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

NatWest Group plc (NWG) Free cash flow margin

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NatWest Group plc's free cash flow margin over the twelve months to 30 September 2026 was 0.00%, down 20.7 percentage points from fiscal 2025 (20.7%). Over the past ten years it has ranged from −242.4% (fiscal 2022) to 405.0% (fiscal 2021); the current reading is higher than 73% of that period. That is below the Banks Regional industry median of 18.0% and below the Financial sector median of 11.4%.

Free cash flow margin, annual

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Annual newest first

Period Free cash flow margin Change (points)
FY2025 20.7% 22.11
FY2024 −1.44% 53.23
FY2023 −54.7% 187.71
FY2022 −242.4% (647.42)
FY2021 405.0% 183.99
FY2020 221.1% 239.92
FY2019 −18.9% (12.13)
FY2018 −6.74% (255.85)
FY2017 249.1% 282.14
FY2016 −33.0% (45.21)

Against its own ten years

Low −242.4% High 405.0%
Ten-year median −1.44%
Current reading's percentile 73

Free cash flow margin against peers

Company Free cash flow margin
DB Deutsche Bank Aktiengesellschaft compare 82.7%
PNC The PNC Financial Services Group, Inc compare 21.8%
TFC Truist Financial Corporation compare 21.1%
FITB Fifth Third Bancorp compare 16.6%
KB KB Financial Group Inc compare 16.2%
NWG NatWest Group plc 0.00%
LYG Lloyds Banking Group PLC compare 0.00%
USB U.S. Bancorp compare 0.00%
NU Nu Holdings Ltd. compare −8.63%
Banks Regional industry median 18.0%
Financial sector median 11.4%
Market median 0.00%

What Free cash flow margin is

Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.

(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue

The full definition of Free cash flow margin →

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