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NatWest Group plc

NWG Financial Banks Regional

NatWest Group plc’s revenue for fiscal 2025 (year ended December 2025) was $38.9 billion, up 6.42% from fiscal 2024.

Revenue
+12.9%
EPS
+40.5%
Free cash flow
−47.4%
Total debt
−8.24%

Quarter to September 2026, against a year earlier

15.97 0.58 −3.50%
Market cap
$63.1B
P/E
8.3×
Fwd P/E
7.9×
Dividend yield
5.90%
F-score
8/9
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
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.48%

Capital & Financial Ratios $m

Size
Market Cap 63,050.00
Revenue ttm 39,981.90
Net income ttm 10,583.31
Free cash flow ttm 16,053.49
Net debt Q (149,677.96)
Valuation
P/E 8.32
Forward P/E 7.90
Price / sales 1.59
Forward P/S Powerpack
Price / FCF 3.60
Price / book 1.08
Financial health
Current ratio Q 1.03
Debt / equity Q 0.13
Interest coverage Q —
Growth
Revenue growth Q +12.91% (above 0%: growing)
Operating income growth Q +34.82% (above 0%: growing)
EPS, this year +7.16%
EPS, next year A +6.55%
Revenue, next year A −88.16% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +8.65%

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 19.98%
10-year low 10-year high
P/S against its own 10 years 38.61%
10-year low 10-year high
P/B against its own 10 years 91.27%
10-year low 10-year high

Dividends

Yield
5.90%
Annual rate
0.94
Payout ratio
49.1%
Growth, 2018–25
+41.6%/yr
  1. 0.06 ’18
  2. 0.00 ’19 −100
  3. 0.22 ’20
  4. 0.18 ’21 −20
  5. 0.21 ’22 +18
  6. 0.53 ’23 +150
  7. 0.45 ’24 −15
  8. 0.65 ’25 +44
  9. 0.09 ’26e −85
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 186,352 181,348 173,698 157,039
Receivables — — — —
Inventory — — — —
Other — — — —
669,417 700,630 735,252 775,472
2023 2024 2025 Q'26
Payables 564,192 594,149 642,326 685,730
ST’ Debt — — — —
Other 66,718 69,919 64,645 66,907
630,910 664,068 706,971 752,637

Compound Annual Growth %

10y 5y 3y
Sales 4.70% 18.23% 25.41%
Cash Flow 20.85% (24.24%) 0.00%
Earnings 0.00% 0.00% 20.48%
Book Value (3.80%) (0.03%) 7.57%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.51 Actual 0.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.38 0.46 Beat by 0.08
Mar 2026 0.44 0.48 Beat by 0.04
Jun 2026 0.45 0.54 Beat by 0.09
Sep 2026 0.51 0.52 Beat by 0.01
Dec 2026 0.47 — Reports 12 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.48 — 0.52 — —
’25 0.39 — 0.53 — 1.79
’24 0.26 — 0.36 — 1.36
’23 0.32 0.25 0.25 — 1.19
’22 0.22 0.24 0.04 0.29 0.83
’21 0.15 0.15 0.17 0.05 0.75
’20 0.06 (0.10) 0.01 (0.01) (0.17)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 9,951 — 10,704 — —
’25 9,155 — 10,171 — 38,915
’24 8,723 — 9,480 — 36,567
’23 6,651 5,075 8,092 — 30,760
’22 4,602 4,055 4,629 4,654 19,730
’21 4,243 3,894 4,418 3,745 16,791
’20 5,000 3,572 3,887 3,692 16,844
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 9,326
’24 — — — — 2,264
’23 — — — — (21,691)
’22 — — — — (53,925)
’21 — — — — 73,821
’20 — — — — 37,358
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 6,976 — — —
’25 — 6,834 — — 8,043
’24 — 17,760 — — (528)
’23 — (15,517) — — (16,818)
’22 — 13,253 — — (47,821)
’21 — 42,809 — — 68,011
’20 — 18,056 — — 37,232
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 20,519 19,564 21,083 22,449 16,844 16,791 19,730 30,760 36,567 38,915 39,982 +7.4% 4,609 4,963 5,199 (48.9%)
Gross margin, % 83.16 86.52 84.85 81.07 82.30 86.09 82.48 59.65 51.38 56.39 57.44 (26.8) pt
EBT (5,532) 2,886 4,484 5,404 (451) 5,544 6,348 7,685 7,917 10,165 10,957 n/m
EBT margin, % (26.96) 14.75 21.27 24.07 (2.68) 33.02 32.17 24.98 21.65 26.12 27.40 +53.1 pt
Net income (5,532) 2,886 4,484 5,404 (451) 5,544 6,348 7,685 7,917 10,165 10,583 n/m
Per share, $
Per share, $ Revenue 3.78 3.55 3.78 4.01 3.00 3.11 4.00 6.71 8.65 9.67 10.07 +11.0%
Earnings (1.73) 0.17 0.39 0.71 (0.17) 0.75 0.83 1.19 1.37 1.79 1.92 n/m
Cash flow (0.91) 9.06 (0.05) (0.71) 6.65 13.68 (10.92) (4.73) 0.54 2.32 0.00 n/m
Capex (0.34) (0.22) (0.20) (0.05) (0.02) (1.08) 1.24 1.06 (0.66) (0.32) 0.00 (0.6%)
Free cash flow (1.25) 8.85 (0.25) (0.76) 6.63 12.60 (9.69) (3.67) (0.12) 2.00 0.00 n/m
Book value 12.33 11.48 11.13 9.93 10.02 10.65 9.15 10.10 11.91 13.96 14.79 +1.4%
Shares, m 5,429 5,510 5,576 5,603 5,616 5,396 4,936 4,582 4,225 4,026 4,011 (3.3%)
Valuation, ×
Valuation, × P/E 0.00 0.00 13.64 19.11 0.00 12.42 8.17 5.04 8.86 11.22 8.32 7.8
P/S 1.61 2.29 1.66 1.86 1.66 2.12 1.91 1.02 1.35 1.88 1.59 1.7
P/B 0.48 0.70 0.53 0.75 0.50 0.68 0.87 0.55 0.84 1.24 1.08 0.7
EV/Sales (4.69) (0.83) (1.99) (4.70) (7.61) (11.36) (8.22) (7.42) (5.01) (2.98) — (5.5)
EV/FCF 3.78 0.63 1.55 27.52 (2.56) (2.41) (1.67) (3.02) (2.63) (4.68) — 1.7
Cash, $m
Cash, $m Operating cash flow (4,947) 49,929 (304) (3,961) 37,358 73,821 (53,925) (21,691) 2,264 9,326 16,053 n/m
Capex (1,831) (1,193) (1,116) (275) (126) (5,810) 6,104 4,874 (2,792) (1,283) 1,563 (3.9%)
Free cash flow (6,778) 48,736 (1,420) (4,235) 37,232 68,011 (47,821) (16,818) (528) 8,043 16,053 n/m
Balance, $m
Balance, $m Working capital 35,039 99,994 (19,009) 24,137 38,506 53,421 49,873 38,508 36,562 28,281 22,835 (2.4%)
Net debt (61,928) (172,685) (204,866) (184,670) (232,227) (330,343) (227,774) (179,245) (173,507) (165,623) (149,678) +11.6%
Shareholders’ equity 66,957 63,271 62,055 55,617 56,270 57,483 45,142 46,258 50,321 56,194 58,705 (1.9%)
Returns, %
Returns, % ROA (0.81) 0.10 0.23 0.43 (0.10) 0.39 0.42 0.62 0.65 0.78 0.77 +1.6 pt
ROIC (58.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 +58.0 pt
ROE (12.59) 1.49 3.46 6.80 (1.73) 7.13 8.05 11.96 11.96 13.57 13.45 +26.2 pt
People
People Employees 77,900 69,700 67,000 64,397 59,822 61,700 62,500 63,700 62,100 60,600 — (2.8%)
Revenue/emp, $m 0.26 0.28 0.31 0.35 0.28 0.27 0.32 0.48 0.59 0.64 — +10.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

