Companies: 10,795·Total market cap: $144.5T
National Bank of Canada

National Bank of Canada

NA.TOTSXFinancial Services● Active
$206.15
+$1.80(+0.88%)
Market Cap$79.4B
P/E Ratio—
52W High$214.78
52W Low$133.41
Free Cash FlowFinancialsRevenue

National Bank of Canada (NA.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NA.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $4.13B for FY2025 (fiscal year ending 2025-10-31), up 4.7% year-over-year The FCF margin was 13.4%. Five-year CAGR stands at -26.6%.

FY2025 Free Cash Flow$4.13B▲ +4.7% YoY
Trailing 12M (TTM)$4.61Btrailing 4 quarters sum
FCF Margin13.4%$4.13B ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGR-26.6%FY2020 → FY2025
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
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Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$4.13B▲ +4.7%13.4%
FY2024$3.95B▼ 12.5%36.5%
FY2023$4.51B▲ +274.2%46.2%
FY2022−$2.59B▼ 146.7%-26.9%
FY2021$5.55B▼ 71.5%62.3%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
na.to free cash flow 2025 · na.to free cash flow 2024 · na.to free cash flow 2023 · na.to operating cash flow

FCF valuation metrics

National Bank of Canada (NA.TO) trades at a FCF yield of 5.81% and a price-to-free-cash-flow ratio of 16.9x. FCF per share stands at $12.18, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
5.81%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$12.18
TTM FCF ÷ Shares Outstanding
Price / FCF
x16.9
Share Price ÷ FCF per Share
EV / FCF (TTM)
x29.2
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-10-31
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Cash flow statement summary

For FY2025, National Bank of Canada generated $4.63B in operating cash flow and spent 502M in capital expenditures, yielding $4.13B in free cash flow.

Operating Activities
+$4.63B
Cash from core business operations
2025-10-31
Investing Activities
−$7.08B
CapEx, acquisitions & investments
2025-10-31
Financing Activities
−$1.18B
Buybacks, dividends & debt
2025-10-31
FCF FormulaOperating CF ($4.63B) − |CapEx| (502M) = FCF ($4.13B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
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Free cash flow vs peers (Financial Services)

#CompanyFree Cash FlowYoY
#1
National Bank of Canada
National Bank of CanadaYOU
NA.TO
$4.13B+4.7%
#2
JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPM
$100.87B+340.1%#3
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
BRK-A
$25.04B+115.6%#4
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
BRK-B
$25.04B+115.6%#5
Visa Inc.
Visa Inc.
V
$21.58B+15.4%#6
Mastercard Incorporated
Mastercard Incorporated
MA
$16.91B+18.2%
Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

National Bank of Canada (NA.TO) reported free cash flow of $4.13B for FY2025 (fiscal year ending 2025-10-31), up 4.7% year-over-year. The FCF margin was 13.4%.

Based on available data, National Bank of Canada has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $19.47B in FY2020. The 5-year CAGR stands at -26.6%.

National Bank of Canada's FCF yield is 5.81% and price-to-FCF ratio is 16.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

NA.TO free cash flow · 8 questions

National Bank of Canada free cash flow was $4.13B for FY2025, up 4.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $4.61B.

NA.TO free cash flowNA.TO FCFNA.TO FCF 2025NA.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · National Bank of Canada · National Bank of Canada SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026