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NWG logoNatWest Group plc(NWG)Earnings, Financials & Key Ratios

NWG•NYSE•Banking & Credit
$15.61
$31.08B mkt cap·4.3× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryDiversified BanksSub-IndustryEuropean universal banks
AboutNatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and internationally. It operates through Retail Banking, Commercial Banking, Private Banking, RBS International, and NatWest Markets segments. The Retail Banking segment offers a range of banking products and related financial services, such as current accounts, mortgages, personal unsecured lending, and personal deposits, as well as mobile and online banking services. The Commercial Banking segment offers banking and financing solutions to start-up, SME, commercial, corporate, and institutional customers. The Private Banking segment provides private banking and wealth management products for high-net-worth individuals and their business interests. The RBS International segment offers banking various products and services to institutional customers. It also operates in wholesale branches and fund depositary service businesses. The NatWest Markets segment provides services to corporate and institutional customers for the management of financial risks for achieving short-term and long-term sustainable financial goals. NatWest Group plc operates approximately 800 branches and 16,000 physical points of presence. The company was formerly known as The Royal Bank of Scotland Group plc and changed its name to NatWest Group plc in July 2020. NatWest Group plc was founded in 1727 and is headquartered in Edinburgh, the United Kingdom.Show more
  • Net Interest Income$12.83B+13.8%
  • Total Revenue$29.48B+3.2%
  • Net Income$5.83B+21.4%
  • Return on Equity14.22%+13.4%
  • Net Interest Margin1.8%+12.7%
  • Efficiency Ratio30.2%+2.0%
  • ROA0.82%+19.6%
  • Equity / Assets5.96%+7.2%
  • Book Value per Share20.98+13.4%
  • Tangible BV/Share17.39+16.4%
  • Debt/Equity1.69+0.7%
Analysis→Technical→

NWG Key Insights

NatWest Group plc (NWG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Efficient operations: 30.2% efficiency ratio
  • ✓Share count reduced 4.6% through buybacks
  • ✓Trading at only 0.5x book value

✗Weaknesses

  • ✗Weak NIM of 1.8%
  • ✗Thin capital base

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NWG Price & Volume

NatWest Group plc (NWG) stock price & volume — 10-year historical chart

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NWG Growth Metrics

NatWest Group plc (NWG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.24%
5 Years17.64%
3 Years22.22%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years17.56%
TTM21.43%

EPS CAGR

10 Years-
5 Years-
3 Years25.68%
TTM8.49%

Return on Capital

10 Years1.32%
5 Years2.45%
3 Years2.92%
Last Year3.32%

NWG Recent Earnings

NatWest Group plc (NWG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 1, 2026
EPS
$0.48
Est $0.44
+9.1%
Revenue
$5.9B
Est $5.8B
+2.4%
Q1 2026
Feb 13, 2026
EPS
$0.46
Est $0.38
+21.1%
Revenue
$5.9B
Est $5.7B
+3.6%
Q4 2025
Oct 24, 2025
EPS
$0.53
Est $0.42
+26.9%
Revenue
$4.3B
Est $5.6B
-22.3%
Q3 2025
Jul 25, 2025
EPS
$0.41
Est $0.37
+12.3%
Revenue
$4.0B
Est $5.5B
-26.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 1, 2026
$0.48vs $0.44+9.1%
$5.9Bvs $5.8B+2.4%
Q1 2026Feb 13, 2026
$0.46vs $0.38+21.1%
$5.9Bvs $5.7B+3.6%
Q4 2025Oct 24, 2025
$0.53vs $0.42+26.9%
$4.3Bvs $5.6B-22.3%
Q3 2025Jul 25, 2025
$0.41vs $0.37+12.3%
$4.0Bvs $5.5B-26.8%
Based on last 12 quarters of dataView full earnings history →

NWG Peer Comparison

NatWest Group plc (NWG) competitors in European universal banks — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
HSBC logoHSBCHSBC Holdings plcDirect Competitor314.12B91.4015.113.19%15.11%11.71%2.99%2.68
BCS logoBCSBarclays PLCDirect Competitor82.43B24.0210.78-52.96%26.74%9.19%2.81
LYG logoLYGLloyds Banking Group plcDirect Competitor79.58B5.4414.8372.81%7.17%9.91%1.99
DB logoDBDeutsche Bank AGDirect Competitor61.26B32.028.83-8.25%11.39%8.7%3.18
ING logoINGING Groep N.V.Direct Competitor86.18B29.9612.04-65.31%27.47%12.38%3.32
UBS logoUBSUBS Group AGDirect Competitor140.31B45.2124.18-20.43%10.43%7%3.94
JPM logoJPMJPMorgan Chase & Co.Product Competitor849.03B314.9015.9414.61%21.59%16.11%2.18
BAC logoBACBank of America CorporationProduct Competitor407.94B53.6014.03-1.91%16.23%10.1%3.09%1.21

Compare NWG vs Peers

NatWest Group plc (NWG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs HSBC

Most directly comparable listed peer for NWG.

