Ing Groep NV (ING) intrinsic value & 10-year financials
Ing Groep NV (ING) has a Graham intrinsic value of €58.76 per share. Over the last 10 fiscal years revenue grew 4.1% a year to €25.7B, with an average return on invested capital of 13.5%.
- Graham intrinsic value
- €58.76
- Revenue (FY2025)
- €25.7B
- Revenue growth (10-yr CAGR)
- 4.1%
- ROIC (10-yr avg)
- 13.5%
- Free cash flow (FY2025)
- -€6.7B
ING 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €25.7B | €8.6B | €2.78 | -€6.7B | 100.0% | 34.3% |
| FY2024 | €21.1B | €5.6B | €1.65 | -€22.9B | 100.0% | 27.8% |
| FY2023 | €18.1B | €4.4B | €1.16 | -€11.6B | 100.0% | 23.3% |
| FY2022 | €30.4B | €12.1B | €3.35 | -€11.3B | 100.0% | 38.9% |
| FY2021 | €20.1B | €6.0B | €1.53 | -€15.1B | 100.0% | -36.6% |
| FY2020 | €17.2B | €2.2B | €0.58 | €101.0B | 100.0% | -29.5% |
| FY2019 | €17.1B | €5.7B | €1.00 | €12.7B | 100.0% | 26.1% |
| FY2018 | €18.3B | €7.0B | €1.22 | €6.6B | 100.0% | 28.4% |
| FY2017 | €18.6B | €5.5B | €1.41 | -€5.5B | — | 11.4% |
| FY2016 | €17.9B | €5.0B | €1.28 | €8.2B | — | 10.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
ING GROEP NV has demonstrated mature, steady growth, with revenue compounding at 4.1% annually over the past decade.
ING GROEP NV has historically struggled to out-earn its cost of capital, averaging just -33.1% ROIC.
Over the decade, ING GROEP NV shows that management has aggressively returned capital to shareholders by retiring 22.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ING GROEP NV is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $58.76 per share.