30 years of historical data (1996–2025) · Financial Services · Banks - Diversified
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Bank of Nova Scotia trades at 18.2x earnings, 118% above its 5-year average of 8.4x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 32%. On a free-cash-flow basis, the stock trades at 25.3x P/FCF, 298% above the 5-year average of 6.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $93.7B | $81.7B | $63.4B | $48.7B | $58.4B | $80.3B | $51.7B | $71.7B | $66.0B | $78.9B | $65.9B |
| Enterprise Value | $413.7B | $519.7B | $300.2B | $272.2B | $303.3B | $239.6B | $-17395920000 | $44.5B | $17.6B | $29.8B | $28.7B |
| P/E Ratio → | 18.22 | 11.53 | 8.79 | 6.97 | 6.02 | 8.51 | 7.84 | 8.60 | 7.72 | 9.94 | 9.32 |
| P/S Ratio | 1.75 | 1.12 | 2.15 | 1.53 | 1.87 | 2.60 | 1.65 | 2.37 | 2.34 | 2.95 | 2.54 |
| P/B Ratio | 1.46 | 0.92 | 0.75 | 0.62 | 0.78 | 1.10 | 0.73 | 1.02 | 0.98 | 1.28 | 1.14 |
| P/FCF | 25.33 | 16.14 | 4.18 | 1.56 | 3.57 | — | 0.92 | — | 3.79 | 30.57 | 17.57 |
| P/OCF | 23.70 | 15.10 | 4.05 | 1.54 | 3.45 | — | 0.91 | — | 3.71 | 4.76 | 16.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Bank of Nova Scotia's enterprise value stands at 46.7x EBITDA, 101% above its 5-year average of 23.2x. The Financial Services sector median is 11.1x, placing the stock at a 321% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.10 | 10.18 | 8.56 | 9.74 | 7.75 | -0.56 | 1.47 | 0.62 | 1.12 | 1.10 |
| EV / EBITDA | 46.74 | 42.91 | 20.09 | 25.90 | 10.23 | 17.11 | -1.76 | 3.73 | 0.75 | 1.52 | 1.61 |
| EV / EBIT | 53.88 | 49.46 | 34.13 | — | 23.95 | 19.19 | -2.13 | 4.19 | 1.67 | 3.02 | 3.04 |
| EV / FCF | — | 102.71 | 19.80 | 8.70 | 18.53 | — | -0.31 | — | 1.01 | 11.56 | 7.64 |
Margins and return-on-capital ratios measuring operating efficiency
The Bank of Nova Scotia earns an operating margin of 14.4%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 27.3% to 14.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.0% is modest, trailing the sector median of 9.1%. ROIC of 1.6% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.3% | 44.3% | 100.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 14.4% | 14.4% | 44.7% | 27.3% | 90.3% | 40.4% | 26.6% | 35.9% | 80.8% | 70.8% | 65.8% |
| Net Profit Margin | 10.6% | 10.6% | 26.3% | 23.3% | 31.8% | 31.1% | 21.7% | 27.7% | 30.3% | 29.9% | 27.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 9.5% | 9.7% | 13.4% | 13.4% | 9.6% | 12.2% | 13.2% | 13.4% | 12.8% |
| ROA | 0.5% | 0.5% | 0.5% | 0.5% | 0.8% | 0.8% | 0.6% | 0.8% | 0.9% | 0.9% | 0.8% |
| ROIC | 1.6% | 1.6% | 2.5% | 1.7% | 6.0% | 4.7% | 7.4% | 9.5% | 22.2% | 20.4% | 20.0% |
| ROCE | 1.9% | 1.9% | 1.8% | 0.9% | 2.4% | 1.2% | 0.8% | 1.2% | 2.7% | 2.4% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
The Bank of Nova Scotia carries a Debt/EBITDA ratio of 41.6x, which is highly leveraged (913% above the sector average of 4.1x). Net debt stands at $438.1B ($504.0B total debt minus $66.0B cash). Interest coverage of just 0.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.69 | 5.69 | 3.58 | 3.99 | 4.16 | 3.37 | 0.11 | 0.28 | 0.21 | 0.17 | 0.16 |
| Debt / EBITDA | 41.61 | 41.61 | 20.12 | 29.86 | 10.48 | 17.54 | 0.75 | 1.64 | 0.59 | 0.54 | 0.51 |
| Net Debt / Equity | — | 4.94 | 2.82 | 2.84 | 3.28 | 2.19 | -0.98 | -0.39 | -0.71 | -0.80 | -0.64 |
