BM
Bank of Montreal
BMO—
Bank of Montreal AI Insights
Informational only. Not investment advice.Snapshot
- Net margin TTM 24.1% vs industry median 25.8% - in line with peers despite $1.5T asset base requiring massive interest expense ($42B TTM)[Net Margin TTM]
- Goodwill $16.8B is 19% of common equity ($86.5B) - manageable impairment risk vs banks with 50%+ ratios[Goodwill TTM]
- FCF TTM $8.5B on $10.2B operating cash flow - 83% conversion despite $1.7B capex, funds $4.6B dividends with room to spare[Free Cash Flow TTM]
Watch Triggers
- ROE TTM: Falls below 8% — Below cost of equity destroys shareholder value; dividend sustainability questioned
- Asset Impairment Charge TTM: Exceeds $500M — Signals credit deterioration in loan book; $178M current level is early warning
- Net Margin TTM: Falls below 20% — Margin compression from 24% would indicate NIM pressure or rising credit costs
Bull Case
Trading at P/B 1.5x with 10.3% ROE and 5.5% dividend yield ($6.44/share TTM) - value play if ROE stabilizes above cost of equity
P/B Ratio TTMROE TTMDividends Paid Per Share TTM
P/E 11.7x vs industry median 12.6x with $8.7B net income TTM - discount despite top-tier scale ($1.5T assets)
P/E RatioNet Income TTMTotal Assets TTM
Bear Case
Interest expense $42B TTM exceeds total revenue $36B - bank is structurally dependent on spread income in falling rate environment
Interest Expense TTMTotal Revenue TTM
Debt/equity 3.24x with $280B total debt - regulatory capital constraints limit growth and buyback capacity
Debt to EquityTotal Debt TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
ROE likely to compress toward 9% as credit cycle normalizes and NIM pressure intensifies
1-3ymed
- ROE TTM 10.3% already below historical bank norms of 12-15%
- Interest expense $42B TTM reflects rate sensitivity
- Debt/equity 3.24x limits balance sheet flexibility
ROA TTM 0.6% vs industry median 1.0%ROIC TTM 2.4% on $363B invested capitalAsset impairment $178M TTM signals credit stress
Valuation Context
Caveats
Public Strategies Rankings
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BMO Fundamentals
Finance and Insurance → Credit Intermediation and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$97.54B | — | ||
$307.44B | — | ||
12 | — | ||
$36.1B | +12.7% | — | |
$11.64 | +29.4% | — | |
0% | — | ||
24.1% | +1.3% | — | |
$8.51B | -69.0% | — | |
0.10 | +0.9% | — | |
Beta 5Y (Monthly) | unknown | — |
BMO Dividend History
105 dividends
2026
$1.670001/30/26$1.6700
2025
$6.440010/30/25$1.6300
07/30/25$1.6300
04/29/25$1.5900
01/30/25$1.5900
2024
$6.120010/30/24$1.5500
07/30/24$1.5500
04/26/24$1.5100
01/29/24$1.5100
2023
$5.800010/27/23$1.4700
07/27/23$1.4700
