olivLaw · US equity research
Royal Bank of Canada RY
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Royal Bank of Canada is Canada's largest bank, listed on the New York Stock Exchange under the symbol RY. Its annual report for the fiscal year ended 31 October 2025 shows a complex capital structure, including preferred shares with non-viability contingent capital provisions.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Royal Bank of Canada (RY) stock was 209.79 USD (+3.04% on the day), with beta 0.62, 52-week range 145.41–217.87 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 189.55 – 210.06
- in the upper half of the band · %B 0.99 · band width 10.3%
- SMA 50 / 200
- 201.56 / 189.77
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.78 / 0.67
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.8% | −2.0% | +9.8 pp | — |
| 3 months | −0.7% | −2.2% | +1.5 pp | — |
| 6 months | +15.5% | +4.3% | +11.2 pp | — |
| Year to date | +23.1% | +10.6% | +12.5 pp | — |
| 1 year | +43.9% | +10.5% | +33.5 pp | +16.8% |
| 3 years | +147.2% | +73.7% | +73.5 pp | +124.5% |
| 5 years | +97.7% | +61.7% | +36.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.6 bn | 46.0 bn | 47.2 bn | 49.7 bn | 49.0 bn | 51.5 bn | 57.3 bn | 66.6 bn |
| Revenue YoY | +4.7% | +8.0% | +2.6% | +5.3% | −1.4% | +5.1% | +11.4% | +16.1% |
| Net income | 12.4 bn | 12.9 bn | 11.4 bn | 16.0 bn | 15.8 bn | 14.6 bn | 16.2 bn | 20.4 bn |
| Net income YoY | +8.5% | +3.7% | −11.1% | +40.3% | −1.5% | −7.5% | +11.1% | +25.5% |
| Diluted EPS | 8.36 | 8.75 | 7.82 | 11.06 | 11.06 | 10.32 | 11.25 | 14.07 |
| Diluted EPS YoY | +10.6% | +4.7% | −10.6% | +41.4% | 0.0% | −6.7% | +9.0% | +25.1% |
| net % | 29.1% | 28.0% | 24.2% | 32.3% | 32.2% | 28.4% | 28.3% | 30.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 37.0 bn CAD
- Financial debt
- 2.8 bn CAD
- Net debt
- -34.2 bn CAD
- Equity
- 139.2 bn CAD
- Total assets
- 2,325.0 bn CAD
- Debt / equity
- 0.02x
- Current ratio
- unavailable
- ROE
- 15.3%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 14.4 bn | 20.6 bn | 20.1 bn | 18.2 bn | 19.9 bn | 25.7 bn | SEC (XBRL)· 03 Dec 2025verified |
| Net income | 11.4 bn | 16.0 bn | 15.8 bn | 14.6 bn | 16.2 bn | 20.4 bn | SEC (XBRL)· 03 Dec 2025verified |
| Diluted EPS | 7.82 | 11.06 | 11.06 | 10.32 | 11.25 | 14.07 | SEC (XBRL)· 03 Dec 2025verified |
| Dividend per share | — | 4.50 | 5.02 | — | — | — | SEC (XBRL)· 30 Nov 2022derived |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 118.9 bn | 113.8 bn | 72.4 bn | 62.0 bn | 56.7 bn | 37.0 bn | SEC (XBRL)· 03 Dec 2025verified |
| Total assets | 1,624.5 bn | 1,706.3 bn | 1,917.2 bn | 2,006.5 bn | 2,171.6 bn | 2,325.0 bn | SEC (XBRL)· 03 Dec 2025verified |
| Short-term debt | — | — | 9.6 bn | 4.5 bn | — | 2.8 bn | SEC (XBRL)· 03 Dec 2025verified |
| Total liabilities | 1,537.8 bn | 1,607.6 bn | 1,809.0 bn | 1,891.4 bn | 2,044.4 bn | 2,185.9 bn | SEC (XBRL)· 03 Dec 2025verified |
| Equity | 86.8 bn | 98.8 bn | 108.2 bn | 115.1 bn | 127.2 bn | 139.2 bn | SEC (XBRL)· 03 Dec 2025verified |
| Shares outstanding at year end | 0 | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 03 Dec 2025verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 6.3 bn | 6.4 bn | 7.0 bn | — | — | — | SEC (XBRL)· 30 Nov 2022verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 15.3% | 68 (vs peers) | 44% |
| ROA · Quality | 0.9% | 36 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 8.4% | 70 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 10.8% | 100 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth83/100 · 2/2 factors with a value
- Quality60/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROYAL BANK OF CANADA (RY). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: YoY growth 16.1%; net margin 30.6%; ROE 15.3%.
