NWG.L

NatWest Group plc

NatWest Group plc, together with its subsidiaries, provides banking and financial products and services in the United Kingdom and internationally. It operates through the Retail Banking, Private Banking, and Commercial & Institutional 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. Its Private Banking segment provides banking, lending, and wealth management products for high-net-worth individuals and their business interests. The Commercial & Institutional segment consists of customer businesses under business banking, commercial mid-market, and corporates and institutions; and offers banking operations services in the Channel Islands, Isle of Man, Gibraltar, and Luxembourg, as well as products and solutions for businesses comprising start-ups, corporates, and large institutions. 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.

Market price

GBP 5.92

No valuation verdict available

5-year outlook: 15.3% per year · forecast

Data: Price updated 06 Nov 2026 09:56; FY2025, period ended 31 Dec 2025 from EODHD (downloaded 3 min ago). Last earnings: 30 Oct 2026

Verdict

No valuation verdict yet

PriceGBP 5.92

Fair value range–

Estimate reliabilityMedium

5-year outlook15.3% / yr≈ GBP 12.09 in 5 yrs

Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).

Details and the full model are below.

DCF (trailing free cash flow)

Selected model not applicable

DCF (trailing free cash flow) needs inputs this company does not have (for example positive earnings, free cash flow or EBITDA), so it gives no usable value.

Assumptions: growth 11.71%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.

Blended growth assumption: 11.7% (sector default 5.4%, own revenue history 25.1%, analyst revenue consensus 8.2%).

5-year outlook: relative outlook of about 15.3% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.

Analyst consensus expects revenue growth of 8.2% a year; the growth assumption used is 11.7%.

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Show the recommended model instead

Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).

Compare models

Recommended: Justified P/B (ROE) — GBP 8.41 (+42.0%)
EPS-based Gordon proxy — GBP 10.21 (+72.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
DCF (trailing free cash flow) — not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
FCFF (steady state) — not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
EV/EBITDA (12x) — GBP 16.34 (+176.0%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
Fade DCF (10-year growth fade) — not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
EV/Sales (Rule of 40) — GBP 33.56 (+466.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.

Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.

Price history and fair value

No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.

More detail: quality, peers, price history, dividends and financials

Quality score: 88 / 100

Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.

Profitability	5 of 5 years profitable	20 / 20
Cash generation	free cash flow positive in 2 of 5 years	8 / 20
Growth	revenue +25.1% a year	20 / 20
Balance sheet	net cash	20 / 20
Margins	EBITDA margin 30%	20 / 20

Peers in Financials

Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.

Company	Price	Margin of safety	P/E	P/B	Yield	Quality
NWG.L (this company)	GBP 5.92	29.6%	8.3	1.3	4.9%	88
PSH.L Pershing Square Holdings, Ltd.	GBP 38.88	68.1%	3.7	0.6	1.3%	76
LRE.L Lancashire Holdings Limited	GBP 6.89	45.5%	7.1	1.6	3.3%	76
ACA.PA Credit Agricole S.A.	EUR 15.88	36.0%	6.8	0.7	6.9%	78
PRU.L Prudential plc	GBP 9.29	33.8%	8.1	1.6	1.9%	78
V Visa Inc.	USD 422.59	33.3%	8.9	–	0.2%	100
AGS.BR ageas SA/NV	EUR 77.60	32.5%	8.2	1.5	5.0%	76
SYF Synchrony Financial	USD 74.07	29.9%	7.2	1.4	2.1%	100
ACGL Arch Capital Group	USD 110.57	28.9%	8.6	1.6	0.1%	100
Peer median			7.6	1.5

Dividends

Paid in the last 12 months: GBP 0.00 per share · yield 0.06% at the current price.

Year	Dividends per share
2026 (so far)	0.003
2025	0.003
2024	0.002
2023	0.002
2022	0.003
2021	0.001

Sector Financials

Exchange London Stock Exchange

Currency GBP

Annual financial statement

Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025

Revenue	GBP 29,478,000,000
EBITDA	GBP 8,862,000,000
EBIT	GBP 7,708,000,000
Net income	GBP 5,831,000,000
Free cash flow	GBP -17,347,000,000
Capital expenditures	GBP 665,000,000
Debt	GBP 71,826,000,000
Cash	GBP 98,233,000,000
Working capital	GBP -382,006,000,000
Shares outstanding	8,126,000,000
Reported dividends per share	GBP 0.2924