| Net Debt / EBITDA | 36.16 | 36.16 | 15.85 | 21.27 | 8.26 | 11.38 | -7.00 | -2.29 | -2.05 | -2.49 | -2.10 |
| Debt / FCF | — | 86.57 | 15.62 | 7.14 | 14.96 | — | -1.24 | — | -2.78 | -19.01 | -9.93 |
| Interest Coverage | 0.29 | 0.29 | 0.31 | 0.23 | 1.82 | 1.56 | 0.67 | 0.70 | 1.92 | 2.13 | 2.16 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.12x is below 1.0, meaning current liabilities exceed current assets — though the company's $66.0B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.24x to 0.12x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 0.17 | 0.24 | 0.93 | 1.39 | 1.91 | 0.73 | 1.15 | 1.08 | 0.77 |
| Quick Ratio | 0.12 | 0.12 | 0.17 | 0.24 | 0.93 | 1.39 | 1.91 | 0.73 | 1.15 | 1.08 | 0.77 |
| Cash Ratio | 0.06 | 0.06 | 0.09 | 0.14 | 0.46 | 0.93 | 1.17 | 0.38 | 0.61 | 0.58 | 0.44 |
| Asset Turnover | — | 0.05 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Bank of Nova Scotia returns 4.9% to shareholders annually — split between a 4.2% dividend yield and 0.7% buyback yield. A payout ratio of 68.9% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 6.6% | 8.2% | 11.1% | 8.8% | 5.7% | 8.8% | 6.2% | 6.3% | 4.8% | 5.5% |
| Payout Ratio | 68.9% | 68.9% | 67.0% | 73.2% | 51.6% | 47.8% | 67.3% | 52.9% | 48.8% | 47.4% | 50.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 8.7% | 11.4% | 14.4% | 16.6% | 11.7% | 12.8% | 11.6% | 13.0% | 10.1% | 10.7% |
| FCF Yield | 3.9% | 6.2% | 23.9% | 64.2% | 28.0% | — | 108.2% | — | 26.4% | 3.3% | 5.7% |
| Buyback Yield | 0.7% | 1.1% | 0.0% | 0.0% | 5.8% | 1.6% | 1.3% | 1.9% | 2.0% | 2.0% | 1.2% |
| Total Shareholder Yield | 4.9% | 7.7% | 8.2% | 11.1% | 14.5% | 7.3% | 10.1% | 8.1% | 8.3% | 6.8% | 6.6% |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.2B | $1.2B | $1.2B |
Compare BNS with 8 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| BNSYou | $94B | 18.2 | 46.7 | 25.3 | 44.3% | 14.4% | 9.0% | 1.6% | 41.6 |
| JPM | $810B | 15.2 | 13.1 | — | 58.6% | 27.7% | 17.4% | 5.4% | 9.0 |
| BAC | $379B | 13.0 | 14.0 | 30.1 | 55.4% | 18.5% | 10.2% | 3.2% | 10.0 |
| WFC | $252B | 15.2 | 10.7 | 83.0 | 62.2% | 18.6% | 10.7% | 3.7% | 9.1 |
| RY | $234B | 16.2 | 37.2 | 6.0 | 45.3% | 18.7% | 15.3% | 2.0% | 29.1 |
| C | $193B | 18.5 | 23.7 | — | 41.7% | 10.0% | 6.1% | 1.6% | 27.7 |
| TD | $163B | 11.5 | 29.5 | — | 49.0% | 20.7% | 16.9% | 2.3% | 25.4 |
| BMO | $102B | 17.2 | 35.3 | 16.4 | 41.6% | 14.8% | 10.1% | 1.8% | 30.2 |
| CM | $94B | 16.1 | 35.3 | — | 43.0% | 17.6% | 13.7% | 2.1% | 29.4 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonThe Bank of Nova Scotia's current P/E ratio is 18.2x. The historical average is 9.3x. This places it at the 100th percentile of its historical range.
The Bank of Nova Scotia's current EV/EBITDA is 46.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
The Bank of Nova Scotia's return on equity (ROE) is 9.0%. The historical average is 14.4%.
Based on historical data, The Bank of Nova Scotia is trading at a P/E of 18.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Bank of Nova Scotia's current dividend yield is 4.16% with a payout ratio of 68.9%.
The Bank of Nova Scotia has 44.3% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
The Bank of Nova Scotia's Debt/EBITDA ratio is 41.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.