Side by sideTD (TD.TO) and National Bank (NA.TO)Memos of October 21, 2026 and October 14, 2026
TD vs National Bank stock: the numbers side by side (October 2026)
How do TD and National Bank compare?
| TD TD.TO | National Bank NA.TO | |
|---|---|---|
| Revenue growth | 18.4%Oct 2025 | 22.6%Oct 2025 |
| Net interest margin | 1.8%Oct 2025 | 0.9%Oct 2025 |
| Efficiency ratio (lower is leaner) | 49.5%Oct 2025 | 54.4%Oct 2025 |
| Return on equity | 17.8%Oct 2025 | 13.7%Oct 2025 |
| CET1 capital ratio | 14.7%Oct 2025 | 13.8%Oct 2025 |
| Dividend yield | 2.6%Today (Oct 21, 2026) | 2.6%Today (Oct 14, 2026) |
| P/E, last 12 months | 18.4xToday (Oct 21, 2026) | 16.9xToday (Oct 14, 2026) |
| P/E, next 12 months | 17.0xToday (Oct 21, 2026) | 15.4xToday (Oct 14, 2026) |
| Weighted price forecast, about 1 year | 161.01 (-4 %)October 2027 | 203.16 (+3 %)October 2027 |
| Weighted price forecast, about 3 years | 172.24 (+8 %)October 2029 | 225.56 (+20 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | National Bank | The higher figure |
| Net interest margin | TD | The higher figure |
| Efficiency ratio (lower is leaner) | TD | The lower figure |
| Return on equity | TD | The higher figure |
| CET1 capital ratio | TD | The higher figure |
| Dividend yield | — | The higher figure |
| P/E, last 12 months | National Bank | The lower figure |
| P/E, next 12 months | National Bank | The lower figure |
| Weighted price forecast, about 1 year | National Bank | The higher weighted return |
| Weighted price forecast, about 3 years | National Bank | The higher weighted return |
What does each company do?
Toronto-Dominion Bank sells everyday banking, mortgages, cards, business finance, wealth services, insurance and capital-markets services—helping companies and governments raise money and trade investments—to households, businesses and institutions across North America.
TD (TD.TO), from our memo of October 21, 2026 · TD stock forecast
National Bank serves households and businesses with deposits, payments, loans and investments.
National Bank (NA.TO), from our memo of October 14, 2026 · National Bank stock forecast