The estimated value range is 103.30–143.69 CAD per share (median of 5 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.8%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +44% / +147% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
1- and 3-year price returns: for RY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Dec 2025; since then the company filed 6-K (27 Aug 2026), 6-K (11 Aug 2026), 6-K (10 Jul 2026), 6-K (10 Jun 2026), 6-K (28 May 2026).
In brief
Royal Bank of Canada is Canada's largest bank, listed on the New York Stock Exchange under the symbol RY. Its annual report for the fiscal year ended 31 October 2025 shows a complex capital structure, including preferred shares with non-viability contingent capital provisions.
SWOT
Strengths
- The capital structure is diversified, with common shares listed on the New York Stock Exchange and several preferred series in Canadian and US dollars 1.
- The document indicates formalised governance, with an audit committee including independent financial experts and a revised Code of Conduct 1.
- The bank has shown the ability to issue regulatory capital in several currencies over 2020 to 2025 1.
Weaknesses
- The complexity of the capital structure, with multiple series and LRCN structures, may make the capital position harder for investors to understand.
- The filing mentions civil litigation over accounts of a sanctioned embassy, indicating exposure to legal and compliance risk.
- The document does not provide segment-level operating performance, which limits direct assessment of profitability by activity.
Opportunities
- Redeeming and reissuing preferred share series could optimise the cost of capital if markets are favourable.
- Expanding contingent capital issues could support asset growth if regulatory requirements evolve.
- Strengthening compliance policies could reduce future sanctions-related risks.
Threats
- Changes in the sanctions regime could affect accounts and relationships with entities from sanctioned states.
- Unfavourable market conditions could make issuing new preferred shares or redeeming existing ones more difficult.
- Changes in regulatory capital requirements could reduce the effectiveness of the current LRCN structures.
Risks
- Sanctions compliance riskmedium
The frozen accounts of a sanctioned embassy and the related civil litigation could generate costs and legal exposure if the sanctions regime changes.
- Capital refinancing riskmedium
Redeeming some preferred share series requires replacing that capital, and market conditions could make refinancing more costly.
- Non-viability clause riskhigh
Preferred shares with non-viability contingent capital provisions could be converted or written down if the bank approaches regulatory thresholds.
- Capital structure complexitylow
Multiple series, currencies and LRCN structures could make the assessment of capital risk harder for investors.
- Governance risklow
Changes in governance practices or the Code of Conduct could affect internal control if not implemented consistently.
Investment thesis
What would need to be true (bull case)
- A diversified capital structure and repeated issues of regulatory capital could support the bank's stability if the economic environment remains favourable.
- Formalised governance and an audit committee with independent financial experts could support investor confidence.
- The ability to redeem and reissue preferred shares could allow the cost of capital to be optimised in favourable conditions.
What would break the thesis
- The complexity of the capital structure and the several non-viability clauses could make the real risk for shareholders harder to assess.
- Civil litigation over the accounts of a sanctioned embassy could generate legal costs or compliance pressure.
- If capital markets become more expensive, refinancing the preferred series could compress profitability margins.
