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Overvalued
Morningstar Quantitative Rating as of 11 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 93.08 Fair value 133.99 One-star price 192.89
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (93.08) to the one-star price (192.89).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 171.76 |
| Price - 12 month high | 185.59 |
| Price - 12 month low | 147.41 |
| Pricing date | 11 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.23 |
| Market capitalization | 287,153.63 |
| 12 Month High price date | 14 APR 2026 |
| 12 Month Low price date | 24 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 2.16 |
| Price - 1 Day % Change | 2.89% |
| Price - 13 week price percent change | -1.24% |
| Price - 26 week price percent change | -1.29% |
| Price - 5 Day % Change | 3.31% |
| Price - 52 week price percent change | 5.12% |
| Price - YTD price percent change | 6.97% |
| Price % Change Month To Date | 15.05% |
| EPS excluding extraordinary items - most recent fiscal year | 6.517 |
| EPS excluding extraordinary items - trailing 12 month | 6.517 |
| EPS Normalized - most recent fiscal year | 6.560 |
| Revenue/share - most recent fiscal year | 17.862 |
| Revenue/share - trailing 12 month | 17.862 |
| Book value per share - most recent fiscal year | 47.077 |
| Book value per share - most recent half-year | 47.077 |
| Book value (tangible) per share - most recent fiscal year | 41.983 |
| Book value (tangible) per share - most recent half-year | 41.983 |
| Cash per share - most recent fiscal year | 29.698 |
| Cash per share - most recent half-year | 29.698 |
| Cash Flow per share - most recent fiscal year | -3.885 |
| Cash Flow per share - trailing 12 month | -3.885 |
| Dividend per share - most recent fiscal year | 5.050 |
| Dividends per share - trailing 12 month | 5.050 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 6.526 |
| EPS Basic excluding extraordinary items - trailing 12 month | 6.526 |
| EPS including extraordinary items - most recent fiscal year | 6.499 |
| EPS including extraordinary items - trailing 12 month | 6.499 |
| Free Cash Flow per share - trailing 12 month | -5.103 |
| P/E excluding extraordinary items, most recent fiscal year | 26.36 |
| P/E Normalized, most recent fiscal year | 26.18 |
| Price to sales - most recent fiscal year | 9.62 |
| Price to Tangible Book - most fiscal year | 4.09 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 3.65 |
| P/E excluding extraordinary items high, trailing 12 months | 29.54 |
| P/E excluding extraordinary items low, trailing 12 months | 22.73 |
| Net Debt, LFI | 1,100,083.00 |
| Net Debt, LFY | 1,238,928.00 |
| Dividend Yield - 5 Year Average | 3.42% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.99% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.94% |
| Free Cash Flow - most recent fiscal year | -8,543.00 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | 77.81% |
| Total debt/total equity - most recent fiscal year | 1,637.25% |
| LT debt/equity - most recent half-year | — |
| Total debt/total equity - most recent half-year | 1,540.80% |
| Free Cash Flow - trailing 12 month | -8,543.00 |
| Payout ratio - trailing 12 month | 77.81% |
| Revenue - most recent fiscal year | 29,901.00 |
| Revenue - trailing 12 month | 29,901.00 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 15,580.00 |
| Earnings before taxes - trailing 12 month | 15,580.00 |
| Net Income available to common - most recent fiscal year | 10,866.00 |
| Net Income available to common - trailing 12 months | 10,866.00 |
| Earnings before taxes Normalized - most recent fiscal year | 15,604.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 10,982.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 6.56 |
| Net Profit Margin % - 1st historical fiscal year | 36.49% |
| Net Profit Margin % - trailing 12 month | 36.49% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 52.11% |
| Pretax margin - 1st historical fiscal year | 52.11% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | 52.70% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -15.73% |
| Free Operating Cash Flow/Revenue, TTM | -28.57% |
| Net Profit Margin - 5 year average | 36.90% |
| Return on average assets - most recent fiscal year | 0.78% |
| Return on average assets - trailing 12 month | 0.78% |
| Return on average equity - most recent fiscal year | 13.95% |
| Return on average equity - trailing 12 month | 13.95% |
| Return on average assets - 5 year average | 0.80% |
| Return on average equity - 5 year average | 13.42% |
| Net Income/employee - most recent fiscal year | 210,987.35 |
| Revenue/employee - most recent fiscal year | 578,199.33 |
| Revenue growth rate, 5 year | 5.11% |
| EPS growth rate, 5 year | 3.76% |
| Growth rate% - dividend, 3 year | 5.63% |
| Revenue/share (5 yr growth) | 8.19% |
| Growth rate% - Revenue, 3 year | 3.74% |
| Growth rate% - EPS, 3 year | 3.90% |
| Book value per share growth rate, 5 year | 1.18% |
| Capital Spending growth rate, 5 year | 21.61% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
CBA -1.21%: delivered a solid first-quarter trading update, with strong business lending and deposit growth helping offset softer mortgage activity. While cash profit was flat against the average quarterly result in 2H26, margins remained broadly stable.
