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National Australia Bank Limited
(Sydney:NAB)
National Australia Bank Limited (NAB) vs. iShares MSCI Australia ETF (EWA)
National Australia Bank Limited Business Overview & Revenue Model
National Australia Bank Limited Earnings Call Summary
National Australia Bank Limited Financial Statement Overview
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 60.25B | 62.16B | 51.90B | 25.87B | 20.92B |
| Gross Profit | 20.02B | 19.88B | 19.81B | 18.20B | 16.88B |
| EBITDA | 10.26B | 11.19B | 11.67B | 10.86B | 10.11B |
| Net Income | 6.76B | 6.96B | 7.41B | 6.89B | 6.36B |
Balance Sheet | |||||
| Total Assets | 1.11T | 1.08T | 1.06T | 1.06T | 926.19B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 112.94B | 2.89B | 2.67B | 26.96B |
| Total Debt | 289.67B | 281.87B | 289.27B | 290.64B | 276.41B |
| Total Liabilities | 1.05T | 1.02T | 997.69B | 996.22B | 863.41B |
| Stockholders Equity | 62.92B | 61.45B | 61.15B | 59.03B | 62.78B |
Cash Flow | |||||
| Free Cash Flow | 7.10B | -37.22B | -27.89B | 27.14B | -99.00M |
| Operating Cash Flow | 8.51B | -35.78B | -26.70B | 28.22B | 759.00M |
| Investing Cash Flow | -5.71B | 4.69B | -4.21B | -8.70B | -3.69B |
| Financing Cash Flow | 2.72B | 9.92B | 6.98B | 6.01B | -22.05B |
National Australia Bank Limited Technical Analysis
National Australia Bank Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$118.38B | 20.20 | 7.92% | 4.53% | 5.21% | -9.07% | |
70 Outperform | AU$290.04B | 28.21 | 13.34% | 3.00% | 6.39% | 7.78% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$17.87B | 19.25 | 29.52% | 2.69% | 6.44% | 22.38% | |
61 Neutral | AU$142.79B | 21.07 | 9.08% | 3.90% | 1.57% | 0.13% | |
58 Neutral | AU$145.67B | 22.19 | 10.36% | 4.00% | -4.56% | -1.63% | |
56 Neutral | AU$73.05B | 21.50 | 10.30% | 3.27% | 3.65% | 1.58% |
National Australia Bank Limited Corporate Events
National Australia Bank has applied for quotation on the ASX of 74,180 new fully paid ordinary shares issued on 23 February 2026 under an employee incentive scheme. The modest size of the issuance suggests a routine capital management action linked to staff remuneration, with minimal impact on the bank’s overall capital structure but reinforcing the use of equity-based incentives for employees.
The shares are to be quoted under NAB’s existing ordinary share line, indicating they will rank equally with existing stock once admitted to trading. For investors and other stakeholders, the move reflects ongoing administration of the bank’s employee share arrangements rather than a strategic capital raising or shift in funding mix.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$51.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has notified the market of the issue of 1,417 unquoted performance rights under its employee incentive scheme. These NABAM performance rights were issued on 23 February 2026 and are subject to transfer restrictions, meaning they will not be quoted on the ASX until those restrictions expire.
The move underscores NAB’s continued use of equity-based remuneration to align employee incentives with shareholder interests. While the issuance is relatively small in scale, it reflects ongoing capital management and staff retention practices that are common among large listed banks, with implications for employee compensation structure rather than immediate changes to the bank’s capital base.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$51.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank has announced changes to its Executive Leadership Team, confirming that long-serving Group Executive Shaun Dooley intends to retire by the end of 2026 after a 33-year career at the bank. Dooley has been Group Chief Risk Officer since 2018 and has also served as acting Group Chief Financial Officer since March 2025, underscoring his central role in NAB’s risk and finance leadership.
Inder Singh, previously announced as NAB’s incoming Group Chief Financial Officer and Group Executive Strategy, will commence with the bank on 2 March, at which point Dooley will return to his sole role as Group Chief Risk Officer. Chief Executive Officer Andrew Irvine highlighted the move as part of a planned, smooth transition designed to further evolve NAB’s senior executive team to enhance customer focus and support business growth.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$50.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has issued €1 billion of fixed reset subordinated notes due January 2036 under its US$100 billion global medium term note programme, structured as regulatory capital that can be converted into fully paid ordinary shares if the Australian Prudential Regulation Authority deems the bank to be non-viable. The bank says the issuance will not have a material impact on its current financial position, but notes that any conversion following a non-viability trigger would increase shareholders’ equity, and it has lodged a cleansing notice to ensure that any shares issued on conversion are freely tradeable while reiterating its ongoing continuous disclosure obligations to investors under Australian corporate and listing rules.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$45.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has notified the Australian Securities Exchange of the aggregated percentage of its own voting shares over which its associated entities have the power to control voting or disposal, as required under an exemption granted by the Australian Securities and Investments Commission. As at 30 December 2025, NAB had 3,067,522,775 ordinary shares on issue, with its controlled entities collectively able to control voting or disposal of 583,819 ordinary shares, representing 0.0190% of the class, down from 0.0208% reported in October 2025, and with no additional net economic exposure to its own shares. The holdings are primarily managed through JBWere Limited, Bank of New Zealand and CPU Share Plans Pty Limited in their capacities as investment managers or trustees, indicating that NAB’s indirect exposure to its own equity remains small and largely custodial in nature, with minimal implications for control or capital structure.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank has notified the market that 176,949 NABAM performance rights have lapsed after the conditions attached to those rights were not met or became incapable of being satisfied as of 22 December 2025. The cessation of these conditional securities effectively reduces the pool of potential shares that could be issued under the affected incentive arrangements, providing clarity on NAB’s issued capital structure and signalling that specific performance or service hurdles tied to this tranche of rights were not achieved.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has applied to the ASX for quotation of 530,840 fully paid ordinary shares, with the securities previously issued under an employee incentive scheme and now having their transfer restrictions ceased or about to cease. The additional quoted shares modestly increase NAB’s free float and reflect the bank’s ongoing use of equity-based remuneration, aligning employees’ interests with shareholders and incrementally expanding the stock available for trading on the market.