Nationwide Building Society (GB:NBS)
LSE:NBS
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Nationwide Building Society
(LSE:NBS)
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Rating:57Neutral
Price Target:
13,352.00 p
▲(2.31% Upside)
Action:Reiterated
Date:06/13/26
The score is held back primarily by weakening 2026 financial performance (margin compression, lower ROE, and higher leverage) and bearish technicals (negative MACD, very low RSI, and price below key moving averages). These risks are partially offset by a very low P/E valuation and improved 2026 cash flow versus 2025.
Positive Factors
Mutual, member-owned funding model
As a mutual, Nationwide relies on member deposits and focuses on long-term member value rather than external shareholder payouts. This aligns incentives toward stable deposit gathering, lower payout pressure, and conservative capital retention—supporting funding stability and durable retail franchise strength.
Negative Factors
Margin compression and earnings downshift
A meaningful recent drop in margins and profits signals reduced core spread earnings and weaker profitability. If sustained, compressed net interest margin and lower earnings will erode the society's ability to build capital, invest in digital/branches, or absorb future credit shocks over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Mutual, member-owned funding model
As a mutual, Nationwide relies on member deposits and focuses on long-term member value rather than external shareholder payouts. This aligns incentives toward stable deposit gathering, lower payout pressure, and conservative capital retention—supporting funding stability and durable retail franchise strength.
Read all positive factors
Nationwide Building Society (NBS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.36B
Dividend YieldN/A
Average Volume (3M)560.00
Price to Earnings (P/E)1.1
Beta (1Y)0.07
Revenue Growth7.19%
EPS Growth-54.08%
CountryUK
Employees18,310
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)115.98
Shares Outstanding10,555,500
10 Day Avg. Volume330
30 Day Avg. Volume560
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.06
Price to Sales (P/S)0.07
P/FCF Ratio0.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nationwide Building Society Business Overview & Revenue Model
Company Description
Nationwide Building Society, along with its various subsidiaries, delivers a wide range of retail financial services across the United Kingdom. For individual customers, these offerings include various current, savings, and individual savings acco...
How the Company Makes Money
Nationwide makes money primarily through net interest income: it takes deposits from members (savings and current accounts) and uses those funds—along with wholesale funding where applicable—to originate and hold interest-earning assets, chiefly r...
Nationwide Building Society Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
55
Neutral
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.39B | 16.27B | 4.67B | 9.21B | 4.87B |
| Gross Profit | 6.04B | 5.18B | 4.67B | 4.76B | 3.95B |
| EBITDA | 2.18B | 2.89B | 2.23B | -57.00M | 1.76B |
| Net Income | 1.06B | 2.30B | 1.30B | 1.66B | 1.25B |
Balance Sheet | |||||
| Total Assets | 382.33B | 367.88B | 271.92B | 271.89B | 272.35B |
| Cash, Cash Equivalents and Short-Term Investments | 38.41B | 29.48B | 25.16B | 25.64B | 30.22B |
| Total Debt | 65.43B | 54.24B | 54.89B | 61.17B | 72.07B |
| Total Liabilities | 363.22B | 347.39B | 254.23B | 256.32B | 257.99B |
| Stockholders Equity | 18.91B | 19.72B | 17.69B | 16.91B | 15.70B |
Cash Flow | |||||
| Free Cash Flow | 3.48B | -8.31B | 7.08B | 1.80B | 1.07B |
| Operating Cash Flow | 3.90B | -7.91B | 7.17B | 2.14B | 1.35B |
| Investing Cash Flow | 2.33B | 10.77B | 792.00M | -4.21B | -4.96B |
| Financing Cash Flow | 2.12B | 1.44B | -9.31B | -2.79B | 16.72B |
Nationwide Building Society Technical Analysis
Negative
13050.00
Price Trends
12931.00
Negative
13048.50
Negative
13039.00
Negative
Market Momentum
-13.70
Positive
14.94
Positive
72.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NBS, the sentiment is Negative. The current price of 13050 is above the 20-day moving average (MA) of 12922.50, above the 50-day MA of 12931.00, and above the 200-day MA of 13039.00, indicating a bearish trend. The MACD of -13.70 indicates Positive momentum. The RSI at 14.94 is Positive, neither overbought nor oversold. The STOCH value of 72.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:NBS.
