National Bank of Canada NA.TO TSX

National Bank of Canada (NA.TO) generated $4.64B in operating cash flow for fiscal year 2025. After capital expenditures of $502M, free cash flow was $4.13B.

Free cash flow margin was 13.4% of revenue. Cash conversion ratio was 1.15x, indicating earnings are backed by cash.

The company returned $1.95B in dividends and $213M in share buybacks to shareholders during the period.

Criteria supported by this page:

• HEALTH (0/100, Fail) — weak cash flow raises concerns about debt servicing
• MOAT (62/100, Partial) — cash flow generation is present but not at levels indicating a wide moat
• INCOME (55/100) — Cash conversion ratio was 1.15x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 56/100 with 3/7 criteria passed.