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What this page is: Delvantic's full research page for NatWest Group plc (NWG) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
/llms.txt ·
any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Financial Services · Banks - Regional
Edinburgh, EH12 1HQ, United Kingdom
natwestgroup.com
Price
$19.19
Market Cap
$76.4B
Employees
59,100
Beta
0.82
Avg Volume
4,421,052
Last Dividend
$0.88
CEO
Mr. John-Paul Thwaite
NatWest Group plc Sponsored ADR represents American Depositary Receipts for shares of the NatWest Group plc, a major British banking and financial services organization. The primary function of these ADRs is to provide U.S. investors with easier access to invest in NatWest Group's shares without dealing with the complexities of international trading laws. The NatWest Group offers a wide array of financial products and services, encompassing retail and commercial banking across the UK and Ireland, corporate lending, and investment banking operations. A significant player in the financial sector, NatWest Group serves millions of customers, impacting industries from small and medium-sized enterprises to large multinational corporations. By offering these ADRs, NatWest Group taps into increased liquidity from U.S. markets and broadens its investor base. The NatWest Group ADRs on U.S. exchanges make it simpler for investors to participate in the performance of one of the UK’s leading banking conglomerates, without direct exposure to foreign exchanges or currency fluctuations.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 9 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jul 31, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+20.5%
Feb '26
+8.9%
May '26
+66.7%
May '26
+41.7%
Jun '26
+14.9%
Jul '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jul 31, 2026 | $0.47 | $0.54 +14.9% | — | — |
| Jun 1, 2026 | $2.28 | $3.23 +41.7% | — | — |
| May 13, 2026 | $0.03 | $0.05 +66.7% | — | — |
| May 1, 2026 | $0.45 | $0.49 +8.9% | — | — |
| Feb 13, 2026 | $0.39 | $0.47 +20.5% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 5, 2026 | 6-K | View |
| Aug 4, 2026 | 6-K | View |
| Aug 3, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 31, 2026 | 6-K | View |
| Jul 24, 2026 | 6-K | View |
| Jul 17, 2026 | 6-K | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 9, 2026 2:59am (just now)
Current data · timestamped when a report runs
$19.19
Change · Aug 9
+0.15 (+0.79%)
Day Range
$19.14 – $19.30
52-Week Range
$13.56 – $19.42
50-Day MA
$17.42
200-Day MA
$16.56
Volume
2,221,100.00
Share Structure
Outstanding
7,959,000,000.00
Float
3,960,915,735.00
Free Float
49.8%
Moderate free float
— 49.8% of shares trade freely, ~50.2% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Why there are no quarterly figures for NatWest Group plc
This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.
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
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
10.56
Stock Price: $19.19
EPS (Diluted): 1.82
EPS (Diluted): 1.82
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
1.44
Stock Price: $19.19
Total Equity: $57.49B
Shares: 4,325,667,656
Total Equity: $57.49B
Shares: 4,325,667,656
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
—
Market Cap: $76.37B
Total Debt: $0.00
Cash: $128.75B
EBITDA: N/A
Total Debt: $0.00
Cash: $128.75B
EBITDA: N/A
EBITDA not available
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
-$51.4B
Market Cap: $76.37B
Total Debt: $0.00
Cash: $128.75B
Total Debt: $0.00
Cash: $128.75B
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $40.77B
Revenue: $40.77B
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: N/A
Revenue: $40.77B
Revenue: $40.77B
Missing from API: Operating Income
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
18.1%
Net Income: $7.39B
Revenue: $40.77B
Revenue: $40.77B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
12.8%
Net Income: $7.39B
Total Equity: $57.49B
Total Equity: $57.49B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
—
Operating Income: N/A
Tax Rate: 24.3%
Equity: $57.49B
Total Debt: $0.00
Cash: $128.75B
Tax Rate: 24.3%
Equity: $57.49B
Total Debt: $0.00
Cash: $128.75B
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
—
Current Assets: N/A
Current Liabilities: N/A
Current Liabilities: N/A