04/27/23$1.4300
01/27/23$1.4300
2022
$5.440010/31/22$1.3900
07/29/22$1.3900
04/29/22$1.3300
01/31/22$1.3300
2021
$4.240010/29/21$1.0600
07/30/21$1.0600
04/30/21$1.0600
01/29/21$1.0600
2020
$4.240010/30/20$1.0600
08/03/20$1.0600
04/30/20$1.0600
01/31/20$1.0600
2019
$4.060010/31/19$1.0300
07/31/19$1.0300
04/30/19$1.0000
01/31/19$1.0000
2018
$3.780010/31/18$0.9600
07/31/18$0.9600
04/30/18$0.9300
01/31/18$0.9300
2017
$3.560010/31/17$0.9000
07/28/17$0.9000
04/27/17$0.8800
01/30/17$0.8800
2016
$3.400010/28/16$0.8600
07/28/16$0.8600
04/28/16$0.8400
01/28/16$0.8400
2015
$3.240010/29/15$0.8200
07/30/15$0.8200
04/29/15$0.8000
01/29/15$0.8000
2014
$3.080010/30/14$0.7800
07/30/14$0.7800
04/29/14$0.7600
01/30/14$0.7600
2013
$2.940010/30/13$0.7400
07/30/13$0.7400
04/29/13$0.7400
01/30/13$0.7200
2012
$2.820010/31/12$0.7200
07/30/12$0.7000
04/27/12$0.7000
01/30/12$0.7000
2011
$2.800010/28/11$0.7000
07/29/11$0.7000
04/28/11$0.7000
01/28/11$0.7000
2010
$2.800010/28/10$0.7000
07/29/10$0.7000
04/29/10$0.7000
01/28/10$0.7000
2009
$2.800011/04/09$0.7000
08/05/09$0.7000
04/29/09$0.7000
02/04/09$0.7000
2008
$2.795110/29/08$0.7000
07/30/08$0.7000
04/30/08$0.7000
01/30/08$0.6951
2007
$2.528010/31/07$0.7275
08/01/07$0.6404
05/02/07$0.6093
01/31/07$0.5508
2006
$2.001911/01/06$0.5540
08/02/06$0.5477
05/03/06$0.4740
02/01/06$0.4262
2005
$1.513311/02/05$0.4160
08/03/05$0.3758
05/04/05$0.3655
02/02/05$0.3560
2004
$1.217311/03/04$0.3595
08/04/04$0.3038
05/05/04$0.2923
02/04/04$0.2617
2003
$1.041111/07/03$0.2615
08/01/03$0.3300
05/05/03$0.2327
02/10/03$0.2169
2002
$0.763110/30/02$0.1920
07/31/02$0.1905
05/01/02$0.1924
01/30/02$0.1882
2001
$0.729310/31/01$0.1775
08/01/01$0.1828
05/02/01$0.1827
01/31/01$0.1863
2000
$0.673811/01/00$0.1643
08/02/00$0.1681
05/03/00$0.1685
02/02/00$0.1729
BMO Stock Splits
1 stock split
03/15/011:2 split
BMO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/04/25 | 10/31/25 | 40-F | |
08/26/25 | 07/31/25 | 6-K | |
05/28/25 | 04/30/25 | 6-K | |
02/25/25 | 01/31/25 | 6-K | |
12/05/24 | 10/31/24 | 40-F | |
08/27/24 | 07/31/24 | 6-K | |
05/29/24 | 04/30/24 | 6-K | |
02/27/24 | 01/31/24 | 6-K | |
12/01/23 | 10/31/23 | 40-F | |
08/29/23 | 07/31/23 | 6-K | |
05/24/23 | 04/30/23 | 6-K | |
02/28/23 | 01/31/23 | 6-K | |
02/28/23 | 10/31/22 | 40-F | |
08/30/22 | 07/31/22 | 6-K | |
05/25/22 | 04/30/22 | 6-K | |
03/02/22 | 01/31/22 | 6-K | |
03/02/22 | 10/31/21 | 40-F | |
08/28/21 | 07/31/21 | 6-K | |
06/14/21 | 04/30/21 | Quarterly | -- |
02/23/21 | 01/31/21 | 6-K | |
02/23/21 | 10/31/20 | 6-K | |
08/25/20 | 07/31/20 | 6-K | |
06/14/20 | 04/30/20 | Quarterly | -- |
02/25/20 | 01/31/20 | Quarterly | -- |
02/25/20 | 10/31/19 | 40-F | |
09/14/19 | 07/31/19 | Quarterly | -- |