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank has disclosed changes to the equity interests of executive Andrew Francis Irvine, detailing new grants and vesting of incentive securities as well as the lapse of a portion of his long-term variable rights. Irvine received additional Variable Reward Rights, Long-Term Equity Awards and Long-Term Variable Rights under NAB’s 2025 variable reward and 2026 long-term incentive plans following shareholder approval at the December 2025 annual general meeting, while a significant tranche of his 2022 long-term variable reward vested and a smaller portion lapsed. The updated holdings, which now include higher balances of deferred rights and ordinary shares held via custodian structures, underscore NAB’s continued use of equity-based, performance-linked remuneration to align senior executive incentives with shareholder outcomes and long-term bank performance.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has applied to the ASX for quotation of 2,492,875 new fully paid ordinary shares, which were issued on 16 December 2025 under an employee incentive scheme. The additional quoted securities modestly expand NAB’s listed share base and reflect the bank’s continued use of equity-based remuneration to attract and retain staff, aligning employee interests with shareholders and reinforcing long-term performance incentives within the organisation.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank has notified the market of the issue of unquoted performance rights under its employee incentive scheme, covering a total of 701,318 NABAM performance rights issued on 16 and 17 December 2025. These equity-based awards, which are subject to transfer restrictions and will not be quoted on the ASX until those restrictions end, reinforce NAB’s use of long-term, performance-linked remuneration to align employee incentives with shareholder interests and the bank’s longer-term strategic objectives.
The most recent analyst rating on (AU:NAB) stock is a Sell with a A$32.56 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has announced a new distribution for its NAB Capital Notes 5, with a distribution amount of AUD 1.2475 per note, fully franked, to be paid on March 17, 2026. The distribution rate for the period is 5.0593% per annum, calculated based on a 3-month Bank Bill Rate plus a margin, adjusted for tax. This announcement reflects NAB’s ongoing commitment to providing returns to its investors and maintaining its position in the financial services sector.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$42.50 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has announced a new distribution for its NAB Capital Notes 6, with a fully franked cash amount of AUD 1.1871 per note, payable on March 17, 2026. The distribution rate for the period from December 17, 2025, to March 17, 2026, is set at 4.8143% per annum, reflecting a combination of the 3-month Bank Bill Rate and an additional margin. This announcement highlights NAB’s ongoing efforts to provide returns to its stakeholders and maintain its position in the financial market.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$42.50 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited announced a new distribution for its Capital Notes 3, with a distribution rate of 5.4093% per annum for the period from December 17, 2025, to March 17, 2026. This translates to a cash amount of AUD 1.3338 per note, fully franked, payable on March 17, 2026. The announcement highlights the bank’s ongoing commitment to providing returns to its investors, potentially strengthening its market position and stakeholder confidence.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$42.50 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has announced the issuance of JPY 18 billion in fixed reset subordinated notes due in December 2040 under its global medium-term note program. These notes are designed to convert into ordinary shares if the bank faces non-viability, thereby potentially increasing shareholder equity. The issuance is not expected to materially impact the bank’s financial position but provides a mechanism for maintaining regulatory capital requirements, ensuring stability and confidence among stakeholders.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$42.50 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has announced the application for quotation of 483,117 ordinary fully paid securities on the Australian Securities Exchange, issued under a dividend or distribution plan. This move is part of the bank’s ongoing efforts to enhance its capital structure and provide value to its shareholders, potentially impacting its market positioning positively by increasing liquidity and investor confidence.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$42.50 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
The 2025 Annual General Meeting of National Australia Bank resulted in the re-election of directors Mr. Philip Chronican and Ms. Kathryn Fagg AC, along with the approval of the remuneration report and grants of deferred and performance rights to the Group Chief Executive Officer. However, shareholder-proposed resolutions regarding amendments to the company’s constitution and strategies related to financed deforestation were not passed or withdrawn, indicating a focus on maintaining current governance and strategic directions.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$40.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
At the 2025 Annual General Meeting, NAB’s Chair, Philip Chronican, highlighted the progress made under the bank’s refreshed strategy, emphasizing improvements in customer service and risk management. The bank has finalized an Enforceable Undertaking with AUSTRAC and is addressing payroll issues, demonstrating its commitment to governance and accountability. NAB aims to maintain strong relationships with regulators and continue enhancing its operations to better serve customers and stakeholders.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$40.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited (NAB) has announced that it will release its first quarter trading update for the 2026 financial year on February 18, 2026. This announcement is part of NAB’s regular financial reporting schedule and will provide insights into the company’s financial performance and strategic direction for stakeholders.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$40.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.
National Australia Bank Limited has announced the application for the quotation of 582,560 ordinary fully paid securities on the Australian Securities Exchange (ASX). These securities are issued under an employee incentive scheme and are not subject to transfer restrictions, which may enhance liquidity and employee engagement within the company.
The most recent analyst rating on (AU:NAB) stock is a Hold with a A$40.00 price target. To see the full list of analyst forecasts on National Australia Bank Limited stock, see the AU:NAB Stock Forecast page.