ING GROEP NV

ING

ING Groep N.V. provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally. The company operates through five segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking. It accepts current and savings accounts; and time deposits.

About the company

Country: NetherlandsPrice: $33.22Market Cap: $94.2B

Investment snapshot

25%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

8 / 4

NEUTRAL / FAIL

Median fair value

$35.72

+7.5% vs price

Models with upside

4 / 16

Positive margin of safety

Strongest signal

7 of 8 pass — Neff objects

Key risk

8 of 10 flag ING's cash flow — Lynch, Piotroski, Dreman +5 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	BUY	NEUTRAL	NEUTRAL	BUY	NEUTRAL	PASS	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL	PASS	NEUTRAL	FAIL
Score
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Intrinsic Value (annual)				N/A		N/A				N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	+17.2%	+39.6%	+59.3%	N/A	-6.0%	N/A	-10.6%	+26.3%	-24.9%	N/A	-82.2%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-26 Score computed: 2026-11-14

Where It Passes

Growth88% pass✓ 11✗ 1▾
7 of 8 pass — Neff objects
EPS Growth (3-yr avg, 10-yr window)52.3%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.29
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR35.6%
✓Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction$1.39 (2015) -> $3.27 (2025)
✓DremanPositive over recent years
EPS CAGR8.9% CAGR over 10 years
✓Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth9.4%
✓Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR35.6% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 100.0% -> 100.0%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR7.3%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR35.6% over 5 years
✗Neff7%-20% annualized
Debt & Leverage75% pass✓ 4✗ 1▾
3 of 4 pass — Schloss objects
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0.02
✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Negative debt-to-equity (higher means less debt)-0.0194; #740/4210 (top 17.6%)
✓AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)

Where It Falls Short

Cash Flow20% pass✓ 2✗ 10▾
8 of 10 flag ING's cash flow — Lynch, Piotroski, Dreman +5 more
Free Cash Flow Proxy$10.1B
✓BuffettPositive and growing
FCF Positive and Growing$-7.9B
✗LynchPositive and growing
Operating Cash Flow$-7.5B
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-0.60%, ROA=0.79%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldP/E=10.2x, FCF Yield=-8.4%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/11 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-8.2%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency5/11 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-7.9B
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-8.39%; #3165/4519 (top 70.0%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation33% pass✓ 11✗ 15▾
8 of 12 flag ING's valuation — Graham, Dreman, Marks +5 more
Price / 3-yr avg EPS15.9x
✗Graham<= 15x
Price-to-Tangible-Book Ratio1.5x
✗Graham<= 1.5x
P/E x P/TBV24.10
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.29
✓Lynch< 1.0 (ideally < 0.5)
Price / EPS10.2x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Price / Tangible Book Value per Share1.5x
✗Dreman< 1.2x✗SchlossP/TBV <= 1.00x (app cutoff)
Valuation ReasonablenessP/E=10.2x, OE Yield=10.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=10.2x, FCF Yield=-8.4%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=10.2x, P/B=1.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-6.0% (IV=$31.33 vs Price=$33.22)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low200% of trailing low ($16.57)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / Book Value per Share1.5x
✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+10.38%; #616/6340 (top 9.7%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.6743; #2285/6449 (top 35.4%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS10.2x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E3.96
✓Neff> 0.7 (Neff's published traditional edge)
Book Value per Share Change+34.5%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3202; #3240/5247 (top 61.7%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-8.39%; #3165/4519 (top 70.0%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+7.37%; #2002/6202 (top 32.3%)
✗OshaughnessyTop 10% of eligible cross-section
Efficiency33% pass✓ 1✗ 2▾
2 of 3 flag ING's efficiency — Akre and Sleep
Revenue / Total Assets Change YoY0.02x -> 0.02x
✓PiotroskiImproved YoY
Reinvestment Rate x ROIC8.2% (RR=53% x ROIC=15.4%)
✗AkreReinvestment Rate * ROIC > 10%
ROE (5-year)2/5 years above 12% (latest 15.4%)
✗SleepROE > 12% in a majority of years
Profitability50% pass✓ 23✗ 12▾
8 of 16 pass — Graham, Buffett, Piotroski +5 more object
Return on Equity15.4%
✓Munger> 15%✗AkreROE > 20% (3-year avg)
Positive EPS (10 years)11/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)52.3%
✓Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)13.2%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)100.0% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$10.1B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.48
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.29
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR35.6%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE15.4%
✓Lynch> 15%
Net Income / Total Assets0.79%
✓PiotroskiROA > 0
ROA Change YoY0.52% -> 0.79% (delta: +0.26%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-0.60%, ROA=0.79%
✗PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue45.9%
✓Dreman>= 8%
Net Income / Shareholders' Equity15.4%
✓Dreman> 12%
Margin of SafetyP/E=10.2x, P/TBV=1.5x
✓PabraiP/TBV < 1.5 or P/E < 15
ROE (high and growing)FY2023: ROE=7.6%; FY2024: ROE=10.1%; FY2025: ROE=15.4%
✗AkreLatest 3 consecutive FYs: ROE > 15% in each
Discount to Intrinsic Value-6.0% (IV=$31.33 vs Price=$33.22)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue100.0%
✓Ackman>= 15%
Net Income / Shareholders Equity15.4%
✓Ackman>= 15%
5-Year EPS CAGR35.6% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend100.0% (2023) -> 100.0% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 100.0% -> 100.0%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
ROE (5-year)2/5 years above 12% (latest 15.4%)
✗SleepROE > 12% in a majority of years
Net income / market capitalization+10.38%; #616/6340 (top 9.7%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+15.39%; #1123/5226 (top 21.5%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0029; #308/5884 (top 5.2%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR35.6% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts50% pass✓ 4✗ 4▾
Split decision: 8 NEUTRAL · 4 FAIL · 2 BUY · 2 PASS
Overall verdict
✗GrahamFAIL (2/7)✗BuffettFAIL (2/6)✓LynchBUY (3/4)•PiotroskiNEUTRAL (F-Score 5)•DremanNEUTRAL (7/9)✓MungerBUY (3/3)•PabraiNEUTRAL (2/3)✓AkrePASS (2/5)✗MarksFAIL (2/4)•AckmanNEUTRAL (6/8)•TempletonNEUTRAL (6/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✓NeffPASS (4/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #101/963 (Top 10.5%))
Valuation models50% pass✓ 4✗ 4▾
Models split on ING at $33.22 — fair values range $18.23–$81.64
Graham fair value$40.11
✓Graham+17.2% margin vs $33.22
Buffett fair value$54.96
✓Buffett+39.6% margin vs $33.22
Lynch fair value$81.64
✓Lynch+59.3% margin vs $33.22
Dreman fair value$31.33
✗Dreman-6.0% margin vs $33.22
Pabrai fair value$30.03
✗Pabrai-10.6% margin vs $33.22
Akre fair value$45.09
✓Akre+26.3% margin vs $33.22
Marks fair value$26.59
✗Marks-24.9% margin vs $33.22
Templeton fair value$18.23
✗Templeton-82.2% margin vs $33.22

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Banking

Size: Large Cap($94.2B)

Revenue: $30.2B+37.5% YoY

Net Income: $9.8B+76.2% YoY

Financial Snapshot

Operating Margin100.0%

Return on Equity15.4%

Debt / Equity0.02

Current Ratio--

EPS (Diluted)$3.27+90.2% 1y

Buybacks (1y)$4.4B

Buybacks (2y)$8.3B

Shares Retired7.8% / 17.0% 2y

Similar Companies

MUFGMITSUBISHI UFJ FINANCIAL GROUP INC

$245.7B

AXPAMERICAN EXPRESS CO

$215.0B

SANBanco Santander, S.A.

$175.9B

ATMPBARCLAYS BANK PLC

$82.1B

Sector-adjusted criteria: Bank

Leverage is a bank’s business model and current accounts don’t exist on its balance sheet, so debt and liquidity tests are omitted and tangible book value and ROE replace their industrial analogs.

