Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 21.8x · ROE 12.4%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $94.8B | $83.6B | $49.6B | $53.6B | $44.1B | $54.2B | $36.8B | $46.9B | $41.4B | $71.9B | $54.7B |
| Enterprise Value | $227.9B | $200.0B | $151.0B | $113.7B | $76.4B | $64.1B | $3.6B | $128.9B | $124.9B | $161.9B | $166.8B |
| P/E Ratio → | 13.60 | 13.21 | 9.50 | 12.95 | 12.05 | 11.32 | 14.75 | 9.80 | 8.81 | 14.65 | 11.75 |
| P/S Ratio | 3.60 | 3.63 | 0.75 | 0.91 | 1.31 | 2.10 | 1.37 | 1.45 | 1.28 | 1.50 | 1.13 |
| P/B Ratio | 1.69 | 1.64 | 0.97 | 1.03 | 0.87 | 0.99 | 0.66 | 0.86 | 0.80 | 1.41 | 1.09 |
| P/FCF | — | — | — | — | — | — | 0.36 | 3.70 | 6.25 | — | 6.67 |
| P/OCF | — | — | — | — | — | — | 0.36 | 3.60 | 5.99 | — | 6.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.68 | 2.27 | 1.93 | 2.27 | 2.49 | 0.13 | 3.97 | 3.86 | 3.38 | 3.45 |
| EV / EBITDA | 21.80 | 21.86 | 15.14 | 10.18 | 12.29 | 8.42 | 0.77 | 16.90 | 17.18 | 20.79 | 25.90 |
| EV / EBIT | 21.80 | 21.86 | 16.23 | 10.83 | 13.88 | 9.45 | 0.93 | 18.85 | 18.50 | 22.28 | 28.25 |
| EV / FCF | — | — | — | — | — | — | 0.03 | 10.15 | 18.84 | — | 20.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3% | 94.3% | 32.2% | 37.6% | 50.8% | 69.0% | 56.4% | 52.2% | 54.0% | 35.3% | 34.0% |
| Operating Margin | 39.7% | 39.7% | 14.0% | 17.8% | 16.4% | 26.3% | 14.1% | 21.1% | 20.9% | 15.2% | 12.2% |
| Net Profit Margin | 27.5% | 27.5% | 9.6% | 12.4% | 10.9% | 18.5% | 9.2% | 14.7% | 14.3% | 10.2% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 12.4% | 14.2% | 7.0% | 8.7% | 4.5% | 9.0% | 9.0% | 9.7% | 9.4% |
| ROA | 0.6% | 0.6% | 0.6% | 0.7% | 0.4% | 0.5% | 0.3% | 0.5% | 0.5% | 0.6% | 0.5% |
| ROIC | 3.1% | 3.1% | 3.3% | 4.2% | 2.4% | 3.3% | 1.8% | 2.7% | 2.9% | 3.2% | 2.4% |
| ROCE | 3.7% | 3.7% | 3.7% | 4.6% | 2.6% | 3.4% | 2.1% | 4.0% | 3.4% | 3.2% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.32 | 3.32 | 3.34 | 2.87 | 2.37 | 2.12 | 1.42 | 2.47 | 2.58 | 2.19 | 2.61 |
| Debt / EBITDA | 18.51 | 18.51 | 17.18 | 13.43 | 19.23 | 15.23 | 17.02 | 17.72 | 18.36 | 14.39 | 20.46 |
| Net Debt / Equity | — | 2.29 | 1.98 | 1.15 | 0.64 | 0.18 | -0.60 | 1.50 | 1.61 | 1.76 | 2.22 |
| Net Debt / EBITDA | 12.73 | 12.73 | 10.16 | 5.38 | 5.19 | 1.31 | -7.17 | 10.75 | 11.48 | 11.56 | 17.41 |
| Debt / FCF | — | — | — | — | — | — | -0.32 | 6.45 | 12.59 | — | 13.67 |
| Interest Coverage | — | — | 0.21 | 0.29 | 0.37 | 0.90 | 0.42 | 0.48 | 0.47 | 0.24 | 0.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.13 | 0.13 | 0.15 | 0.18 | 0.16 | 0.18 | 0.22 | 0.15 | 0.15 | 0.10 | 0.11 |
| Quick Ratio | 0.13 | 0.13 | 0.15 | 0.18 | 0.16 | 0.18 | 0.22 | 0.15 | 0.15 | 0.10 | 0.11 |
| Cash Ratio | 0.06 | 0.06 | 0.09 | 0.12 | 0.12 | 0.14 | 0.15 | 0.08 | 0.08 | 0.04 | 0.03 |
| Asset Turnover | — | 0.02 | 0.07 | 0.06 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.06 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 7.8% | 5.5% | 7.0% | 4.4% | 0.0% | 5.7% | 6.3% | 3.6% | 4.6% |
| Payout Ratio | — | — | 60.7% | 40.7% | 84.2% | 49.9% | 0.1% | 56.0% | 56.6% | 52.3% | 54.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 7.6% | 10.5% | 7.7% | 8.3% | 8.8% | 6.8% | 10.2% | 11.4% | 6.8% | 8.5% |
| FCF Yield | — | — | — | — | — | — | 279.4% | 27.1% | 16.0% | — | 15.0% |
| Buyback Yield | 0.0% | 0.0% | 7.7% | 6.6% | 3.9% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 15.5% | 12.1% | 10.9% | 7.4% | 0.0% | 5.7% | 6.3% | 3.6% | 4.6% |
| Shares Outstanding | — | $3.0B | $3.2B | $3.6B | $3.6B | $3.9B | $3.9B | $3.9B | $3.9B | $3.9B | $3.9B |
Margin compression and credit provisioning
