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KBC GROUP NV (KBC.BR) Stock Fundamental Analysis

EBR:KBC - Euronext Brussels - BE0003565737 - Common Stock - Currency: EUR

99.3  +0.4 (+0.4%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to KBC. KBC was compared to 91 industry peers in the Banks industry. KBC has a bad profitability rating. Also its financial health evaluation is rather negative. KBC does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

KBC had positive earnings in the past year.
KBC had a negative operating cash flow in the past year.
KBC had positive earnings in each of the past 5 years.
Of the past 5 years KBC 4 years had a positive operating cash flow.
KBC.BR Yearly Net Income VS EBIT VS OCF VS FCFKBC.BR 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 10B -10B 20B -20B

1.2 Ratios

KBC's Return On Assets of 0.89% is fine compared to the rest of the industry. KBC outperforms 60.44% of its industry peers.
Looking at the Return On Equity, with a value of 13.39%, KBC is in the better half of the industry, outperforming 73.63% of the companies in the same industry.
Industry RankSector Rank
ROA 0.89%
ROE 13.39%
ROIC N/A
ROA(3y)0.88%
ROA(5y)0.76%
ROE(3y)13.38%
ROE(5y)11.54%
ROIC(3y)N/A
ROIC(5y)N/A
KBC.BR Yearly ROA, ROE, ROICKBC.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

Looking at the Profit Margin, with a value of 25.59%, KBC is in the better half of the industry, outperforming 74.73% of the companies in the same industry.
KBC's Profit Margin has been stable in the last couple of years.
The Operating Margin and Gross Margin are not available for KBC so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 25.59%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.86%
PM growth 5Y-0.07%
GM growth 3YN/A
GM growth 5YN/A
KBC.BR Yearly Profit, Operating, Gross MarginsKBC.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

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1

2. Health

2.1 Basic Checks

KBC does not have a ROIC to compare to the WACC, probably because it is not profitable.
KBC has less shares outstanding than it did 1 year ago.
The number of shares outstanding for KBC has been reduced compared to 5 years ago.
The debt/assets ratio for KBC is higher compared to a year ago.
KBC.BR Yearly Shares OutstandingKBC.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
KBC.BR Yearly Total Debt VS Total AssetsKBC.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100B 200B 300B

2.2 Solvency

A Debt/Equity ratio of 2.12 is on the high side and indicates that KBC has dependencies on debt financing.
With a Debt to Equity ratio value of 2.12, KBC perfoms like the industry average, outperforming 47.25% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.12
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC18.51%
KBC.BR Yearly LT Debt VS Equity VS FCFKBC.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
KBC.BR Yearly Current Assets VS Current LiabilitesKBC.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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3

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 4.79% over the past year.
Measured over the past 5 years, KBC shows a small growth in Earnings Per Share. The EPS has been growing by 7.34% on average per year.
KBC shows a small growth in Revenue. In the last year, the Revenue has grown by 5.37%.
KBC shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.55% yearly.
EPS 1Y (TTM)4.79%
EPS 3Y10.6%
EPS 5Y7.34%
EPS Q2Q%-45.78%
Revenue 1Y (TTM)5.37%
Revenue growth 3Y11.18%
Revenue growth 5Y6.55%
Sales Q2Q%5.53%

3.2 Future

The Earnings Per Share is expected to grow by 4.92% on average over the next years.
KBC is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.66% yearly.
EPS Next Y-3.74%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
EPS Next 5Y4.92%
Revenue Next Year6.56%
Revenue Next 2Y6.71%
Revenue Next 3Y6.41%
Revenue Next 5Y6.66%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
KBC.BR Yearly Revenue VS EstimatesKBC.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 5B 10B
KBC.BR Yearly EPS VS EstimatesKBC.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2 4 6 8 10

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2

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 13.36 indicates a correct valuation of KBC.
Based on the Price/Earnings ratio, KBC is valued more expensive than 80.22% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 26.48. KBC is valued slightly cheaper when compared to this.
KBC is valuated reasonably with a Price/Forward Earnings ratio of 11.35.
Compared to the rest of the industry, the Price/Forward Earnings ratio of KBC indicates a slightly more expensive valuation: KBC is more expensive than 67.03% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 34.04. KBC is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.36
Fwd PE 11.35
KBC.BR Price Earnings VS Forward Price EarningsKBC.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
KBC.BR Per share dataKBC.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)1.82
EPS Next 2Y2.57%
EPS Next 3Y4.8%

