ING Groep NV (INGVF) stock analysis

INGVFOTCCommercial Banks, NECFiscal year ends December 31Also trades as ING

Financials through fiscal 2025, year ended Dec 31, 2025Score 6/30

$33.33+0.00 (0.00%)

Close on Oct 19, 2026Market cap $96.74BP/E 10.7Yield 3.64%

StockData Score

Prices as of Nov 3, 2026How the score works

Weak6 of 30 checks passed

ING Groep passes 6 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 2/6
Past performance: 4/6
Financial health: 0/6
Dividend: 0/6

What stands out

Earnings grew over 5 years
Net income grew 29.9% a year on average over the last five fiscal years.
Earnings growth accelerating
Net income grew 56.1% over the last twelve months, against a 5-year average of 29.9% a year.
Growing faster than the industry
Revenue grew 21.8% over the last twelve months; the Commercial Banks median is 11.4%.
Return on equity above the industry
ING Groep's return on equity of 15.6% is above the Commercial Banks median of 11.2%.

What to watch

Return on equity under 15%
Return on equity was 15.6% over the last twelve months and averaged 13.4% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew -5.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -6.0% a year over the last three fiscal years.
Thin capital
Equity is 4.7% of total assets; 8% or more is a comfortable cushion.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
P/S against the industry
Not enough revenue data to compare.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth2/6

Revenue growing under 10% a year
Revenue grew -5.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -6.0% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 56.1% over the last twelve months, against a 5-year average of 29.9% a year.
Growing faster than the industry
Revenue grew 21.8% over the last twelve months; the Commercial Banks median is 11.4%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
Banks and insurers do not report gross profit.

Past performance4/6

Return on equity under 15%
Return on equity was 15.6% over the last twelve months and averaged 13.4% over five years; we look for 15% on both.
Return on assets under 1%
Return on assets was 0.7%; for a bank or insurer, 1% or more is considered good.
Return on equity above the industry
ING Groep's return on equity of 15.6% is above the Commercial Banks median of 11.2%.
Earnings grew over 5 years
Net income grew 29.9% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 32.4% over the last twelve months, against a 5-year average of 30.0%.
Net margin above the industry
ING Groep's net margin of 32.4% is above the Commercial Banks median of 30.0%.

Financial health0/6

Thin capital
Equity is 4.7% of total assets; 8% or more is a comfortable cushion.
Loans funded by deposits
Needs loans and deposits.
Adequate loan-loss reserve
The allowance for credit losses is not reported.
Efficient operations
Needs non-interest expense and revenue.
Deposits growing
Needs deposits a year ago.
Borrowings
Needs debt and equity figures.

Dividend0/6

No dividend
ING Groep has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for ING Groep. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $89.46M
Value traded per 1% price move: $72.27M

Downside

Low risk

Typical loss in a bad month: 13.3%
Volatility (annualized): 27%
Sharpe ratio, 1 year: 0.71
Beta to the S&P 500 (5Y): 0.91

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2014 to 2025

Operating margin

100.0%+0.0 pts over 5 years

Net margin

32.4%+19.4 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+21.8%	-5.5%	+8.3%	+3.6%
Operating income	+21.8%	-5.5%	+8.3%	–
Net income	+56.1%	-11.8%	+29.9%	+5.4%
EPS, diluted	+68.5%	-6.0%	+36.8%	+8.1%
Dividend per share	+2.5%	+24.8%	+55.4%	+5.3%

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	10.8%	4.4%	15.6%
Return on assets	0.5%	0.2%	0.8%
Interest coverage	–	1.9×	0.7×
Capex to revenue	2.3%	1.7%	1.4%
Diluted shares	3.88B	3.90B	2.99B

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin32.4%

Asset turnover0.02×

Equity multiplier19.52×

Return on equity, FY202515.6%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	32.4%	0.02×	19.52×	15.6%
FY2024	25.3%	0.02×	18.66×	9.9%
FY2023	22.8%	0.02×	17.60×	7.4%
FY2022	39.9%	0.03×	17.74×	22.3%
FY2021	29.6%	0.02×	18.16×	11.5%
FY2020	13.1%	0.02×	17.76×	4.4%
FY2019	22.8%	0.02×	17.72×	7.8%
FY2018	26.0%	0.02×	17.73×	9.8%
FY2017	29.4%	0.02×	17.62×	11.4%
FY2016	27.8%	0.02×	20.00×	10.8%