06/14/19 | 04/30/19 | Quarterly | -- |
03/17/19 | 01/31/19 | Quarterly | -- |
03/17/19 | 10/31/18 | 40-F | |
09/14/18 | 07/31/18 | Quarterly | -- |
06/14/18 | 04/30/18 | Quarterly | -- |
03/17/18 | 01/31/18 | Quarterly | -- |
12/05/17 | 10/31/17 | 40-F | |
09/14/17 | 07/31/17 | Quarterly | -- |
06/14/17 | 04/30/17 | Quarterly | -- |
03/17/17 | 01/31/17 | Quarterly | -- |
12/06/16 | 10/31/16 | 40-F | |
09/14/16 | 07/31/16 | Quarterly | -- |
06/14/16 | 04/30/16 | Quarterly | -- |
03/17/16 | 01/31/16 | Quarterly | -- |
12/15/15 | 10/31/15 | 10-D | |
09/14/15 | 07/31/15 | 6-K | |
06/14/15 | 04/30/15 | Quarterly | -- |
03/17/15 | 01/31/15 | Quarterly | -- |
12/15/15 | 10/31/14 | 10-D | |
08/26/14 | 07/31/14 | 6-K | |
05/28/14 | 04/30/14 | 6-K | |
02/25/14 | 01/31/14 | 6-K | |
02/25/14 | 10/31/13 | 6-K | |
08/27/13 | 07/31/13 | 6-K | |
05/29/13 | 04/30/13 | 6-K | |
02/25/14 | 01/31/13 | 6-K | |
02/26/13 | 01/31/13 | 6-K | |
02/22/13 | 10/31/12 | 40-F | |
08/28/12 | 07/31/12 | 6-K | |
05/23/12 | 04/30/12 | 6-K | |
02/28/12 | 01/31/12 | 6-K | |
01/16/12 | 10/31/11 | 40-F | |
08/24/11 | 07/31/11 | 6-K | |
05/25/11 | 04/30/11 | 6-K | |
03/01/11 | 01/31/11 | 6-K | |
12/14/10 | 10/31/10 | 40-F | |
08/24/10 | 07/31/10 | 6-K | |
05/26/10 | 04/30/10 | 6-K | |
03/03/10 | 01/31/10 | 6-K | |
12/14/09 | 10/31/09 | 40-F | |
08/26/09 | 07/31/09 | 6-K | |
05/27/09 | 04/30/09 | 6-K | |
01/31/09 | 01/31/09 | Unknown | -- |
12/10/08 | 10/31/08 | 40-F | |
07/31/08 | 07/31/08 | Unknown | -- |
04/30/08 | 04/30/08 | Unknown | -- |
01/31/08 | 01/31/08 | Unknown | -- |
12/12/07 | 10/31/07 | 40-F | |
07/31/07 | 07/31/07 | Unknown | -- |
04/30/07 | 04/30/07 | Unknown | -- |
01/31/07 | 01/31/07 | 6-K | |
12/18/06 | 10/31/06 | 40-F | |
07/31/06 | 07/31/06 | Unknown | -- |
04/30/06 | 04/30/06 | Unknown | -- |
01/31/06 | 01/31/06 | Unknown | -- |
12/19/05 | 10/31/05 | 40-F | |
07/31/05 | 07/31/05 | Unknown | -- |
04/30/05 | 04/30/05 | Unknown | -- |
01/31/05 | 01/31/05 | Unknown | -- |
12/15/04 | 10/31/04 | 40-F | |
07/31/04 | 07/31/04 | Unknown | -- |
04/30/04 | 04/30/04 | Unknown | -- |
01/31/04 | 01/31/04 | 6-K | |
01/23/04 | 10/31/03 | 40-F | |
07/31/03 | 07/31/03 | 6-K | |
04/30/03 | 04/30/03 | Unknown | -- |
01/31/03 | 01/31/03 | Unknown | -- |
01/24/03 | 10/31/02 | 40-F | |
07/31/02 | 07/31/02 | Unknown | -- |
04/30/02 | 04/30/02 | 6-K | |
01/31/02 | 01/31/02 | Unknown | -- |
01/23/02 | 10/31/01 | 40-F | |
07/31/01 | 07/31/01 | Unknown | -- |
04/30/01 | 04/30/01 | Unknown | -- |
01/31/01 | 01/31/01 | Unknown | -- |
10/31/00 | 10/31/00 | Unknown | -- |
07/31/00 | 07/31/00 | Unknown | -- |
04/30/00 | 04/30/00 | Unknown | -- |
01/31/00 | 01/31/00 | Unknown | -- |