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NatWest Group

NWG.L
70
Banks - Regional · Financial Services
Also trades as: NWG USD 16.99 (-2.30%)
Price
624.80 GBp
-7.00 (-1.11%)
Market Cap
£49.47B
Exchange
London Stock Exchange
Winston Score
70
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Exceptional
17/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Strong
7/10
Ownership
Mixed
6/15
Dividends
Exceptional
5/5

35 of 50 counted points = Winston Score 70. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−24.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 10.83B (2021) → 8.13B (2025)

§Winston Score History

The full picture

NatWest Group is one of the largest banks in the United Kingdom. It offers everyday banking services like current accounts, savings accounts, mortgages, and loans to millions of ordinary people, as well as financial services to businesses of all sizes. The group owns well-known brands including NatWest, Royal Bank of Scotland, and Ulster Bank.

The company makes money primarily by charging interest on loans and mortgages, collecting fees on banking products, and providing services to corporate clients. It operates mainly across the UK and Ireland, with a market cap of around $47 billion, making it one of Britain's biggest financial institutions. The UK government previously held a large ownership stake following a bailout during the 2008 financial crisis, though that stake has been steadily reduced. The main risk NatWest faces is sensitivity to UK interest rate changes, since falling rates compress the gap between what it earns on loans and what it pays on deposits, directly squeezing its profits.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+33.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: £0.15

30 Jun 2026: £0.20

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£717.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

NatWest Group is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+3.0%
Slow sales growth (+3.0% YoY)
Profit growth
EPS YoY
+58.3%
Earnings growing fast (+58.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
6.6x
Attractive valuation — P/E 6.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
5.07%
Healthy income — 5.07% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+81.8%
Dividend growing fast (81.8% YoY)

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