Missing from API: Current Assets, Current Liabilities
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $57.49B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $57.49B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$9.43
Revenue: $40.77B
Shares: 4,325,667,656
Shares: 4,325,667,656
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$13.29
Total Equity: $57.49B
Shares: 4,325,667,656
Shares: 4,325,667,656
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$2.00
Operating CF: $9.54B
CapEx: -$897.18M
Shares: 4,325,667,656
CapEx: -$897.18M
Shares: 4,325,667,656
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
4.6%
Last Dividend: $0.88
Stock Price: $19.19
Stock Price: $19.19
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
43.4%
Dividends Paid: -$3.21B
Net Income: $7.39B
Net Income: $7.39B
Income Statement (Annual)
Last updated: Aug 2, 2026 5:49am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.2B | $22.3B | $34.2B | $39.5B | $40.8B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $10.5B | $10.4B | $10.8B | $11.0B | $11.1B |
| Operating Income | — | — | — | — | — |
| Net Income | $4.0B | $4.5B | $5.9B | $6.1B | $7.4B |
| EBITDA | — | — | — | — | — |
| EPS | $0.74 | $0.91 | $1.29 | $1.44 | $1.83 |
| EPS (Diluted) | $0.73 | $0.91 | $1.29 | $1.43 | $1.82 |
Balance Sheet (Annual)
Last updated: Aug 9, 2026 12:06am (2h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $257.3B | $213.8B | $160.3B | $141.5B | $128.8B |
| Total Current Assets | — | — | — | — | — |
| Total Assets | $1.1T | $971.5B | $934.5B | $955.2B | $964.0B |
| Current Liabilities | — | — | — | — | — |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $998.6B | $922.2B | $884.3B | $902.1B | $906.5B |
| Total Equity | $56.4B | $49.2B | $50.2B | $53.1B | $57.5B |
| Retained Earnings | — | — | — | — | — |
Cash Flow (Annual)
Last updated: Aug 9, 2026 12:06am (2h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $72.4B | -$58.8B | -$23.5B | $2.4B | $9.5B |
| Capital Expenditure | -$1.2B | -$862.1M | -$1.1B | -$626.0M | -$897.2M |
| Free Cash Flow | $71.2B | -$59.7B | -$24.6B | $1.8B | $8.6B |
| Acquisitions (net) | — | — | -$187.5M | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | -$1.4B | -$4.3B | -$2.3B | -$2.4B | -$3.2B |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $69.5B | -$43.5B | -$53.5B | -$18.9B | -$12.7B |
Growth Trends (YoY %)
Last updated: Aug 2, 2026 5:49am (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +29.6% | +53.1% | +15.5% | +3.1% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | — | — | — | — |
| Net Income Growth | +13.2% | +31.6% | +2.8% | +21.2% |
| EBITDA Growth | — | — | — | — |
Dividend History (Last 20)
Last updated: Aug 2, 2026 5:49am (6d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-03-20 | $0.62 | — | — | — |
| 2025-08-08 | $0.26 | — | — | — |
| 2025-03-14 | $0.39 | — | — | — |
| 2024-08-09 | $0.15 | — | — | — |
| 2024-03-14 | $0.29 | — | — | — |
| 2023-12-01 | $0.14 | — | — | — |
| 2023-08-10 | $0.14 | — | — | — |
| 2023-03-16 | $0.24 | — | — | — |
| 2022-08-30 | $0.45 | — | — | — |
| 2022-03-17 | $0.21 | — | — | — |
| 2021-08-12 | $0.09 | — | — | — |
| 2021-03-25 | $0.09 | — | — | — |
| 2020-03-26 | $0.24 | — | — | — |
| 2019-08-15 | $0.05 | — | — | — |
| 2019-03-21 | $0.10 | — | — | — |
| 2018-08-23 | $0.06 | — | — | — |
| 2008-05-29 | $13.75 | — | — | — |
| 2008-03-05 | $9.65 | — | — | — |
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)
Not applicable for this companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for this companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for this companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for this companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for this companies
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)
Not applicable for this companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
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).
Claude Reading
No AI findings yet for NWG — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for NWG — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for NWG — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for NWG — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
No community reviews yet for NWG.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.515 · 9f7cac68 · 2026-08-08 13:09:58