According to recent market data, ING trades at a P/B ratio of 1.58, which appears elevated relative to its historical performance and suggests that investors are pricing in a digital-first franchise premium despite the recent compression in return on equity metrics observed in quarterly filings.
The current P/B multiple implies market expectations for a recovery in ROTCE that may not be fully supported by the recent trend of sub-4% ROE figures. Investors should monitor whether this valuation gap persists as the bank navigates a more challenging interest rate environment and potential regulatory headwinds.
Based on the provided quarterly data, ING's ROE has remained constrained between 2.2% and 3.8% over the last ten quarters, indicating that the bank's profitability is currently struggling to overcome the combined impact of narrowing net interest margins and rising operational costs.
The decomposition of profitability suggests that the bank's reliance on interest-based income is becoming a liability as deposit betas rise. The volatility in the efficiency ratio, which reached 57.6% in 2025Q4, further underscores the difficulty in maintaining historical profitability levels without significant non-interest income growth.
As reported in financial statements, ING's efficiency ratio has shown significant instability, swinging from 47.8% in 2023Q3 to 89.0% in 2025Q2, which suggests that the bank's digital-first cost structure is currently facing pressure from both inflationary expenses and the normalization of interest rate tailwinds.
The sharp decline in NIM from 2.5% in 2024Q2 to 0.4% in 2025Q4 highlights a structural vulnerability to funding cost increases. This trend warrants further investigation into whether the bank's digital infrastructure can continue to provide a competitive cost-to-income advantage in a lower-margin environment.
When compared to regional peers like KBC Group, ING's current P/B of 1.58 reflects a distinct market positioning, yet the bank's recent ROE performance appears to lag behind more diversified competitors like BBVA, suggesting a potential structural gap in earnings power.
While ING maintains a leaner digital footprint, the peer comparison indicates that the market may be overestimating the scalability of its retail model in the current cycle. The valuation premium relative to peers like Deutsche Bank suggests that ING is still viewed as a higher-quality franchise, though this perception may be tested if ROE does not improve.
Investors frequently misapply the P/E ratio to ING, which obscures the underlying volatility caused by IFRS 9 loan-loss provisioning and treasury-related hedge adjustments that do not reflect the bank's core operational health or its true capacity for capital return.
The P/E ratio is particularly misleading for ING because it fails to account for the cyclical nature of credit provisions, which can artificially depress earnings in a single quarter. Analysts should prioritize P/TBV and normalized ROE as more reliable indicators of long-term value creation and capital adequacy.
Includes 30+ ratios · 28 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ING stock.
ING Groep N.V.'s current P/E ratio is 13.6x. The historical average is 13.1x. This places it at the 77th percentile of its historical range.
ING Groep N.V.'s current EV/EBITDA is 21.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
ING Groep N.V.'s return on equity (ROE) is 12.4%. The historical average is 11.5%.
Based on historical data, ING Groep N.V. is trading at a P/E of 13.6x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ING Groep N.V. has 94.3% gross margin and 39.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ING Groep N.V.'s Debt/EBITDA ratio is 18.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.