The Bank of Nova Scotia (BNS) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Diversified
EV/EBITDA
↑
48.61
↑+109% vs avg
5yr avg: 23.25
30Y Low0.1·High42.9
P/FCF
↑
29.80
↑+368% vs avg
5yr avg: 6.36
30Y Low0.9·High83.6
P/B Ratio
↓
1.73
↑+107% vs avg
5yr avg: 0.84
30Y Low0.3·High2.9
ROE
↓
9.0%
-18% vs avg
5yr avg: 11.0%
30Y Low9%·High22%
Debt/EBITDA
↑
41.61
↑+74% vs avg
5yr avg: 23.92
30Y Low0.1·High41.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BNS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Bank of Nova Scotia trades at 21.6x earnings, 158% 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 13.9x, the stock trades at a premium of 56%. On a free-cash-flow basis, the stock trades at 29.8x P/FCF, 368% 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 | $105.9B | $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 → | 21.61 | 11.53 | 8.79 | 6.97 | 6.02 | 8.51 | 7.84 | 8.60 | 7.72 | 9.94 | 9.32 |
| P/S Ratio | 2.06 | 1.12 | 2.15 | 1.53 | 1.87 | 2.60 | 1.65 | 2.37 | 2.34 | 2.95 | 2.54 |
| P/B Ratio | 1.73 | 0.92 | 0.75 | 0.62 | 0.78 | 1.10 | 0.73 | 1.02 | 0.98 | 1.28 | 1.14 |
| P/FCF | 29.80 | 16.14 | 4.18 | 1.56 | 3.57 | — | 0.92 | — | 3.79 | 30.57 | 17.57 |
| P/OCF | 27.89 | 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
BNS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Bank of Nova Scotia's enterprise value stands at 48.6x EBITDA, 109% above its 5-year average of 23.2x. The Financial Services sector median is 11.1x, placing the stock at a 338% 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 | 48.61 | 42.91 | 20.09 | 25.90 | 10.23 | 17.11 | -1.76 | 3.73 | 0.75 | 1.52 | 1.61 |
| EV / EBIT | 56.03 | 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 |
BNS Profitability
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 20.0%. 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. ROIC of 1.6% represents below-average returns on invested capital versus a sector median of 5.3%.
Margins
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% |
Return on Capital
| 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% |
BNS Leverage & Debt
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 (894% above the sector average of 4.2x). 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 | 0.21 | -0.05 | 0.82 | 1.56 | 0.66 | 0.68 | 0.89 | 1.11 | 1.19 |
BNS Liquidity & Efficiency
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 | — | — | — | — | — | — | — | — | — | — | — |
BNS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Bank of Nova Scotia returns 4.1% to shareholders annually — split between a 3.5% dividend yield and 0.6% buyback yield. A payout ratio of 68.9% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.5% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 68.9% | 68.9% | 67.0% | 73.2% | 51.6% | 47.8% | 67.3% | 52.9% | 48.8% | 47.4% | 50.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 8.7% | 11.4% | 14.4% | 16.6% | 11.7% | 12.8% | 11.6% | 13.0% | 10.1% | 10.7% |
| FCF Yield | 3.4% | 6.2% | 23.9% | 64.2% | 28.0% | — | 108.2% | — | 26.4% | 3.3% | 5.7% |
| Buyback Yield | 0.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.2B | $1.2B | $1.2B |
Peer Comparison
Compare BNS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BNSYou | $106B | 21.6 | 48.6 | 29.8 | 44.3% | 14.4% | 9.0% | 1.6% | 41.6 |
 TD | $202B | 14.7 | 31.9 | — | 49.0% | 20.7% | 16.9% | 2.3% | 25.4 |
 BMO | $121B | 21.6 | 37.7 | 20.3 | 41.6% | 14.8% | 10.1% | 1.8% | 30.2 |
 CM | $106B | 19.1 | 37.3 | — | 43.0% | 17.6% | 13.7% | 2.1% | 29.4 |
 RY | $283B | 20.5 | 40.1 | 7.6 | 45.3% | 18.7% | 15.3% | 2.0% | 29.1 |
 BK | $100B | 19.2 | 0.3 | 19.3 | 48.9% | 17.5% | 12.8% | 6.4% | 3.8 |
 USB | $93B | 13.0 | 12.1 | 11.7 | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 JPM | $895B | 16.7 | 18.4 | 8.9 | 59.9% | 26.0% | 16.1% | 4.5% | 11.6 |
 BAC | $411B | 15.2 | 13.6 | 32.6 | 56.1% | 19.7% | 10.2% | 3.5% | 9.1 |
 C | $247B | 20.8 | 26.6 | — | 44.6% | 11.8% | 6.7% | 1.7% | 31.0 |
 WFC | $257B | 13.3 | 17.3 | — | 64.8% | 20.4% | 11.7% | 3.5% | 14.5 |
| Financial Services Median | — | 13.9 | 11.1 | 11.2 | 64.0% | 20.0% | 8.9% | 5.3% | 4.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into BNS consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
BNS — Frequently Asked Questions
Quick answers to the most common questions about buying BNS stock.
What is The Bank of Nova Scotia's P/E ratio?
The Bank of Nova Scotia's current P/E ratio is 21.6x. The historical average is 9.3x. This places it at the 100th percentile of its historical range.
What is The Bank of Nova Scotia's EV/EBITDA?
The Bank of Nova Scotia's current EV/EBITDA is 48.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
What is The Bank of Nova Scotia's ROE?
The Bank of Nova Scotia's return on equity (ROE) is 9.0%. The historical average is 14.4%.
Is BNS stock overvalued?
Based on historical data, The Bank of Nova Scotia is trading at a P/E of 21.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is The Bank of Nova Scotia's dividend yield?
The Bank of Nova Scotia's current dividend yield is 3.51% with a payout ratio of 68.9%.
What are The Bank of Nova Scotia's profit margins?
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.
How much debt does The Bank of Nova Scotia have?
The Bank of Nova Scotia's Debt/EBITDA ratio is 41.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.