NatWest Group plc (NWG) Key Metrics
NWG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $69.33B
- Enterprise value
- −$21.23B
- P/E (TTM)
- 8.8
- Forward P/E
- 8.5
- PEG ratio
- 1.47
- Price / sales
- 4.1
- Price / book
- 1.3
- EV / EBITDA
- —
- Dividend yield
- 5.37% $0.94 a year
- Beta
- 0.82
NWG key metrics, 2024–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNWG valuation Price multiples at each fiscal year-end price.
NWG returns How much profit the business earns on the capital it uses.
NWG per-share figures Results divided by the shares outstanding at year-end.
NWG financial health Debt, liquidity and how easily interest is covered.
NWG efficiency & capital use Working capital cycle and where the cash goes.
NWG valuation history
NWG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NWG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NWG cash returned to shareholders
NWG price vs earnings per share
NWG key metrics
2024–2025| 2025 | 2024 | |
|---|---|---|
| Valuation | ||
| Market capitalization | $35.55B | $21.65B |
| Enterprise value | $9.14B | −$19.36B |
| P/E ratio | 6.1 | 4.5 |
| Price / sales | 1.2 | 0.8 |
| Price / book | 0.8 | 0.6 |
| Price / free cash flow | 6.1 | 31.2 |
| Price / operating cash flow | 5.0 | 12.2 |
| EV / sales | 0.3 | -0.7 |
| EV / EBITDA | 1.0 | — |
| EV / free cash flow | 1.6 | — |
| Earnings yield | 16.4% | 22.2% |
| Free cash flow yield | 16.3% | 3.2% |
| Dividend yield | 6.7% | 8.3% |
| Shareholder yield (dividends + buybacks) | 13.9% | 20.9% |
| Share price at fiscal year-end | $17.50 | $10.17 |
| Per share | ||
| Revenue per share | $14.51 | $13.42 |
| Earnings per share | $2.87 | $2.26 |
| Operating cash flow per share | $3.48 | $0.83 |
| Free cash flow per share | $2.85 | $0.33 |
| Cash per share | $48.35 | $50.23 |
| Book value per share | $20.97 | $18.48 |
| Tangible book value per share | $17.38 | $14.92 |
| Dividends per share | $1.17 | $0.85 |
| Capex per share | $0.63 | $0.51 |
| Debt per share | $35.36 | $30.96 |
| Shares outstanding | 2.03B | 2.13B |
| Change in shares outstanding | −4.6% | — |
| Returns & profitability | ||
| Return on equity (ROE) | 14.2% | 12.2% |
| Return on invested capital (ROIC) | 80.3% | — |
| Return on assets (ROA) | 0.8% | 0.7% |
| Return on tangible assets | 0.8% | 0.7% |
| Free cash flow margin | 19.6% | 2.4% |
| Income quality (OCF / net income) | 1.21 | 0.37 |
| Financial health | ||
| Total debt | $71.83B | $65.92B |
| Cash & short-term investments | $98.23B | $106.93B |
| Net debt | −$26.41B | −$41.01B |
| Debt / equity | 1.69 | 1.68 |
| Debt / assets | 0.10 | 0.09 |
| Net debt / EBITDA | −2.98 | −5.65 |
| Current ratio | 0.20 | 0.22 |
| Quick ratio | 0.20 | 0.22 |
| Interest coverage | 0.6 | 0.4 |
| Working capital | −$382.01B | −$370.90B |
| Invested capital | $16.19B | −$1.66B |
| Tangible asset value | $35.32B | $31.79B |
| Net current asset value | −$573.64B | −$561.67B |
| Graham number | $36.80 | $30.63 |
| Graham net-net per share | −$282.38 | −$263.82 |
| Capital allocation | ||
| Dividends paid | $2.38B | $1.80B |
| Share buybacks (net) | $2.56B | $2.72B |
| Dividend payout ratio | 40.7% | 37.5% |
| Dividends + buybacks / free cash flow | 85.2% | 650.7% |
| Capex / revenue | 4.3% | 3.8% |
| Capex / operating cash flow | 18.1% | 60.8% |
| Capex / depreciation | 1.11 | 1.02 |
| Stock-based compensation / revenue | 0.2% | — |
| SG&A / revenue | 27.1% | 27.0% |
| Efficiency | ||
| Days sales outstanding | 0.5 | 0.1 |
| Receivables turnover | 755.85 | 4,080.71 |
| Asset turnover | 0.04 | 0.04 |
| Average receivables | $39.0M | $7.0M |
| Intangibles / total assets | 1.0% | 1.1% |
Computed from NWG's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NWG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), NatWest traded at 6.1 times earnings. Based on the latest twelve months, the trailing P/E is 8.8 and the forward P/E is 8.5. NatWest earned a return on equity of 14.2% and a return on invested capital of 80.3% in fiscal 2025. It ended the year with $71.8 billion of debt and $98.2 billion in cash and short-term investments, a net cash position of $26.4 billion. It returned $4.9 billion to shareholders: $2.4 billion in dividends and $2.6 billion in share buybacks, 85% of free cash flow.
See the NWG income statement, the NWG chart for price history, or the NWG stock overview for the latest quote and news.
NWG key metrics FAQ
What is NatWest's P/E ratio?
NatWest's trailing P/E ratio is 8.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.5. At the end of fiscal 2025 it was 6.1.
What is NatWest's EV/EBITDA?
NatWest's enterprise value was 1.0 times EBITDA at the end of fiscal 2025 (enterprise value $9.1 billion, EBITDA $8.9 billion).
What is NatWest's return on equity?
NatWest's return on equity (ROE) was 14.2% in fiscal 2025: net income of $5.8 billion on average shareholders' equity of $41.0 billion.
What is NatWest's ROIC?
NatWest's return on invested capital was 80.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NatWest have?
NatWest had total debt of $71.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.69 and more cash than debt.
What is NatWest's dividend yield?
NatWest's forward dividend yield is 5.37%. NatWest paid $2.4 billion in dividends in fiscal 2025 ($1.17 per share), a payout ratio of 40.7%.
Does NatWest buy back its shares?
Yes. NatWest spent $2.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −4.6% over the year, to 2.03B..
What is NatWest's free cash flow yield?
NatWest generated $5.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 16.3% on its market value at year-end ($35.6 billion).
What is NatWest's current ratio?
NatWest's current ratio was 0.20 at the end of fiscal 2025: current assets were 0.20 times current liabilities.