olivLaw · US equity research
ING Groep N.V. ING
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
ING Groep N.V. is a digital-first European bank serving retail, business and corporate clients under its 'Growing the difference' strategy. The company reported total income of 23035 million EUR and a net result of 8324 million EUR for 2025, showing its solid presence across several markets.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ING Groep N.V. (ING) stock was 32.84 USD (+6.28% on the day), with beta 0.92, 52-week range 24.37–37.27 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.7
- neutral
- Bollinger (20, 2)
- 31.15 – 34.26
- in the upper half of the band · %B 0.54 · band width 9.5%
- SMA 50 / 200
- 34.70 / 31.29
- mixed trend
- MACD (12, 26, 9)
- -0.80 / -0.81
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −2.0% | −3.6 pp | — |
| 3 months | −8.6% | −2.2% | −6.4 pp | — |
| 6 months | +9.6% | +4.3% | +5.3 pp | — |
| Year to date | +17.3% | +10.6% | +6.7 pp | — |
| 1 year | +30.4% | +10.5% | +19.9 pp | +16.8% |
| 3 years | +147.7% | +73.7% | +74.0 pp | +123.9% |
| 5 years | +114.6% | +61.7% | +52.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.3 bn | 17.1 bn | 17.2 bn | 20.1 bn | 30.4 bn | 18.1 bn | 21.1 bn | 25.7 bn |
| Revenue YoY | −1.4% | −6.5% | +0.6% | +16.6% | +51.4% | −40.4% | +16.4% | +21.8% |
| Net income | 4.8 bn | 3.9 bn | 2.3 bn | 6.0 bn | 12.1 bn | 4.1 bn | 5.3 bn | 8.3 bn |
| Net income YoY | −12.9% | −18.0% | −42.4% | +164.5% | +103.8% | −65.9% | +28.8% | +56.1% |
| Diluted EPS | 1.22 | 1.00 | 0.58 | 1.53 | 3.35 | 1.16 | 1.65 | 2.78 |
| Diluted EPS YoY | −13.5% | −18.0% | −42.0% | +163.8% | +119.0% | −65.4% | +42.2% | +68.5% |
| net % | 26.0% | 22.8% | 13.1% | 29.6% | 39.9% | 22.8% | 25.3% | 32.4% |
| Free cash flow | 6.6 bn | 12.7 bn | 101.0 bn | -15.1 bn | -11.3 bn | -11.6 bn | -22.9 bn | -6.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.1 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 55.3 bn EUR
- Total assets
- 1,060.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.3%
- ROA
- 0.8%
- FCF margin
- -26.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 3.4 bn | 8.4 bn | 17.4 bn | 6.0 bn | 7.8 bn | 11.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 2.3 bn | 6.0 bn | 12.1 bn | 4.1 bn | 5.3 bn | 8.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.58 | 1.53 | 3.35 | 1.16 | 1.65 | 2.78 | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.12 | 0.62 | 0.56 | 1.11 | 1.06 | 1.09 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 111.6 bn | 107.7 bn | 95.4 bn | 93.0 bn | 69.1 bn | 54.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 933.9 bn | 949.3 bn | 976.8 bn | 980.3 bn | 1,023.9 bn | 1,060.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 881.3 bn | 896.4 bn | 919.8 bn | 924.7 bn | 970.2 bn | 1,005.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 52.6 bn | 52.8 bn | 57.0 bn | 55.6 bn | 53.7 bn | 55.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Shares outstanding at year end | 3.9 bn | 3.9 bn | 3.7 bn | 3.5 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 3.0 m | 2.4 bn | 3.1 bn | 3.0 bn | 3.9 bn | — | SEC (XBRL)· 06 Mar 2025verified |
| Share repurchases | — | — | — | 3.5 bn | 3.8 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
36% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.77 – 46.04 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- Residual income21.21 – 22.18 (Mid 21.69)
- Justified P/B33.76 – 46.04 (Mid 38.96)
- Dividend discount (DDM)14.77 – 20.14 (Mid 17.04)
- Peers: P/E17.17 – 41.34 (Mid 28.20)7 companies used · median multiple 10.1x · quartiles 6.2x – 14.9xAVAL, BCH, BLX, HDB, KB, NTB, PGC
- Peers: P/B20.17 – 33.66 (Mid 23.98)6 companies used · median multiple 1.3x · quartiles 1.1x – 1.8xAVAL, BLX, HDB, KB, NTB, PGC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 15.6% | 74 (vs peers) | 44% |
| ROA · Quality | 0.8% | 28 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -6.0% | 0 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | -5.5% | 0 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · 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
- Growth0/100 · 2/2 factors with a value
- Quality61/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 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
ING GROEP NV (ING). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: YoY growth 21.8%; net margin 32.4%; ROE 15.6%.
The estimated value range is 20.17–33.66 EUR per share (median of 5 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 15.6%
What contradicts it
- ROA: 0.8%
- EPS CAGR 3Y: -6.0%
- Revenue CAGR 3Y: -5.5%
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +30% / +148% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
1- and 3-year price returns: for ING 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.
Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (20 Oct 2026).
In brief
ING Groep N.V. is a digital-first European bank serving retail, business and corporate clients under its 'Growing the difference' strategy. The company reported total income of 23035 million EUR 1 and a net result of 8324 million EUR 1 for 2025, showing its solid presence across several markets.
