Quick verdict: BNS vs MFG in 2026

In this BNS vs MFG stock comparison for 2026, The Bank of Nova Scotia (BNS) generally holds the overall edge, outperforming Mizuho Financial Group, Inc. (MFG) across key fundamental metrics. BNS stands out as the clear growth leader with significantly higher revenue growth, a strong value leader due to a lower P/E ratio and robust free cash flow, and a margin leader demonstrating superior profitability. While BNS is also the analyst favourite with a higher percentage of ‘Buy’ ratings, MFG does present a much higher potential upside according to DCF models and its consensus price target. Not investment advice.

BNS vs MFG: key metrics side by side

Full side-by-side comparison of BNS and MFG across valuation, profitability, growth and analyst sentiment. Data updated 2026-04-09.

BNS vs MFG valuation comparison

When considering the BNS vs MFG valuation, The Bank of Nova Scotia (BNS) appears more attractively valued on a P/E basis, trading at 14.6x earnings compared to Mizuho Financial Group (MFG) at 15.9x. Both companies share an identical Price-to-Book (P/B) ratio of 1.49x, indicating similar market perception regarding their assets relative to their market capitalization. Additionally, BNS boasts a healthy Free Cash Flow (FCF) yield of 4.15%, while MFG reports 0%, further highlighting BNS’s efficiency in generating cash relative to its market cap.

Despite BNS appearing cheaper on a P/E basis and having a superior FCF yield, MFG presents a compelling argument for significant future upside according to Discounted Cash Flow (DCF) models. MFG’s DCF valuation suggests an impressive upside of +709.3% to its fair value, significantly higher than BNS’s +342.4%. This suggests that while BNS may currently offer a better traditional valuation, investors seeking substantial long-term appreciation might find MFG’s deeply discounted DCF valuation more appealing, albeit with potentially higher inherent risk given its current market price.

BNS vs MFG growth comparison

In the BNS vs MFG growth comparison, The Bank of Nova Scotia (BNS) stands out as the clear leader with an exceptional revenue growth rate of +148.2% year-over-year. This rapid expansion considerably outpaces Mizuho Financial Group (MFG), which recorded a respectable but more modest revenue growth of +9.5% over the same period. This indicates BNS has experienced a strong surge in its top-line performance, suggesting robust business expansion or significant market share gains.

While MFG’s total revenue of $8600.15B is substantially higher than BNS’s $73.18B, the relative growth rates suggest that BNS possesses significantly stronger short-term momentum. Investors prioritizing dynamic expansion and aggressive top-line growth in their `bns vs mfg stock comparison 2026` might find BNS’s performance particularly compelling. This disparity in revenue growth highlights different operational trajectories and market conditions for these two financial giants.

BNS vs MFG profitability

Examining BNS vs MFG profitability reveals that The Bank of Nova Scotia (BNS) generally operates with higher efficiency and stronger margins. BNS reported a net margin of 14.45%, which is notably higher than Mizuho Financial Group’s (MFG) 12.86%. This indicates that BNS converts a larger percentage of its revenue into net income. Furthermore, BNS’s EBITDA margin of 20.79% surpasses MFG’s 16.49%, demonstrating better operational efficiency before accounting for depreciation and amortization.

Both companies currently show ‘N/A%’ for Return on Equity (ROE), preventing a direct comparison on this crucial metric. However, BNS also excels in Free Cash Flow (FCF) generation, reporting an FCF yield of 4.15%, significantly higher than MFG’s 0%. This suggests BNS is more effective at converting its profits into actual cash, which is vital for sustained operations, debt reduction, and potential dividends. Overall, BNS exhibits superior profitability metrics, generating more cash and higher net income from its operations.

Analyst ratings: BNS vs MFG

When we look at the analyst consensus for BNS vs MFG, The Bank of Nova Scotia (BNS) appears to be a much more favored stock among financial experts. BNS is covered by 19 analysts, with a substantial 52.6% recommending a ‘Buy’ rating. The collective analyst consensus for BNS is a ‘Buy’, with a target price of $72.15, indicating a modest +1.0% upside from its current price of $71.425. This strong ‘Buy’ sentiment suggests a positive outlook from the analytical community regarding BNS’s near-term performance.

In contrast, Mizuho Financial Group (MFG) receives coverage from fewer analysts, with only 5 tracking the stock. A smaller proportion, 20.0%, of these analysts recommend a ‘Buy’ rating for MFG, leading to an overall ‘Hold’ consensus. Despite the less enthusiastic ‘Hold’ rating, MFG’s analyst target price of $10 suggests a more considerable +17.4% upside from its current price of $8.515. This higher implied upside suggests that while analysts may be more cautious about MFG, they see greater potential for price appreciation if the company meets expectations.

Should I buy BNS or MFG stock in 2026?

Deciding whether you should buy BNS or MFG stock in 2026 depends heavily on your investment priorities, considering the distinct profiles of these two financial institutions. For growth-oriented investors, The Bank of Nova Scotia (BNS) presents a compelling case. Its remarkable year-over-year revenue growth of +148.2% dwarfs MFG’s +9.5%, clearly positioning BNS as the stronger momentum play. This explosive growth suggests BNS is expanding its market footprint aggressively, making it potentially attractive for those seeking rapid top-line expansion.

From a value investment perspective, the `bns vs mfg fundamentals and valuation` comparison shows BNS also has an edge. BNS trades at a lower P/E ratio of 14.6x compared to MFG’s 15.9x, indicating it’s cheaper relative to its earnings. Furthermore, BNS has a significantly stronger Free Cash Flow yield of 4.15% versus MFG’s 0%, and a much healthier Debt/Equity ratio of 2.92x against MFG’s 5.76x, suggesting better financial stability. However, value investors looking for deep discount potential might note MFG’s substantially higher DCF upside of +709.3% versus BNS’s +342.4%, implying greater intrinsic value relative to its current price, albeit with higher risk.

For income-focused investors, both BNS and MFG offer dividends, but BNS provides a slightly better yield. BNS has a dividend yield of 0.04%, while MFG offers 0.02%. While both yields are relatively low, BNS offers a marginally more attractive income stream. Coupled with its superior profitability metrics (net margin of 14.45% vs 12.86% for MFG) and robust FCF generation, BNS appears to be the more stable choice for investors prioritizing income and strong underlying financial health. This is not investment advice.

More BNS and MFG comparisons

BNS full stock analysis · MFG full stock analysis · All stock comparisons

FAQ: BNS vs MFG