Scale Benchmark

vs JPM

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

Peer Set

Compare Top 5

vs HSBC, BCS, LYG, DB

NWG Income Statement

NatWest Group plc (NWG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income8.99B8.66B7.8B7.39B7.54B9.84B11.05B11.28B12.83B
NII Growth %3.2%-3.68%-9.9%-5.26%1.98%30.62%12.26%2.05%13.78%
Net Interest Margin %1.22%1.25%1.08%0.92%0.96%1.37%1.6%1.59%1.8%
Interest Income11.03B11.05B11.13B9.71B9.23B12.64B21.03B25.19B25.7B
Interest Expense2.05B2.39B3.33B2.32B1.7B2.79B9.98B13.91B12.87B
Loan Loss Provision000000000
Non-Interest Income3.73B4.68B3.92B3.37B2.81B3.51B3.73B3.38B3.78B
Non-Interest Income %25.26%29.78%26.05%25.77%23.3%21.74%15.08%11.83%12.82%
Total Revenue
14.76B▲ 0%
15.73B▲ 6.6%
15.05B▼ 4.4%
13.08B▼ 13.1%
12.04B▼ 8.0%
16.15B▲ 34.1%
24.76B▲ 53.3%
28.57B▲ 15.4%
29.48B▲ 3.2%
Revenue Growth %-1.03%6.58%-4.37%-13.06%-7.97%34.12%53.35%15.36%3.2%
Non-Interest Expense10.48B9.98B7.74B11.31B6.5B8.22B8.61B8.46B8.9B
Efficiency Ratio70.97%63.44%51.41%86.48%53.96%50.91%34.76%29.61%30.2%
Operating Income
2.24B▲ 0%
3.36B▲ 50.0%
3.98B▲ 18.6%
-553M▼ 113.9%
3.84B▲ 795.1%
5.13B▲ 33.5%
6.18B▲ 20.4%
6.2B▲ 0.3%
7.71B▲ 24.4%
Operating Margin %15.17%21.35%26.47%-4.23%31.93%31.78%24.95%21.69%26.15%
Operating Income Growth %154.85%50.02%18.58%-113.88%795.12%33.51%20.38%0.28%24.42%
Pretax Income
2.24B▲ 0%
3.36B▲ 50.0%
3.98B▲ 18.6%
-553M▼ 113.9%
3.84B▲ 795.1%
5.13B▲ 33.5%
6.18B▲ 20.4%
6.2B▲ 0.3%
7.71B▲ 24.4%
Pretax Margin %15.17%21.35%26.47%-4.23%31.93%31.78%24.95%21.69%26.15%
Income Tax731M1.21B439M74M996M1.27B1.43B1.47B1.87B
Effective Tax Rate %32.65%35.96%11.02%-13.38%25.91%24.84%23.21%23.65%24.31%
Net Income
1.47B▲ 0%
2.16B▲ 46.6%
3.54B▲ 63.9%
-372M▼ 110.5%
3.27B▲ 978.5%
3.59B▲ 9.8%
4.64B▲ 29.2%
4.8B▲ 3.6%
5.83B▲ 21.4%
Net Margin %9.98%13.72%23.52%-2.84%27.15%22.23%18.72%16.81%19.78%
Net Income Growth %128.01%46.57%63.92%-110.51%978.49%9.82%29.17%3.58%21.43%
Net Income (Continuing)1.51B2.15B3.54B-627M2.85B3.86B4.74B4.73B5.83B
EPS (Diluted)
0.27▲ 0%
0.56▲ 107.4%
1.12▲ 100.0%
-0.34▼ 130.4%
1.08▲ 417.6%
1.36▲ 25.9%
1.96▲ 44.1%
2.12▲ 8.2%
2.70▲ 27.4%
EPS Growth %110.55%107.41%100%-130.36%417.65%25.93%44.12%8.16%27.36%
EPS (Basic)0.270.561.12-0.341.081.361.962.122.72
Diluted Shares Outstanding2.77B2.8B2.81B2.81B2.71B2.48B2.3B2.13B2.03B

