It earns 11.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.699Z); 10-year return on tangible equity observations [[2016,0.004957599478147424],[2017,0.11348867738759436],[2018,0.1162552756106919],[2019,0.0942622950819672],[2020,0.04528708778866026],[2021,0.11200663115939473],[2022,0.1317817597674552],[2023,0.13696150151481565],[2024,0.12377514182568335],[2025,0.11795811518324607]]; median 0.11487197649914313. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 616 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.699Z); Dividend observations: [[2016,4593000000],[2017,4750000000],[2018,4221000000],[2019,3266000000],[2020,2323000000],[2021,2682000000],[2022,4006000000],[2023,4339000000],[2024,4700000000],[2025,4828000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.699Z); FY2025: cash repurchases 616000000 AUD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NAB.AU SharesStats.PercentInsiders = 0.026 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.699Z); Price 39.71; FX 1; original perpetual distributable cash 1.4952736501897268; discount 0.1; growth 0.06234516116369362. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 28.00 per share

- 2016-11: AUD 28.93 per share

- 2016-12: AUD 30.67 per share

- 2017-01: AUD 30.33 per share

- 2017-02: AUD 31.99 per share

- 2017-03: AUD 33.34 per share

- 2017-04: AUD 34.00 per share

- 2017-05: AUD 30.12 per share

- 2017-06: AUD 29.59 per share

- 2017-07: AUD 29.95 per share

- 2017-08: AUD 30.20 per share

- 2017-09: AUD 31.50 per share

- 2017-10: AUD 32.66 per share

- 2017-11: AUD 29.59 per share

- 2017-12: AUD 29.57 per share

- 2018-01: AUD 29.13 per share

- 2018-02: AUD 30.18 per share

- 2018-03: AUD 28.49 per share

- 2018-04: AUD 28.95 per share

- 2018-05: AUD 26.80 per share

- 2018-06: AUD 27.41 per share

- 2018-07: AUD 28.33 per share

- 2018-08: AUD 28.37 per share

- 2018-09: AUD 27.81 per share

- 2018-10: AUD 25.21 per share

- 2018-11: AUD 24.64 per share

- 2018-12: AUD 24.07 per share

- 2019-01: AUD 23.86 per share

- 2019-02: AUD 25.13 per share

- 2019-03: AUD 25.27 per share

- 2019-04: AUD 25.35 per share

- 2019-05: AUD 26.49 per share

- 2019-06: AUD 26.72 per share

- 2019-07: AUD 28.51 per share

- 2019-08: AUD 27.36 per share

- 2019-09: AUD 29.70 per share

- 2019-10: AUD 28.61 per share

- 2019-11: AUD 25.89 per share

- 2019-12: AUD 24.63 per share

- 2020-01: AUD 25.86 per share

- 2020-02: AUD 25.10 per share

- 2020-03: AUD 16.68 per share

- 2020-04: AUD 16.96 per share

- 2020-05: AUD 17.81 per share

- 2020-06: AUD 18.22 per share

- 2020-07: AUD 17.66 per share

- 2020-08: AUD 17.93 per share

- 2020-09: AUD 17.75 per share

- 2020-10: AUD 18.60 per share

- 2020-11: AUD 22.89 per share

- 2020-12: AUD 22.60 per share

- 2021-01: AUD 23.54 per share

- 2021-02: AUD 24.64 per share

- 2021-03: AUD 26.00 per share

- 2021-04: AUD 26.66 per share

- 2021-05: AUD 26.95 per share

- 2021-06: AUD 26.22 per share

- 2021-07: AUD 25.93 per share

- 2021-08: AUD 27.73 per share

- 2021-09: AUD 27.83 per share

- 2021-10: AUD 28.71 per share

- 2021-11: AUD 27.30 per share

- 2021-12: AUD 28.84 per share

- 2022-01: AUD 27.13 per share

- 2022-02: AUD 28.94 per share

- 2022-03: AUD 32.35 per share

- 2022-04: AUD 32.63 per share

- 2022-05: AUD 31.26 per share

- 2022-06: AUD 27.39 per share

- 2022-07: AUD 30.60 per share

- 2022-08: AUD 30.59 per share

- 2022-09: AUD 28.81 per share

- 2022-10: AUD 32.42 per share

- 2022-11: AUD 31.54 per share

- 2022-12: AUD 30.06 per share

- 2023-01: AUD 31.79 per share

- 2023-02: AUD 30.00 per share

- 2023-03: AUD 27.72 per share

- 2023-04: AUD 28.84 per share

- 2023-05: AUD 25.97 per share

- 2023-06: AUD 26.37 per share

- 2023-07: AUD 28.42 per share

- 2023-08: AUD 28.96 per share

- 2023-09: AUD 29.07 per share

- 2023-10: AUD 28.05 per share

- 2023-11: AUD 28.40 per share

- 2023-12: AUD 30.70 per share

- 2024-01: AUD 32.60 per share

- 2024-02: AUD 33.84 per share

- 2024-03: AUD 34.64 per share

- 2024-04: AUD 33.80 per share

- 2024-05: AUD 33.91 per share

- 2024-06: AUD 36.23 per share

- 2024-07: AUD 38.58 per share

- 2024-08: AUD 38.17 per share

- 2024-09: AUD 37.35 per share

- 2024-10: AUD 38.80 per share

- 2024-11: AUD 39.10 per share

- 2024-12: AUD 37.10 per share

- 2025-01: AUD 40.14 per share

- 2025-02: AUD 35.30 per share

- 2025-03: AUD 34.02 per share

- 2025-04: AUD 36.13 per share

- 2025-05: AUD 38.00 per share

- 2025-06: AUD 39.36 per share

- 2025-07: AUD 38.91 per share

- 2025-08: AUD 42.79 per share

- 2025-09: AUD 44.15 per share

- 2025-10: AUD 43.62 per share

- 2025-11: AUD 40.10 per share

- 2025-12: AUD 42.31 per share

- 2026-01: AUD 43.37 per share

- 2026-02: AUD 49.02 per share

- 2026-03: AUD 41.44 per share

- 2026-04: AUD 39.88 per share

- 2026-05: AUD 37.33 per share

- 2026-06: AUD 37.86 per share

- 2026-07: AUD 41.33 per share

- 2026-08: AUD 38.63 per share

- 2026-09: AUD 39.15 per share

- 2026-10: AUD 39.25 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 20.15 per share, central AUD 22.16 per share, high AUD 24.63 per share

- FY2017: low AUD 19.47 per share, central AUD 21.42 per share, high AUD 23.79 per share

- FY2018: low AUD 18.59 per share, central AUD 20.45 per share, high AUD 22.72 per share

- FY2019: low AUD 20.32 per share, central AUD 22.36 per share, high AUD 24.84 per share

- FY2020: low AUD 17.11 per share, central AUD 18.82 per share, high AUD 20.91 per share

- FY2021: low AUD 16.65 per share, central AUD 18.31 per share, high AUD 20.35 per share

- FY2022: low AUD 16.60 per share, central AUD 18.26 per share, high AUD 20.28 per share

- FY2023: low AUD 18.22 per share, central AUD 20.96 per share, high AUD 24.65 per share

- FY2024: low AUD 19.74 per share, central AUD 22.90 per share, high AUD 27.28 per share

- FY2025: low AUD 19.96 per share, central AUD 23.05 per share, high AUD 27.26 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:31.146Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations