olivLaw · European equity research
Nationwide Building Society NBS.L
United Kingdom · London Stock Exchange · ISIN GB00BBQ33664 · Vertical: Listed companies from United Kingdom
Nationwide Building Society is the largest building society in the United Kingdom and, after the Virgin Money acquisition, a major player in mortgages and savings. In the year to March 2026, its share of total mortgage balances was 16.3%, and underlying profit rose modestly as integration continued.
At the close of 05 Nov 2026, Nationwide Building Society (NBS.L) stock was 125.00 GBP (+0.00% on the day), with beta 0.07, 52-week range 125.00–133.00 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 22.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 123.62 – 127.88
- in the lower half of the band · %B 0.32 · band width 3.4%
- SMA 50 / 200
- 128.47 / 127.91
- mixed trend
- MACD (12, 26, 9)
- -1.01 / -1.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.6% | −0.6% | −0.9 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −4.2% | +9.9% | −14.1 pp | +6.7% |
| 3 years | +11.1% | +49.8% | −38.7 pp | +24.8% |
| 5 years | −34.0% | +42.8% | −76.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.3 bn | 2.3 bn | 1.1 bn |
| Net income YoY | unavailable | +77.2% | −54.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -2.4 bn | -8.0 bn | 3.8 bn |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 36.9 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 21.3 bn GBP
- Total assets
- 382.3 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.1%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.3 bn | 28.5 bn | 36.9 bn | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | — | 796.0 m | 759.0 m | esef· 11 Jun 2026verified |
| Total assets | 272.1 bn | 367.9 bn | 382.3 bn | esef· 11 Jun 2026verified |
| Total liabilities | 254.4 bn | 347.4 bn | 361.0 bn | esef· 11 Jun 2026verified |
| Equity | 17.7 bn | 20.5 bn | 21.3 bn | esef· 11 Jun 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.3 bn | -7.9 bn | 3.9 bn | esef· 11 Jun 2026verified |
| Capex | 85.0 m | 98.0 m | 96.0 m | esef· 11 Jun 2026verified |
| Free cash flow | -2.4 bn ≈ | -8.0 bn ≈ | 3.8 bn ≈ | esef· 11 Jun 2026derived |
| Investing cash flow | 792.0 m | 10.8 bn | 2.3 bn | esef· 11 Jun 2026verified |
| Financing cash flow | -152.0 m | 1.4 bn | 2.1 bn | esef· 11 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 359.9% | 100 (on a fixed band) | 100% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NATIONWIDE BUILDING SOCIETY (NBS.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE 5.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 359.9%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
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| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
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| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
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1- and 3-year price returns: for NBS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nationwide Building Society is the largest building society in the United Kingdom and, after the Virgin Money acquisition, a major player in mortgages and savings. In the year to March 2026, its share of total mortgage balances was 16.3%, and underlying profit rose modestly as integration continued.
SWOT
Strengths
- Mutual status and a broad member base give a stable customer relationship and a good reputation.
- A leading position in mortgages and buy to let lending supports interest income.
- Solid capitalisation and high capital ratios provide a margin of safety in difficult periods.
Weaknesses
- The integration of Virgin Money brings operational complexity and near-term costs.
- Business lending balances fell over the last year, pointing to a limited share in that segment.
- Heavy reliance on residential mortgages exposes the society to housing market developments.
Opportunities
- Expanding higher loan-to-income lending could attract more first-time buyers.
- Integration synergies could lower costs once migration is complete.
- If artificial intelligence adoption expands, digital services could become more efficient.
Threats
- Higher inflation or elevated interest rates could weaken borrowers' ability to pay.
- Competition in deposits and business lending could compress margins.
- Fraud and cyber attacks remain persistent, and protection costs are rising.
Risks
- Mortgage credit riskhigh
Most exposure comes from mortgages, and a weaker economy could increase arrears.
- Integration riskmedium
Migrating Virgin Money customers and systems could be delayed and generate unexpected costs.
