NatWest Group plc
NWG, RBSPF · Commercial Banks, NEC · EDGAR filings ↗
Grade
B74Large UK-focused commercial bank with top-quartile ROE and strong earnings momentum.
Strengths
- ROE 13.7% (76th pct) with +30% net income growth (84.6th pct) and 10.6% revenue growth
- Solid net margin (19.3%) and large cash/investment base; FCF margin 84.9th pct
Risks
- ROA 0.82% is mid-pack (48th pct) and falling UK base rates pressure net interest margin
- Concentrated UK macro/political exposure (incl. Scottish-independence and rate risk)
Notable findings
- Strong balance sheetStrong balance sheet — $128.4B cash & investments
Key metrics
Net margin
19.3%
Return on equity
13.7%
Return on assets
0.8%
Revenue growth (QoQ)
10.6%
Net-income growth
30.1%
Free cash flow
$8.6B
Tangible book value
$49.9B
Cash & investments
$128.4B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-17 | 2025-12-31 | 0001104659-26-016245 ↗ |
| 20-F | 2025-02-21 | 2024-12-31 | 0001104659-25-016029 ↗ |
| 20-F | 2024-02-23 | 2023-12-31 | 0001104659-24-026968 ↗ |
| 20-F | 2023-02-24 | 2022-12-31 | 0001104659-23-025378 ↗ |