NatWest Group plc (NWG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NatWest Group plc (NWG) stock price & volume — 10-year historical chart
NatWest Group plc (NWG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
NatWest Group plc (NWG) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 1, 2026 | $0.48vs $0.44+9.1% | $5.9Bvs $5.8B+2.4% |
| Q1 2026 | Feb 13, 2026 | $0.46vs $0.38+21.1% | $5.9Bvs $5.7B+3.6% |
| Q4 2025 | Oct 24, 2025 | $0.53vs $0.42+26.9% | $4.3Bvs $5.6B-22.3% |
| Q3 2025 | Jul 25, 2025 | $0.41vs $0.37+12.3% | $4.0Bvs $5.5B-26.8% |
NatWest Group plc (NWG) competitors in European universal banks — business model, growth, and fundamentals comparison
NatWest Group plc (NWG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NatWest Group plc (NWG) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 8.99B | 8.66B | 7.8B | 7.39B | 7.54B | 9.84B | 11.05B | 11.28B | 12.83B |
| NII Growth % | 3.2% | -3.68% | -9.9% | -5.26% | 1.98% | 30.62% | 12.26% | 2.05% | 13.78% |
| Net Interest Margin % | 1.22% | 1.25% | 1.08% | 0.92% | 0.96% | 1.37% | 1.6% | 1.59% | 1.8% |
| Interest Income | 11.03B | 11.05B | 11.13B | 9.71B | 9.23B | 12.64B | 21.03B | 25.19B | 25.7B |
| Interest Expense | 2.05B | 2.39B | 3.33B | 2.32B | 1.7B | 2.79B | 9.98B | 13.91B | 12.87B |
| Loan Loss Provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 3.73B | 4.68B | 3.92B | 3.37B | 2.81B | 3.51B | 3.73B | 3.38B | 3.78B |
| Non-Interest Income % | 25.26% | 29.78% | 26.05% | 25.77% | 23.3% | 21.74% | 15.08% | 11.83% | 12.82% |
| Total Revenue | 14.76B▲ 0% | 15.73B▲ 6.6% | 15.05B▼ 4.4% | 13.08B▼ 13.1% | 12.04B▼ 8.0% | 16.15B▲ 34.1% | 24.76B▲ 53.3% | 28.57B▲ 15.4% | 29.48B▲ 3.2% |
| Revenue Growth % | -1.03% | 6.58% | -4.37% | -13.06% | -7.97% | 34.12% | 53.35% | 15.36% | 3.2% |
| Non-Interest Expense | 10.48B | 9.98B | 7.74B | 11.31B | 6.5B | 8.22B | 8.61B | 8.46B | 8.9B |
| Efficiency Ratio | 70.97% | 63.44% | 51.41% | 86.48% | 53.96% | 50.91% | 34.76% | 29.61% | 30.2% |
| Operating Income | 2.24B▲ 0% | 3.36B▲ 50.0% | 3.98B▲ 18.6% | -553M▼ 113.9% | 3.84B▲ 795.1% | 5.13B▲ 33.5% | 6.18B▲ 20.4% | 6.2B▲ 0.3% | 7.71B▲ 24.4% |
| Operating Margin % | 15.17% | 21.35% | 26.47% | -4.23% | 31.93% | 31.78% | 24.95% | 21.69% | 26.15% |
| Operating Income Growth % | 154.85% | 50.02% | 18.58% | -113.88% | 795.12% | 33.51% | 20.38% | 0.28% | 24.42% |
| Pretax Income | 2.24B▲ 0% | 3.36B▲ 50.0% | 3.98B▲ 18.6% | -553M▼ 113.9% | 3.84B▲ 795.1% | 5.13B▲ 33.5% | 6.18B▲ 20.4% | 6.2B▲ 0.3% | 7.71B▲ 24.4% |
| Pretax Margin % | 15.17% | 21.35% | 26.47% | -4.23% | 31.93% | 31.78% | 24.95% | 21.69% | 26.15% |
| Income Tax | 731M | 1.21B | 439M | 74M | 996M | 1.27B | 1.43B | 1.47B | 1.87B |
| Effective Tax Rate % | 32.65% | 35.96% | 11.02% | -13.38% | 25.91% | 24.84% | 23.21% | 23.65% | 24.31% |
| Net Income | 1.47B▲ 0% | 2.16B▲ 46.6% | 3.54B▲ 63.9% | -372M▼ 110.5% | 3.27B▲ 978.5% | 3.59B▲ 9.8% | 4.64B▲ 29.2% | 4.8B▲ 3.6% | 5.83B▲ 21.4% |
