Financial Services · Banks - Diversified
Price
$17.63
Market Cap
$35.1B
Employees
59,400
Beta
0.82
Avg Volume
4,409,341
CEO
John-Paul Thwaite
Business Description
NatWest Group plc is a leading financial institution that delivers a broad spectrum of banking and financial services to individual customers, businesses, corporations, and institutional clients across the United Kingdom and globally. The company's operations are divided into several key divisions: Retail Banking addresses consumer needs by providing essential banking products like current accounts, home mortgages, unsecured personal loans, and savings options, alongside extensive mobile and online banking capabilities. Commercial Banking offers bespoke banking and financing solutions, supporting entities ranging from new start-ups and small-to-medium-sized enterprises (SMEs) to larger commercial and corporate organizations. Private Banking specializes in offering exclusive private banking and wealth management services for affluent individuals and their business ventures. RBS International focuses on providing various banking products and services specifically for institutional customers, in addition to managing wholesale branches and fund depositary services. NatWest Markets assists corporate and institutional clients in the strategic management of financial risks, guiding them towards achieving their immediate and long-term financial aspirations. The company boasts a significant physical footprint, with approximately 800 branches and an additional 16,000 points of presence. Established in 1727, NatWest Group plc, which was formerly known as The Royal Bank of Scotland Group plc until its name change in July 2020, is headquartered in Edinburgh, United Kingdom.
Business History
Price Overview
Last updated: Jul 1, 2026 4:42am (just now)$17.63
+0.18 (+1.00%)
Day Range
$17.52 – $17.74
52-Week Range
$12.91 – $19.36
50-Day MA
$16.01
200-Day MA
$16.03
Volume
4,259,568.00
Analyst Price Targets
Low
$18.20
Consensus
$18.20
High
$18.20
(1 analysts)
Share Structure
Outstanding
1,989,855,000.00
Float
1,989,851,020.00
Free Float
100.0%
High free float
— 100.0% of shares trade freely, ~0% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
8.96
Stock Price: $17.63
EPS (Diluted): 2.72
EPS (Diluted): 2.72
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.61
Stock Price: $17.63
Total Equity: $42.60B
Shares: 2,031,500,000
Total Equity: $42.60B
Shares: 2,031,500,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-2.15
Market Cap: $35.08B
Total Debt: $71.83B
Cash: $85.35B
EBITDA: $8.86B
Total Debt: $71.83B
Cash: $85.35B
EBITDA: $8.86B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$12.6B
Market Cap: $35.08B
Total Debt: $71.83B
Cash: $85.35B
Total Debt: $71.83B
Cash: $85.35B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
56.3%
Gross Profit: $16.61B
Revenue: $29.48B
Revenue: $29.48B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
26.1%
Operating Income: $7.71B
Revenue: $29.48B
Revenue: $29.48B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
19.8%
Net Income: $5.83B
Revenue: $29.48B
Revenue: $29.48B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
15.0%
Net Income: $5.83B
Total Equity: $42.60B
Total Equity: $42.60B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
3.0%
Operating Income: $7.71B
Tax Rate: 24.3%
Equity: $42.60B
Total Debt: $71.83B
Cash: $85.35B
Tax Rate: 24.3%
Equity: $42.60B
Total Debt: $71.83B
Cash: $85.35B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.20
Current Assets: $98.30B
Current Liabilities: $480.31B
Current Liabilities: $480.31B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.69
Short-Term Debt: $0.00
Long-Term Debt: $71.83B
Total Debt: $71.83B
Total Equity: $42.60B
Long-Term Debt: $71.83B
Total Debt: $71.83B
Total Equity: $42.60B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$14.51
Revenue: $29.48B
Shares: 2,031,500,000
Shares: 2,031,500,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$20.97
Total Equity: $42.60B
Shares: 2,031,500,000
Shares: 2,031,500,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$2.85
Operating CF: $7.07B
CapEx: -$1.28B
Shares: 2,031,500,000
