ING Groep N.V. (ING) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-0.4%

$31.37

vs $31.49 price

Levered DCF

-$176.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.17

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.24×	9.17×	11.51×	11.14×	9.95×	12.07×	8.74×	7.68×
P/B	1.43×	0.95×	0.93×	0.82×	0.88×	0.55×	0.78×	0.71×
P/S	3.09×	0.72×	0.81×	1.22×	1.85×	1.12×	1.29×	1.12×
EV / EBITDA	20.5×	14.97×	9.65×	11.81×	7.56×	-0.68×	16×	16.01×
Gross margin	94.3%	32.2%	37.6%	50.8%	69.0%	56.4%	52.2%	54.0%
Operating margin	39.7%	14.0%	17.8%	16.4%	26.3%	14.1%	21.1%	20.9%
Net margin	27.5%	9.6%	12.4%	10.9%	18.5%	9.2%	14.7%	14.3%
Current ratio	0.13×	0.15×	0.18×	0.16×	0.18×	0.22×	0.15×	0.15×
Debt / equity	3.41×	3.41×	2.93×	2.39×	2.15×	1.45×	2.51×	2.62×
Interest coverage	0×	0.21×	0.29×	0.37×	0.9×	0.42×	0.48×	0.47×
Dividend yield	4.9%	8.1%	6.2%	7.5%	5.0%	0.0%	6.4%	7.2%
Payout ratio	55.1%	60.7%	40.7%	84.2%	49.9%	0.1%	56.0%	56.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	12.7%	14.2%	7.4%	8.9%	4.5%	8.9%	9.0%
Return on invested capital	2.8%	2.5%	3.1%	1.7%	2.4%	1.3%	3.0%	2.6%
Return on assets	0.6%	0.6%	0.7%	0.4%	0.5%	0.3%	0.5%	0.5%
Free cash flow yield	0.0%	-47.8%	-24.3%	-27.6%	-31.8%	341.7%	30.3%	18.3%
Earnings yield	8.9%	13.3%	15.3%	8.9%	10.0%	8.3%	11.4%	12.8%
Enterprise value	$187.6B	$149.3B	$107.7B	$73.4B	$57.6B	-$3.2B	$122B	$116.4B
Net debt / EBITDA	12.73×	10.16×	5.38×	5.19×	1.31×	-7.17×	10.51×	11.04×
Cash conversion cycle (days)	0	5	5	10	19	16	12	10