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4

5. Dividend

5.1 Amount

KBC has a Yearly Dividend Yield of 3.17%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 5.02, KBC is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.40, KBC pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.17%

5.2 History

On average, the dividend of KBC grows each year by 6.61%, which is quite nice.
Dividend Growth(5Y)6.61%
Div Incr Years1
Div Non Decr Years3
KBC.BR Yearly Dividends per shareKBC.BR Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

KBC pays out 57.59% of its income as dividend. This is a bit on the high side, but may be sustainable.
KBC's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP57.59%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
KBC.BR Yearly Income VS Free CF VS DividendKBC.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B
KBC.BR Dividend Payout.KBC.BR Dividend Payout, showing the Payout Ratio.KBC.BR Dividend Payout.PayoutRetained Earnings

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KBC GROUP NV

EBR:KBC (8/8/2025, 7:00:00 PM)

99.3

+0.4 (+0.4%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-15 2025-05-15/bmo
Earnings (Next)08-07 2025-08-07
Inst Owners28.61%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap41.46B
Analysts70.91
Price Target93.07 (-6.27%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.17%
Yearly Dividend4.82
Dividend Growth(5Y)6.61%
DP57.59%
Div Incr Years1
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.1%
Min EPS beat(2)5.1%
Max EPS beat(2)9.09%
EPS beat(4)4
Avg EPS beat(4)7.42%
Min EPS beat(4)5.1%
Max EPS beat(4)9.09%
EPS beat(8)7
Avg EPS beat(8)6.37%
EPS beat(12)10
Avg EPS beat(12)10.1%
EPS beat(16)13
Avg EPS beat(16)9.38%
Revenue beat(2)2
Avg Revenue beat(2)1.21%
Min Revenue beat(2)0.8%
Max Revenue beat(2)1.63%
Revenue beat(4)3
Avg Revenue beat(4)0.44%
Min Revenue beat(4)-1.1%
Max Revenue beat(4)1.63%
Revenue beat(8)4
Avg Revenue beat(8)0.27%
Revenue beat(12)8
Avg Revenue beat(12)12.96%
Revenue beat(16)12
Avg Revenue beat(16)20.65%
PT rev (1m)0.07%
PT rev (3m)4.23%
EPS NQ rev (1m)-1.85%
EPS NQ rev (3m)-0.86%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0.07%
Revenue NQ rev (3m)0.85%
Revenue NY rev (1m)0.51%
Revenue NY rev (3m)0.39%
Valuation
Industry RankSector Rank
PE 13.36
Fwd PE 11.35
P/S 3.15
P/FCF N/A
P/OCF N/A
P/B 1.65
P/tB 1.83
EV/EBITDA N/A
EPS(TTM)7.43
EY7.48%
EPS(NY)8.75
Fwd EY8.81%
FCF(TTM)-3.9
FCFYN/A
OCF(TTM)-0.57
OCFYN/A
SpS31.56
BVpS60.33
TBVpS54.31
PEG (NY)N/A
PEG (5Y)1.82
Profitability
Industry RankSector Rank
ROA 0.89%
ROE 13.39%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 25.59%
GM N/A
FCFM N/A
ROA(3y)0.88%
ROA(5y)0.76%
ROE(3y)13.38%
ROE(5y)11.54%
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
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.86%
PM growth 5Y-0.07%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 2.12
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 301.95%
Cap/Sales 10.56%
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-Score4
WACC18.51%
ROIC/WACCN/A
Cap/Depr(3y)227.21%
Cap/Depr(5y)209.55%
Cap/Sales(3y)8.62%
Cap/Sales(5y)8.9%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)4.79%
EPS 3Y10.6%
EPS 5Y7.34%
EPS Q2Q%-45.78%
EPS Next Y-3.74%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
EPS Next 5Y4.92%
Revenue 1Y (TTM)5.37%
Revenue growth 3Y11.18%
Revenue growth 5Y6.55%
Sales Q2Q%5.53%
Revenue Next Year6.56%
Revenue Next 2Y6.71%
Revenue Next 3Y6.41%
Revenue Next 5Y6.66%
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 1Y94.24%
FCF growth 3Y-13.57%
FCF growth 5YN/A
OCF growth 1Y99.13%
OCF growth 3Y-11.16%
OCF growth 5YN/A