ING Groep N.V. (INGA.AS) 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

-344.4%

-€68.04

vs €27.84 price

Levered DCF

-€57.76

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.16

Distress zone

Rating

B-

Overall 3 / 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	11.38×	7.64×	6.56×	11.17×	9.95×	11.94×	8.69×	7.78×
P/B	1.44×	0.97×	0.93×	0.83×	0.88×	0.55×	0.77×	0.72×
P/S	3.11×	2.16×	2.71×	1.23×	1.85×	1.67×	2.31×	2.09×
EV / EBITDA	28.8×	20.71×	11.75×	11.82×	7.09×	22.18×	16.31×	16.32×
Gross margin	94.3%	74.8%	100.0%	50.8%	50.5%	34.4%	94.7%	100.0%
Operating margin	39.7%	41.8%	59.8%	18.4%	27.2%	26.3%	37.3%	39.0%
Net margin	27.5%	28.3%	41.3%	10.9%	18.5%	13.9%	26.5%	26.8%
Current ratio	0.13×	0.15×	0.21×	0.27×	0.35×	160.27×	91.79×	1,362.46×
Debt / equity	4.92×	4.52×	3.38×	2.39×	2.15×	3.36×	2.51×	2.62×
Interest coverage	0×	0.22×	0.29×	0.42×	0.93×	0.51×	0.47×	0.48×
Dividend yield	5.4%	7.9%	6.2%	7.5%	5.0%	0.0%	6.4%	7.1%
Payout ratio	61.4%	60.7%	40.7%	84.2%	49.9%	0.1%	56.0%	55.4%

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%	9.2%
Return on invested capital	1.8%	1.8%	2.4%	-3.3%	-3.4%	1.1%	1.8%	2.7%
Return on assets	0.6%	0.6%	0.7%	0.4%	0.5%	0.3%	0.5%	0.5%
Free cash flow yield	-0.3%	-115.0%	10.1%	-27.5%	-31.8%	40.7%	30.5%	18.1%
Earnings yield	8.8%	13.1%	15.2%	8.9%	10.0%	8.3%	11.5%	12.9%
Enterprise value	€263.4B	€206.5B	€131.2B	€73.5B	€55.6B	€101.4B	€123.5B	€120.1B
Net debt / EBITDA	20.96×	15.81×	7.47×	5.19×	1.02×	15.66×	10.81×	11.35×
Cash conversion cycle (days)	0	16	17	-3,207	-4,685	-128	21	22