SWOT
Strengths
- A presence in many European markets and more than thirty countries gives geographic and business diversification 1.
- A strong digital platform and a number one NPS position in several retail markets, including Romania, support client loyalty 1.
- A significantly higher net result in 2025 shows the capacity to generate solid earnings 1.
Weaknesses
Opportunities
- Rising mobile adoption and personalised digital services could attract new clients, especially Gen Z 1.
- Growth in investments and wealth management, where assets under management rose in 2025, could add revenue 1.
- Artificial intelligence and scalable technology could lower costs and improve client experience if deployed successfully 1.
Risks
- Regional economic volatilityhigh
An economic downturn in the Benelux or Germany could reduce demand for banking products and require higher loan loss provisions 1.
- Regulation and sanctionshigh
Non-compliance with laws could bring fines, penalties and reputational harm, and regulatory changes can raise costs 1.
- Climate-related risksmedium
Transition and physical risks linked to climate change could affect the group's assets and clients 1.
- Cyber and operational riskmedium
System disruptions, security breaches or cyberattacks could harm reputation and results 1.
- Liquidity and fundinglow
Dependence on capital markets and customer deposits could create liquidity pressure if conditions worsen 1.
Investment thesis
What would need to be true (bull case)
- If the digital and client-relationship strategy proves effective, ING could expand its share in retail and investments 1.
- The strong rise in net result in 2025 shows the group can generate solid earnings from its core business 1.
- International presence and revenue diversification could support long-term stability of results 1.
What would break the thesis
What to watch
- Development of net result and net interest income compared with 20252026
- Progress of the 'Growing the difference' strategy and digital client targets2026
- Trend in assets under management and e-brokerage2026
- Impact of European regulation and capital requirements on costsnext 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.
Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (20 Oct 2026).
The business
ING Groep N.V., a Dutch public limited company established in 1991, operates as a bank and financial services provider with a global presence 1. Its 'Growing the difference' strategy aims to become Europe's most loved, most impactful and most valued bank by expanding scale and impact across markets and segments 1. The company relies on four enablers: seamless digital services, scalable technology and operations, staying safe and secure, and unlocking people's potential 1. Clients are served through Retail Banking, Wholesale Banking and the Corporate Line 1.
Retail Banking covers private individuals, Business Banking for entrepreneurs and SMEs, and Private Banking & Wealth Management for high-net-worth clients 1. Wholesale Banking serves large corporates, multinationals and financial institutions from a network spanning 37 countries across EMEA, APAC and the Americas 1. The company reports under IFRS-EU and IFRS-IASB, with the difference reflected mainly in the Wholesale Banking segment 1.
The company is accelerating digitalisation, with customers increasingly using the mobile app as their primary channel, and its digital activity rose in 2025 1. For business clients, ING has expanded instant and fast-track digital lending, including in Romania 1.
Segments
Retail Banking
Retail Banking serves private individuals in ten markets, including Romania, with savings, payments, cards, mortgages and investment products 1. Total income for Retail Banking Netherlands, Belgium, Germany and Retail Other combined exceeded 15000 million EUR in 2025 according to the report's table 1.
Market context
ING operates in several European markets, with significant revenue exposure in the Benelux and Germany across Retail and Wholesale Banking 1. It also generates substantial revenues in the United States, Türkiye, Poland, Eastern and Southern Europe, East Asia and Australia 1. Its revenues are influenced by interest rates, inflation and economic conditions in these regions 1.
The banking market is fragmenting, with digital banks, fintechs, non-bank lenders and technology companies gaining share, while regulation grows more complex 1. The company's digital-first model could support its adaptation to these shifts 1.
Trends
- Artificial intelligence and digitalisationtailwind
Advances in generative AI are changing customer expectations for speed and personalisation, and ING is investing in digital infrastructure 1. This could support efficiency gains if the tools solve specific business needs 1.
- Competition from fintechsheadwind
Digital banks, fintechs and technology companies attract customers with simple platforms and low fees, and some are taking a growing share of business lending 1. This pressure could affect margins if ING cannot keep its relevance 1.
- Interest rates and inflationmixed
Changes in interest rates and inflation can affect margins, asset values and customer behaviour, and group revenues are sensitive to these developments 1. The effect depends on the direction and duration of these changes 1.
- Regulation and capital requirementsmixed
The European regulatory framework is becoming more complex, and capital and compliance requirements could raise operating costs 1. Significant risk transfer transactions can help the bank deploy capital more efficiently 1.
Competitive position
ING competes with traditional European banks as well as digital newcomers, fintechs and technology firms offering payments and lending services 1. The company argues it can maintain its position through strong client relationships and sector expertise 1.
In Wholesale Banking ING is compared with other international investment and treasury banks, while in Retail it faces local digital banks, but the report does not provide a full list of competitors 1. This limits a direct comparison of market shares 1.
- European digital banks
Competitors in retail offering simple platforms and low fees, according to the report 1.
- Fintech companies
Competitors in payments and lending, including with innovations such as stablecoins noted by the company 1.
- Traditional European banks
Competitors across all segments, especially in the Benelux and Germany 1.
- Large technology companies
Competitors in business lending, holding a growing share of credit 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)22 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / ING Groep N.V. · 26 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.