NatWest Group plc (NWG) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: NatWest Group plc

Market cap $34B · 52 weeks $14 – $19 (10 % below the high) · P/E 6.8× · 2027 expected P/E 5.7× · Dividend 5.4 % · Next earnings October 30, 2026 · expected EPS $0.51 · Closing price, Oct 28 · accounts published Jul 31.

• Valuation: P/B 1.3× (justified).
• Business: ROTCE 16.5 % (excellent).
• Balance sheet: Capital/assets 6.0 % (fragile).
• Earnings: 8 of 8 (on track).

What would it be worth at its usual multiples?

At a P/B justified by its ROTCE del 16,5 % (2.0×) $25 (+50 %); at its peers' median (1.3×) $16 (-4 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in banking: 3 of 5 pass

• ROA 0.9 %, fails.
• Equity / Assets (Tier 1 proxy) 6.0 %, fails.
• ROTCE 16.5 %, passes.
• P/B (Price / Book) 1.3×, passes.
• Sustainable dividend yield 5.4 %, passes.

Against its peers (reference peers) — NatWest Group plc: P/E 6.8×; P/B 1.3×; ROE 16.2 %; $33.9B. Lloyds Banking Group plc (P/E 12.7×; P/B 1.3×; ROE 11.1 %; $78.8B), Barclays PLC (P/E 8.5×; P/B 0.9×; ROE 10.8 %; $73.0B), Banco Santander (Brasil) S.A. (P/E 24.9×; P/B 1.4×; ROE 11.8 %; $34.0B).

Expensive or cheap against its last ten fiscal years?

Precio / valor contable at each close: today 1.3× · median 0.4× · minimum 0.2× · maximum 1.5× · cheap below 0.4× · expensive above 0.6×. It has been cheaper than today 96% of the time over its last ten fiscal years.

Dividend

tight (only raised recently) · Yield 5.4 % ($1.57 per ADS in 2025) · Years raising it 2 · 5-year growth +54 % a year · Free cash flow coverage payout 41 % · With $1,000 invested today you'd collect $54.10 a year ($4.51 a month).