Natwest Group plc key statistics and ratios

In fiscal 2025, Natwest Group plc had return on equity of 14.4%, a net margin of 19.3% and debt equal to 0.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Natwest Group plc: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Net margin	−7.0%	−32.9%	9.4%	12.9%	20.9%	−3.2%	26.1%	21.7%	18.2%	16.4%	19.3%
Free-cash-flow margin	0.8%	−28.6%	215.3%	−44.2%	−20.0%	213.6%	415.5%	−266.9%	−71.9%	4.5%	21.2%
Return on equity	−2.3%	−10.2%	3.1%	4.6%	8.4%	−0.9%	7.8%	8.9%	12.6%	12.7%	14.4%
Return on assets	−0.2%	−0.7%	0.2%	0.3%	0.5%	−0.1%	0.4%	0.5%	0.7%	0.7%	0.8%
Asset turnover	0.02	0.02	0.02	0.02	0.03	0.02	0.02	0.02	0.04	0.04	0.04
Debt to equity	0.0%	0.0%	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	—	—	32.6%	36.0%	11.0%	—	25.9%	24.8%	23.2%	23.6%	24.3%
Capital spending as % of revenue	4.6%	5.7%	7.0%	3.7%	3.1%	2.8%	7.1%	3.9%	3.2%	1.6%	2.2%
Free cash flow ÷ net income	—	—	>999%	−342.5%	−95.7%	—	>999%	<−999%	−394.0%	27.2%	109.8%
Dividends ÷ net income	—	—	40.6%	37.3%	90.2%	—	30.7%	89.2%	36.8%	37.4%	40.7%
Dividends and buybacks ÷ free cash flow	303.7%	—	1.5%	—	—	1.3%	5.3%	—	—	345.3%	46.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Natwest Group plc's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Natwest Group plc.