Last 46 quarters of trend data · Financial Services · Banks - Diversified
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
NatWest Group plc's quarterly P/E stands at 11.8x, up 64.5% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 297.9% YoY to 4.5x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 11.64 | 11.79 | 9.93 | 8.47 | 8.36 | 7.17 | 8.50 | 5.03 | 7.29 | 6.95 | 6.35 | 6.21 | 8.32 |
| — | +64.5% | +16.9% | +68.6% | +14.7% | +3.1% | +33.9% | -19.1% | -12.4% | -5.2% | -29.5% | -69.1% | -34.1% | |
| P/S Ratio | 1.72 | 2.00 | 1.68 | 1.44 | 2.80 | 2.35 | 2.76 | 1.12 | 1.01 | 1.94 | 1.44 | 1.54 | 1.56 |
| — | -14.8% | -39.1% | +27.8% | +177.8% | +21.0% | +91.5% | -27.1% | -35.5% | -11.0% | -38.8% | -51.7% | -44.5% | |
| P/B Ratio | 1.33 | 1.38 | 1.18 | 1.06 | 1.02 | 0.93 | 1.10 | 0.83 | 0.73 | 0.86 | 0.84 | 0.86 | 0.70 |
| — | +49.4% | +6.9% | +27.3% | +39.9% | +7.4% | +31.2% | -3.1% | +3.4% | +18.0% | +2.3% | +2.9% | -16.1% | |
| P/FCF | 70.87 | — | — | — | — | — | — | 15.42 | 15.05 | 14.60 | 18.64 | 15.68 | 15.35 |
| — | — | — | — | — | — | — | -1.6% | -2.0% | — | — | — | — | |
| EV / EBITDA | 3.04 | 4.52 | -5.19 | 2.04 | -7.62 | -2.29 | -5.04 | -2.23 | -14.17 | -3.90 | -10.46 | -8.87 | -24.13 |
| — | +297.9% | -2.9% | +191.1% | +46.2% | +41.4% | +51.8% | +74.8% | +41.3% | +73.8% | +53.7% | +54.6% | +6.3% | |
| EV / EBIT | 3.56 | 5.27 | -5.95 | 2.45 | -8.93 | -2.71 | -6.17 | -2.68 | -16.45 | -4.58 | -11.68 | -10.24 | -28.57 |
| — | +294.6% | +3.5% | +191.4% | +45.7% | +41.0% | +47.2% | +73.8% | +42.4% | +73.4% | +55.5% | +69.3% | +7.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
NatWest Group plc's operating margin was 24.4% in Q2 2025, down 0.5 pp QoQ and down 23.5 pp YoY. The trailing four-quarter average of 29.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 45.0% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.3% | 55.0% | 54.8% | 52.0% | 107.0% | 100.0% | 102.7% | 51.8% | 54.6% | 95.7% | 70.8% | 76.8% | 82.2% |
| — | -45.0% | -46.7% | +0.4% | +96.1% | +4.5% | +45.1% | -32.6% | -33.6% | -4.3% | -19.7% | -9.9% | -4.7% | |
| Operating Margin | 21.7% | 24.4% | 24.9% | 20.6% | 49.0% | 47.9% | 40.0% | 18.3% | 20.8% | 47.2% | 33.2% | 28.1% | 27.6% |
| — | -49.0% | -37.7% | +12.5% | +135.2% | +1.7% | +20.6% | -34.9% | -24.6% | +11.0% | -7.5% | -0.8% | -11.8% | |
| Net Margin | 16.8% | 18.4% | 18.5% | 18.3% | 35.6% | 33.7% | 28.9% | 18.7% | 14.5% | 27.9% | 24.5% | 26.0% | 6.5% |
| — | -45.6% | -36.2% | -2.3% | +145.3% | +20.8% | +18.2% | -28.0% | +124.4% | -18.7% | -7.2% | +43.2% | -72.9% |
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.5% | 3.2% | 3.3% | 3.4% | 3.3% | 3.5% | 2.7% | 3.5% | 2.6% | 3.0% | 3.6% | 3.7% | 0.7% |
| — | -8.8% | +20.6% | -3.9% | +24.0% | +17.3% | -23.9% | -4.2% | +282.2% | +4.3% | +62.6% | +211.8% | -60.1% | |
| ROA | 0.7% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.0% |
| — | +2.7% | +34.5% | +2.4% | +36.0% | +16.6% | -25.7% | +5.2% | +313.3% | +10.6% | +64.9% | +173.0% | -66.9% | |
| ROIC | 4.6% | 1.7% | 1.8% | 1.5% | 1.8% | 1.5% | 1.1% | 1.4% | 1.5% | 2.0% | 2.0% | 1.6% | 1.2% |
| — | +12.5% | +54.7% | +9.6% | +21.4% | -24.6% | -42.9% | -15.4% | +22.2% | +35.0% | +60.7% | +108.5% | +22.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
NatWest Group plc's Debt/EBITDA ratio is 33.9x, up from 3.4x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 23.4% YoY to 0.19x, tightening the short-term liquidity position.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.67 | 1.67 | 0.17 | 1.67 | 0.17 | 1.67 | 1.37 | 1.62 | 0.18 | 1.74 | 0.18 | 1.52 | 0.19 |
| — | -0.1% | -87.7% | +3.6% | -1.2% | -4.3% | +656.1% | +6.6% | -7.1% | +19.2% | -13.2% | +8.6% | -8.9% | |
| Debt / EBITDA | 9.09 | 33.90 | 3.37 | 36.70 | 3.40 | 31.16 | 28.71 | 39.84 | 4.02 | 29.18 | 3.38 | 33.61 | 5.13 |
| — | +8.8% | -88.3% | -7.9% | -15.3% | +6.8% | +750.4% | +18.5% | -21.6% | -17.8% | -41.6% | -37.6% | -30.6% | |
| Current Ratio | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.25 | 2.17 | 0.38 | 0.37 | 0.39 | 0.38 | 0.41 | 0.43 |
| — | -23.4% | -91.3% | -48.4% | -45.1% | -36.7% | +466.1% | -7.4% | -13.4% | -18.2% | -15.0% | -17.5% | +4.5% | |
| Quick Ratio | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.25 | 2.17 | 0.38 | 0.37 | 0.39 | 0.38 | 0.41 | 0.43 |
| — | -23.4% | -91.3% | -48.4% | -45.1% | -36.7% | +466.1% | -7.4% | -13.4% | -18.2% | -15.0% | -17.5% | +4.5% | |
| Interest Coverage | 0.45 | 0.54 | 0.55 | 0.43 | 0.48 | 0.51 | 0.40 | 0.38 | 0.46 | 0.85 | 1.14 | 1.21 | 2.53 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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Start ComparisonNatWest Group plc's current P/E is 11.6x. The average P/E over the last 4 quarters is 9.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
NatWest Group plc's current operating margin is 21.7%. 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 NatWest Group plc's business trajectory between earnings reports.