Shareholder Return

Fiscal 2025

Retired 7.8% of shares last year, 17.0% over two.

Buybacks: $4.4B
Dividends: $4.6B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

121.3% = 105.9% + 7.5%

FY23

−64.0% = −64.6% + 1.4%

FY24

33.7% = 21.1% + 10.4%

FY25

90.2% = 76.2% + 8.0%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-02-26	FY 2024 Sources 20-F · 2025-03-06	FY 2023 Sources 20-F · 2024-03-08	FY 2022 Sources 20-F · 2023-03-10	FY 2021 Sources 20-F · 2022-03-11
Market Cap	$94.2Bcurrent	$52.2Best.	$42.0Best.	$42.8Best.	$41.7Best.
Revenue	$30.2B↑37%	$21.9B↑9%	$20.1B↓38%	$32.4B↑53%	$21.2B
Operating Income	$30.2B↑37%	$21.9B↑9%	$20.1B↓38%	$32.4B↑53%	$21.2B
Net Income	$9.8B↑76%	$5.6B↑21%	$4.6B↓65%	$12.9B↑106%	$6.3B
EPS (Diluted)	$3.27↑90%	$1.72↑34%	$1.28↓64%	$3.57↑121%	$1.61
Gross Margin	—	—	—	—	—
Operating Margin	100.0%	100.0%	100.0%	100.0%	100.0%
ROE	15.4%↑52%	10.1%↑34%	7.6%↓65%	21.5%↑88%	11.4%
Total Debt	$1.2B↑6%	$1.2B↓10%	$1.3B↑3%	$1.3B↓3%	$1.3B
Shareholders' Equity	$63.5B↑16%	$54.8B↓9%	$60.5B	$60.2B↑10%	$54.9B
Current Ratio	—	—	—	—	—
Debt / Equity	0.02↓8%	0.02	0.02↑2%	0.02↓11%	0.02
Operating Cash Flow	-$7.5B↑68%	-$23.5B↓87%	-$12.6B↓6%	-$11.8B↑25%	-$15.8B
Free Cash Flow	-$7.9B↑67%	-$23.8B↓86%	-$12.8B↓6%	-$12.1B↑24%	-$16.0B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Banking

ING vs Peers — Financial Grading

Revenue$30.2BMedian

Net Income$9.8BMedian

ROE15.4%Top 25%

D/E0.02Median

Op. Margin100.0%Top 25%

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
MITSUBISHI UFJ FINANCIAL GROUP INCMUFG	$245.7B	$21.83	$74.2B	$10.8B	8.8%	1.12	19.9%	—	2/7	1/6	1/4	F-Score 5	3/9
AMERICAN EXPRESS COAXP	$215.0B	$320.60	$41.3B	$10.8B	32.4%	1.68	—	—	2/7	3/6	3/4	F-Score 4	3/9
Banco Santander, S.A.SAN	$175.9B	$12.21	—	$16.6B	12.5%	0.02	—	—	2/7	1/6	2/4	F-Score 4	5/9
BARCLAYS BANK PLCATMP	$82.1B	$35.04	$13.1B	$6.3B	7.5%	0.01	—	—	2/7	1/6	0/4	F-Score 7	4/9
BARCLAYS PLCBCS	$76.0B	$22.87	$15.0B	$9.7B	9.2%	0.02	—	—	1/7	0/6	0/4	F-Score 7	2/9
FIRST CITIZENS BANCSHARES INC /DE/FCNCA	$25.7B	$2324.25	$9.5B	$2.2B	9.9%	1.62	—	—	5/7	3/6	1/4	F-Score 5	2/9
KEYCORP /NEW/KEY	$22.7B	$21.46	$7.5B	$1.8B	9.0%	0.49	—	—	2/7	1/6	1/4	F-Score 6	4/9
WEBSTER FINANCIAL CORPWBS	$12.6B	$77.57	$2.9B	$1.0B	10.6%	0.08	50.7%	—	2/7	1/6	1/4	F-Score 7	2/9