30 years of historical data (1995–2024) · 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
NatWest Group plc trades at 11.6x earnings, 26% above its 5-year average of 9.3x, sitting at the 38th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a discount of 15%. On a free-cash-flow basis, the stock trades at 70.9x P/FCF, 232% above the 5-year average of 21.3x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.2B | $43.3B | $26.0B | $32.1B | $35.6B | $27.3B | $39.0B | $33.7B | $45.6B | $32.5B | $51.3B |
| Enterprise Value | $29.7B | $16.2B | $-18491515000 | $-73056330000 | $-83871459360 | $-40759339680 | $14.8B | $-5277505000 | $-9447689665 | $4.9B | $22.9B |
| P/E Ratio → | 11.64 | 9.59 | 5.74 | 9.50 | 12.19 | — | 12.39 | 21.50 | 58.79 | — | — |
| P/S Ratio | 1.72 | 1.52 | 1.83 | 2.47 | 3.03 | 2.09 | 2.59 | 2.14 | 3.09 | 2.18 | 3.19 |
| P/B Ratio | 1.33 | 1.10 | 0.70 | 0.88 | 0.85 | 0.62 | 0.90 | 0.73 | 0.93 | 0.66 | 0.95 |
| P/FCF | 70.87 | 62.40 | — | — | 0.67 | 0.95 | — | — | 1.21 | — | 380.20 |
| P/OCF | 27.75 | 24.44 | — | — | 0.66 | 0.94 | — | — | 1.18 | — | 55.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
NatWest Group plc's enterprise value stands at 3.0x EBITDA, 36% above its 5-year average of 2.2x. The Financial Services sector median is 11.1x, placing the stock at a 73% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.57 | -1.30 | -5.63 | -7.14 | -3.12 | 0.99 | -0.34 | -0.64 | 0.33 | 1.42 |
| EV / EBITDA | 3.04 | 2.23 | -2.48 | -11.22 | -16.78 | -112.91 | 2.85 | -1.10 | -2.03 | — | 10.22 |
| EV / EBIT | 3.56 | 2.61 | -2.99 | -14.24 | -21.82 | — | 3.72 | -1.57 | -4.22 | — | — |
| EV / FCF | — | 23.30 | — | — | -1.59 | -1.42 | — | — | -0.25 | — | 169.78 |
Margins and return-on-capital ratios measuring operating efficiency
NatWest Group plc earns an operating margin of 21.7%, roughly in line with the Financial Services sector average. Operating margins have compressed from 43.7% to 21.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.5% is modest. ROIC of 4.6% 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.3% | 51.3% | 100.0% | 100.0% | 88.0% | 82.3% | 77.9% | 84.8% | 86.7% | 82.9% | 81.2% |
| Operating Margin | 21.7% | 21.7% | 46.1% | 43.7% | 34.7% | -4.2% | 26.5% | 25.7% | 25.9% | -21.2% | 6.6% |
| Net Profit Margin | 16.8% | 16.8% | 32.7% | 27.7% | 27.8% | -2.8% | 23.5% | 13.7% | 10.0% | -34.9% | -9.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 12.5% | 12.6% | 9.2% | 7.6% | -0.9% | 7.9% | 4.5% | 3.0% | -10.0% | -2.8% |
| ROA | 0.7% | 0.7% | 0.7% | 0.5% | 0.4% | -0.0% | 0.5% | 0.3% | 0.2% | -0.6% | -0.2% |
| ROIC | 4.6% | 4.6% | 5.6% | 4.8% | 3.0% | -0.4% | 3.0% | 3.2% | 3.0% | -2.4% | 0.7% |
| ROCE | 2.7% | 2.7% | 1.7% | 1.4% | 1.5% | -0.2% | 1.0% | 0.7% | 0.7% | -0.7% | 0.1% |
Solvency and debt-coverage ratios — lower is generally safer
NatWest Group plc carries a Debt/EBITDA ratio of 9.1x, which is highly leveraged (121% above the sector average of 4.1x). The company holds a net cash position — cash of $93.1B exceeds total debt of $65.9B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 0.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.67 | 1.67 | 1.62 | 1.09 | 1.40 | 1.29 | 1.31 | 1.07 | 0.88 | 0.94 | 0.94 |
| Debt / EBITDA | 9.09 | 9.09 | 8.05 | 6.13 | 11.67 | 156.59 | 10.93 | 10.37 | 9.28 | — | 22.75 |
