ING Financial Services

ING Groep N.V.

$30.90-1.53%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Financial Services
Industry: Banks - Diversified
Country: Netherlands
Market cap: 88.0B USD
Full-time employees: 60,000

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
About average: profitability

Ranks #90 of 791 banks & insurance companies (top 12%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Share count shrinking. Shares outstanding down 19% from December 2022 to December 2025.
ING Groep had 19% fewer shares at December 2025 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

70/ 100▲ 2 since Oct 27 close

Oct 5 66 → Nov 4 70 (+4)

Valuation

Is the price right?

65/100

Moderate▲ 6 since Oct 27 close

2/2 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 59 → 65

Share price -5.1%+6

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield67.7%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateReported value40% base weight · Z-score -0.41Sector median: 0.7950 · MAD: 0.2843

Earnings yield10.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateReported value60% base weight · Z-score 1.00Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-8.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

87/100

Strong

1/1 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 21.8%

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth69.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value100% base weight · Z-score 3.00Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth-5.5%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth21.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

57/100

Moderate▼ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last year: No major change

Why it changed since the Oct 27, 2026 close: Score 58 → 57

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ ROE
▼ ROA

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets0.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score -0.62Sector median: 0.0117 · MAD: 0.0062

Return on equity15.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score 1.20Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating margin100.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ING Groep

Is ING Groep getting weaker?: Its latest SEC filing (Feb 26, 2026) showed no major changes. Its overall score is 70/100, up 2 since Oct 28, 2026.
How is ING Groep valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 65/100 against 950 banks & insurance peers. Earnings yield 10.4% vs a peer median of 7.9% (stronger than 74% of peers).Earnings yield 10.4% vs peers 7.9% (stronger than 74% of peers). Book yield 67.7% vs a peer median of 79.5% (weaker than 62% of peers).Book yield 67.7% vs peers 79.5% (weaker than 62% of peers).
Is ING Groep growing?: Yes, faster than most of its peers. Growth scores 87/100 against 950 banks & insurance peers. Earnings per share growth 69.2% vs a peer median of 16.0% (stronger than 87% of peers).Earnings per share growth 69.2% vs peers 16.0% (stronger than 87% of peers).
How profitable is ING Groep?: About as profitable as its peers. Profitability scores 57/100 against 950 banks & insurance peers. Return on equity 15.4% vs a peer median of 10.7% (stronger than 78% of peers).Return on equity 15.4% vs peers 10.7% (stronger than 78% of peers). Return on assets 0.8% vs a peer median of 1.2% (weaker than 68% of peers).Return on assets 0.8% vs peers 1.2% (weaker than 68% of peers).
How risky is ING Groep?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Feb 26, 2026 · compared with the year ended Dec 31, 2024

No major changes

	Previous year	Latest year	Change
Revenue (12 months)	21.1B EUR	25.7B EUR	+21.8%
Net income (12 months)	4.8B EUR	8.3B EUR	+73.7%
Operating margin	98.1%	100.0%	+1.9 pts
Free cash flow (12 months)	−18.3B EUR	−6.7B EUR	−63.2%
Cash	79.4B EUR	54.1B EUR	−31.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	100.0%	100.0%	100.0%	100.0%	100.0%	▼ 0.0 pts
Net margin	29.6%	39.9%	22.8%	25.3%	32.4%	▲ 7.1 pts
Return on assets (ROA)	0.6%	1.2%	0.4%	0.5%	0.8%	▲ 0.3 pts
Return on equity (ROE)	11.4%	21.5%	7.6%	10.1%	15.4%	▲ 5.3 pts
Debt to equity	—	—	—	—	—	—
Interest coverage	2.85×	2.21×	0.50×	0.48×	0.71×	▲ 47%

ING price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

White Mountains Insurance Group, Ltd.WTM94/ 100

The Allstate CorporationALL93/ 100

PT Saratoga Investama Sedaya TbkSRTG.JK93/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

About average: profitability

Ranks #90 of 791 banks & insurance companies (top 12%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Share count shrinking. Shares outstanding down 19% from December 2022 to December 2025.

ING Groep had 19% fewer shares at December 2025 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about ING Groep

Is ING Groep getting weaker?

Its latest SEC filing (Feb 26, 2026) showed no major changes. Its overall score is 70/100, up 2 since Oct 28, 2026.

How is ING Groep valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 65/100 against 950 banks & insurance peers. Earnings yield 10.4% vs a peer median of 7.9% (stronger than 74% of peers).Earnings yield 10.4% vs peers 7.9% (stronger than 74% of peers). Book yield 67.7% vs a peer median of 79.5% (weaker than 62% of peers).Book yield 67.7% vs peers 79.5% (weaker than 62% of peers).

Is ING Groep growing?

Yes, faster than most of its peers. Growth scores 87/100 against 950 banks & insurance peers. Earnings per share growth 69.2% vs a peer median of 16.0% (stronger than 87% of peers).Earnings per share growth 69.2% vs peers 16.0% (stronger than 87% of peers).

How profitable is ING Groep?

About as profitable as its peers. Profitability scores 57/100 against 950 banks & insurance peers. Return on equity 15.4% vs a peer median of 10.7% (stronger than 78% of peers).Return on equity 15.4% vs peers 10.7% (stronger than 78% of peers). Return on assets 0.8% vs a peer median of 1.2% (weaker than 68% of peers).Return on assets 0.8% vs peers 1.2% (weaker than 68% of peers).

How risky is ING Groep?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous year

Latest year

Change

Revenue (12 months)

21.1B EUR

25.7B EUR

+21.8%

Net income (12 months)

4.8B EUR

8.3B EUR

+73.7%

Operating margin

98.1%

100.0%

+1.9 pts

Free cash flow (12 months)

−18.3B EUR

−6.7B EUR

−63.2%

Cash

79.4B EUR

54.1B EUR

−31.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

100.0%

▼ 0.0 pts

Net margin

29.6%

39.9%

22.8%

25.3%

32.4%

▲ 7.1 pts

Return on assets (ROA)

0.6%

1.2%

0.4%

0.5%

0.8%

▲ 0.3 pts

Return on equity (ROE)

11.4%

21.5%

7.6%

10.1%

15.4%

▲ 5.3 pts

Debt to equity

—

Interest coverage

2.85×

2.21×

0.50×

0.48×

0.71×

▲ 47%