Comprehensive Stock Comparison
Compare NatWest Group plc (NWG) vs Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NWG | 101.6% revenue growth vs BBVA's 16.2% |
| Value | BBVA | Lower P/E (9.8x vs 11.6x), PEG 0.34 vs 0.85 |
| Quality / Margins | BBVA | 31.8% net margin vs NWG's 16.8% |
| Stability / Safety | BBVA | Beta 0.82 vs NWG's 0.90 |
| Dividends | BBVA | 3.5% yield, 3-year raise streak, vs NWG's 3.4% |
| Momentum (1Y) | BBVA | +80.6% vs NWG's +40.9% |
| Efficiency (ROA) | BBVA | 1.3% ROA vs NWG's 0.7%, ROIC 6.1% vs 4.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
NatWest Group is a major UK-based banking group providing retail, commercial, and institutional banking services across the United Kingdom and internationally. It generates revenue primarily through net interest income from lending activities (~60% of total income) and fee-based income from banking services, wealth management, and capital markets operations. The company's competitive advantage lies in its entrenched position as one of the UK's largest retail banks with extensive branch networks, established commercial relationships, and government ownership providing stability.
Banco Bilbao Vizcaya Argentaria (BBVA) is a multinational banking group providing retail and commercial banking services across multiple continents. It generates revenue primarily through net interest income from lending activities — about 60% of total income — supplemented by fees from banking services, insurance, and asset management. Its key advantage lies in its strong digital banking platform and extensive geographic diversification across Spain, Mexico, and Latin America, which provides resilience against regional economic cycles.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BBVA leads in 5 of 6 categories (Financial Metrics, Profitability & Efficiency). NWG leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
BBVA and NWG operate at a comparable scale, with $31.6B and $28.6B in trailing revenue. BBVA is the more profitable business, keeping 31.8% of every revenue dollar as net income compared to NWG's 16.8%.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| RevenueTrailing 12 months | $28.6B | $31.6B |
| EBITDAEarnings before interest/tax | $7.9B | $18.2B |
| Net IncomeAfter-tax profit | $5.2B | $10.4B |
| Free Cash FlowCash after capex | $0 | $3.1B |
| Gross MarginGross profit ÷ Revenue | +51.3% | +100.0% |
| Operating MarginEBIT ÷ Revenue | +21.7% | +56.6% |
| Net MarginNet income ÷ Revenue | +16.8% | +31.8% |
| FCF MarginFCF ÷ Revenue | +2.4% | -61.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | -4.5% |
Valuation Metrics
At 11.6x trailing earnings, NWG trades at a 0% valuation discount to BBVA's 11.7x P/E. Adjusting for growth (PEG ratio), BBVA offers better value at 0.40x vs NWG's 0.86x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| Market CapShares × price | $66.2B | $130.9B |
| Enterprise ValueMkt cap + debt − cash | $29.7B | $230.6B |
| Trailing P/EPrice ÷ TTM EPS | 11.64x | 11.67x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.61x | 9.77x |
| PEG RatioP/E ÷ EPS growth rate | 0.86x | 0.40x |
| EV / EBITDAEnterprise value multiple | 3.04x | 10.08x |
| Price / SalesMarket cap ÷ Revenue | 1.72x | 3.52x |
| Price / BookPrice ÷ Book value/share | 1.33x | 1.89x |
| Price / FCFMarket cap ÷ FCF | 70.87x | — |
Profitability & Efficiency
BBVA delivers a 16.8% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $13 for NWG. NWG carries lower financial leverage with a 1.67x debt-to-equity ratio, signaling a more conservative balance sheet compared to BBVA's 2.41x.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| ROE (TTM)Return on equity | +12.5% | +16.8% |
| ROA (TTM)Return on assets | +0.7% | +1.3% |
| ROICReturn on invested capital | +4.6% | +6.1% |
| ROCEReturn on capital employed | +2.7% | +8.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.67x | 2.41x |
| Net DebtTotal debt minus cash | -$27.1B | $84.5B |
| Cash & Equiv.Liquid assets | $93.1B | $59.9B |
| Total DebtShort + long-term debt | $65.9B | $144.4B |
| Interest CoverageEBIT ÷ Interest expense | 0.50x | 0.98x |
Total Returns (with DRIP)
A $10,000 investment in BBVA five years ago would be worth $46,274 today (with dividends reinvested), compared to $34,385 for NWG. Over the past 12 months, BBVA leads with a +80.6% total return vs NWG's +40.9%. The 3-year compound annual growth rate (CAGR) favors BBVA at 48.0% vs NWG's 37.0% — a key indicator of consistent wealth creation.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| YTD ReturnYear-to-date | -6.8% | -3.6% |
| 1-Year ReturnPast 12 months | +40.9% | +80.6% |
| 3-Year ReturnCumulative with dividends | +156.9% | +224.0% |
| 5-Year ReturnCumulative with dividends | +243.8% | +362.7% |
| 10-Year ReturnCumulative with dividends | +199.7% | +328.2% |
| CAGR (3Y)Annualised 3-year return | +37.0% | +48.0% |
Risk & Volatility
BBVA is the less volatile stock with a 0.82 beta — it tends to amplify market swings less than NWG's 0.90 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.90x | 0.82x |
| 52-Week HighHighest price in past year | $19.36 | $26.20 |
| 52-Week LowLowest price in past year | $10.40 | $11.59 |
| % of 52W HighCurrent price vs 52-week peak | +85.7% | +88.3% |
| RSI (14)Momentum oscillator 0–100 | 48.7 | 47.4 |
| Avg Volume (50D)Average daily shares traded | 2.6M | 1.6M |
Analyst Outlook
Wall Street rates NWG as "Buy" and BBVA as "Buy". For income investors, BBVA offers the higher dividend yield at 3.46% vs NWG's 3.43%.
