Saturday 17 October 2026 Export NWG’s income statement to Excel — free account

NatWest Group plc

In the quarter to June 2026, revenue grew 14.1%, EPS grew 77.8%, free cash flow fell 47.4% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.

17.51 0.04 +0.23%

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Market cap: $69.2B
P/E: 9.9×
Fwd P/E: 8.4×
Dividend yield: 5.38%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.00%

Capital & Financial Ratios $m

Market Cap 69,170.00

Revenue 38,757.92

Net Income 10,583.31

Free Cash Flow 16,053.49

Net Debt (157,700.79)

Current Ratio 1.03

Debt/Equity 0.15

P/E ratio 9.89

Fwd P/E 8.35

P/S ratio 1.81

P/B ratio 1.19

Past 5Y EPS Growth —

This Y EPS Growth 7.96%

Next Y EPS Growth 10.94%

Next Y revenue growth (88.09%)

Next 5Y EPS Growth 9.93%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 28.74%

10-year low 10-year high

P/S against its own 10 years 60.27%

10-year low 10-year high

P/B against its own 10 years 96.06%

10-year low 10-year high

Dividends

Payout Ratio 0.54

Annual Dividend Rate 0.94

Annual Dividend Yield 5.38%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.10	0.62 0.32
2025	0.09	0.40 0.25
2024	0.45	0.29 0.16
2023	0.53	0.25 0.14 0.14
2022	0.21	0.21 0.44
2021	0.18	0.09 0.09
2020	0.22	0.22
2019	0.00	0.21 0.31
2018	0.06	0.06

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	186,352	181,348	173,698	166,567
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	669,417	700,630	735,252	761,453

	2023	2024	2025	Q'26
Payables	564,192	594,149	642,326	669,180
ST’ Debt	—	—	—	—
Other	66,718	69,919	64,645	67,960
	630,910	664,068	706,971	737,140

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	9,951	—	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.48	—	—	—	—
’25	0.39	—	0.53	—	1.79
’24	0.26	—	0.36	—	1.36
’23	0.32	0.14	0.25	—	1.19
’22	0.22	0.13	0.04	0.16	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.21	5.79	5.37	4.67	2.52	4.25	4.71	4.30	5.16	9.16	Analyst estimates 2026–2028 Powerpack
	High	9.48	8.28	9.42	7.88	6.99	7.00	7.54	7.80	10.75	17.75
People
People	Employees	77,900	69,700	67,000	64,397	59,822	61,700	62,500	63,700	62,100	60,600
	Revenue/emp, $m	0.26	0.28	0.31	0.35	0.28	0.27	0.32	0.48	0.59	0.64
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
	Gross margin, %	83.16	86.52	84.85	81.07	82.30	86.09	82.48	59.65	51.38	56.39
	EBT	(5,532)	2,886	4,484	5,404	(451)	5,544	6,348	7,685	7,917	10,165
	EBT margin, %	(26.96)	14.75	21.27	24.07	(2.68)	33.02	32.17	24.98	21.65	26.12
	Net income	(5,532)	2,886	4,484	5,404	(451)	5,544	6,348	7,685	7,917	10,165
	Depreciation	1,054	1,041	958	1,901	1,516	1,548	1,038	1,162	1,352	1,522
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
	Earnings	(1.73)	0.17	0.39	0.71	(0.17)	0.75	0.83	1.19	1.37	1.79
	Cash flow	(0.91)	9.06	(0.05)	(0.71)	6.65	13.68	(10.92)	(4.73)	0.54	2.32
	Capex	(0.34)	(0.22)	(0.20)	(0.05)	(0.02)	(1.08)	1.24	1.06	(0.66)	(0.32)
	Free cash flow	(1.25)	8.85	(0.25)	(0.76)	6.63	12.60	(9.69)	(3.67)	(0.12)	2.00
	Book value	12.33	11.48	11.13	9.93	10.02	10.65	9.15	10.10	11.91	13.96
	Shares, m	5,429	5,510	5,576	5,603	5,616	5,396	4,936	4,582	4,225	4,026
Valuation, ×
Valuation, ×	P/E	0.00	0.00	13.64	19.11	0.00	12.42	11.97	6.50	9.88	11.22
	P/S	1.61	2.29	1.66	1.86	1.66	2.12	1.91	1.02	1.35	1.88
	P/B	0.48	0.70	0.53	0.75	0.50	0.68	0.87	0.55	0.84	1.24
	EV/Sales	(4.69)	(0.83)	(1.99)	(4.70)	(7.61)	(11.36)	(8.22)	(7.42)	(5.01)	(2.98)
	EV/FCF	3.78	0.63	1.55	27.52	(2.56)	(2.41)	(1.67)	(3.02)	(2.63)	(4.68)
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
	Capex	(1,831)	(1,193)	(1,116)	(275)	(126)	(5,810)	6,104	4,874	(2,792)	(1,283)
	Free cash flow	(6,778)	48,736	(1,420)	(4,235)	37,232	68,011	(47,821)	(16,818)	(528)	8,043
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
	Total debt	63,244	55,781	14,062	12,742	16,200	11,591	7,743	7,108	7,841	8,074
	Net debt	(61,928)	(172,685)	(204,866)	(184,670)	(232,227)	(330,343)	(227,774)	(179,245)	(173,507)	(165,623)
	Shareholders’ equity	66,957	63,271	62,055	55,617	56,270	57,483	45,142	46,258	50,321	56,194
Returns, %
Returns, %	ROA	(0.81)	0.10	0.23	0.43	(0.10)	0.39	0.42	0.62	0.65	0.78
	ROIC	(58.02)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	(12.59)	1.49	3.46	6.80	(1.73)	7.13	8.05	11.96	11.96	13.57