| Net Debt / Equity | — | -0.69 | -1.20 | -2.88 | -2.86 | -1.55 | -0.55 | -0.84 | -1.12 | -0.56 | -0.52 |
| Net Debt / EBITDA | -3.74 | -3.74 | -5.95 | -16.15 | -23.91 | -188.66 | -4.64 | -8.10 | -11.80 | — | -12.67 |
| Debt / FCF | — | -39.09 | — | — | -2.26 | -2.37 | — | — | -1.46 | — | -210.42 |
| Interest Coverage | 0.45 | 0.45 | 0.65 | 2.03 | 2.40 | -0.24 | 1.20 | 1.69 | 1.87 | -1.24 | 0.34 |
Net cash position: cash ($93.1B) exceeds total debt ($65.9B)
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.19x is below 1.0, meaning current liabilities exceed current assets — though the company's $93.1B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.78x to 0.19x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.19 | 0.19 | 0.22 | 0.78 | 0.49 | 0.43 | 0.34 | 0.39 | 0.90 | 0.23 | 0.22 |
| Quick Ratio | 0.19 | 0.19 | 0.22 | 0.78 | 0.49 | 0.43 | 0.34 | 0.39 | 0.90 | 0.23 | 0.22 |
| Cash Ratio | 0.19 | 0.19 | 0.22 | 0.77 | 0.34 | 0.25 | 0.19 | 0.39 | 0.89 | 0.22 | 0.22 |
| Asset Turnover | — | 0.04 | 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
NatWest Group plc returns 8.9% to shareholders annually — split between a 3.4% dividend yield and 5.5% buyback yield. The payout ratio of 37.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.6% (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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 4.2% | 6.6% | 10.0% | 2.9% | 1.4% | 8.8% | 2.4% | 1.3% | 5.2% | 0.8% |
| Payout Ratio | 37.5% | 37.5% | 36.7% | 89.3% | 31.1% | — | 96.8% | 37.2% | 41.5% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 10.4% | 17.4% | 10.5% | 8.2% | — | 8.1% | 4.7% | 1.7% | — | — |
| FCF Yield | 1.4% | 1.6% | — | — | 148.2% | 105.0% | — | — | 82.5% | — | 0.3% |
| Buyback Yield | 5.5% | 6.3% | 9.3% | 6.4% | 5.1% | 0.0% | 0.1% | 8.4% | 1.7% | 4.0% | 2.7% |
| Total Shareholder Yield | 8.9% | 10.4% | 15.9% | 16.4% | 7.9% | 1.4% | 8.8% | 10.8% | 3.0% | 9.2% | 3.5% |
| Shares Outstanding | — | $4.3B | $4.6B | $5.0B | $5.4B | $5.6B | $5.6B | $5.6B | $5.5B | $5.5B | $5.4B |
Compare NWG 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 |
|---|---|---|---|---|---|---|---|---|---|
| NWGYou | $66B | 11.6 | 3.0 | 70.9 | 51.3% | 21.7% | 12.5% | 4.6% | 9.1 |
| 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 |
| ING | $83B | 11.5 | 20.4 | — | 94.3% | 39.7% | 12.4% | 3.1% | 18.5 |
| 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 · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
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View ValuationSee how NWG stacks up against sector leader HSBC Holdings plc.
Start ComparisonNatWest Group plc's current P/E ratio is 11.6x. The historical average is 18.2x. This places it at the 38th percentile of its historical range.
NatWest Group plc's current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.4x.
NatWest Group plc's return on equity (ROE) is 12.5%. The historical average is 6.4%.
Based on historical data, NatWest Group plc is trading at a P/E of 11.6x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NatWest Group plc's current dividend yield is 3.43% with a payout ratio of 37.5%.
NatWest Group plc has 51.3% gross margin and 21.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NatWest Group plc's Debt/EBITDA ratio is 9.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.