Detailed financial statements for NatWest Group plc (NWG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
NatWest Group plc reported revenue of 29.48B GBP in the most recent fiscal year, growing at a 5-year CAGR of 17.6%.
Trailing-twelve-month margins: gross margin 58.4%, operating margin 28.2%, net margin 21.2%. Free cash flow grew at -27.4% CAGR over 5 years.
At $15.47 (closing price, October 30, 2026), NWG trades at a P/E of 6.20 and an ROE of 16.16%. Market capitalisation stands at $30.6B, placing it among large-cap names.
Balance sheet quality for NWG: current ratio of 0.2, net cash position of 26.41B GBP. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 5.79B GBP represents 99% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14.92B GBP | 14.76B GBP | 15.73B GBP | 15.05B GBP | 13.08B GBP | 12.04B GBP | 16.15B GBP | 24.76B GBP | 28.57B GBP | 29.48B GBP |
| Cost of Revenue | 2.55B GBP | 2.05B GBP | 2.39B GBP | 3.33B GBP | 2.32B GBP | 1.70B GBP | 2.79B GBP | 9.98B GBP | 13.91B GBP | 12.87B GBP |
| Gross Profit | 12.37B GBP | 12.72B GBP | 13.34B GBP | 11.72B GBP | 10.76B GBP | 10.34B GBP | 13.35B GBP | 14.78B GBP | 14.65B GBP | 16.61B GBP |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 2.88B GBP | 2.04B GBP | 3.07B GBP | 2.83B GBP | 1.29B GBP | 1.46B GBP | 1.58B GBP | 1.61B GBP | 1.45B GBP | 1.42B GBP |
| Operating Expenses | 16.45B GBP | 10.48B GBP | 9.98B GBP | 7.74B GBP | 11.31B GBP | 6.50B GBP | 8.22B GBP | 8.61B GBP | 8.46B GBP | 8.90B GBP |
| Operating Income | -4.08B GBP | 2.24B GBP | 3.36B GBP | 3.98B GBP | -553.0M GBP | 3.84B GBP | 5.13B GBP | 6.18B GBP | 6.20B GBP | 7.71B GBP |
| EBITDA | -3.16B GBP | 3.08B GBP | 4.13B GBP | 5.20B GBP | 361.0M GBP | 4.77B GBP | 5.96B GBP | 7.11B GBP | 7.25B GBP | 8.86B GBP |
| Interest Expense | 2.55B GBP | 2.05B GBP | 2.39B GBP | 3.33B GBP | 2.32B GBP | 1.70B GBP | 2.79B GBP | 9.98B GBP | 13.91B GBP | 12.87B GBP |
| Pre-tax Income | -4.08B GBP | 2.24B GBP | 3.36B GBP | 3.98B GBP | -553.0M GBP | 3.84B GBP | 5.13B GBP | 6.18B GBP | 6.20B GBP | 7.71B GBP |
| Income Tax | 1.17B GBP | 731.0M GBP | 1.21B GBP | 439.0M GBP | 74.0M GBP | 996.0M GBP | 1.27B GBP | 1.43B GBP | 1.47B GBP | 1.87B GBP |
| Net Income | -5.26B GBP | 1.47B GBP | 2.16B GBP | 3.54B GBP | -372.0M GBP | 3.27B GBP | 3.59B GBP | 4.64B GBP | 4.80B GBP | 5.83B GBP |
| EPS | $-2.56 | $0.27 | $0.56 | $1.12 | $-0.34 | $1.08 | $1.36 | $1.96 | $2.12 | $2.72 |
| EPS (Diluted) | $-2.56 | $0.27 | $0.56 | $1.12 | $-0.34 | $1.08 | $1.36 | $1.96 | $2.12 | $2.70 |
| Shares Outstanding (Diluted) | 2,726.1 M | 2,770.9 M | 2,799.9 M | 2,809.4 M | 2,807.8 M | 2,706.8 M | 2,482.2 M | 2,304.8 M | 2,129.0 M | 2,031.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 7.55B GBP | 7.39B GBP | 7.38B GBP | 7.86B GBP |
| Gross Profit | 4.33B GBP | 4.29B GBP | 4.36B GBP | 4.58B GBP |
| Operating Income | 2.18B GBP | 1.94B GBP | 2.03B GBP | 2.30B GBP |
| EBITDA | 2.48B GBP | 2.24B GBP | 2.31B GBP | 2.30B GBP |
| Net Income | 1.68B GBP | 1.48B GBP | 1.50B GBP | 1.69B GBP |
| EPS | $0.80 | $0.68 | $0.72 | $0.80 |
| EPS (Diluted) | $0.40 | $0.68 | $0.72 | $0.80 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 74.25B GBP | 98.34B GBP | 88.90B GBP | 81.04B GBP | 124.64B GBP | 177.82B GBP | 145.06B GBP | 104.52B GBP | 93.05B GBP | 85.35B GBP |