| Net Margin % | 9.98% | 13.72% | 23.52% | -2.84% | 27.15% | 22.23% | 18.72% | 16.81% | 19.78% |
| Net Income Growth % | 128.01% | 46.57% | 63.92% | -110.51% | 978.49% | 9.82% | 29.17% | 3.58% | 21.43% |
| Net Income (Continuing) | 1.51B | 2.15B | 3.54B | -627M | 2.85B | 3.86B | 4.74B | 4.73B | 5.83B |
| EPS (Diluted) | 0.27▲ 0% | 0.56▲ 107.4% | 1.12▲ 100.0% | -0.34▼ 130.4% | 1.08▲ 417.6% | 1.36▲ 25.9% | 1.96▲ 44.1% | 2.12▲ 8.2% | 2.70▲ 27.4% |
| EPS Growth % | 110.55% | 107.41% | 100% | -130.36% | 417.65% | 25.93% | 44.12% | 8.16% | 27.36% |
| EPS (Basic) | 0.27 | 0.56 | 1.12 | -0.34 | 1.08 | 1.36 | 1.96 | 2.12 | 2.72 |
| Diluted Shares Outstanding | 2.77B | 2.8B | 2.81B | 2.81B | 2.71B | 2.48B | 2.3B | 2.13B | 2.03B |
NatWest Group plc (NWG) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 99.35B | 89.38B | 145.91B | 209.81B | 261.23B | 154.98B | 116.47B | 106.93B | 98.23B |
| Cash & Due from Banks | 98.34B | 88.9B | 81.04B | 124.64B | 177.82B | 145.06B | 104.52B | 93.05B | 85.35B |
| Short Term Investments | 1.02B | -54.09B | 64.87B | 85.17B | 83.41B | 9.92B | 11.95B | 13.88B | 12.88B |
| Total Investments | 216.44B | 213.36B | 185.28B | 222.93B | 174.32B | 463.23B | 445.42B | 456.04B | 458.84B |
| Investments Growth % | -32.4% | -1.42% | -13.16% | 20.32% | -21.8% | 165.73% | -3.84% | 2.38% | 0.61% |
| Long-Term Investments | 216.44B | 267.45B | 120.41B | 137.76B | 90.92B | 453.31B | 433.47B | 442.16B | 445.95B |
| Accounts Receivables | 378M | 317M | 275M | 216M | 248M | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 6.54B | 6.62B | 6.62B | 6.66B | 6.72B | 7.12B | 7.61B | 7.59B | 7.29B |
| Goodwill | 5.56B | 5.61B | 5.61B | 5.61B | 5.52B | 5.52B | 5.68B | 5.67B | 5.52B |
| Intangible Assets | 985M | 1.01B | 1.01B | 1.05B | 1.2B | 1.59B | 1.93B | 1.91B | 1.77B |
| PP&E (Net) | 4.6B | 4.35B | 4.93B | 4.42B | 4.23B | 4.24B | 4.23B | 3.97B | 4.28B |
| Other Assets | -1.74B | -224.33B | 443.5B | 439.41B | 417.09B | 97.61B | 128.6B | 145.46B | 157.47B |
| Total Current Assets | 99.73B | 89.7B | 146.57B | 210.35B | 261.84B | 155.6B | 116.87B | 106.94B | 98.3B |
| Total Non-Current Assets | 227.59B | 224.33B | 576.47B | 589.14B | 520.15B | 564.45B | 575.8B | 601.05B | 616.25B |
| Total Assets | 738.06B▲ 0% | 694.24B▼ 5.9% | 723.04B▲ 4.1% | 799.49B▲ 10.6% | 781.99B▼ 2.2% | 720.05B▼ 7.9% | 692.67B▼ 3.8% | 707.99B▲ 2.2% | 714.55B▲ 0.9% |
| Asset Growth % | -7.59% | -5.94% | 4.15% | 10.57% | -2.19% | -7.92% | -3.8% | 2.21% | 0.93% |
| Return on Assets (ROA) | 0.19% | 0.3% | 0.5% | -0.05% | 0.41% | 0.48% | 0.66% | 0.69% | 0.82% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 43.28B | 49.91B | 56.88B | 56.53B | 58.33B | 55.32B | 60.07B | 65.92B | 71.83B |
| Net Debt | -55.06B | -38.99B | -24.17B | -68.11B | -119.49B | -89.75B | -44.44B | -27.13B | -13.52B |
| Long-Term Debt | 0 | 0 | 56.88B | 56.53B | 58.33B | 55.32B | 60.07B | 65.92B | 71.83B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | -1.05B | -905M | 192.87B | 207.21B | 152.44B | 138.58B | 127.46B | 124.85B | 119.8B |
