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ING Group, N.V.

ING Financial Banks Diversified

ING Group, N.V.’s revenue for fiscal 2025 (year ended December 2025) was $70.2 billion, roughly unchanged from fiscal 2024.

Revenue
+29.8%
EPS
+14.8%
Free cash flow
−27.0%

Quarter to June 2026, against a year earlier

31.46 0.78 −2.42%
Market cap
$90.7B
P/E
13.3×
Fwd P/E
6.6×
Dividend yield
4.84%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 5.08%

Capital & Financial Ratios $m

Size
Market Cap 90,680.00
Revenue ttm 9,036.02
Net income ttm 20,224.98
Free cash flow ttm 33,978.09
Net debt Q (68,599.30)
Valuation
P/E 13.30
Forward P/E 6.57
Price / sales 10.28 (above 10: high)
Forward P/S Powerpack
Price / FCF 2.73
Price / book 1.44
Financial health
Current ratio Q 1.10
Debt / equity Q 2.99
Interest coverage Q —
Growth
Revenue growth Q +29.83% (above 0%: growing)
Operating income growth Q −5.82% (below 0%: shrinking)
EPS, this year +11.02%
EPS, next year A +17.83% (at or above 15%: strong)
Revenue, next year A −84.91% (below 0%: weak)
EPS, past 5 yrs +36.61% (at or above 15%: strong)
EPS, next 5 yrs A +14.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 84.80%
10-year low 10-year high
P/S against its own 10 years 96.80%
10-year low 10-year high
P/B against its own 10 years 94.67%
10-year low 10-year high

Dividends raised 4 years running

Yield
4.84%
Annual rate
1.52
Payout ratio
64.3%
Growth, 2016–26
+7.47%/yr
  1. 0.74 ’16
  2. 0.75 ’17 +1%
  3. 0.79 ’18 +5%
  4. 0.76 ’19 −3%
  5. 0.00 ’21 −100%
  6. 0.60 ’22
  7. 0.81 ’23 +34%
  8. 1.20 ’24 +48%
  9. 1.52 ’26 +27%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 228,583 222,340 208,618 261,620
Receivables — — — —
Inventory — — — —
Other — — — —
947,254 985,633 1,055,965 1,182,043
2023 2024 2025 Q'26
Payables 728,965 766,542 837,112 935,948
ST’ Debt — — — —
Other 102,428 94,033 91,115 120,122
848,490 880,220 949,170 1,078,841

Compound Annual Growth %

10y 5y 3y
Sales 14.34% 18.35% 14.67%
Cash Flow 0.00% 0.00% 0.00%
Earnings 7.78% 29.66% (9.67%)
Book Value 2.14% 0.81% 1.40%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.79 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.50 0.56 Beat by 0.06
Mar 2026 0.60 0.63 Beat by 0.03
Jun 2026 0.75 0.79 Beat by 0.04
Sep 2026 0.79 0.75 Miss by 0.04
Dec 2026 0.65 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 — — — — —
’25 0.49 — 0.70 — 3.14
’24 0.52 — 0.65 — 1.79
’23 0.47 — 0.61 — 1.33
’22 0.12 0.32 — — 3.55
’21 0.31 — 0.41 — 1.81
’20 0.19 — 0.23 — 0.66
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 2,122 — 2,563 — 70,212
’24 1,909 — 2,442 — 70,335
’23 1,669 6,259 1,974 — 58,833
’22 — — — — 46,568
’21 — — — — 32,119
’20 — — — — 30,234
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — 17,708 — — —
’25 — 11,909 — — (7,218)
’24 — 6,405 — — (24,395)
’23 — — — — (12,273)
’22 — — — — (11,708)
’21 — — — — (17,679)
’20 — — — — 115,650
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 17,708 — — —
’25 — 11,909 — — (7,571)
’24 — 6,405 — — (24,700)
’23 — 4,897 — — (12,478)
’22 — 24,249 — — (11,864)
’21 — (3,847) — — (17,851)
’20 — 85,249 — — 115,408
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,810 21,012 37,923 35,254 30,234 32,119 46,568 58,833 70,335 70,212 9,036 +15.1% — — — —
Gross margin, % 100.00 100.00 57.06 54.40 65.97 74.03 68.82 33.34 32.51 41.39 100.00 (58.6) pt
EBT 6,987 9,138 8,250 6,331 3,883 9,920 18,288 6,534 8,410 13,340 10,653 +7.5%
EBT margin, % 35.27 43.49 21.76 17.96 12.84 30.89 39.27 11.11 11.96 19.00 117.90 (16.3) pt
Net income 7,473 9,138 8,250 6,331 3,883 9,920 18,288 6,534 8,410 13,340 20,225 +6.7%
Per share, $
Per share, $ Revenue 5.11 5.41 9.75 9.05 7.75 8.26 12.87 16.51 21.78 23.48 3.05 +18.5%
Earnings 1.33 1.59 1.43 1.12 0.66 1.81 3.56 1.33 1.79 3.14 2.36 +10.0%
Cash flow 2.44 (1.53) 2.10 3.75 29.66 (4.55) (3.23) (3.44) (7.56) (2.41) 0.00 n/m
Capex (0.08) (0.06) (0.08) (0.08) (0.06) (0.04) (0.04) (0.06) (0.09) (0.12) 0.00 +4.1%
Free cash flow 2.36 (1.59) 2.02 3.68 29.60 (4.59) (3.28) (3.50) (7.65) (2.53) 0.00 n/m
Book value 13.67 14.31 15.14 14.92 15.42 16.07 16.60 16.90 18.00 20.94 0.00 +4.9%
Shares, m 3,875 3,883 3,889 3,895 3,899 3,889 3,619 3,563 3,229 2,990 3,142 (2.8%)
Valuation, ×
Valuation, × P/E 11.09 14.33 7.51 8.50 12.68 9.64 12.36 7.20 6.44 11.86 13.30 10.2
P/S 3.00 3.86 2.10 2.76 2.92 4.06 2.95 3.53 3.99 9.17 10.28 3.8
P/B 0.99 1.35 0.68 0.77 0.55 0.87 0.87 0.95 0.84 1.37 1.44 0.9
EV/Sales (0.72) 0.19 (2.38) 2.58 (3.42) (5.72) (8.70) (6.48) (4.56) (1.00) — (3.0)
EV/FCF (0.86) 0.32 5.33 (13.01) (0.56) (0.93) (1.25) (0.89) (3.23) (0.27) — (1.5)
Cash, $m
Cash, $m Operating cash flow 9,465 (5,937) 8,167 14,622 115,650 (17,679) (11,708) (12,273) (24,395) (7,218) 34,744 n/m
Capex (319) (225) (318) (307) (242) (172) (156) (205) (305) (353) (766) +1.1%
Free cash flow 9,146 (6,162) 7,849 14,315 115,408 (17,851) (11,864) (12,478) (24,700) (7,571) 33,978 n/m
Balance, $m
Balance, $m Working capital 61,022 71,424 103,439 96,357 49,877 77,061 74,724 98,764 105,413 106,795 103,202 +6.4%
Net debt (38,192) (53,003) (56,756) (32,036) (147,139) (136,241) (107,013) (93,652) (68,285) (37,515) (68,599) (0.2%)
Shareholders’ equity 52,965 55,547 58,874 58,116 60,131 62,470 60,059 60,206 58,107 62,611 64,476 +1.9%
Returns, %
Returns, % ROA 0.59 0.65 0.56 0.43 0.25 0.64 1.19 0.43 0.53 0.82 0.00 +0.2 pt
ROIC 29.56 224.49 243.52 15.17 0.00 0.00 0.00 0.00 0.00 33.22 0.00 +3.7 pt
ROE 10.63 11.38 9.83 7.47 4.35 11.49 20.85 7.45 9.76 15.60 0.00 +5.0 pt
People
People Employees 51,943 51,504 52,233 53,431 55,901 57,660 57,569 46,000 60,000 60,000 — +1.6%
Revenue/emp, $m 0.38 0.41 0.73 0.66 0.54 0.56 0.81 1.28 1.17 1.17 — +13.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2025 · fundamentals updated 26 Oct 2026

