ING Groep N.V. (ING) Key Metrics
ING key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosING returns How much profit the business earns on the capital it uses.
ING financial health Debt, liquidity and how easily interest is covered.
ING efficiency & capital use Working capital cycle and where the cash goes.
ING returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ING debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ING cash returned to shareholders
ING key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.7% | 12.6% | 14.3% | 0.8% | 0.6% | 0.3% | 1.2% | 9.0% | 9.7% | 9.5% |
| Return on invested capital (ROIC) | 6.0% | 7.5% | 7.6% | 0.7% | 0.6% | 0.3% | 0.9% | 3.0% | 3.3% | 3.1% |
| Return on assets (ROA) | 0.6% | 0.6% | 0.7% | 0.4% | 0.5% | 0.3% | 0.5% | 0.5% | 0.6% | 0.5% |
| Return on tangible assets | 0.6% | 0.6% | 0.7% | 0.4% | 0.5% | 0.3% | 0.5% | 0.5% | 0.6% | 0.6% |
| Free cash flow margin | −29.2% | −34.4% | −19.7% | −61.0% | −58.7% | 382.0% | 39.2% | 20.5% | −11.5% | 17.0% |
| Income quality (OCF / net income) | −1.01 | −3.53 | −1.56 | −3.02 | −3.13 | 41.52 | 2.73 | 1.50 | −1.07 | 1.84 |
| Financial health | ||||||||||
| Total debt | €169.33B | €171.33B | €150.00B | €194.72B | €159.59B | €137.50B | €202.65B | €201.00B | €127.00B | €139.20B |
| Cash & short-term investments | €106.31B | €114.74B | €130.06B | €118.60B | €137.80B | €147.07B | €85.99B | €82.07B | €34.19B | €34.49B |
| Net debt | €63.02B | €56.59B | €19.94B | €76.12B | €21.79B | −€9.57B | €116.66B | €118.92B | €92.81B | €104.72B |
| Debt / equity | 3.41 | 3.41 | 2.93 | 3.86 | 0.19 | 0.16 | 0.27 | 3.89 | 2.48 | 2.76 |
| Debt / assets | 0.16 | 0.17 | 0.15 | 0.20 | 0.17 | 0.15 | 0.23 | 0.23 | 0.15 | 0.16 |
| Net debt / EBITDA | 6.89 | 5.67 | 1.79 | 12.44 | 2.86 | −2.06 | 15.30 | 16.36 | 11.92 | 16.26 |
| Current ratio | 0.13 | 0.15 | 0.18 | 0.19 | 0.35 | 0.36 | 0.18 | — | 11.05 | 9.41 |
| Quick ratio | 0.13 | 0.15 | 0.06 | 0.41 | 0.74 | 0.75 | 0.48 | — | 53.96 | 43.62 |
| Interest coverage | 0.3 | 0.2 | 0.3 | 0.3 | 0.9 | 0.4 | 0.5 | 0.5 | 0.2 | 0.2 |
| Working capital | −€712.77B | −€640.92B | −€602.92B | −€520.94B | −€261.94B | −€268.35B | −€389.16B | €83.05B | €36.25B | €36.97B |
| Invested capital | €112.72B | €106.90B | €71.18B | €126.53B | €856.44B | €848.25B | €872.58B | €170.66B | €143.93B | €155.11B |
| Tangible asset value | €48.97B | €49.97B | €50.98B | €49.31B | €833.50B | €856.43B | €754.01B | €49.89B | €49.65B | €48.91B |
| Net current asset value | −€897.14B | −€853.10B | −€792.07B | −€797.54B | €22.52B | €68.70B | −€48.77B | −€752.19B | −€755.24B | −€753.32B |
| Capital allocation | ||||||||||
| Dividends paid | €3.88B | €3.88B | €2.97B | €3.09B | €2.38B | €46.0M | €2.68B | €2.61B | €2.56B | €2.52B |
| Share buybacks (net) | €3.71B | €3.82B | €3.53B | €1.72B | €1.61B | €0 | €0 | €0 | €0 | €0 |
| Dividend payout ratio | 61.4% | 60.7% | 40.7% | 84.2% | 49.9% | 1.9% | 56.0% | 56.6% | 52.3% | 54.2% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | 21.1% | 39.3% | — | 30.7% |
