Royal Bank Of Canada is a US-listed company in the diversified banks industry. Its financial year ends in October.
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 $47.6bn, up 12.9% on a year earlier, faster than the 10.4% growth a quarter earlier.
Our model value for Royal Bank Of Canada is under review, so past values are not shown until it is resolved.
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.
Royal Bank Of Canada's trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of 78.3%. Where it stands out: net margin of 30.6% ranks 2 of 14 diversified banks companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 150.7% while net income grew 21.9%: a 129pp 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 RY from the sources we follow. See filings →
No model value for Royal Bank Of Canada at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Royal Bank Of Canada 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. | ~$140 ~$100–$200 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$160 ~$130–$190 | 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. | ~$110 ~$74–$150 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$57 ~$73–$110 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$99 ~$110–$150 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Royal Bank Of Canada 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 3, 2026, before the open.
No analyst estimates are published for Royal Bank Of Canada: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | $4.07 | $4.28 | +5.2% |
| Apr 2026 | $3.79 | $3.90 | +2.8% |
| Jan 2026 | $3.84 | $4.08 | +6.2% |
| Oct 2025 | $3.55 | $3.85 | +8.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $31.1B |
| FY18 Q4 | $33.1B |
| FY19 Q4 | $34.6B |
| FY20 Q4 | $35.1B |
| FY21 Q4 | $39.5B |
| FY22 Q4 | $38.1B |
| FY23 Q4 | $38.2B |
| FY24 Q4 | $42.1B |
| FY25 Q4 | $47.6B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 6.3% |
| FY19 Q4 | 4.7% |
| FY20 Q4 | 1.3% |
| FY21 Q4 | 12.8% |
| FY22 Q4 | -3.7% |
| FY23 Q4 | 0.2% |
| FY24 Q4 | 10.4% |
| FY25 Q4 | 12.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | 88.8% |
| FY18 Q4 | 37.2% |
| FY19 Q4 | 27.0% |
| FY20 Q4 | 288.7% |
| FY21 Q4 | 117.7% |
| FY22 Q4 | 39.4% |
| FY23 Q4 | 45.3% |
| FY24 Q4 | 35.3% |
| FY25 Q4 | 78.3% |
| Fiscal year | 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 | 31.1 | 33.1 | 34.6 | 35.1 | 39.5 | 38.1 | 38.2 | 42.1 | 47.6 |
| Net income | 8.7 | 9.6 | 9.7 | 8.5 | 12.8 | 12.3 | 10.8 | 11.9 | 14.5 |
| Diluted EPS | $5.78 | $6.50 | $6.59 | $5.81 | $8.80 | $8.59 | $7.65 | $8.27 | $10.05 |
| Growth (year on year) | |||||||||
| Revenue | — | +6.3% | +4.7% | +1.3% | +12.8% | −3.7% | +0.2% | +10.4% | +12.9% |
| Net income | — | +10.2% | +0.5% | −12.2% | +50.2% | −3.8% | −11.8% | +10.1% | +21.9% |
| Diluted EPS | — | +12.3% | +1.4% | −11.7% | +51.4% | −2.4% | −11.0% | +8.0% | +21.6% |
| Margins | |||||||||
| Net margin | 28.1% | 29.1% | 28.0% | 24.2% | 32.3% | 32.2% | 28.4% | 28.3% | 30.6% |
| Cash flow | |||||||||
| Cash from operations | 28.9 | 13.6 | 10.7 | 103.2 | 48.6 | 17.1 | 19.3 | 17.0 | 39.4 |
| Balance sheet | |||||||||
| Cash | 22.0 | 23.0 | 20.0 | 89.2 | 91.8 | 53.1 | 44.7 | 40.7 | 26.4 |
| Total debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0 | 3.2 | 0.0 | 2.0 |
| Net debt (negative = net cash) | −22.0 | −23.0 | −20.0 | −89.2 | −91.8 | −46.0 | −41.4 | −40.7 | −24.4 |
| Diluted shares | 1,474m | 1,450m | 1,441m | 1,429m | 1,427m | 1,406m | 1,393m | 1,414m | 1,412m |
| Returned to shareholders | |||||||||
| Dividends | 4.1 | 4.4 | 4.5 | 4.7 | 5.1 | 5.4 | — | — | — |
| Total returned | 4.1 | 4.4 | 4.5 | 4.7 | 5.1 | 5.4 | — | — | — |
| Last 12 months unless stated | RY | TD | USB | BNS | HDB | WFC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $47.6bn | $48.4bn | $29.7bn | $27.0bn | $26.4bn | $87.2bn | $28.3bn |
| Revenue growth, last 12 months | 12.9% | 15.1% | 6.7% | 9.0% | 1.7% | 5.4% | 9.6% |
| Revenue growth, 3-year average | — | — | 3.2% | — | 86.1% | 2.0% | 4.9% |
| Revenue growth, latest quarter | — | — | 10.1% | — | — | 2.0% | 10.1% |
| Net margin | 30.6% | 30.3% | 27.5% | 20.6% | 30.3% | 26.3% | 27.2% |
| Cash from operations / revenue | 82.9% | −102.8% | 42.2% | 14.3% | 48.1% | 33.1% | 30.6% |
| Free-cash-flow margin | 78.3% | — | — | 10.1% | 45.8% | 24.3% | 24.3% |
| Free-cash-flow margin, 3-year average | 94.9% | — | — | 7.5% | 41.6% | 1.5% | 27.9% |
| Stock pay / revenue | — | — | 0.7% | 0.0% | 1.0% | 1.6% | 1.6% |
| Change in share count | −0.2% | −1.8% | −0.3% | 1.3% | 0.6% | −5.8% | −0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.9% | 10.2% | 5 of 14 |
| Change in growth rate Growth | +2.5pp | +1.8pp | 5 of 14 |
| Net margin Profitability | 30.6% | 27.5% | 2 of 14 |
| Change in share count Balance sheet | -0.2% | -0.3% | 9 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 | $14.5B | 70.2M | 11.2% | ▼ 1.5% |
| Bank Of Montreal | $12.5B | 60.6M | 9.7% | ▼ 2.6% |
| Vanguard Capital Management LLC | $8.8B | 42.7M | 6.8% | ▲ 1.1% |
| Mackenzie Financial Corp | $5.5B | 18.6M | 4.2% | ▼ 4.3% |
| Fil Ltd | $4.9B | 23.5M | 3.7% | ▲ 6.2% |
| TD Asset Management Inc | $4.8B | 23.0M | 3.7% | ▼ 24.5% |
| Norges Bank | $4.1B | 19.9M | 3.2% | — |
| CIBC World Market Inc. | $3.8B | 18.3M | 2.9% | ▼ 8.1% |
| FMR LLC | $3.7B | 17.8M | 2.8% | ▲ 28.0% |
| 1832 Asset Management L.P. | $3.5B | 17.0M | 2.7% | ▲ 3.2% |
| Geode Capital Management, LLC | $3.4B | 16.0M | 2.6% | ▲ 11.8% |
| National Bank Of Canada | $3.4B | 16.4M | 2.6% | ▲ 1.1% |
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 Royal Bank Of Canada's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
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 Royal Bank Of Canada disclosed in the last 12 months; 6 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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