Last 48 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 → | 11.51 | 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 | 3.06 | 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 | 1.43 | 1.60 | 1.53 | 1.35 | 1.15 | 0.96 | 1.11 | 1.10 | 1.00 | 0.90 | 0.89 | 0.94 | 0.82 |
| — | +67.6% | +37.2% | +22.6% | +14.7% | +5.9% | +24.7% | +16.7% | +21.9% | +3.3% | +45.6% | +31.6% | +13.2% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 20.45 | 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 | 20.45 | 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% | 2.9% | 2.9% | 3.8% | 4.2% | 3.1% |
| — | +24.7% | -2.6% | -3.9% | -2.8% | -22.6% | -4.4% | -18.5% | -7.2% | +35.0% | +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% | -12.1% | -28.8% | -17.1% | -27.2% | -19.4% | +7.6% | +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 | 2.70 | 2.70 | 2.64 | 2.39 |
| — | -0.5% | +4.6% | +8.4% | +7.0% | +23.8% | +19.3% | +16.7% | +24.6% | +13.8% | +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 · 48 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare performance and metrics against top competitors.
Start ComparisonING Groep N.V.'s current P/E is 11.5x. 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.