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ING GROEP NV (INGA.AS) Stock Fundamental Analysis

Europe - Euronext Amsterdam - AMS:INGA - NL0011821202 - Common Stock

22.858 EUR
+0.22 (+0.96%)
Last: 12/8/2025, 2:45:57 PM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to INGA. INGA was compared to 113 industry peers in the Banks industry. INGA has a bad profitability rating. Also its financial health evaluation is rather negative. INGA is valued correctly, but it does not seem to be growing. Finally INGA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year INGA was profitable.
In the past year INGA has reported a negative cash flow from operations.
INGA had positive earnings in each of the past 5 years.
In the past 5 years INGA reported 4 times negative operating cash flow.
INGA.AS Yearly Net Income VS EBIT VS OCF VS FCFINGA.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B -20B 40B 60B 80B 100B

1.2 Ratios

INGA's Return On Assets of 0.87% is in line compared to the rest of the industry. INGA outperforms 58.41% of its industry peers.
Looking at the Return On Equity, with a value of 19.34%, INGA belongs to the top of the industry, outperforming 90.27% of the companies in the same industry.
Industry RankSector Rank
ROA 0.87%
ROE 19.34%
ROIC N/A
ROA(3y)0.58%
ROA(5y)0.5%
ROE(3y)11.43%
ROE(5y)9.54%
ROIC(3y)N/A
ROIC(5y)N/A
INGA.AS Yearly ROA, ROE, ROICINGA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

1.3 Margins

The Profit Margin of INGA (26.45%) is better than 70.80% of its industry peers.
INGA's Profit Margin has improved in the last couple of years.
INGA does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 26.45%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y3.36%
PM growth 5Y1.88%
GM growth 3YN/A
GM growth 5YN/A
INGA.AS Yearly Profit, Operating, Gross MarginsINGA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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1

2. Health

2.1 Basic Checks

INGA does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for INGA has been reduced compared to 1 year ago.
Compared to 5 years ago, INGA has less shares outstanding
The debt/assets ratio for INGA is higher compared to a year ago.
INGA.AS Yearly Shares OutstandingINGA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
INGA.AS Yearly Total Debt VS Total AssetsINGA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200B 400B 600B 800B 1T

2.2 Solvency

INGA has a Debt/Equity ratio of 3.41. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 3.41, INGA is doing worse than 74.34% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 3.41
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC16.34%
INGA.AS Yearly LT Debt VS Equity VS FCFINGA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B -20B 40B 60B 80B 100B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INGA.AS Yearly Current Assets VS Current LiabilitesINGA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

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3

3. Growth

3.1 Past

INGA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -1.94%.
The Earnings Per Share has been growing by 10.03% on average over the past years. This is quite good.
The Revenue has been growing slightly by 0.93% in the past year.
Measured over the past years, INGA shows a small growth in Revenue. The Revenue has been growing by 4.03% on average per year.
EPS 1Y (TTM)-1.94%
EPS 3Y17.91%
EPS 5Y10.03%
EPS Q2Q%1.69%
Revenue 1Y (TTM)0.93%
Revenue growth 3Y6.62%
Revenue growth 5Y4.03%
Sales Q2Q%-0.19%

3.2 Future

The Earnings Per Share is expected to grow by 6.94% on average over the next years.
Based on estimates for the next years, INGA will show a small growth in Revenue. The Revenue will grow by 3.47% on average per year.
EPS Next Y2.32%
EPS Next 2Y8.48%
EPS Next 3Y10.46%
EPS Next 5Y6.94%
Revenue Next Year0.03%
Revenue Next 2Y3.07%
Revenue Next 3Y3.99%
Revenue Next 5Y3.47%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
INGA.AS Yearly Revenue VS EstimatesINGA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 5B 10B 15B 20B 25B
INGA.AS Yearly EPS VS EstimatesINGA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 11.32 indicates a reasonable valuation of INGA.
The rest of the industry has a similar Price/Earnings ratio as INGA.
The average S&P500 Price/Earnings ratio is at 26.49. INGA is valued rather cheaply when compared to this.
INGA is valuated reasonably with a Price/Forward Earnings ratio of 9.71.
Based on the Price/Forward Earnings ratio, INGA is valued a bit cheaper than 72.57% of the companies in the same industry.
INGA's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.69.
Industry RankSector Rank
PE 11.32
Fwd PE 9.71
INGA.AS Price Earnings VS Forward Price EarningsINGA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
INGA.AS Per share dataINGA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10 15

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates INGA does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)4.87
PEG (5Y)1.13
EPS Next 2Y8.48%
EPS Next 3Y10.46%

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7

5. Dividend

5.1 Amount

INGA has a Yearly Dividend Yield of 4.67%, which is a nice return.
Compared to an average industry Dividend Yield of 4.84, INGA pays a bit more dividend than its industry peers.
INGA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.31.
Industry RankSector Rank
Dividend Yield 4.67%

5.2 History

The dividend of INGA is nicely growing with an annual growth rate of 12.43%!
Dividend Growth(5Y)12.43%
Div Incr Years4
Div Non Decr Years4
INGA.AS Yearly Dividends per shareINGA.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