| Capex / revenue | 1.5% | 0.5% | 0.4% | 1.2% | 0.7% | 1.1% | 1.1% | 0.9% | 0.6% | 0.7% |
| Capex / operating cash flow | — | — | — | — | — | 0.3% | 2.7% | 4.1% | — | 4.1% |
| Capex / depreciation | 0.53 | 0.49 | 0.36 | 0.32 | 0.22 | 0.35 | 0.45 | 0.55 | 0.51 | 0.65 |
| Stock-based compensation / revenue | — | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% |
| SG&A / revenue | 34.9% | 12.2% | 13.1% | 36.8% | 27.0% | 25.5% | 19.9% | 19.8% | 13.0% | 12.5% |
| Efficiency | ||||||||||
| Days sales outstanding | — | 5.0 | 6.5 | 25.7 | 17.9 | 15.2 | 11.8 | 37.9 | 47.7 | 53.4 |
| Days of inventory on hand | — | — | -280.1 | -3,365.6 | -7,378.9 | -4,760.5 | -3,628.4 | -3,927.1 | -1,794.2 | -859.0 |
| Days payables outstanding | — | — | -2,545.8 | -4,842.8 | 227.5 | 149.5 | 56.6 | 45.0 | 47.1 | 54.6 |
| Cash conversion cycle (days) | — | — | 2,272.2 | 1,502.8 | -7,588.5 | -4,894.8 | -3,673.2 | -3,934.2 | -1,793.5 | -860.2 |
| Receivables turnover | — | 73.06 | 56.10 | 14.20 | 20.35 | 24.05 | 30.98 | 9.64 | 7.64 | 6.84 |
| Payables turnover | — | — | — | — | 1.60 | 2.44 | 6.45 | 8.12 | 7.76 | 6.68 |
| Asset turnover | 0.02 | 0.07 | 0.06 | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 | 0.06 | 0.05 |
| Average receivables | — | €909.0M | €1.05B | €1.31B | €1.27B | €1.12B | €1.05B | €3.35B | €6.27B | €7.07B |
| Average payables | — | — | −€256.30B | −€219.49B | €4.98B | €4.81B | €2.40B | €1.83B | €4.00B | €4.78B |
| Average inventory | — | — | −€28.20B | −€152.54B | −€161.51B | −€153.14B | −€154.05B | −€160.12B | −€152.51B | −€75.11B |
| Intangibles / total assets | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% |
Computed from ING's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
ING valuation and financial ratios
ING Groep earned a return on equity of 12.7% and a return on invested capital of 6.0% in fiscal 2025. It ended the year with €169.3 billion of debt and €106.3 billion in cash and short-term investments, net debt of €63.0 billion. It returned €7.6 billion to shareholders: €3.9 billion in dividends and €3.7 billion in share buybacks.
See the ING income statement, the ING chart for price history, or the ING stock overview for the latest quote and news.
ING key metrics FAQ
What is ING Groep's return on equity?
ING Groep's return on equity (ROE) was 12.7% in fiscal 2025: net income of €6.3 billion on average shareholders' equity of €50.0 billion.
What is ING Groep's ROIC?
ING Groep's return on invested capital was 6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does ING Groep have?
ING Groep had total debt of €169.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.41 and €63.0 billion of net debt (6.89 times EBITDA).
Does ING Groep buy back its shares?
Yes. ING Groep spent €3.7 billion on net share repurchases in fiscal 2025.
What is ING Groep's current ratio?
ING Groep's current ratio was 0.13 at the end of fiscal 2025: current assets were 0.13 times current liabilities.