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

NatWest Group plc

NWG Financial Banks Regional

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%
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%) (below 0%: weak)
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $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.

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stockrow.com/NWG · Data as of Mar 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com