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2026

Charts ten years each

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	$89.4B	11.3×	10.9×	+2.26% (above 0%: growing)	+16.16% (above 0%: growing)	+151.96% (above 0%: growing)	70.62%	0.00%	Compare
PNC The PNC Financial Services Group, Inc	$85.8B	11.4×	12.4×	+6.44% (above 0%: growing)	+19.94% (above 0%: growing)	+45.07% (above 0%: growing)	70.11%	0.00%	Compare
LYG Lloyds Banking Group PLC	$78.4B	15.5×	—	−67.58% (below 0%: shrinking)	+413.83% (above 0%: growing)	+62.30% (above 0%: growing)	100.00%	0.00%	Compare
NU Nu Holdings Ltd.	$71.2B	19.7×	14.5×	+50.29% (above 0%: growing)	+69.23% (above 0%: growing)	−102.15% (below 0%: shrinking)	71.77%	0.00%	Compare
NWG NatWest Group plc	$69.2B	9.9×	8.4×	+14.08% (above 0%: growing)	+77.78% (above 0%: growing)	−47.36% (below 0%: shrinking)	59.01%	0.00%
DB Deutsche Bank Aktiengesellschaft	$61.8B	7.6×	8.4×	+5.77% (above 0%: growing)	+160.96% (above 0%: growing)	+127.23% (above 0%: growing)	57.34%	0.00%	Compare
TFC Truist Financial Corporation	$56.9B	10.7×	10.8×	+0.75% (above 0%: growing)	+36.26% (above 0%: growing)	+13.68% (above 0%: growing)	69.18%	0.00%	Compare
ITUB Itau Unibanco Holding S.A.	$51.3B	12.0×	—	+9.19% (above 0%: growing)	+25.86% (above 0%: growing)	+584.73% (above 0%: growing)	46.42%	0.00%	Compare
FITB Fifth Third Bancorp	$45.7B	17.0×	17.0×	+37.01% (above 0%: growing)	−4.55% (below 0%: shrinking)	+125.45% (above 0%: growing)	73.89%	0.00%	Compare
Median of peers	$66.5B	11.7×	11.7×	+6.11%	+31.06%	+93.88%	70.37%	0.00%

All 323 Banks Regional stocks →

NatWest Group plc (NWG) key facts

NatWest Group plc (NWG) is a Banks Regional company in the Financial sector, traded in the US as an ADR.
As of October 16, 2026, NWG traded at $17.51, a market capitalization of $69.2 billion.
NatWest Group plc pays an annual dividend of $0.94 per share, a yield of 5.38%, with a payout ratio of 53.6%.
Return on equity was 13.6% and debt-to-equity 0.15.
Its Piotroski F-score is 8 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.