CapEx: -$1.28B
Shares: 2,031,500,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
9.1%
Last Dividend: N/A
Stock Price: $17.63
Stock Price: $17.63
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $5.83B
Net Income: $5.83B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares NWG against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 1, 2026 4:42am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.0B | $16.1B | $24.8B | $28.6B | $29.5B |
| Cost of Revenue | $1.7B | $2.8B | $10.0B | $13.9B | $12.9B |
| Gross Profit | $10.3B | $13.4B | $14.8B | $14.7B | $16.6B |
| Operating Expenses | $6.5B | $8.2B | $8.6B | $8.5B | $8.9B |
| Operating Income | $3.8B | $5.1B | $6.2B | $6.2B | $7.7B |
| Net Income | $3.3B | $3.6B | $4.6B | $4.8B | $5.8B |
| EBITDA | $4.8B | $6.0B | $7.1B | $7.3B | $8.9B |
| EPS | $1.08 | $1.36 | $1.96 | $2.12 | $2.72 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 1, 2026 4:42am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $177.8B | $145.1B | $104.5B | $93.1B | $85.3B |
| Total Current Assets | $261.8B | $155.6B | $116.9B | $106.9B | $98.3B |
| Total Assets | $782.0B | $720.1B | $692.7B | $708.0B | $714.6B |
| Current Liabilities | $529.4B | $489.7B | $468.0B | $477.8B | $480.3B |
| Long-Term Debt | $58.3B | $55.3B | $60.1B | $65.9B | $71.8B |
| Total Liabilities | $740.2B | $683.6B | $655.5B | $668.6B | $671.9B |
| Total Equity | $41.8B | $36.5B | $37.2B | $39.4B | $42.6B |
| Retained Earnings | $13.0B | $10.0B | $10.6B | $11.4B | $14.4B |
Cash Flow (Annual)
Last updated: Jul 1, 2026 4:42am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $53.7B | -$43.6B | -$17.4B | $1.8B | $7.1B |
| Capital Expenditure | -$901.0M | -$639.0M | -$1.6B | -$1.1B | -$1.3B |
| Free Cash Flow | $52.8B | -$44.2B | -$19.0B | $694.0M | $5.8B |
| Acquisitions (net) | -$3.5B | $5.4B | $5.3B | -$1.3B | $230.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.8B | -$2.1B | -$2.4B | -$2.7B | -$2.6B |
| Net Change in Cash | $51.5B | -$32.3B | -$39.6B | -$14.0B | -$9.4B |
Analyst Estimates (Annual)
Last updated: Jul 1, 2026 4:42am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$26.3B $25.2B – $27.4B
|
$27.4B $26.2B – $28.4B
|
$28.6B $27.4B – $29.7B
|
$29.1B $27.9B – $30.2B
|
| EBITDA |
$8.4B $8.1B – $8.8B
|
$8.8B $8.4B – $9.1B
|
$9.2B $8.8B – $9.5B
|
$9.3B $9.0B – $9.7B
|
| Net Income |
$4.5B $4.4B – $4.5B
|
$4.9B $4.6B – $5.2B
|
$5.4B $5.1B – $5.6B
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 1, 2026 4:42am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +34.1% | +53.3% | +15.4% | +3.2% |
| Gross Profit Growth | +29.1% | +10.7% | -0.9% | +13.3% |
| Operating Income Growth | +33.5% | +20.4% | +0.3% | +24.4% |
| Net Income Growth | +9.8% | +29.2% | +3.6% | +21.4% |
| EBITDA Growth | +25.1% | +19.2% | +2.0% | +22.2% |
Dividend History (Last 20)
Last updated: Jul 1, 2026 4:42am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-03-20 | $0.62 | 2026-02-18 | 2026-03-20 | 2026-05-05 |
| 2025-08-08 | $0.25 | 2025-07-25 | 2025-08-08 | 2025-09-12 |
| 2025-03-14 | $0.38 | 2025-02-19 | 2025-03-14 | 2025-04-28 |
| 2024-08-09 | $0.16 | 2024-07-26 | 2024-08-09 | 2024-09-13 |
| 2024-03-14 | $0.29 | 2024-02-23 | 2024-03-15 | 2024-04-29 |
| 2023-12-01 | $0.14 | 2023-11-24 | 2023-12-04 | 2023-12-29 |
| 2023-08-10 | $0.14 | 2023-07-28 | 2023-08-11 | 2023-09-15 |
| 2023-03-16 | $0.24 | 2023-02-17 | 2023-03-17 | 2023-05-02 |
| 2022-08-25 | $0.49 | 2022-08-10 | 2022-08-26 | 2022-09-16 |
| 2022-03-17 | $0.20 | 2022-02-22 | 2022-03-18 | 2022-05-04 |
| 2021-08-12 | $0.08 | 2021-08-03 | 2021-08-13 | 2021-09-17 |
| 2021-03-25 | $0.08 | 2021-03-04 | 2021-03-26 | 2021-05-04 |
| 2020-03-26 | $0.21 | 2020-02-20 | 2020-03-27 | 2020-05-04 |
| 2019-08-15 | $0.34 | 2019-08-02 | 2019-08-16 | 2019-09-20 |
| 2019-03-21 | $0.29 | 2019-03-11 | 2019-03-22 | 2019-04-30 |
| 2018-08-23 | $0.05 | 2018-08-15 | 2018-08-24 | 2018-10-12 |
| 2008-05-29 | $0.67 | 2008-05-09 | 2008-06-04 | |
| 2008-03-05 | $0.02 | 2008-02-28 | 2008-03-07 | 2008-05-23 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for NWG — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.360 · 7b6df9be · 2026-06-30 17:24:24