ROYAL BANK OF CANADA vs TORONTO DOMINION BANK, two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Canada's two banking giants display equally clean pages, no leverage lines worth reading, near-identical scale at $284B and $201B, which strips the pair to returns and clouds: TD earns 17.4% on equity against RBC's 15%, and 1.04% on assets against 0.9%, the better machine on both lines, priced six turns cheaper, 13.2 against 18.9 times, because its US compliance penalties cap the growth story. Net margins favor RBC, 31% against 28.3%. Same oligopoly, same street addresses, opposite sentiment: the pair is a single-country experiment in how much a regulatory cloud costs, and the answer is six turns on the stronger returns.
Comparison updated 2026-07-10.
| Metric | RY | TD |
|---|---|---|
| Price | $202.84 | $119.72 |
| Market cap | $283.7B | $201.2B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 18.9 | 13.2 |
| P/B | 2.76 | 2.18 |
| P/S | 5.69 | 3.55 |
| EV/EBITDA | 113.4 | — |
| Revenue growth | +12.1% | -8.8% |
| Net margin | 31.0% | 28.3% |
| Return on equity | 15.0% | 17.4% |
| Return on assets | 0.9% | 1.0% |
| Debt / equity | 0.00 | 0.00 |
| Piotroski F (quality) | 9 / 9 | 9 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.