| Total Current Liabilities | 110.45B | 228.54B | 429.74B | 491.92B | 529.41B | 489.66B | 467.95B | 477.84B | 480.31B |
| Total Non-Current Liabilities | 688.96B | 647.75B | 249.74B | 263.74B | 210.78B | 193.9B | 187.53B | 190.77B | 191.63B |
| Total Liabilities | 688.96B | 647.75B | 679.48B | 755.67B | 740.19B | 683.56B | 655.49B | 668.61B | 671.94B |
| Total Equity | 49.09B▲ 0% | 46.49B▼ 5.3% | 43.56B▼ 6.3% | 43.82B▲ 0.6% | 41.8B▼ 4.6% | 36.5B▼ 12.7% | 37.19B▲ 1.9% | 39.38B▲ 5.9% | 42.61B▲ 8.2% |
| Equity Growth % | -0.63% | -5.3% | -6.31% | 0.62% | -4.61% | -12.7% | 1.9% | 5.89% | 8.22% |
| Equity / Assets (Capital Ratio) | 6.65% | 6.7% | 6.02% | 5.48% | 5.35% | 5.07% | 5.37% | 5.56% | 5.96% |
| Return on Equity (ROE) | 2.99% | 4.52% | 7.86% | -0.85% | 7.63% | 9.17% | 12.58% | 12.54% | 14.22% |
| Book Value per Share | 17.72 | 16.60 | 15.50 | 15.61 | 15.44 | 14.70 | 16.14 | 18.50 | 20.98 |
| Tangible BV per Share | 15.36 | 14.24 | 13.15 | 13.24 | 12.96 | 11.84 | 12.83 | 14.93 | 17.39 |
| Common Stock | 11.96B | 16.11B | 12.09B | 12.13B | 11.47B | 11.7B | 10.84B | 10.13B | 10.02B |
| Additional Paid-in Capital | 887M | 1.03B | 1.09B | 1.11B | 1.88B | 2.81B | 0 | 0 | 0 |
| Retained Earnings | 17.13B | 14.31B | 13.95B | 12.57B | 12.97B | 10.02B | 10.64B | 11.43B | 14.42B |
| Accumulated OCI | 3.45B | 3.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | -43M | -21M | -42M | -24M | -371M | -258M | 0 | 0 | 0 |
| Preferred Stock | 2.56B | 496M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NatWest Group plc (NWG) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 38.74B | -228M | -3.69B | 29.09B | 53.69B | -43.6B | -17.44B | 1.77B | 7.07B |
| Operating CF Growth % | 1161.4% | -100.59% | -1519.74% | 887.84% | 84.52% | -181.21% | 60% | 110.16% | 299.1% |
| Net Income | 2.24B | 3.36B | 4.23B | -351M | 4.31B | 4.87B | 6.07B | 6.28B | 7.71B |
| Depreciation & Amortization | 808M | 718M | 1.49B | 914M | 923M | 833M | 934M | 1.06B | 1.15B |
| Deferred Taxes | 0 | 0 | 0 | 0 | -49M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.45B | -7.7B | 1.51B | 1.72B | 1.9B | -853M | 1.24B | 1.71B | -2.76B |
| Working Capital Changes | 42.15B | 3.4B | -10.93B | 26.82B | 46.61B | -48.45B | -25.68B | -7.27B | 972M |
| Cash from Investing | -6.48B | -7.96B | -716M | 7.55B | 3.06B | 19.06B | -14.69B | -12.7B | -13.77B |
| Purchase of Investments | -17.21B | -16.18B | -21.34B | -18.82B | -10.15B | -23.51B | -44.91B | -53.96B | -62.03B |
| Sale/Maturity of Investments | 11.66B | 9.06B | 19.99B | 25.95B | 16.86B | 36.98B | 25.2B | 41.62B | 46.75B |
| Net Investment Activity | -5.56B | -7.12B | -1.35B | 7.13B | 6.71B | 13.46B | -19.71B | -12.34B | -15.28B |
| Acquisitions | -199M | -481M | -84M | -70M | -3.49B | 5.42B | 5.33B | -1.31B | 230M |
| Other Investing | 405M | 264M | 1.28B | 866M | 746M | 813M | 499M | 1.41B | 1.95B |
| Cash from Financing | -8.21B | -6.29B | -1.96B | 90M | -2.6B | -10.65B | -6.3B | -1.89B | -3.49B |
