NatWest Group Plc

Research NatWest Group Plc (NWG) on Bullrun: valuation model: 13.3% undervalued, market cap USD 68.17B, P/E 8.6, dividend yield 5.5%. Explore financials, valuation history, model signals, and stock context.

Key Metrics

TickerNWG
ExchangeNYSE
CountryUnited Kingdom
SectorFinancial Services
IndustryBanks-Regional
CurrencyUSD
Valuation signal13.3% undervalued
Market capUSD 68.17B
P/E8.6
Dividend yield5.5%
Financial periodQ2 2026
RevenueGBP 4.50B
Net incomeGBP 1.68B

Valuation Snapshot

Bullrun's latest valuation model marks NatWest Group Plc as 13.3% undervalued; latest market cap is USD 68.17B; P/E is 8.6; dividend yield is 5.5%.

Peer valuation comparison

Latest P/E is 8.56x versus a Financial Services sector median of 13.39x (36.1% below).

Latest dividend yield is 5.47% versus a Financial Services sector median of 3.66% (49.7% above).

Five-year financial history

Year	Revenue	Net income	Free cash flow	Gross margin	Diluted EPS	Cash	Total debt	Equity
FY2025	GBP 16.61B	GBP 5.83B	GBP 5.79B	n/a	1.35	GBP 85.35B	GBP 71.83B	GBP 42.60B
FY2024	GBP 14.65B	GBP 4.80B	GBP 694.00M	n/a	1.06	GBP 93.05B	GBP 65.92B	GBP 39.35B
FY2023	GBP 14.78B	GBP 4.64B	-GBP 18.99B	n/a	0.95	GBP 104.52B	GBP 60.07B	GBP 37.16B
FY2022	GBP 13.35B	GBP 3.59B	-GBP 44.98B	n/a	0.67	GBP 145.06B	GBP 55.32B	GBP 36.49B

Valuation history

Year	Snapshot date	Market cap	P/E	Dividend yield	Annual dividend/share
2026	2026-10-09	USD 68.17B	8.6	5.5%	0.94
2025	2025-12-31	USD 69.95B	9.8	3.7%	0.65
2024	2024-12-31	USD 40.90B	7.5	4.3%	0.44
2023	2023-12-29	USD 24.75B	4.9	9.2%	0.52
2022	2022-12-30	USD 31.20B	9.9	11.3%	0.73
2021	2021-12-31	USD 34.44B	8.7	2.7%	0.18

Dividend history

Latest trailing dividend snapshot: annual dividend/share 0.94 USD, yield 5.5%.

Year	Dividends/share
FY2025	0.65 GBP
FY2024	0.44 GBP
FY2023	0.52 GBP
FY2022	0.73 GBP

About NatWest Group Plc

NatWest Group plc, together with its subsidiaries, provides banking and financial products and services in the United Kingdom and internationally. It operates through the Retail Banking, Private Banking, and Commercial & Institutional segments. The Retail Banking segment offers a range of banking products and related financial services, such as current accounts, mortgages, personal unsecured lending, and personal deposits, as well as mobile and online banking services.

ETFs that hold NatWest Group Plc

NatWest Group Plc is one of the ten largest holdings of 13 ETFs that investors in Europe can buy. The 8 most traded of them:

ETF	Weight	TER
iShares STOXX Global Select Dividend 100 UCITS ETF (DE)	1.56%	0.46%
iShares UK Dividend UCITS ETF GBP (Dist)	4.52%	0.40%
iShares STOXX Europe Select Dividend 30 UCITS ETF (DE)	3.87%	0.32%
State Street SPDR S&P UK Dividend Aristocrats UCITS ETF	4.40%	0.30%
iShares STOXX Global Sel Div 100 DE EUR H Acc	1.56%	0.48%
HSBC UK Screened Equity UCITS ETF	9.33%	0.12%
BNPP Easy Value EU UCITS ETF	2.06%	0.31%
Jury Global High Dividend UCITS ETF USD Distributing	4.62%	0.60%

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Frequently asked questions

Is NatWest Group Plc overvalued or undervalued?

Bullrun's valuation model currently marks NatWest Group Plc as 13.3% undervalued.

What is NatWest Group Plc's market cap?

NatWest Group Plc's market capitalization is USD 68.17B.

What is NatWest Group Plc's P/E ratio?

NatWest Group Plc's price-to-earnings (P/E) ratio is 8.6.

Does NatWest Group Plc pay a dividend?

NatWest Group Plc has a dividend yield of 5.5%.