| Metric | NWGNatWest Group plc | BBVABanco Bilbao Vizc… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | — | — |
| # AnalystsCovering analysts | 6 | 13 |
| Dividend YieldAnnual dividend ÷ price | +3.4% | +3.5% |
| Dividend StreakConsecutive years of raises | 1 | 3 |
| Dividend / ShareAnnual DPS | $0.42 | $0.68 |
| Buyback YieldShare repurchases ÷ mkt cap | +5.5% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | 100 | 385.66 | +285.7% |
| Banco Bilbao Vizcay… (BBVA) | 100 | 532.44 | +432.4% |
Banco Bilbao Vizcay… (BBVA) returned +363% over 5 years vs NatWest Group plc (NWG)'s +244%. A $10,000 investment in BBVA 5 years ago would be worth $46,274 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | $16.1B | $28.6B | +77.5% |
| Banco Bilbao Vizcay… (BBVA) | $23.7B | $31.6B | +33.4% |
NatWest Group plc's revenue grew from $16.1B (2015) to $28.6B (2024) — a 6.6% CAGR. Banco Bilbao Vizcaya Argentaria, S.A.'s revenue grew from $23.7B (2015) to $31.6B (2024) — a 3.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | -9.9% | 16.8% | +269.7% |
| Banco Bilbao Vizcay… (BBVA) | 11.2% | 31.8% | +185.3% |
NatWest Group plc's net margin went from -10% (2015) to 17% (2024). Banco Bilbao Vizcaya Argentaria, S.A.'s net margin went from 11% (2015) to 32% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | 58.8 | 9.6 | -83.7% |
| Banco Bilbao Vizcay… (BBVA) | 18.5 | 5.8 | -68.6% |
NatWest Group plc has traded in a 6x–59x P/E range over 7 years; current trailing P/E is ~12x. Banco Bilbao Vizcaya Argentaria, S.A. has traded in a 6x–35x P/E range over 8 years; current trailing P/E is ~12x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| NatWest Group plc (NWG) | -0.36 | 1.06 | +394.4% |
| Banco Bilbao Vizcay… (BBVA) | 0.37 | 1.68 | +354.1% |
NatWest Group plc's EPS grew from $-0.36 (2015) to $1.06 (2024). Banco Bilbao Vizcaya Argentaria, S.A.'s EPS grew from $0.37 (2015) to $1.68 (2024) — a 18% CAGR.
Chart 6Free Cash Flow — 5 Years
NatWest Group plc generated $694M FCF in 2024 (-99% vs 2021). Banco Bilbao Vizcaya Argentaria, S.A. generated $-19B FCF in 2024 (-786% vs 2021).
NWG vs BBVA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NWG or BBVA a better buy right now?
NatWest Group plc (NWG) offers the better valuation at 11.6x trailing P/E (11.6x forward), making it the more compelling value choice. Analysts rate NatWest Group plc (NWG) a "Buy" — based on 6 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NWG or BBVA?
On trailing P/E, NatWest Group plc (NWG) is the cheapest at 11.6x versus Banco Bilbao Vizcaya Argentaria, S.A. at 11.7x. On forward P/E, Banco Bilbao Vizcaya Argentaria, S.A. is actually cheaper at 9.8x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Banco Bilbao Vizcaya Argentaria, S.A. wins at 0.34x versus NatWest Group plc's 0.85x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — NWG or BBVA?
Over the past 5 years, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) delivered a total return of +362.7%, compared to +243.8% for NatWest Group plc (NWG). A $10,000 investment in BBVA five years ago would be worth approximately $46K today (assuming dividends reinvested). Over 10 years, the gap is even starker: BBVA returned +328.2% versus NWG's +199.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NWG or BBVA?
By beta (market sensitivity over 5 years), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the lower-risk stock at 0.82β versus NatWest Group plc's 0.90β — meaning NWG is approximately 11% more volatile than BBVA relative to the S&P 500. On balance sheet safety, NatWest Group plc (NWG) carries a lower debt/equity ratio of 167% versus 2% for Banco Bilbao Vizcaya Argentaria, S.A. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NWG or BBVA?
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the more profitable company, earning 31.8% net margin versus 16.8% for NatWest Group plc — meaning it keeps 31.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BBVA leads at 56.6% versus 21.7% for NWG. At the gross margin level — before operating expenses — BBVA leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is NWG or BBVA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the more undervalued stock at a PEG of 0.34x versus NatWest Group plc's 0.85x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) trades at 9.8x forward P/E versus 11.6x for NatWest Group plc — 1.8x cheaper on a one-year earnings basis.
07Which pays a better dividend — NWG or BBVA?
All stocks in this comparison pay dividends. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) offers the highest yield at 3.5%, versus 3.4% for NatWest Group plc (NWG).
08Is NWG or BBVA better for a retirement portfolio?
For long-horizon retirement investors, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.82), 3.5% yield, +328.2% 10Y return). Both have compounded well over 10 years (BBVA: +328.2%, NWG: +199.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between NWG and BBVA?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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