| Short-term Investments | 781.0M GBP | 1.02B GBP | -54.09B GBP | 64.87B GBP | 85.17B GBP | 83.41B GBP | 9.92B GBP | 11.95B GBP | 13.88B GBP | 12.88B GBP |
| Receivables | 412.0M GBP | 378.0M GBP | 317.0M GBP | 275.0M GBP | 216.0M GBP | 248.0M GBP | 279.0M GBP | 49.0M GBP | 7.0M GBP | 71.0M GBP |
| Inventory | -347.48B GBP | -187.84B GBP | -302.49B GBP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 75.44B GBP | 99.73B GBP | 89.70B GBP | 146.57B GBP | 210.35B GBP | 261.84B GBP | 155.60B GBP | 116.87B GBP | 106.94B GBP | 98.30B GBP |
| Property, Plant & Equipment | 4.59B GBP | 4.60B GBP | 4.35B GBP | 4.93B GBP | 4.42B GBP | 4.23B GBP | 4.24B GBP | 4.23B GBP | 3.97B GBP | 4.28B GBP |
| Goodwill | 5.56B GBP | 5.56B GBP | 5.61B GBP | 5.61B GBP | 5.61B GBP | 5.52B GBP | 5.52B GBP | 5.68B GBP | 5.67B GBP | 5.52B GBP |
| Intangible Assets | 922.0M GBP | 985.0M GBP | 1.01B GBP | 1.01B GBP | 1.05B GBP | 1.20B GBP | 1.59B GBP | 1.93B GBP | 1.91B GBP | 1.77B GBP |
| Total Assets | 798.66B GBP | 738.06B GBP | 694.24B GBP | 723.04B GBP | 799.49B GBP | 781.99B GBP | 720.05B GBP | 692.67B GBP | 707.99B GBP | 714.55B GBP |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 334.44B GBP | 110.45B GBP | 228.54B GBP | 429.74B GBP | 491.92B GBP | 529.41B GBP | 489.66B GBP | 467.95B GBP | 477.84B GBP | 480.31B GBP |
| Long-term Debt | 0 | 0 | 0 | 56.88B GBP | 56.53B GBP | 58.33B GBP | 55.32B GBP | 60.07B GBP | 65.92B GBP | 71.83B GBP |
| Total Liabilities | 749.25B GBP | 688.96B GBP | 647.75B GBP | 679.48B GBP | 755.67B GBP | 740.19B GBP | 683.56B GBP | 655.49B GBP | 668.61B GBP | 671.94B GBP |
| Retained Earnings | -12.94B GBP | 17.13B GBP | 14.31B GBP | 13.95B GBP | 12.57B GBP | 12.97B GBP | 10.02B GBP | 10.64B GBP | 11.43B GBP | 14.42B GBP |
| Total Equity | 48.61B GBP | 48.33B GBP | 45.74B GBP | 43.55B GBP | 43.86B GBP | 41.80B GBP | 36.49B GBP | 37.16B GBP | 39.35B GBP | 42.60B GBP |
| Total Debt | 46.66B GBP | 43.28B GBP | 49.91B GBP | 56.88B GBP | 56.53B GBP | 58.33B GBP | 55.32B GBP | 60.07B GBP | 65.92B GBP | 71.83B GBP |
| Net Debt | -28.37B GBP | -56.07B GBP | -39.47B GBP | -89.03B GBP | -153.28B GBP | -202.90B GBP | -99.67B GBP | -56.40B GBP | -41.01B GBP | -26.41B GBP |
| Working Capital | -259.00B GBP | -10.72B GBP | -138.85B GBP | -283.17B GBP | -281.57B GBP | -267.58B GBP | -334.06B GBP | -351.08B GBP | -370.90B GBP | -382.01B GBP |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 84.69B GBP | 85.35B GBP | 78.97B GBP | 77.11B GBP |
| Total Assets | 725.63B GBP | 714.55B GBP | 749.64B GBP | 745.37B GBP |
| Total Liabilities | 683.25B GBP | 671.94B GBP | 705.97B GBP | 701.54B GBP |
| Total Equity | 42.36B GBP | 42.60B GBP | 43.66B GBP | 43.76B GBP |
| Total Debt | 6.14B GBP | 71.83B GBP | 6.64B GBP | 76.19B GBP |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -4.08B GBP | 2.24B GBP | 3.36B GBP | 4.23B GBP | -351.0M GBP | 4.31B GBP | 4.87B GBP | 6.07B GBP | 6.28B GBP | 7.71B GBP |
| Depreciation & Amortization | 919.0M GBP | 837.0M GBP | 768.0M GBP | 1.22B GBP | 914.0M GBP | 923.0M GBP | 833.0M GBP | 934.0M GBP | 1.06B GBP | 1.15B GBP |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 8.41B GBP | 42.15B GBP | 3.40B GBP | -10.93B GBP | 26.82B GBP | 46.61B GBP | -48.45B GBP | -25.68B GBP | -7.27B GBP | 972.0M GBP |
| Operating Cash Flow | -3.65B GBP | 38.74B GBP | -228.0M GBP | -3.69B GBP | 29.09B GBP | 53.69B GBP | -43.60B GBP | -17.44B GBP | 1.77B GBP | 7.07B GBP |