| Dividends Paid | -612M | -803M | -3.42B | -381M | -1.02B | -3.21B | -1.7B | -1.8B | -2.38B |
| Share Repurchases | -779M | -2.83B | -21M | -2M | -1.81B | -2.05B | -2.42B | -2.72B | -2.56B |
| Stock Issued | 395M | 166M | 17M | 2.22B | 937M | 0 | 0 | 1.39B | 1.25B |
| Net Stock Activity | -384M | -2.66B | -4M | 2.22B | -869M | -2.05B | -2.42B | -1.33B | -1.31B |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K |
| Other Financing | 183M | 1.76B | 609M | -1.25B | -971M | -1.08B | -1.28B | -1.34B | -1.32B |
| Net Change in Cash | 24.04B▲ 0% | -13.79B▼ 157.4% | -8.35B▲ 39.5% | 38.61B▲ 562.5% | 51.51B▲ 33.4% | -32.26B▼ 162.6% | -39.63B▼ 22.8% | -13.98B▲ 64.7% | -9.41B▲ 32.7% |
| Exchange Rate Effect | -16M | 676M | -1.98B | 1.88B | -2.64B | 2.93B | -1.19B | -1.17B | 775M |
| Cash at Beginning | 98.57B | 122.61B | 108.94B | 100.59B | 139.2B | 190.71B | 158.45B | 118.82B | 104.84B |
| Cash at End | 122.61B | 108.81B | 100.59B | 139.2B | 190.71B | 158.45B | 118.82B | 104.84B | 95.43B |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 37.61B▲ 0% | -847M▼ 102.3% | -4.25B▼ 402.0% | 28.72B▲ 775.4% | 52.79B▲ 83.8% | -44.24B▼ 183.8% | -18.99B▲ 57.1% | 694M▲ 103.7% | 5.79B▲ 734.3% |
| FCF Growth % | 924.4% | -102.25% | -402.01% | 775.42% | 83.8% | -183.8% | 57.06% | 103.65% | 734.29% |
NatWest Group plc (NWG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -10.16% | 2.99% | 4.52% | 7.86% | -0.85% | 7.63% | 9.17% | 12.58% | 12.54% | 14.22% |
| Return on Assets (ROA) | -0.65% | 0.19% | 0.3% | 0.5% | -0.05% | 0.41% | 0.48% | 0.66% | 0.69% | 0.82% |
| Net Interest Margin | 1.09% | 1.22% | 1.25% | 1.08% | 0.92% | 0.96% | 1.37% | 1.6% | 1.59% | 1.8% |
| Efficiency Ratio | 110.27% | 70.97% | 63.44% | 51.41% | 86.48% | 53.96% | 50.91% | 34.76% | 29.61% | 30.2% |
| Equity / Assets | 6.19% | 6.65% | 6.7% | 6.02% | 5.48% | 5.35% | 5.07% | 5.37% | 5.56% | 5.96% |
| Book Value / Share | 18.12 | 17.72 | 16.6 | 15.5 | 15.61 | 15.44 | 14.7 | 16.14 | 18.5 | 20.98 |
| NII Growth | -0.67% | 3.2% | -3.68% | -9.9% | -5.26% | 1.98% | 30.62% | 12.26% | 2.05% | 13.78% |
| Dividend Payout | - | 41.55% | 37.19% | 96.75% | - | 31.09% | 89.3% | 36.73% | 37.48% | 40.75% |
NatWest Group plc (NWG) stock FAQ — growth, dividends, profitability & financials explained
NatWest Group plc (NWG) grew revenue by 3.2% over the past year. Growth has been modest.
Yes, NatWest Group plc (NWG) is profitable, generating $5.83B in net income for fiscal year 2025 (19.8% net margin).
Yes, NatWest Group plc (NWG) pays a dividend with a yield of 10.18%. This makes it attractive for income-focused investors.
NatWest Group plc (NWG) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.
NatWest Group plc (NWG) has a net interest margin (NIM) of 1.8%. NIM has been under pressure due to interest rate environment.
NatWest Group plc (NWG) has an efficiency ratio of 30.2%. This is excellent, indicating strong cost control.
NatWest Group plc (NWG) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates