NatWest (NWG) Stock Analysis

November 11, 2026

This is a peer-relative look at NatWest (NWG): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Banks peers, so every number reads in context rather than in isolation.

Company Profile

NatWest (NWG) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for NatWest (NWG)
Profile Item	NWG
Name	NatWest Group plc Sponsored ADR
Country/Region	United Kingdom
GICS Sector	Financials
GICS Industry Group	Banks
GICS Industry	Banks
GICS Sub-Industry	Diversified Banks
Market Capitalization	61.54 billion USD
Currency	USD
Exchange	NYSE
Listing Date	October 18, 2007
Security Type	ADR

Price Performance

Cumulative Growth

NWG

GSPC

NatWest (NWG) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for NatWest (NWG) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for NatWest (NWG) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Total Return (1Y)	7.03%	30.28%
Total Return (3Y, Annualized)	59.12%	26.57%
Total Return (5Y, Annualized)	30.15%	9.43%

Risk Profile

Drawdown History

NWG

GSPC

NatWest (NWG) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for NatWest (NWG) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Volatility (1Y, Annualized)	33.39%	24.34%
Beta (5Y)	0.96	0.72
Max Drawdown (5Y)	-40.66%	-43.36%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. NWG is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Sharpe Ratio (1Y)	0.08	1.08
Sortino Ratio (1Y)	0.12	1.61

Profitability

ROE (TTM)

NatWest (NWG) posts ROE of 14.58%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

NWG

Banks industry group

14.58%

Group distribution

Max: 19.84%
NWG: 14.58%
Q3: 13.67%
Median: 11.49%
Q1: 9.50%
Min: 3.64%

Largest peers

JPM: 18.01%
RY: 16.21%
NWG: 14.58%
HSBC: 14.22%
WFC: 12.91%
BAC: 10.73%
MUFG: 9.46%

Where NatWest (NWG) stands on ROE within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

NatWest (NWG) keeps 36.93% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

NWG

Banks industry group

36.93%

Group distribution

Max: 47.19%
NWG: 36.93%
Q3: 35.25%
Median: 31.21%
Q1: 27.11%
Min: 14.93%

Largest peers

HSBC: 41.16%
NWG: 36.93%
JPM: 34.59%
RY: 33.87%
BAC: 28.06%
WFC: 27.64%
MUFG: 27.45%

Where NatWest (NWG) stands on net margin within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

operating margin is set aside for NatWest (NWG) in Banks: the operating-income line is not a clean boundary for this business model, so net margin, ROE, FFO, or industry-specific measures may be more useful.

Profitability Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
ROE (TTM)	14.58%	11.49%
ROA (TTM)	0.85%	1.24%
Net Margin (TTM)	36.93%	31.21%
Operating Margin (TTM)	--	--
Gross Margin (TTM)	--	--

Growth

Revenue Growth

NatWest (NWG) grew revenue 13.35%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

NatWest (NWG): Revenue Growth across different time periods, set against Banks industry-group medians.

EPS Growth

NatWest (NWG) grew earnings per share 26.93%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

NatWest (NWG): EPS Growth across different time periods, set against Banks industry-group medians.

Growth Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Revenue Growth (YoY)	13.35%	11.23%
Revenue Growth (3Y CAGR)	7.55%	6.33%
EPS Growth (YoY)	26.93%	16.14%
EPS Growth (3Y CAGR)	26.12%	3.15%

Financial Strength

Current Ratio (MRQ)

current ratio is set aside for NatWest (NWG) in Banks: these balance sheets are not best read through a current/non-current split, so regulatory, funding, or liquidity-coverage measures usually matter more.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for NatWest (NWG) in Banks: leverage is part of the business model itself, so capital adequacy, funding mix, and regulatory measures are usually better risk gauges.

Financial Strength Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	--	--
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

NatWest (NWG) has dividend yield of 2.19%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

NWG

Banks industry group

2.19%

Group distribution

Max: 5.79%
Q3: 3.18%
Median: 2.39%
NWG: 2.19%
Q1: 1.20%
Min: 0.00%

Largest peers

MUFG: 406.81%
RY: 3.23%
BAC: 2.33%
WFC: 2.19%
NWG: 2.19%
JPM: 1.82%
HSBC: 0.86%

Where NatWest (NWG) stands on dividend yield within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

NatWest (NWG) has payout ratio of 47.43%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

NWG

Banks industry group

47.43%

Group distribution

Max: 70.75%
NWG: 47.43%
Q3: 41.28%
Median: 29.26%
Q1: 18.98%
Min: 0.00%

Largest peers

HSBC: 53.57%
NWG: 47.43%
RY: 41.49%
MUFG: 34.74%
BAC: 27.62%
WFC: 26.09%
JPM: 25.80%

Where NatWest (NWG) stands on payout ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
Dividend Yield (TTM)	2.19%	2.39%
Dividend Payout Ratio (TTM)	47.43%	29.26%

Valuation

P/E Ratio (TTM)

NatWest (NWG) trades at P/E ratio of 7.84, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

NWG

Banks industry group

7.84

Group distribution

Max: 18.16
Q3: 13.75
Median: 11.81
Q1: 10.64
NWG: 7.84
Min: 6.49

Largest peers

RY: 17.58
JPM: 14.03
MUFG: 13.71
WFC: 11.84
BAC: 11.79
HSBC: 11.38
NWG: 7.84

Where NatWest (NWG) stands on P/E ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

P/S ratio is not assessed for NatWest (NWG) in Banks: the revenue line is driven by spread economics rather than conventional product or service sales, so book value or earnings usually carry more weight.

P/B Ratio (MRQ)

NatWest (NWG) trades at 1.20 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

NWG

Banks industry group

1.20

Group distribution

Max: 2.28
Q3: 1.58
Median: 1.32
NWG: 1.20
Q1: 1.10
Min: 0.59

Largest peers

HSBC: 6.87
RY: 2.92
JPM: 2.53
MUFG: 1.64
WFC: 1.59
BAC: 1.26
NWG: 1.20

Where NatWest (NWG) stands on P/B ratio within its Banks peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

NatWest (NWG) metric values compared with Banks industry-group medians
Metric	Current stock: NWG	Industry group median
P/E Ratio (TTM)	7.84	11.81
P/S Ratio (TTM)	--	--
P/B Ratio (MRQ)	1.20	1.32
Free Cash Flow Yield (TTM)	--	--