Last 47 quarters of trend data · Financial Services · Banks - Diversified
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
ING Groep N.V.'s quarterly P/E stands at 14.6x, up 37.7% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 11.3% YoY to 23.6x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.93 | 14.58 | 10.87 | 10.13 | 10.42 | 10.59 | 7.69 | 4.87 | 8.59 | 7.99 | 5.88 | 5.61 | 6.74 |
| — | +37.7% | +41.2% | +107.9% | +21.3% | +32.5% | +30.8% | -13.2% | +27.3% | -21.2% | -28.0% | -29.8% | -71.5% | |
| P/S Ratio | 3.42 | 3.52 | 3.30 | 0.70 | 2.69 | 2.27 | 2.46 | 0.50 | 7.71 | 2.32 | 2.01 | 0.53 | 1.93 |
| — | +55.2% | +34.1% | +38.5% | -65.1% | -2.3% | +22.5% | -4.5% | +299.7% | +2.6% | +11.8% | -45.0% | -9.6% | |
| P/B Ratio | 1.61 | 1.60 | 1.53 | 1.35 | 1.15 | 0.96 | 1.11 | 1.10 | 1.00 | 0.96 | 0.89 | 0.94 | 0.82 |
| — | +67.6% | +37.2% | +22.6% | +14.7% | -0.7% | +24.7% | +16.7% | +21.9% | +10.2% | +45.6% | +31.6% | +13.2% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 21.35 | 23.64 | 16.09 | 16.86 | 15.87 | 21.23 | 11.85 | 11.31 | 12.80 | 12.28 | 6.29 | 5.84 | 5.32 |
| — | +11.3% | +35.9% | +49.0% | +24.1% | +73.0% | +88.2% | +93.8% | +140.4% | +10.1% | +1073.4% | +104.4% | -39.2% | |
| EV / EBIT | 21.35 | 23.64 | 16.09 | 16.86 | 15.87 | 21.23 | 11.85 | 11.31 | 12.80 | 12.28 | 6.29 | 5.84 | 5.32 |
| — | +11.3% | +35.9% | +49.0% | +24.1% | +73.0% | +88.2% | +93.8% | +140.4% | +10.1% | +1073.4% | +104.4% | -39.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
ING Groep N.V.'s operating margin was 36.1% in Q4 2025, down 7.6 pp QoQ and up 3.4 pp YoY. The trailing four-quarter average of 31.8% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3% | 93.7% | 94.4% | 98.8% | 94.4% | 94.5% | 94.3% | 98.9% | 85.3% | 98.4% | 96.9% | 99.6% | 97.3% |
| — | -0.8% | +0.1% | -0.2% | +10.7% | -4.0% | -2.6% | -0.7% | -12.3% | +4.2% | +6.6% | +1.7% | +23.8% | |
| Operating Margin | 39.7% | 36.1% | 43.7% | 9.8% | 37.7% | 32.8% | 45.1% | 9.2% | 130.4% | 41.5% | 49.1% | 13.2% | 42.1% |
| — | +10.3% | -3.1% | +6.0% | -71.1% | -21.2% | -8.0% | -30.0% | +209.8% | +18.2% | +56.8% | -26.4% | +189.9% | |
| Net Margin | 27.5% | 24.3% | 30.5% | 6.9% | 25.8% | 21.3% | 31.8% | 6.4% | 89.8% | 28.8% | 33.9% | 9.4% | 28.6% |
| — | +14.0% | -4.0% | +8.1% | -71.2% | -25.9% | -6.2% | -31.7% | +214.1% | +28.8% | +52.9% | -22.6% | +206.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 2.8% | 3.5% | 3.3% | 2.8% | 2.2% | 3.6% | 3.4% | 3.0% | 3.0% | 3.8% | 4.2% | 3.1% |
| — | +24.7% | -2.6% | -3.9% | -5.8% | -25.1% | -4.4% | -18.5% | -4.2% | +39.5% | +101.9% | +87.3% | +292.7% | |
| ROA | 0.6% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| — | +17.9% | -8.8% | -10.0% | -11.9% | -28.5% | -7.0% | -18.2% | -1.6% | +45.1% | +105.2% | +81.0% | +265.1% | |
| ROIC | 3.1% | 0.7% | 0.9% | 0.8% | 0.7% | 0.6% | 0.9% | 0.9% | 0.8% | 0.8% | 1.1% | 1.2% | 1.0% |
| — | +18.8% | -6.2% | -11.0% | -12.8% | -29.5% | -17.1% | -27.2% | -18.7% | +8.6% | +73.3% | +57.7% | +243.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
ING Groep N.V.'s Debt/EBITDA ratio is 80.8x, up from 66.6x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 15.4% YoY to 0.13x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.32 | 3.32 | 3.37 | 3.34 | 3.19 | 3.34 | 3.22 | 3.08 | 2.98 | 2.87 | 2.70 | 2.64 | 2.39 |
| — | -0.5% | +4.6% | +8.4% | +7.0% | +16.2% | +19.3% | +16.7% | +24.6% | +21.3% | +31.3% | +26.5% | +11.9% | |
| Debt / EBITDA | 18.51 | 80.83 | 66.59 | 70.74 | 79.25 | 96.74 | 63.13 | 61.18 | 70.33 | 66.76 | 49.54 | 44.77 | 53.31 |
| — | -16.5% | +5.5% | +15.6% | +12.7% | +44.9% | +27.4% | +36.6% | +31.9% | -4.4% | -35.7% | -28.1% | -69.2% | |
| Current Ratio | 0.13 | 0.13 | 0.16 | 0.15 | 0.17 | 0.15 | 0.18 | 0.18 | 0.18 | 0.22 | 0.28 | 0.26 | 0.25 |
| — | -15.4% | -11.2% | -16.4% | -7.4% | -29.1% | -35.5% | -32.5% | -29.0% | +4.8% | +1.9% | -0.4% | -4.4% | |
| Quick Ratio | 0.13 | 0.13 | 0.16 | 0.15 | 0.17 | 0.15 | 0.18 | 0.18 | 0.18 | 0.22 | 0.28 | 0.26 | 0.25 |
| — | -15.4% | -11.2% | -16.4% | -7.4% | -29.1% | -35.5% | -32.5% | -29.0% | +4.8% | +1.9% | -0.4% | -4.4% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
Deep dive into ING consensus models and risk factors.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ING stock.
ING Groep N.V.'s current P/E is 12.9x. The average P/E over the last 4 quarters is 11.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
ING Groep N.V.'s current operating margin is 39.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking ING Groep N.V.'s business trajectory between earnings reports.