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NatWest Group plc NWG.L

GB · London Stock Exchange · XLON · stock · Financial Services · website

NatWest Group plc statistics & valuation

Market cap£56.1B
P / E9.6×
P / S3.4×
P / B1.3×
P / FCF9.7×
Dividend yield4.24%
Net margin35.1%
Return on equity13.7%
FCF margin34.9%
Net cash£13.5B
Enterprise value USD$57.5B
Graham number -98.7%£9.01

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (£9.01); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
26.90% 31.40% 32.80% 35.10% 2022202320242025
Gross margin (%)
2022202320242025
Operating margin (%)
2022202320242025
Return on equity (%)
9.80% 12.50% 12.20% 13.70% 2022202320242025
Shares outstanding
7.95B 7.95B 7.95B 7.95B 2022202320242025
Net debt (£)
-£89.75B -£44.44B -£27.13B -£13.52B 2022202320242025
Share buybacks (£)
£2.05B £2.42B £2.72B £2.56B 2022202320242025
Return on assets (%)
0.50% 0.70% 0.70% 0.80% 2022202320242025
Free cash flow margin (%)
-336.90% -128.50% 4.70% 34.90% 2022202320242025
Debt / equity (×)
1.52× 1.62× 1.68× 1.69× 2022202320242025
EPS (£)
£0.34 £0.48 £0.53 £0.67 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NatWest Group plc trades at about 1046.9× earnings — above its 10-year norm (10-year range 472.1×–986.9×, median 916.7×).

472.1× 1046.9×

Shaded band = 10-year range (472.1×–986.9×); dot = today's 1046.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Net margin35.1%32.8%31.4%26.9%
FCF margin34.9%4.7%-128.5%-336.9%
Return on assets0.8%0.7%0.7%0.5%
Return on equity13.7%12.2%12.5%9.8%

Computed from company filings · GB · as of 2025-12-31. Figures in GBP. Facts plus Stocktoria's own computed scores — not investment advice.