INGA pays out 42.45% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of INGA is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP42.45%
EPS Next 2Y8.48%
EPS Next 3Y10.46%
INGA.AS Yearly Income VS Free CF VS DividendINGA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B -20B 40B 60B 80B 100B
INGA.AS Dividend Payout.INGA.AS Dividend Payout, showing the Payout Ratio.INGA.AS Dividend Payout.PayoutRetained Earnings

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ING GROEP NV

AMS:INGA (12/8/2025, 2:45:57 PM)

22.858

+0.22 (+0.96%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)10-30 2025-10-30/bmo
Earnings (Next)01-29 2026-01-29/amc
Inst Owners50.03%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap66.45B
Revenue(TTM)35.90B
Net Income(TTM)9.50B
Analysts77.69
Price Target23.97 (4.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.67%
Yearly Dividend1.2
Dividend Growth(5Y)12.43%
DP42.45%
Div Incr Years4
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.28%
Min EPS beat(2)-0.07%
Max EPS beat(2)6.63%
EPS beat(4)2
Avg EPS beat(4)2.91%
Min EPS beat(4)-4.62%
Max EPS beat(4)9.69%
EPS beat(8)6
Avg EPS beat(8)3.78%
EPS beat(12)8
Avg EPS beat(12)5.41%
EPS beat(16)11
Avg EPS beat(16)5.9%
Revenue beat(2)0
Avg Revenue beat(2)-1.07%
Min Revenue beat(2)-1.31%
Max Revenue beat(2)-0.83%
Revenue beat(4)1
Avg Revenue beat(4)-0.85%
Min Revenue beat(4)-2.65%
Max Revenue beat(4)1.41%
Revenue beat(8)3
Avg Revenue beat(8)-0.71%
Revenue beat(12)6
Avg Revenue beat(12)8.2%
Revenue beat(16)9
Avg Revenue beat(16)20.92%
PT rev (1m)5.23%
PT rev (3m)8.1%
EPS NQ rev (1m)14.87%
EPS NQ rev (3m)32.02%
EPS NY rev (1m)0.54%
EPS NY rev (3m)3.31%
Revenue NQ rev (1m)2.16%
Revenue NQ rev (3m)2.14%
Revenue NY rev (1m)0.43%
Revenue NY rev (3m)0.82%
Valuation
Industry RankSector Rank
PE 11.32
Fwd PE 9.71
P/S 1.85
P/FCF N/A
P/OCF N/A
P/B 1.35
P/tB 1.39
EV/EBITDA N/A
EPS(TTM)2.02
EY8.84%
EPS(NY)2.35
Fwd EY10.3%
FCF(TTM)-6.29
FCFYN/A
OCF(TTM)-6.19
OCFYN/A
SpS12.35
BVpS16.9
TBVpS16.41
PEG (NY)4.87
PEG (5Y)1.13
Graham Number27.71
Profitability
Industry RankSector Rank
ROA 0.87%
ROE 19.34%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 26.45%
GM N/A
FCFM N/A
ROA(3y)0.58%
ROA(5y)0.5%
ROE(3y)11.43%
ROE(5y)9.54%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y3.36%
PM growth 5Y1.88%
GM growth 3YN/A
GM growth 5YN/A
F-Score2
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 3.41
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 42.26%
Cap/Sales 0.79%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score2
WACC16.34%
ROIC/WACCN/A
Cap/Depr(3y)39.44%
Cap/Depr(5y)35%
Cap/Sales(3y)1.18%
Cap/Sales(5y)1.19%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-1.94%
EPS 3Y17.91%
EPS 5Y10.03%
EPS Q2Q%1.69%
EPS Next Y2.32%
EPS Next 2Y8.48%
EPS Next 3Y10.46%
EPS Next 5Y6.94%
Revenue 1Y (TTM)0.93%
Revenue growth 3Y6.62%
Revenue growth 5Y4.03%
Sales Q2Q%-0.19%
Revenue Next Year0.03%
Revenue Next 2Y3.07%
Revenue Next 3Y3.99%
Revenue Next 5Y3.47%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y38.27%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y38.79%
OCF growth 3YN/A
OCF growth 5YN/A

ING GROEP NV / INGA.AS FAQ

What is the fundamental rating for INGA stock?

ChartMill assigns a fundamental rating of 3 / 10 to INGA.AS.


What is the valuation status of ING GROEP NV (INGA.AS) stock?

ChartMill assigns a valuation rating of 4 / 10 to ING GROEP NV (INGA.AS). This can be considered as Fairly Valued.


How profitable is ING GROEP NV (INGA.AS) stock?

ING GROEP NV (INGA.AS) has a profitability rating of 3 / 10.


Can you provide the financial health for INGA stock?

The financial health rating of ING GROEP NV (INGA.AS) is 1 / 10.


What is the earnings growth outlook for ING GROEP NV?

The Earnings per Share (EPS) of ING GROEP NV (INGA.AS) is expected to grow by 2.32% in the next year.