ING Group, N.V. vs peers in Banks Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MUFG Mitsubishi UFJ Financial Group, Inc. $247.0B 16.8× — +21.62% (above 0%: growing) +32.35% (above 0%: growing) −145.30% (below 0%: shrinking) 61.56% 0.00% Compare
C Citigroup Inc. $211.0B 11.9× 10.8× +4.08% (above 0%: growing) +52.35% (above 0%: growing) +33.24% (above 0%: growing) 52.26% 0.00% Compare
SAN Banco Santander, S.A. $170.9B 9.0× 9.4× +4.44% (above 0%: growing) +8.00% (above 0%: growing) −105.65% (below 0%: shrinking) 100.00% 0.00% Compare
SMFG Sumitomo Mitsui Financial Group Inc $155.8B 9.1× — +17.73% (above 0%: growing) +85.19% (above 0%: growing) −63.80% (below 0%: shrinking) 58.44% 0.00% Compare
UBS UBS Group AG $147.4B 15.5× 13.8× −40.29% (below 0%: shrinking) +21.33% (above 0%: growing) −53.01% (below 0%: shrinking) 100.00% 0.00% Compare
BBVA Banco Bilbao Viscaya Argentaria S.A. $132.9B 10.6× 7.7× +23.54% (above 0%: growing) +19.23% (above 0%: growing) +439.38% (above 0%: growing) 100.00% 0.00% Compare
BNY BNY $101.4B 15.9× 15.8× −4.67% (below 0%: shrinking) +30.67% (above 0%: growing) +7.45% (above 0%: growing) 57.04% 0.00% Compare
ING ING Group, N.V. $90.7B 13.3× 6.6× +29.83% (above 0%: growing) +14.75% (above 0%: growing) −26.97% (below 0%: shrinking) 100.00% 0.00%
BCS Barclays PLC $76.9B 8.3× 8.0× +16.58% (above 0%: growing) +45.16% (above 0%: growing) −13.85% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $151.6B 11.3× 10.1× +10.51% +31.51% −33.43% 80.78% 0.00%

All 15 Banks Diversified stocks →

ING Group, N.V. (ING) Latest News

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press

28 Oct

Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · GlobeNewswire

20 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · GlobeNewswire

10 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Barrons.com

6 Oct

Impact 3 · · GlobeNewswire

1 Oct

Impact 3 · · MT Newswires

29 Sep

Impact 3 · · GlobeNewswire

25 Sep

Impact 3 ·

24 Sep

Impact 4 · · MarketBeat

22 Sep

Impact 3 · · GlobeNewswire

14 Sep

Impact 3 ·

18 Aug

Impact 3 ·

16 Aug

Impact 3 ·

11 Aug

Impact 3 ·

4 Aug

Impact 3 ·

31 Jul

Impact 4 ·
Impact 3 ·

30 Jul

Impact 3 · · MarketBeat
stockrow.com/ING · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com