Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 19.9x · ROE 12.4%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $90.8B | $83.6B | $49.6B | $53.6B | $44.1B | $54.2B | $36.8B | $46.9B | $41.4B | $71.9B | $54.7B |
| Enterprise Value | $220.5B | $200.0B | $151.0B | $113.7B | $76.4B | $64.1B | $3.6B | $128.9B | $124.9B | $161.9B | $166.8B |
| P/E Ratio → | 12.06 | 13.21 | 9.50 | 12.95 | 12.05 | 11.32 | 14.75 | 9.80 | 8.81 | 14.65 | 11.75 |
| P/S Ratio | 1.99 | 3.63 | 2.20 | 2.36 | 2.33 | 2.96 | 2.06 | 2.60 | 2.29 | 4.08 | 3.14 |
| P/B Ratio | 1.67 | 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
| 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 | 6.70 | 5.02 | 4.04 | 3.51 | 0.20 | 7.13 | 6.90 | 9.20 | 9.58 |
| EV / EBITDA | 19.87 | 21.86 | 15.14 | 10.18 | 12.29 | 8.42 | 0.77 | 16.90 | 17.18 | 20.79 | 25.90 |
| EV / EBIT | 21.63 | 21.86 | 16.23 | 10.83 | 13.88 | 9.45 | 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
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% | 95.1% | 97.8% | 90.3% | 97.3% | 85.2% | 93.8% | 96.4% | 96.2% | 94.4% |
| Operating Margin | 39.7% | 39.7% | 41.3% | 46.3% | 29.1% | 37.1% | 21.4% | 37.8% | 37.3% | 41.3% | 33.9% |
| Net Profit Margin | 27.5% | 27.5% | 28.4% | 32.2% | 19.4% | 26.1% | 13.9% | 26.5% | 25.5% | 27.9% | 26.7% |
| 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
| 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 | 0.18 | -0.60 | 1.50 | 1.61 | 1.76 | 2.22 |
| Net Debt / EBITDA | 12.73 | 12.73 | 10.16 | 5.38 | 5.19 | 1.31 | -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
| 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 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 8.3% | 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 |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying ING stock.
ING Groep N.V.'s current P/E ratio is 12.1x. The historical average is 13.1x. This places it at the 62th percentile of its historical range.
ING Groep N.V.'s current EV/EBITDA is 19.9x. 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 12.1x. This is at the 62th 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.
Key Metrics
Top Statement Risk
Data reconciliation and leverage uncertainty
Discount to Book Reflects Return Uncertainty
Based on ING's reported figures, the stock trades at a P/B of 1.71 and a forward P/E of 12.98, a discount to the 2.21 P/B that BBVA commands in the peer set despite ING's current ROE near 3.6%.
A P/B of 1.71 implies the market is pricing ING as a bank that can earn returns above its cost of equity, but the recent quarterly ROE readings clustered between roughly 2.2% and 3.8% do not clearly support that premium on their own. The forward P/E of 12.98 sits close to the trailing 13.77, which suggests the market is not expecting a sharp earnings step-up and is instead anchored to the existing earnings base. Investors should monitor whether the valuation discount to higher-ROE peers narrows only if sustained ROTCE improvement is demonstrated.
ROE Thin Despite Strong Headline Margins
Based on ING's reported quarterly figures, ROE has ranged from about 2.2% to 3.8% over the last ten quarters, while ROA stayed near 0.1% to 0.2%, indicating that returns depend heavily on the leverage multiplier.
The DuPont structure here shows that a low asset return is being lifted to a modest equity return by balance sheet leverage, with equity near 4% to 5% of total assets. Because ROA is so thin, small changes in provisions or net interest income can move ROE disproportionately, which may explain the volatility visible across the quarters. The quarterly data also contains apparent discontinuities that make it difficult to separate a durable profitability trend from reporting noise.
Efficiency Band Sensitive to Revenue Noise
According to the reported ratio series, ING's efficiency ratio sits in a 49% to 62% band in non-anomalous quarters, while the two spike quarters near 86% to 90% likely reflect revenue-line distortions rather than cost deterioration.
A stable efficiency ratio in the low-to-mid 50s is consistent with a digitally oriented cost base, and that is the more defensible read of ING's operating structure. The NIM series shows values around 0.3% to 0.4% in most quarters with isolated 2.0% to 2.5% readings, which does not fit a coherent margin trajectory and suggests the revenue denominator is inconsistent across periods. Until that reconciliation is resolved, efficiency and margin trends should be treated as indicative rather than conclusive.
Equity Cushion Thin Against Large Balance Sheet
Based on ING's reported figures, equity-to-assets sits near 0.04 to 0.05 across the period, and the supplied dataset does not include CET1 or Tier 1 ratios, so regulatory capital headroom cannot be verified from these figures.
A simple equity-to-assets ratio in the 4% to 5% range is low in absolute terms, although it is not directly comparable to risk-weighted capital ratios that regulators use for European banks. The absence of CET1 data means any statement about capacity for buybacks or dividends rests on inference rather than disclosed headroom. Investors should monitor reported CET1 ratios against regulatory minimums before drawing conclusions about capital return capacity.
Lagging Peers on Returns, Leading on Efficiency
Based on the peer table, ING's reported ROE of roughly 3% sits well below BBVA's 18.6% and Barclays' 10.7%, while the trailing P/E of 13.77 is broadly in line with the peer group, suggesting the market is not paying a premium for current returns.
The gap in ROE versus peers appears more structural than cyclical, since the shortfall persists across the quarterly series rather than appearing in a single period. The relatively high debt-to-equity figure of 3.32 for ING, compared with BBVA's 1.32, indicates leverage is being used to bridge the return gap rather than superior operating returns. Whether this gap closes depends on evidence of sustained net margin improvement, which the current dataset does not clearly show.
P/B Misleads Without Tangible Equity Adjustment
The most commonly misapplied metric here is the headline P/B ratio, which may appear attractive at 1.71 but obscures how thin the equity base is relative to assets and what ROTCE would be after excluding intangibles.
Using P/B on a balance sheet with equity near 4% to 5% of assets can make a bank look reasonably valued while the underlying return on equity is only 2% to 4%, so the multiple is largely a function of the low ROE rather than a signal of cheapness. The better alternative is price-to-tangible-book paired with ROTCE, which would strip out goodwill and intangibles and show whether the market price reflects a genuine return spread. Given the data reconciliation questions in the revenue and cash flow lines, any such adjustment should be validated against audited filings before drawing conclusions.