What to watch
- Development of the litigation over the frozen accounts of the Iranian Embassynext 10-K
- Redemption of Series BH and BI and the effect on capitalQ1 2026
- New preferred share issues and their terms2026
- Changes in the sanctions regime that could affect the bank's accounts2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Dec 2025; since then the company filed 6-K (27 Aug 2026), 6-K (11 Aug 2026), 6-K (10 Jul 2026), 6-K (10 Jun 2026), 6-K (28 May 2026).
The business
Royal Bank of Canada, also known as RBC, appears in the Form 40-F filed with the US Securities and Exchange Commission for the fiscal year ended 31 October 2025 1. The company has issued common shares and several series of non-cumulative preferred shares, some issued through LRCN (Limited Recourse Capital Notes) structures and containing non-viability contingent capital provisions 1. The filing covers, besides the financial statements, the Annual Information Form, Management's Discussion and Analysis and governance practices, including the Code of Conduct revised in 2025 1.
The capital structure shows a large number of common shares outstanding and several preferred share series denominated in Canadian and US dollars, issued between 2020 and 2025 1. In November 2025 the bank redeemed all of its Series BF preferred shares, while Series BH and BI were scheduled for redemption on 8 December 2025 1.
The filing also mentions activity related to the Embassy of the Islamic Republic of Iran in Canada: non-US dollar accounts held for it are frozen by an Ontario court order in connection with civil litigation under monitoring 1. Management states that the bank believes it complied with relevant economic sanctions legislation throughout fiscal 2024 1.
Segments
Common shares
Common shares are the bank's main form of share capital and are listed on the New York Stock Exchange under the symbol RY 1.
Preferred shares
The bank has multiple series of non-cumulative preferred shares, some with non-viability contingent capital provisions, issued in several currencies and with different redemption terms 1.
LRCN structures
Series BR, BS, BV, BX, BY and BZ were issued to a consolidated trust that holds them as trust assets within the LRCN structure, a specific component of regulatory capital 1.
Market context
The document contains no market share data, so the bank's exact position in the Canadian banking sector cannot be established from this filing. The large number of common shares and the variety of preferred issues nonetheless point to a significant capital base and funding activity 1.
Recent preferred share issues, including Series BX, BY and BZ issued in 2025, suggest the bank diversified its capital funding sources during the reporting period 1.
Trends
- Contingent capital issuancetailwind
Repeated issuance of preferred shares with non-viability contingent capital provisions points to a preference for regulatory capital instruments, which could support the bank's solvency if capital requirements rise.
- Preferred share redemptionsmixed
Early redemption of series such as BF, BH and BI could lower funding costs if market conditions are favourable, but it also requires replacing that capital.
- Litigation involving sanctioned entitiesheadwind
The frozen accounts of the Iranian Embassy and the related civil litigation could become a source of compliance pressure if the sanctions environment changes.
- Strengthening governancetailwind
The 2025 revision of the Code of Conduct and the designation of three audit committee financial experts show a continued focus on governance and internal control.
Competitive position
The source document does not identify direct competitors of the bank. A comparison with other Canadian or international banks cannot be made from this filing alone.
A comparative analysis would require filings from other banking issuers, which could be assessed on the same criteria of capital and preferred share structure.
- No competitor named in the source
The filing does not name other banks, so no competitors can be indicated from this document.
- Other Canadian banks
Domestic competitors are not mentioned in the source and would need to be identified from other documents.
- International banks with similar preferred structures
A comparison with issuers using similar LRCN structures would require additional sources.
- Issuers of contingent capital instruments
Comparing contingent capital instruments could be useful but is not supported by the document analysed.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- 3M ( NYSE : MMM ) Stock Price Expected to Rise , Royal Bank Of Canada Analyst SaysSurge — GDELT DOC · 21 Oct 2026 · RO
- Royal Bank of Canada (RY) Posts Record Profit as Tariffs LoomYahoo Finance — News · 01 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)09 Apr 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-10-31 · SEC / Royal Bank of Canada · 03 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.