NatWest Group PLC (NWG) intrinsic value & 10-year financials
NatWest Group PLC (NWG) has a Graham intrinsic value of $14.25 per share. Over the last 10 fiscal years revenue grew 3.0% a year to $16.6B, with an average return on invested capital of 10.0%.
- Graham intrinsic value
- $14.25
- Revenue (FY2025)
- $16.6B
- Revenue growth (10-yr CAGR)
- 3.0%
- ROIC (10-yr avg)
- 10.0%
- Free cash flow (FY2025)
- $5.8B
NWG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.6B | $5.5B | $0.67 | $5.8B | — | — |
| FY2024 | $14.7B | $4.5B | $0.53 | $694.0M | — | — |
| FY2023 | $14.8B | $4.4B | $0.48 | -$19.0B | — | — |
| FY2022 | $13.4B | $3.3B | $0.34 | -$45.0B | — | — |
| FY2021 | $13.3B | $3.3B | $0.34 | -$44.9B | — | — |
| FY2020 | $13.3B | $3.3B | $0.33 | -$44.7B | — | — |
| FY2019 | $13.2B | $3.3B | $0.33 | -$44.5B | — | — |
| FY2018 | $13.1B | $3.3B | $0.33 | -$44.1B | — | — |
| FY2017 | $12.9B | $3.2B | $0.33 | -$43.6B | — | — |
| FY2016 | $12.7B | $3.2B | $0.32 | -$43.0B | — | — |
Source: ESEF/IFRS annual reports. Figures in USD.
Executive summary
NATWEST GROUP PLC is analyzed from ESEF/IFRS 10-year financial history with European equity ROIC and Graham Valuation framing.
NATWEST GROUP PLC has demonstrated mature, steady growth, with revenue compounding at 3.0% annually over the past decade.
NATWEST GROUP PLC is evaluated as a financial franchise, with average ROE near 10.1% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, NATWEST GROUP PLC shows that management has aggressively returned capital to shareholders by retiring 17.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using ESEF/IFRS European equity fundamentals, NATWEST GROUP PLC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.25 per share.