Bank Of Nova Scotia is a US-listed company in the diversified banks industry. Its financial year ends in October.
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~$63
Valuation models combined (6)
Base case. Range ~$40–$77. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.
Overvalued
The price is above our entire value range; our base value is 33% below it.
Price used: $94.07, November 2, 2026
Bank Of Nova Scotia valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $27.0bn, up 9.0% on a year earlier, faster than the 3.6% growth a quarter earlier. Our cash-flow model value is $61.21 a share, against a share price of $93.76.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bank Of Nova Scotia's trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 10.1%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 8 diversified banks companies we cover. Where it lags: change in share count of 1.3% ranks 14 of 14 diversified banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 73.4% while net income fell 2.4%: a 71pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BNS from the sources we follow. See filings →
We value Bank Of Nova Scotia as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$66 ~$50–$90 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$77 ~$65–$94 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$70 ~$43–$97 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$40 ~$52–$77 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$43 ~$49–$66 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$77 ~$64–$95 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$63 ~$40–$77 | 6 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bank Of Nova Scotia with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: December 2, 2026, before the open.
No analyst estimates are published for Bank Of Nova Scotia: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | $2.10 | $2.28 | +8.6% |
| Apr 2026 | $1.94 | $2.02 | +4.2% |
| Jan 2026 | $1.95 | $2.05 | +5.1% |
| Oct 2025 | $1.84 | $1.93 | +4.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Bank Of Nova Scotia’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
There is not enough price history to measure realised volatility.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $100 call expiring December 18, 2026 (46 days) for $0.95 a share — $95.00 per contract.
Previous session · Bid $0.95, ask $1.25, quoted Mon 2 Nov, 17:16 New York time with BNS at $94.34. Option prices move with the shares: check the live chain at your broker before trading.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $19.9B |
| FY17 Q4 | $20.8B |
| FY18 Q4 | $22.4B |
| FY19 Q4 | $23.4B |
| FY20 Q4 | $23.3B |
| FY21 Q4 | $24.9B |
| FY22 Q4 | $24.4B |
| FY23 Q4 | $23.9B |
| FY24 Q4 | $24.7B |
| FY25 Q4 | $27B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 4.5% |
| FY18 Q4 | 7.6% |
| FY19 Q4 | 4.5% |
| FY20 Q4 | -0.3% |
| FY21 Q4 | 6.8% |
| FY22 Q4 | -1.8% |
| FY23 Q4 | -2.2% |
| FY24 Q4 | 3.6% |
| FY25 Q4 | 9.0% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | 14.6% |
| FY17 Q4 | 58.3% |
| FY18 Q4 | 59.0% |
| FY19 Q4 | -42.1% |
| FY20 Q4 | 175.9% |
| FY21 Q4 | -45.8% |
| FY22 Q4 | 49.1% |
| FY23 Q4 | 92.8% |
| FY24 Q4 | 41.3% |
| FY25 Q4 | 10.1% |
| Fiscal year | 2016 Oct 2016 | 2017 Oct 2017 | 2018 Oct 2018 | 2019 Oct 2019 | 2020 Oct 2020 | 2021 Oct 2021 | 2022 Oct 2022 | 2023 Oct 2023 | 2024 Oct 2024 | 2025 Oct 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 19.9 | 20.8 | 22.4 | 23.4 | 23.3 | 24.9 | 24.4 | 23.9 | 24.7 | 27.0 |
