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British retail and commercial bank (NatWest, Royal Bank of Scotland brands) that was majority government-owned after the 2008 crisis until full reprivatisation.
British retail and commercial bank (NatWest, Royal Bank of Scotland brands) that was majority government-owned after the 2008 crisis until full reprivatisation.
Earns mostly from the lending spread on UK mortgages and business loans, so earnings follow Bank of England rates. After the 2008 rescue the UK government held most of the shares and sold down in stages, reaching a full exit in 2025. It took the NatWest Group name in 2020 and shrank from a global bank to a UK-focused one.
Moat: narrow (scale, distribution). Leading UK business-banking relationships, but competes head-on with similarly scaled UK retail banks.
Headquarters: Edinburgh, UK · Founded: 1727 · Employees: 59,000
Size NatWest (NWG.L) is a United Kingdom Financials company (Major Banks) with a market value of $62.3B, the 16th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £587.40 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against +8.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median 0.0%); the operating margin is 45.6% (peer median 38.2%).
Valuation It trades at 1.21× book value against a peer median of 1.73× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 15.8%; NatWest delivers 15.9%, so the price asks less than the business earns today.
Credit NatWest has 68 bonds outstanding ($65.3B), rated A- by the agencies and trading like A- at a weighted spread of 80 bp.
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £31.2B | £30.3B | £29.3B | £25.5B | £16.8B |
| Revenue growth | — | +3% | +15% | +51% | — |
| Net income | £5.96B | £5.48B | £4.52B | £4.39B | £3.34B |
| Free cash flow | n/a | -£17.3B | £9.47B | -£14.2B | -£16.1B |
| Capital expenditure | n/a | £1.28B | £1.08B | £1.55B | £1.38B |
| Total debt | £70.8B | £156B | £140B | £127B | £117B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| NatWest NWG.L | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% |
| Lloyds Banking LLOY.L | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% |
| Barclays BARC.L | $75.1B | +1% | +7% | 11% | 0.88× | 13.5% |
| HSBC HSBA.L | $301B | -1% | -4% | 14% | 1.51× | 17.5% |
| Standard Chartered STAN.L | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NWG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | +1.0% | 3rd lowest of 21 |
| 6-month return | +4.4% | +8.7% | 9th lowest of 21 |
| Return on equity | 15.9% | 13.2% | 2nd highest of 21 |
| Price / book | 1.21× | 1.73× | 3rd cheapest of 21 |
| Trailing P/E | 7.9× | 12.4× | 2nd cheapest of 21 |
| ROE the price implies | 15.8% | 13.2% | 8th most demanding of 21 |
| ROE delivered | 15.9% | 13.5% | 2nd highest of 20 |
| Bond spread | 80 bp | 79 bp | 7th widest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| China CITIC Bank 601998.SS | China | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% | n/a |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| United Overseas Bank U11.SI | Singapore | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% | 9.8% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| Skandinaviska Enskilda Banken SEB-A.ST | Sweden | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% | 13.5% |
| Danske Bank A/S DANSKE.CO | Denmark | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% | 14.1% |
NatWest has 68 bonds outstanding with $65.3B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 4.62%, a spread of 80 bp over government bonds.