| Capital Expenditure | -912.0M GBP | -1.13B GBP | -619.0M GBP | -559.0M GBP | -376.0M GBP | -901.0M GBP | -639.0M GBP | -1.55B GBP | -1.08B GBP | -1.28B GBP |
| Acquisitions | -886.0M GBP | -199.0M GBP | -481.0M GBP | -84.0M GBP | -70.0M GBP | -3.49B GBP | 5.42B GBP | 5.33B GBP | -1.31B GBP | 230.0M GBP |
| Stock Repurchased | -1.29B GBP | -779.0M GBP | -2.83B GBP | -21.0M GBP | -2.0M GBP | -1.81B GBP | -2.05B GBP | -2.42B GBP | -2.72B GBP | -2.56B GBP |
| Dividends Paid | -504.0M GBP | -612.0M GBP | -803.0M GBP | -3.42B GBP | -381.0M GBP | -1.02B GBP | -3.21B GBP | -1.70B GBP | -1.80B GBP | -2.38B GBP |
| Free Cash Flow | -4.56B GBP | 37.61B GBP | -847.0M GBP | -4.25B GBP | 28.72B GBP | 52.79B GBP | -44.24B GBP | -18.99B GBP | 694.0M GBP | 5.79B GBP |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 58.0M GBP | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.0% | +6.6% | -4.4% | -13.1% | -8.0% | +34.1% | +53.3% | +15.4% | +3.2% | |
| Net Income Growth (YoY) | +128.0% | +46.6% | +63.9% | -110.5% | +978.5% | +9.8% | +29.2% | +3.6% | +21.4% | |
| EPS Growth (YoY) | +110.5% | +107.4% | +100.0% | -130.4% | +417.6% | +25.9% | +44.1% | +8.2% | +28.3% | |
| Shares Change (YoY) | +1.6% | +1.0% | +0.3% | -0.1% | -3.6% | -8.3% | -7.2% | -7.6% | -4.6% | |
| FCF Growth (YoY) | +924.4% | -102.3% | -402.0% | +775.4% | +83.8% | -183.8% | +57.1% | +103.7% | +734.3% | |
| Gross Margin | 82.9% | 86.1% | 84.8% | 77.9% | 82.3% | 85.9% | 82.7% | 59.7% | 51.3% | 56.3% |
| Operating Margin | -27.4% | 15.2% | 21.3% | 26.5% | -4.2% | 31.9% | 31.8% | 25.0% | 21.7% | 26.1% |
| EBITDA Margin | -21.2% | 20.8% | 26.2% | 34.6% | 2.8% | 39.6% | 36.9% | 28.7% | 25.4% | 30.1% |
| Net Margin | -35.3% | 10.0% | 13.7% | 23.5% | -2.8% | 27.1% | 22.2% | 18.7% | 16.8% | 19.8% |
| FCF Margin | -30.6% | 254.8% | -5.4% | -28.3% | 219.5% | 438.5% | -274.0% | -76.7% | 2.4% | 19.6% |
| Effective Tax Rate | -28.6% | 32.6% | 36.0% | 11.0% | -13.4% | 25.9% | 24.8% | 23.2% | 23.6% | 24.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.67 | $13.57 | $-0.30 | $-1.51 | $10.23 | $19.50 | $-17.82 | $-8.24 | $0.33 | $2.85 |
| Dividends Per Share | $0.18 | $0.22 | $0.29 | $1.22 | $0.14 | $0.38 | $1.29 | $0.74 | $0.85 | $1.17 |
| Shares Outstanding (Basic) | 2,714.2 M | 2,754.8 M | 2,787.8 M | 2,801.3 M | 2,807.8 M | 2,696.1 M | 2,468.0 M | 2,303.7 M | 2,112.5 M | 2,013.0 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 16.16% |
| Return on Invested Capital | 0.85% |
| Return on Assets | 0.85% |
| Gross Margin | 58.37% |
| Operating Margin | 28.18% |
| Net Margin | 21.17% |
Financial Health
| Debt / Equity | 4.29 |
| Current Ratio | 2.37 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.89 | 22.54 | 8.43 | 4.67 | -10.58 | 4.50 | 3.93 | 2.26 | 3.83 | 4.77 |
| P/B | 0.27 | 0.35 | 0.29 | 0.34 | 0.23 | 0.31 | 0.36 | 0.27 | 0.44 | 0.61 |
| P/S | 0.88 | 1.14 | 0.84 | 0.97 | 0.77 | 1.09 | 0.82 | 0.41 | 0.60 | 0.89 |
| Gross Margin | 82.9% | 86.1% | 84.8% | 77.9% | 82.3% | 85.9% | 82.7% | 59.7% | 51.3% | 56.3% |
| Operating Margin | -27.4% | 15.2% | 21.3% | 26.5% | -4.2% | 31.9% | 31.8% | 25.0% | 21.7% | 26.1% |
| Net Margin | -35.3% | 10.0% | 13.7% | 23.5% | -2.8% | 27.1% | 22.2% | 18.7% | 16.8% | 19.8% |
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Explore sector: Financial Services · Banks - Regional
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