29 years of historical data (1997–2025) · Financial Services · Banks - Diversified
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ING Groep N.V. trades at 11.5x earnings, roughly in line with its 5-year average of 11.8x, sitting at the 42nd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a discount of 16%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $83.3B | $83.6B | $49.6B | $53.6B | $44.1B | $54.2B | $36.8B | $46.9B | $41.4B | $71.9B | $54.7B |
| Enterprise Value | $220.6B | $200.0B | $151.0B | $113.7B | $76.4B | $62.2B | $3.6B | $128.9B | $124.9B | $161.9B | $166.8B |
| P/E Ratio → | 11.51 | 13.21 | 9.50 | 12.95 | 12.05 | 11.32 | 14.75 | 9.80 | 8.81 | 14.65 | 11.75 |
| P/S Ratio | 3.06 | 3.63 | 0.75 | 0.91 | 1.31 | 2.10 | 1.37 | 1.45 | 1.28 | 1.50 | 1.13 |
| P/B Ratio | 1.43 | 1.64 | 0.97 | 1.03 | 0.87 | 0.99 | 0.66 | 0.86 | 0.80 | 1.41 | 1.09 |
| P/FCF | — | — | — | — | — | — | 0.36 | 3.70 | 6.25 | — | 6.67 |
| P/OCF | — | — | — | — | — | — | 0.36 | 3.60 | 5.99 | — | 6.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
ING Groep N.V.'s enterprise value stands at 20.4x EBITDA, 51% above its 5-year average of 13.5x. The Financial Services sector median is 11.1x, placing the stock at a 84% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.68 | 2.27 | 1.93 | 2.27 | 2.41 | 0.13 | 3.97 | 3.86 | 3.38 | 3.45 |
| EV / EBITDA | 20.45 | 21.86 | 15.14 | 10.18 | 12.29 | 8.16 | 0.77 | 16.90 | 17.18 | 20.79 | 25.90 |
| EV / EBIT | 20.45 | 21.86 | 16.23 | 10.83 | 13.88 | 9.17 | 0.93 | 18.85 | 18.50 | 22.28 | 28.25 |
| EV / FCF | — | — | — | — | — | — | 0.03 | 10.15 | 18.84 | — | 20.33 |
Margins and return-on-capital ratios measuring operating efficiency
ING Groep N.V. earns an operating margin of 39.7%, significantly above the Financial Services sector average of 21.9%. Operating margins have expanded from 17.8% to 39.7% over the past 3 years, signaling improving operational efficiency. ROE of 12.4% is modest. ROIC of 3.1% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3% | 94.3% | 32.2% | 37.6% | 50.8% | 69.0% | 56.4% | 52.2% | 54.0% | 35.3% | 34.0% |
| Operating Margin | 39.7% | 39.7% | 14.0% | 17.8% | 16.4% | 26.3% | 14.1% | 21.1% | 20.9% | 15.2% | 12.2% |
| Net Profit Margin | 27.5% | 27.5% | 9.6% | 12.4% | 10.9% | 18.5% | 9.2% | 14.7% | 14.3% | 10.2% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 12.4% | 14.2% | 7.0% | 8.7% | 4.5% | 9.0% | 9.0% | 9.7% | 9.4% |
| ROA | 0.6% | 0.6% | 0.6% | 0.7% | 0.4% | 0.5% | 0.3% | 0.5% | 0.5% | 0.6% | 0.5% |
| ROIC | 3.1% | 3.1% | 3.3% | 4.2% | 2.4% | 3.3% | 1.8% | 2.7% | 2.9% | 3.2% | 2.4% |
| ROCE | 3.7% | 3.7% | 3.7% | 4.6% | 2.6% | 3.4% | 2.1% | 4.0% | 3.4% | 3.2% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
ING Groep N.V. carries a Debt/EBITDA ratio of 18.5x, which is highly leveraged (351% above the sector average of 4.1x). Net debt stands at $116.4B ($169.3B total debt minus $52.9B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.32 | 3.32 | 3.34 | 2.87 | 2.37 | 2.12 | 1.42 | 2.47 | 2.58 | 2.19 | 2.61 |
