ING Groep N.V.

ING

NYSE · Diversified Banks

$36.41

At close - Sep 22, 4:00 PM EDT - USD

Market Cap$105.23B

P/E15.0x

52W High$37.52

Volume1.74M

VCP Research Verdict2026Q2

Margin Compression and Data Anomalies Cloud ING Outlook

ING's fundamental outlook is mixed, with net interest margin compression to 1.8% in 2026Q2 from 2.0% a year earlier signaling peak rates and rising deposit costs, while fee income growth of 15% YoY in 2025 provides a partial offset. The bank maintains a stable...

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MARKET ACTION

ING price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Net interest income declined 5.2% YoY in 2026Q2, with NIM falling to 1.8% from 2.0%, while fee income rose 15% YoY to represent 9.2% of total revenue, indicating a strategic shift but overall margin pressure.

Analyst Consensus-37.4% target

Buy(17 analysts)

11 Buy6 Hold0 Sell

The Bull Case

Upside Catalysts

Record Financial Performance

ING posted record total income of €23 billion in 2025, driven by strong commercial net interest income and a 15% YoY jump in fee income, which now accounts for 20% of total income. The bank also delivered a 13.2% return on equity for 2025, surpassing its outlook.

Customer Growth & Lending

Mobile primary customer base grew by over 1.0 million in 2025 to 15.4 million. Net core lending expanded €57 billion (8%) in 2025, more than double the prior year’s pace, and ING holds a €376 billion mortgage portfolio in Europe.

Strategic Shift to Fee Income

ING is actively diversifying income by boosting fee‑based revenue from wealth management, M&A, and underwriting, aiming to reduce dependence on interest margins. This shift supports a more resilient earnings profile as fee income rises.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

ING+33.49%

S&P 500 (^GSPC)+13.20%

1-Year Return

ING+50.97%

S&P 500 (^GSPC)+15.98%

3-Year Return

ING+215.32%

S&P 500 (^GSPC)+92.68%

5-Year Return

ING+219.72%

S&P 500 (^GSPC)+69.82%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

14.9x

Forward P/EExpansion

14.3x

EV/EBITDA100th %ile

22.7x

FCF YieldCash Flow

N/A

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

14.9x

12.0x

100th· High

EV/EBITDA

22.7x

12.3x

100th· High

Price/FCF

N/A

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$16.33-55.1%

Base (Fair)$27.15-25.4%

Bull$39.86+9.5%

$16.33 Bear$27.15 Base$39.86 Bull

Current Market Price: $36.41

Trades at a 34.1% premium to Base DCF ($27.15)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$23.04B+2.3% YoY

Net income

$6.33B-1.0% YoY

Free cash flow

Operating margin

39.7%+25.7 pts YoY

ROIC (TTM)3.1%

Avg ROIC 5Y-

ROE (TTM)12.4%

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate9/12 (75%)

Revenue Beat Rate7/12 (58%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Jul 30, 2026	$0.79+5.3% vs $0.75	$7.2B+3.4% vs $7.0B
Q2 2026 Apr 30, 2026	$0.63+5.0% vs $0.60	$6.8B-0.4% vs $6.9B
Q1 2026 Jan 29, 2026	$0.56+12.0% vs $0.50	$6.9B+3.7% vs $6.7B
Q4 2025 Oct 30, 2025	$0.70+9.4% vs $0.64	$6.9B+9.2% vs $6.3B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

GlobeNewsWire·6d ago

ING to redeem Perpetual Capital Securities

ING to redeem Perpetual Capital Securities ING announced today it will redeem USD 1,500 million of 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Perpetual Capital Securities”) on the call date of 16 November 2026, in line with ING's goal to continuously optimise its capital structure. The Perpetual Capital Securities (CUSIP 456837AR4/ISIN US456837AR44) will be redeemed in full in accordance with their terms, with payment to be made on 16 November 2026.