NatWest Group plc vs peers in Banks Regional (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
USB U.S. Bancorp $93.1B 11.7× 11.2× +2.26% (above 0%: growing) +9.84% (above 0%: growing) +151.96% (above 0%: growing) 70.62% 0.00% Compare
PNC The PNC Financial Services Group, Inc $90.0B 12.1× 12.0× +6.44% (above 0%: growing) +14.22% (above 0%: growing) +15.40% (above 0%: growing) 70.11% 0.00% Compare
LYG Lloyds Banking Group PLC $74.1B 12.0× — −67.58% (below 0%: shrinking) +66.24% (above 0%: growing) +62.30% (above 0%: growing) 100.00% 0.00% Compare
DB Deutsche Bank Aktiengesellschaft $66.2B 10.1× 9.2× +5.77% (above 0%: growing) +25.97% (above 0%: growing) +127.23% (above 0%: growing) 57.34% 0.00% Compare
NWG NatWest Group plc $63.1B 8.3× 7.9× +12.91% (above 0%: growing) +40.54% (above 0%: growing) −47.36% (below 0%: shrinking) 58.30% 0.00%
TFC Truist Financial Corporation $59.7B 12.7× 11.7× −22.06% (below 0%: shrinking) −45.71% (below 0%: shrinking) +17.77% (above 0%: growing) 61.29% 0.00% Compare
NU Nu Holdings Ltd. $56.7B 16.0× 13.6× +50.29% (above 0%: growing) +69.23% (above 0%: growing) −102.15% (below 0%: shrinking) 71.77% 0.00% Compare
FITB Fifth Third Bancorp $48.3B 18.1× 17.7× +36.55% (above 0%: growing) 0.00% −26.19% (below 0%: shrinking) 72.77% 0.00% Compare
KB KB Financial Group Inc $39.5B 9.7× — +25.89% (above 0%: growing) +12.12% (above 0%: growing) +482.05% (above 0%: growing) 61.64% 0.00% Compare
Median of peers $63.0B 12.0× 11.9× +6.11% +13.17% +40.04% 70.37% 0.00%

All 327 Banks Regional stocks →

NatWest Group plc (NWG) Latest News

31 Oct

Impact 3 · · MarketBeat transcript

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Investing.com

26 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

15 Oct

Impact 3 · · Investing.com

13 Oct

Impact 4 · · Investing.com

24 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

28 Aug

Impact 4 ·

7 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 4 · · MarketBeat

24 Jun

Impact 3 · · Insider Monkey

15 May

Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire

7 May

Impact 4 · · Insider Monkey

4 May

Impact 4 · · MarketBeat

2 May

Impact 4 · · MarketBeat

23 Apr

Impact 4 · · Simply Wall St.

4 Apr

Impact 4 · · Simply Wall St.

20 Mar

Impact 3 · · Simply Wall St.

7 Mar

Impact 3 · · Simply Wall St.

27 Feb

Impact 4 · · Insider Monkey

18 Feb

Impact 4 · · Simply Wall St.

13 Feb

Impact 4 ·
Impact 4 · · MarketBeat transcript
Impact 4 · · PA Media: Money
Impact 3 ·

NWG metrics, ten years each

stockrow.com/NWG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com