CBA is often regarded as the go to bank when uncertainty grows and that’s been the case over the last month with the stock up +10%, outperforming its peers. The greater the concerns that we hear around impairment charges on property the better CBA is likely to hold up, despite them being the largest home lender! As we all know, it's not cheap, but with high levels of uncertainty around, we can see recent outperformance continuing, making it a classic HOLD for MM.
Australia’s largest bank remains a top-quality business, but valuation is still difficult to justify relative to its peers, particularly as the operating environment for the entire sector becomes more challenging.
Australia's largest bank has been under pressure on valuation grounds over the last year, but since its on-the-surface solid FY26 result, covered here, this once bastion of safety has significantly underperformed the market.
This morning, CBA delivered a solid FY26 result, with cash earnings modestly ahead of expectations, margins holding up better than feared and returns improving. The numbers reinforce why CBA continues to trade at a premium to the other major banks.
Attention now turns to Commonwealth Bank’s FY26 result on Wednesday, with consensus expecting profit growth of around 6%. CBA remains one of the world’s most expensive major banks, trading on 26.1x forward earnings and 3.77x book value. That represents a substantial premium to domestic peers NAB (17.0x), Westpac (16.8x) and ANZ (14.8x), as well as leading global banks such as JPMorgan (14.7x) and RBC (17.0x). Both valuation measures sit more than two standard deviations above CBA’s long-term averages, highlighting just how much investors are currently prepared to pay for Australia’s premier banking franchise.
While CBA captured the news yesterday for all the wrong reasons, BHP again made new all-time highs, trading above $62 for the first time as copper continued to rally. As a sidenote, the game of musical chairs between BHP and CBA continued on Wednesday, with the “Big Australian” as BHP was referred to on the old trading floors reclaimed top spot as the ASX’s largest company after a session which saw a more than 13% difference in performance.
CBA –10.43%: was whacked today after its 3Q update highlighted rising provisions and a more cautious macro-outlook, amplified by concerns around negative gearing and the implications for housing credit growth.
If we are correct and the ASX is going to test/make new highs in 2026, a call many find it hard to imagine, CBA will likely come along for the ride. Australia’s largest bank delivered a strong 1H result in February Here which saw the stock surge ~12% in 2-days, a huge move for such a stock let alone bank of its size.
CBA is a world-class bank, but it's often accompanied by the unattractive tag of being the world's most expensive - but yesterday’s result demonstrated why. There was plenty to like in CBAs report from its giant $5.4bn profit as it cemented its dominant market position by holding its market share in the home loan market at over 25% while also increasing household deposits by 26.6%.
MM remains cautiously bullish CBA
MM is cautiously bullish towards CBA
MM is neutral to cautiously bullish towards CBA around $154
MM is neutral towards CBA around $156
MM is neutral on CBA ~$174
MM is neutral towards CBA around $174
MM is neutral toward CBA
MM is bullish towards CBA around $172
MM is now bullish towards CBA around $170
MM has turned positive CBA ~$159 given recent underperformance
Commonwealth Bank is Australia's largest bank with operations spanning Australia, New Zealand, and Asia. Its core business is the provision of retail, business, and institutional banking services. The bank has emphasized its focus on banking in recent years with a numbers of asset divestments in wealth management and insurance.
CNBC Asia – Talking GDP & Banks
Australia is headed for a recession but some stocks there could still be attractive
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