| Debt / EBITDA | 18.51 | 18.51 | 17.18 | 13.43 | 19.23 | 15.23 | 17.02 | 17.72 | 18.36 | 14.39 | 20.46 |
| Net Debt / Equity | — | 2.29 | 1.98 | 1.15 | 0.64 | 0.15 | -0.60 | 1.50 | 1.61 | 1.76 | 2.22 |
| Net Debt / EBITDA | 12.73 | 12.73 | 10.16 | 5.38 | 5.19 | 1.05 | -7.17 | 10.75 | 11.48 | 11.56 | 17.41 |
| Debt / FCF | — | — | — | — | — | — | -0.32 | 6.45 | 12.59 | — | 13.67 |
| Interest Coverage | — | — | 0.21 | 0.29 | 0.37 | 0.90 | 0.42 | 0.48 | 0.47 | 0.24 | 0.19 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.13x is below 1.0, meaning current liabilities exceed current assets — though the company's $52.9B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.13 | 0.13 | 0.15 | 0.18 | 0.16 | 0.18 | 0.22 | 0.15 | 0.15 | 0.10 | 0.11 |
| Quick Ratio | 0.13 | 0.13 | 0.15 | 0.18 | 0.16 | 0.18 | 0.22 | 0.15 | 0.15 | 0.10 | 0.11 |
| Cash Ratio | 0.06 | 0.06 | 0.09 | 0.12 | 0.12 | 0.14 | 0.15 | 0.08 | 0.08 | 0.04 | 0.03 |
| Asset Turnover | — | 0.02 | 0.07 | 0.06 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.06 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ING Groep N.V. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 8.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 7.8% | 5.5% | 7.0% | 4.4% | 0.0% | 5.7% | 6.3% | 3.6% | 4.6% |
| Payout Ratio | — | — | 60.7% | 40.7% | 84.2% | 49.9% | 0.1% | 56.0% | 56.6% | 52.3% | 54.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 7.6% | 10.5% | 7.7% | 8.3% | 8.8% | 6.8% | 10.2% | 11.4% | 6.8% | 8.5% |
| FCF Yield | — | — | — | — | — | — | 279.4% | 27.1% | 16.0% | — | 15.0% |
| Buyback Yield | 0.0% | 0.0% | 7.7% | 6.6% | 3.9% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 15.5% | 12.1% | 10.9% | 7.4% | 0.0% | 5.7% | 6.3% | 3.6% | 4.6% |
| Shares Outstanding | — | $3.0B | $3.2B | $3.6B | $3.6B | $3.9B | $3.9B | $3.9B | $3.9B | $3.9B | $3.9B |
Compare ING with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| INGYou | $83B | 11.5 | 20.4 | — | 94.3% | 39.7% | 12.4% | 3.1% | 18.5 |
| HSBC | $320B | 15.0 | 7.6 | 5.2 | 47.0% | 22.5% | 12.5% | 4.6% | 6.7 |
| SAN | $181B | 13.6 | 18.8 | — | 39.4% | 14.6% | 11.9% | 2.8% | 21.7 |
| BBVA | $131B | 11.7 | 10.1 | — | 100.0% | 56.6% | 17.4% | 6.1% | 7.4 |
| BCS | $84B | 11.0 | 28.5 | — | 100.0% | 34.7% | 9.5% | 1.8% | 46.9 |
| NWG | $66B | 11.6 | 3.0 | 70.9 | 51.3% | 21.7% | 12.5% | 4.6% | 9.1 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 28 years · Updated daily
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Start ComparisonING Groep N.V.'s current P/E ratio is 11.5x. The historical average is 13.1x. This places it at the 42th percentile of its historical range.
ING Groep N.V.'s current EV/EBITDA is 20.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
ING Groep N.V.'s return on equity (ROE) is 12.4%. The historical average is 11.5%.
Based on historical data, ING Groep N.V. is trading at a P/E of 11.5x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ING Groep N.V. has 94.3% gross margin and 39.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ING Groep N.V.'s Debt/EBITDA ratio is 18.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.