NatWest Group plc

587.40pAs of Sun 8 Nov 2026, 12:00 UTC

LSE:NWGFinancials

Ctry United Kingdom

PE (Fwd) •••

TSR 10Y CAGR 16.93%

Div yield 5.53%

ROTE 13.74%

Banks (Regional)

Beta (5Y) 0.84

PE TTM 7.973

TSR TTM 6.52%

Mkt cap £46.45B

NIM —

SE Grade™

Value

Quality

Moat

Consensus

Reference

679p

15.61%

(85.72%)

Hold 2|3|1|6|1

TTM

FYE 31 Dec GBP

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

0.828

Revenue£B

8.587

9.326

10.14

10.90

11.35

12.07

12.68

13.71

14.66

15.60

0.865

6.56%

6.76%

19.18

Revenue growth%

8.33

10.14

12.17

15.17

12.54

15.25

16.65

14.42

13.61

11.00

29.82

14.42

13.07

23.54

NIM%

29.05

30.31

28.35

25.62

22.80

20.28

18.17

20.61

23.28

24.22

8.11

20.61

23.75

29.33

Effic. R.%

11.19

13.19

14.44

12.90

14.11

12.34

9.42

11.66

14.26

16.78

11.62

12.34

13.04

17.66

Net margin%

5.93

3.21

5.32

5.60

4.89

2.28

3.62

4.10

5.05

3.78

27.38

3.78

4.50

24.81

P/E ratio (avg)x

20.60

22.80

22.14

22.23

22.43

23.86

26.15

27.04

25.27

26.65

16.68

26.15

23.33

8.450

P/TBVx

25.79

27.70

27.82

32.09

31.26

31.07

36.35

36.45

43.26

49.53

32.16

36.45

31.67

33.58

P/Bx

12.55

12.34

12.61

12.07

11.60

11.51

12.23

12.46

11.91

11.12

37.09

11.91

12.15

8.541

NII£B

5.711

6.216

6.781

7.325

7.468

7.980

8.382

9.090

9.640

10.50

6.527

7.05%

6.88%

—

11.19

NII grth%

8.07

6.89

6.59

4.35

2.57

0.40

2.99

0.74

0.40

6.80

0.40

2.78

7.59

ROTE%

23.83

26.27

29.02

27.22

28.42

28.41

29.57

27.74

24.93

6.14

28.41

27.48

20.44

Return on equity%

10.51

9.20

11.05

9.46

8.44

9.86

7.84

8.98

6.65

6.23

29.37

7.84

9.09

11.30

Return on assets%

16.65

17.60

15.81

18.55

17.79

17.45

19.59

20.13

19.10

21.40

6.32

19.59

18.17

0.81

EPS£

0.69

0.67

0.68

0.66

0.73

0.78

0.88

1.02

0.89

8.48%

5.53%

—

12.35

EPS growth%

0.60

0.40

1.66

4.03

3.13

0.40

2.13

18.79

2.13

0.50

0.90

Bookvalue per sh£

0.47

0.52

0.51

0.58

0.66

0.72

0.71

0.67

0.68

0.70

0.59

1.36%

5.74%

—

0.57

TBV/sh£

1.12

1.07

1.09

1.14

1.03

1.05

0.98

1.02

0.97

1.05

0.56

0.22%

0.11%

—

0.29

Dividend per sh£

0.41

0.42

0.43

0.42

0.37

0.40

0.35

0.32

0.30

0.47

(4.32%)

(3.05%)

—

4.77

Div yield (avg)%

13.18

11.53

12.58

13.08

12.10

11.11

11.22

12.87

12.08

14.15

7.66

12.08

12.34

5.53

Payout ratio%

17.65

15.64

17.10

16.96

15.63

14.40

13.94

16.78

15.13

15.72

26.93

15.13

15.68

7.735

Shares (diluted)B

9.149

8.767

8.987

8.736

10.08

11.29

13.04

15.22

17.08

17.73

7.951

11.96%

7.68%

6.21

Buyback yield%

24.61

23.29

21.22

22.03

21.59

21.32

22.60

21.70

21.55

21.60

9.51

21.60

21.65

86.20

Eq/Assets%

52.68

58.25

64.23

70.65

78.34

84.81

87.92

96.52

95.25

91.99

51.53

91.99

81.58

11.68

Assets£B

16.94

17.59

19.31

20.86

23.13

24.99

26.65

28.67

30.91

33.61

13.09

7.76%

8.25%

10.23

LT debt£B

21.78

20.59

21.09

24.23

24.16

23.14

26.72

29.13

28.27

30.48

3.048

4.76%

3.25%

Peers (US$62.50B)

Cap (US$)

Lloyds Banking Group…

73.39B

9.941x

Lion Finance Group PLC

7.245B

7.774x

TBC Bank Group PLC

3.594B

6.145x

Industrial Bank Co.…

62.59B

6.273x

Capital

TTM

10Y

Tang eq%

96.74

132.01

132.12

LT debt%

87.61

92.60

103.02

Cash%

53.93

12.72

12.73

Sh yield%

10.98

33.82

34.20

Owners

Insiders/Inst%

14.00

29.37

Short interest%

3.03

SBC / revenue%

2.61

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

ROE range%

6–11

$1 testx

−0.1

Incr. ROIC%

—

NatWest Group plc provides banking products and services in the United Kingdom and internationally through Retail Banking, Private Banking, and Commercial & Institutional segments, offering current accounts, mortgages and deposits to retail customers, wealth management to high-net-worth individuals, and solutions to start-ups, corporates and institutions, operating in the Channel Islands, Isle of Man, Gibraltar and Luxembourg.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Total assets

£33.61B

8.25%

1.15×

Revenue

£15.60B

6.76%

1.00×

Non-interest expense

£9.047B

6.46%

0.97×