- Interest rate riskmedium
Changes in the base rate could affect the net interest margin and the value of deposits.
- Fraud and cyber riskmedium
Growing digital attacks could lead to financial losses and reputational damage.
- Regulatory risklow
Policy changes on lending and consumer protection could restrict the business.
Investment thesis
What would need to be true (bull case)
- A leading mortgage position and a broad member base could support growth if the housing market stays stable.
- Strong capitalisation gives flexibility to invest in technology and in the Virgin Money integration.
- If integration synergies materialise, profitability could rise after 2028.
What would break the thesis
- Persistent inflation could keep interest rates high and reduce demand for loans.
- Complex integration could absorb resources and delay financial benefits.
- Competition for deposits and business lending could limit margin growth.
What to watch
- Trends in mortgage balances and credit qualityQ1 2027
- Progress of the Virgin Money integration and customer migration2027
- Developments in the Bank rate and inflation2027
- Updated key performance indicators in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nationwide is a mutual savings and lending society owned by its members, offering current accounts, savings, mortgages, personal loans and business banking. After the Virgin Money acquisition in October 2024, the group took on about 6.8 million customers, and in April 2026 the transfer of most of that business to Nationwide was completed. Underlying profit before tax was 2026 million GBP in fiscal 2025/26, while statutory profit before tax was 1490 million GBP. The annual report also highlights its role in supporting first-time buyers and lower-income borrowers.
The capital position remains strong, with a CET1 ratio of 19.1% and a leverage ratio of 5.3% at 31 March 2026. The society plans to modernise its banking platforms and integrate Virgin Money, with migration of customers to the Nationwide brand targeted for 2028 to 2029.
The business is organised around four strategic drivers: a simply brilliant customer experience, more rewarding relationships, a beacon for mutual good, and simplifying and integrating the group. The society reports 4.40 million engaged customers, above its annual target.
Segments
Savings and deposits
Retail customer deposits grew by 10.1 billion GBP in fiscal 2025/26, with market share of balances held at 12.2%. Business deposit balances reached 22.8 billion GBP, one of the stronger growth rates in the market.
Consumer and business lending
Consumer lending balances, covering personal loans and credit cards, rose to 11.6 billion GBP, with a 10.3% share of the UK credit card market. Business lending balances eased slightly to 14.9 billion GBP in a more competitive market.
Market context
Macroeconomic risk remains elevated because the conflict in the Middle East has added uncertainty. If inflation stays above expectations, borrowers' costs could rise and put pressure on credit quality.
Trends
- Regulatory changes for higher loan-to-income lendingtailwind
Regulatory changes allowed the society to expand higher loan-to-income lending, supporting first-time buyers. If demand holds, this segment could support lending growth.
- Inflation and high interest ratesheadwind
Inflation is expected to rise temporarily before returning toward the 2% target, which may keep funding costs elevated. Pressure on household budgets could affect loan demand and asset quality.
- Growing competition in deposits and business bankingmixed
Deposit and business lending markets are competitive, and business balance growth has stayed strong despite margin pressure. Competition could limit profitability in the coming years.
- Digitalisation and artificial intelligencemixed
Migration to modern banking platforms and use of artificial intelligence for fraud detection and automation could lower costs and improve service. The required investment and cyber security risks remain significant.
Competitive position
The main competitors in the UK are the large commercial banks and other mortgage lenders, which compete for deposits, loans and current accounts. Nationwide says it won more net new current accounts than the rest of the market combined, helped by its switching incentives.
Competition is sharper in business lending and credit cards, where the society's market share eased slightly from the prior year. Competitive pressure could affect margins in the years ahead.
- Lloyds Banking Group
Major UK competitor in current accounts, savings and mortgages, included in the report's peer group.
- Barclays
Large UK bank competing in consumer lending, business banking and deposits.
- NatWest Group
UK banking group with significant activity in mortgages, deposits and business services.
- Santander UK
UK bank active in current accounts, mortgages and business finance, included in the peer group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202517 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Nationwide Building Society · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.