NWG Balance Sheet

NatWest Group plc (NWG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments99.35B89.38B145.91B209.81B261.23B154.98B116.47B106.93B98.23B
Cash & Due from Banks98.34B88.9B81.04B124.64B177.82B145.06B104.52B93.05B85.35B
Short Term Investments1.02B-54.09B64.87B85.17B83.41B9.92B11.95B13.88B12.88B
Total Investments216.44B213.36B185.28B222.93B174.32B463.23B445.42B456.04B458.84B
Investments Growth %-32.4%-1.42%-13.16%20.32%-21.8%165.73%-3.84%2.38%0.61%
Long-Term Investments216.44B267.45B120.41B137.76B90.92B453.31B433.47B442.16B445.95B
Accounts Receivables378M317M275M216M248M0000
Goodwill & Intangibles6.54B6.62B6.62B6.66B6.72B7.12B7.61B7.59B7.29B
Goodwill5.56B5.61B5.61B5.61B5.52B5.52B5.68B5.67B5.52B
Intangible Assets985M1.01B1.01B1.05B1.2B1.59B1.93B1.91B1.77B
PP&E (Net)4.6B4.35B4.93B4.42B4.23B4.24B4.23B3.97B4.28B
Other Assets-1.74B-224.33B443.5B439.41B417.09B97.61B128.6B145.46B157.47B
Total Current Assets99.73B89.7B146.57B210.35B261.84B155.6B116.87B106.94B98.3B
Total Non-Current Assets227.59B224.33B576.47B589.14B520.15B564.45B575.8B601.05B616.25B
Total Assets
738.06B▲ 0%
694.24B▼ 5.9%
723.04B▲ 4.1%
799.49B▲ 10.6%
781.99B▼ 2.2%
720.05B▼ 7.9%
692.67B▼ 3.8%
707.99B▲ 2.2%
714.55B▲ 0.9%
Asset Growth %-7.59%-5.94%4.15%10.57%-2.19%-7.92%-3.8%2.21%0.93%
Return on Assets (ROA)0.19%0.3%0.5%-0.05%0.41%0.48%0.66%0.69%0.82%
Accounts Payable000000000
Total Debt43.28B49.91B56.88B56.53B58.33B55.32B60.07B65.92B71.83B
Net Debt-55.06B-38.99B-24.17B-68.11B-119.49B-89.75B-44.44B-27.13B-13.52B
Long-Term Debt0056.88B56.53B58.33B55.32B60.07B65.92B71.83B
Short-Term Debt000000000
Other Liabilities-1.05B-905M192.87B207.21B152.44B138.58B127.46B124.85B119.8B
Total Current Liabilities110.45B228.54B429.74B491.92B529.41B489.66B467.95B477.84B480.31B
Total Non-Current Liabilities688.96B647.75B249.74B263.74B210.78B193.9B187.53B190.77B191.63B
Total Liabilities688.96B647.75B679.48B755.67B740.19B683.56B655.49B668.61B671.94B
Total Equity
49.09B▲ 0%
46.49B▼ 5.3%
43.56B▼ 6.3%
43.82B▲ 0.6%
41.8B▼ 4.6%
36.5B▼ 12.7%
37.19B▲ 1.9%
39.38B▲ 5.9%
42.61B▲ 8.2%
Equity Growth %-0.63%-5.3%-6.31%0.62%-4.61%-12.7%1.9%5.89%8.22%
Equity / Assets (Capital Ratio)6.65%6.7%6.02%5.48%5.35%5.07%5.37%5.56%5.96%
Return on Equity (ROE)2.99%4.52%7.86%-0.85%7.63%9.17%12.58%12.54%14.22%
Book Value per Share17.7216.6015.5015.6115.4414.7016.1418.5020.98
Tangible BV per Share15.3614.2413.1513.2412.9611.8412.8314.9317.39
Common Stock11.96B16.11B12.09B12.13B11.47B11.7B10.84B10.13B10.02B
Additional Paid-in Capital887M1.03B1.09B1.11B1.88B2.81B000
Retained Earnings17.13B14.31B13.95B12.57B12.97B10.02B10.64B11.43B14.42B
Accumulated OCI3.45B3.43B0000000
Treasury Stock-43M-21M-42M-24M-371M-258M000
Preferred Stock2.56B496M0000000