| Net income | 5.4 | 6.1 | 6.6 | 6.3 | 5.0 | 7.7 | 7.7 | 5.4 | 5.7 | 5.6 |
| Diluted EPS | $4.35 | $4.97 | $5.30 | $5.03 | $3.94 | $6.13 | $6.23 | $4.24 | $4.31 | $4.05 |
| Growth (year on year) | ||||||||||
| Revenue | — | +4.5% | +7.6% | +4.5% | −0.3% | +6.8% | −1.8% | −2.2% | +3.6% | +9.0% |
| Net income | — | +14.0% | +8.4% | −4.9% | −20.2% | +52.0% | +0.6% | −29.4% | +4.8% | −2.4% |
| Diluted EPS | — | +14.0% | +6.7% | −5.1% | −21.6% | +55.5% | +1.7% | −31.9% | +1.7% | −6.1% |
| Margins | ||||||||||
| Net margin | 27.0% | 29.5% | 29.7% | 27.0% | 21.6% | 30.8% | 31.6% | 22.8% | 23.0% | 20.6% |
| Cash flow | ||||||||||
| Cash from operations | 3.4 | 12.7 | 13.8 | −9.1 | 42.1 | −10.2 | 13.2 | 23.5 | 11.5 | 3.9 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Balance sheet | ||||||||||
| Cash | 5.1 | 6.1 | 6.9 | 8.3 | 8.3 | 7.8 | 8.1 | 7.3 | 6.7 | 7.3 |
| Total debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net debt (negative = net cash) | −5.1 | −6.1 | −6.9 | −8.3 | −8.3 | −7.8 | −8.1 | −7.3 | −6.7 | −7.3 |
| Diluted shares | 1,226m | 1,223m | 1,229m | 1,251m | 1,243m | 1,225m | 1,208m | 1,204m | 1,232m | 1,248m |
| Returned to shareholders | ||||||||||
| Dividends | 2.7 | 2.9 | 3.2 | 3.3 | 3.4 | 3.7 | 4.0 | 4.0 | 4.2 | 4.2 |
| Total returned | 2.7 | 2.9 | 3.2 | 3.3 | 3.4 | 3.7 | 4.0 | 4.0 | 4.2 | 4.2 |
| Last 12 months unless stated | BNS | HDB | BMO | PNC | USB | CM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $27.0bn | $26.4bn | $25.9bn | $25.0bn | $29.7bn | $20.8bn | $28.3bn |
| Revenue growth, last 12 months | 9.0% | 1.7% | 7.5% | 13.2% | 6.7% | 10.6% | 9.6% |
| Revenue growth, 3-year average | — | 86.1% | — | 4.1% | 3.2% | — | 4.9% |
| Revenue growth, latest quarter | — | — | — | 21.4% | 10.1% | — | 10.1% |
| Net margin | 20.6% | 30.3% | 24.0% | 29.4% | 27.5% | 28.9% | 27.2% |
| Cash from operations / revenue | 14.3% | 48.1% | 28.2% | 29.9% | 42.2% | 47.5% | 30.6% |
| Free-cash-flow margin | 10.1% | 45.8% | 22.2% | 28.4% | — | — | 24.3% |
| Free-cash-flow margin, 3-year average | 7.5% | 41.6% | 64.8% | 29.2% | — | — | 27.9% |
| Stock pay / revenue | 0.0% | 1.0% | — | 1.1% | 0.7% | 0.1% | 1.6% |
| Change in share count | 1.3% | 0.6% | −0.7% | 0.1% | −0.3% | −0.1% | −0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.0% | 10.2% | 8 of 14 |
| Change in growth rate Growth | +5.4pp | +1.8pp | 2 of 14 |
| Net margin Profitability | 20.6% | 27.5% | 12 of 14 |
| Stock pay as % of revenue Cash generation | 0.0% | 1.7% | 1 of 8 |
| Change in share count Balance sheet | 1.3% | -0.3% | 14 of 14 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Royal Bank Of Canada | $5.7B | 65.8M | 12.0% | ▼ 8.4% |
| Bank Of Montreal | $4.5B | 51.9M | 9.5% | ▼ 7.4% |
| Vanguard Capital Management LLC | $3.1B | 35.7M | 6.5% | ▲ 0.1% |
| CIBC World Market Inc. | $2.2B | 25.2M | 4.6% | ▼ 2.9% |
| Acadian Asset Management LLC | $1.6B | 18.4M | 3.4% | ▲ 22.4% |
| Norges Bank | $1.6B | 18.4M | 3.4% | — |
| 1832 Asset Management L.P. | $1.4B | 16.3M | 3.0% | ▼ 11.0% |
| National Bank Of Canada | $1.4B | 15.7M | 2.9% | ▼ 4.4% |
| Geode Capital Management, LLC | $1.3B | 14.3M | 2.7% | ▲ 11.5% |
| TD Asset Management Inc | $1.2B | 14.1M | 2.6% | ▼ 26.5% |
| Scotia Capital Inc. | $1.1B | 12.9M | 2.4% | ▼ 3.6% |
| Toronto Dominion Bank | $1.1B | 12.5M | 2.3% | ▼ 28.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bank Of Nova Scotia's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Bank Of Nova Scotia disclosed in the last 12 months; 11 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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