Seeking Alpha·Sep 15, 2026

ING Groep N.V. (ING) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

Zacks Investment Research·Sep 10, 2026

ING Groep (ING) is a Great Momentum Stock: Should You Buy?

Does ING Groep (ING) have what it takes to be a top stock pick for momentum investors? Let's find out.

Reuters·Sep 2, 2026

Australia raises capital requirements for ING's local unit after overstating liquidity position

Australia's prudential regulator said on Thursday that it set license conditions for ING's local unit, requiring the bank to hold more liquidity and ‌capital after it overstated its liquidity position and at times breached minimum requirements.

Filtered for ING Groep N.V.More Headlines

Compare before deciding

Benchmark ING against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for ING Groep N.V. (ING)

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Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
INGING Groep N.V.Current	$36.41	$105.23B	14.98	2.26%	27.47%	12.37%	—
DBDeutsche Bank AG	$37.56	$70.58B	10.60	6.86%	27.87%	9.38%	—
BBVABanco Bilbao Vizcaya Argentaria, S.A.	$28.67	$158.41B	14.79	4149.34%	27.29%	17.91%	—
SANBanco Santander, S.A.	$14.49	$212.69B	14.52	-5.18%	22%	14.61%	—
BCSBarclays PLC	$24.97	$84.19B	10.38	-6.28%	19.76%	10.1%	—
UBSUBS Group AG	$49.19	$161.24B	20.84	13.72%	12.2%	10.03%	—

Compare ING vs Peers

ING Groep N.V. (ING) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DB

Most directly comparable listed peer for ING.

Scale Benchmark

vs JPM

Larger-name benchmark to compare ING against a more recognizable public peer.

Peer Set

Compare Top 5

vs DB, BBVA, SAN, BCS

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ING Frequently Asked Questions

ING Groep N.V. (ING) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

How fast is ING Groep N.V. growing?

ING Groep N.V. (ING) grew revenue by 2.3% over the past year. Growth has been modest.

Is ING profitable?

Yes, ING Groep N.V. (ING) is profitable, generating $6.70B in net income for fiscal year 2025 (27.5% net margin).

Dividend & Returns

What is ING's return on equity?

ING Groep N.V. (ING) has a return on equity (ROE) of 12.4%. This is reasonable for most industries.

Industry Metrics

What is ING Groep N.V.'s net interest margin?

ING Groep N.V. (ING) has a net interest margin (NIM) of 1.4%. NIM has been under pressure due to interest rate environment.

What is ING Groep N.V.'s efficiency ratio?

ING Groep N.V. (ING) has an efficiency ratio of 54.6%. This is excellent, indicating strong cost control.

What if you invested $1,000 in ING back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jul 30, 2026

$0.79+5.3%

vs $0.75

$7.2B+3.4%

vs $7.0B

Q2 2026

Apr 30, 2026

$0.63+5.0%

vs $0.60

$6.8B-0.4%

vs $6.9B

Q1 2026

Jan 29, 2026

$0.56+12.0%

vs $0.50

$6.9B+3.7%

vs $6.7B

Q4 2025

Oct 30, 2025

$0.70+9.4%

vs $0.64

$6.9B+9.2%

vs $6.3B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

INGING Groep N.V.Current

$36.41

$105.23B

14.98

2.26%

27.47%

12.37%

—

DBDeutsche Bank AG

$37.56

$70.58B

10.60

6.86%

27.87%

9.38%

—

BBVABanco Bilbao Vizcaya Argentaria, S.A.

$28.67

$158.41B

14.79

4149.34%

27.29%

17.91%

—

SANBanco Santander, S.A.

$14.49

$212.69B

14.52

-5.18%

22%

14.61%

—

BCSBarclays PLC

$24.97

$84.19B

10.38

-6.28%

19.76%

10.1%

—

UBSUBS Group AG

$49.19

$161.24B

20.84

13.72%

12.2%

10.03%

—