NWG Cash Flow Statement

NatWest Group plc (NWG) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations38.74B-228M-3.69B29.09B53.69B-43.6B-17.44B1.77B7.07B
Operating CF Growth %1161.4%-100.59%-1519.74%887.84%84.52%-181.21%60%110.16%299.1%
Net Income2.24B3.36B4.23B-351M4.31B4.87B6.07B6.28B7.71B
Depreciation & Amortization808M718M1.49B914M923M833M934M1.06B1.15B
Deferred Taxes0000-49M0000
Other Non-Cash Items-6.45B-7.7B1.51B1.72B1.9B-853M1.24B1.71B-2.76B
Working Capital Changes42.15B3.4B-10.93B26.82B46.61B-48.45B-25.68B-7.27B972M
Cash from Investing-6.48B-7.96B-716M7.55B3.06B19.06B-14.69B-12.7B-13.77B
Purchase of Investments-17.21B-16.18B-21.34B-18.82B-10.15B-23.51B-44.91B-53.96B-62.03B
Sale/Maturity of Investments11.66B9.06B19.99B25.95B16.86B36.98B25.2B41.62B46.75B
Net Investment Activity-5.56B-7.12B-1.35B7.13B6.71B13.46B-19.71B-12.34B-15.28B
Acquisitions-199M-481M-84M-70M-3.49B5.42B5.33B-1.31B230M
Other Investing405M264M1.28B866M746M813M499M1.41B1.95B
Cash from Financing-8.21B-6.29B-1.96B90M-2.6B-10.65B-6.3B-1.89B-3.49B
Dividends Paid-612M-803M-3.42B-381M-1.02B-3.21B-1.7B-1.8B-2.38B
Share Repurchases-779M-2.83B-21M-2M-1.81B-2.05B-2.42B-2.72B-2.56B
Stock Issued395M166M17M2.22B937M001.39B1.25B
Net Stock Activity-384M-2.66B-4M2.22B-869M-2.05B-2.42B-1.33B-1.31B
Debt Issuance (Net)-1000K-1000K1000K-1000K1000K-1000K-1000K1000K1000K
Other Financing183M1.76B609M-1.25B-971M-1.08B-1.28B-1.34B-1.32B
Net Change in Cash
24.04B▲ 0%
-13.79B▼ 157.4%
-8.35B▲ 39.5%
38.61B▲ 562.5%
51.51B▲ 33.4%
-32.26B▼ 162.6%
-39.63B▼ 22.8%
-13.98B▲ 64.7%
-9.41B▲ 32.7%
Exchange Rate Effect-16M676M-1.98B1.88B-2.64B2.93B-1.19B-1.17B775M
Cash at Beginning98.57B122.61B108.94B100.59B139.2B190.71B158.45B118.82B104.84B
Cash at End122.61B108.81B100.59B139.2B190.71B158.45B118.82B104.84B95.43B
Interest Paid000000000
Income Taxes Paid000000000
Free Cash Flow
37.61B▲ 0%
-847M▼ 102.3%
-4.25B▼ 402.0%
28.72B▲ 775.4%
52.79B▲ 83.8%
-44.24B▼ 183.8%
-18.99B▲ 57.1%
694M▲ 103.7%
5.79B▲ 734.3%
FCF Growth %924.4%-102.25%-402.01%775.42%83.8%-183.8%57.06%103.65%734.29%

NWG Banking Ratios

NatWest Group plc (NWG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-10.16%2.99%4.52%7.86%-0.85%7.63%9.17%12.58%12.54%14.22%
Return on Assets (ROA)-0.65%0.19%0.3%0.5%-0.05%0.41%0.48%0.66%0.69%0.82%
Net Interest Margin1.09%1.22%1.25%1.08%0.92%0.96%1.37%1.6%1.59%1.8%
Efficiency Ratio110.27%70.97%63.44%51.41%86.48%53.96%50.91%34.76%29.61%30.2%
Equity / Assets6.19%6.65%6.7%6.02%5.48%5.35%5.07%5.37%5.56%5.96%
Book Value / Share18.1217.7216.615.515.6115.4414.716.1418.520.98
NII Growth-0.67%3.2%-3.68%-9.9%-5.26%1.98%30.62%12.26%2.05%13.78%
Dividend Payout-41.55%37.19%96.75%-31.09%89.3%36.73%37.48%40.75%

NWG Frequently Asked Questions

NatWest Group plc (NWG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

NatWest Group plc (NWG) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, NatWest Group plc (NWG) is profitable, generating $5.83B in net income for fiscal year 2025 (19.8% net margin).

Dividend & Returns

Yes, NatWest Group plc (NWG) pays a dividend with a yield of 10.18%. This makes it attractive for income-focused investors.

NatWest Group plc (NWG) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

Industry Metrics

NatWest Group plc (NWG) has a net interest margin (NIM) of 1.8%. NIM has been under pressure due to interest rate environment.

NatWest Group plc (NWG) has an efficiency ratio of 30.2%. This is excellent, indicating strong cost control.

Explore More NWG

NatWest Group plc (NWG) financial analysis — history, returns, DCA and operating performance tools

Full NWG Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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