Nationwide Building Society Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £1.55B | 12.29 | 11.24% | 11.03% | 2.58% | -12.71% | |
70 Outperform | £135.16M | 7.65 | 6.53% | 5.68% | -4.79% | -28.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £61.73B | 12.33 | 10.75% | 3.41% | -18.98% | 23.57% | |
65 Neutral | £1.45B | 8.21 | 12.75% | 4.74% | -6.82% | -7.03% | |
58 Neutral | £1.14B | 16.31 | 5.16% | ― | -10.71% | 23.10% | |
57 Neutral | £1.36B | 1.11 | 11.68% | ― | 7.19% | -54.08% |
* Financial Sector Average
GB:NBS
Nationwide Building Society
12,900.00
-250.00
-1.90%
GB:ARBB
Arbuthnot Banking
835.00
-67.84
-7.51%
GB:LRE
Lancashire Holdings
635.50
161.31
34.02%
GB:LLOY
Lloyds Banking
106.05
33.43
46.04%
GB:MTRO
Metro Bank
169.00
38.20
29.20%
GB:PAG
Paragon Banking Group PLC
773.00
-97.73
-11.22%
Nationwide Building Society Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Updates Prospectus for €45bn Global Covered Bond Programme
Positive
Jun 12, 2026
Nationwide Building Society has published a new prospectus for its €45 billion Global Covered Bond Programme, updating documentation that governs the issuance of covered bonds under this large-scale funding platform. The prospectus has been ...
Business Operations and StrategyRegulatory Filings and Compliance
Nationwide Publishes FCA-Approved Registration Document
Positive
Jun 12, 2026
Nationwide Building Society has published a new Registration Document dated 12 June 2026, which has been approved by the Financial Conduct Authority and made available to investors via the London Stock Exchange’s document portal and the FCA&...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Secures FCA Approval for $30bn Medium-Term Note Programme
Positive
Jun 12, 2026
Nationwide Building Society has published a base prospectus for its U.S.$30 billion Global Medium Term Note Programme, which has been approved by the UK Financial Conduct Authority, marking a significant funding framework for the mutual lender. Th...
Delistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists €500m Tier 2 Subordinated Notes on London Stock Exchange
Positive
Jun 9, 2026
Nationwide Building Society has had €500 million of Fixed Rate Reset Tier 2 subordinated notes, maturing in June 2037, admitted to trading on the main market of the London Stock Exchange. The issue forms part of its U.S.$35 billion European ...
Business Operations and StrategyDelistings and Listing Changes
Nationwide Redeems £700m Covered Bonds and Plans Delisting
Neutral
Jun 8, 2026
Nationwide Building Society has fully redeemed its £700 million Series 2012-2 4.625% regulated covered bonds, which were issued under its €15 billion Global Covered Bond Programme and were due in 2026. The repayment marks the conclusion...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Issues €500m Tier 2 Notes Under European Programme
Positive
Jun 5, 2026
Nationwide Building Society has published the final terms for a €500 million Fixed Rate Reset Tier 2 subordinated bond maturing in June 2037, issued under its U.S.$35 billion European Note Programme. The move underscores Nationwide’s o...
Business Operations and StrategyRegulatory Filings and Compliance
Nationwide Updates Key Funding Documents for Note and Covered Bond Programmes
Neutral
May 21, 2026
Nationwide Building Society has published a new supplement to its existing base prospectuses for its U.S.$35 billion European Note Programme and €45 billion Global Covered Bond Programme, both major funding platforms in international debt ma...
Financial DisclosuresRegulatory Filings and Compliance
Nationwide Publishes Preliminary Results for Year Ended 31 March 2026
Neutral
May 21, 2026
Nationwide Building Society has published its preliminary results for the financial year ended 31 March 2026, providing an early view of its annual performance to investors and members. The results document, now available online and filed with the...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Issues €110m Fixed-Rate Covered Bond Under €45bn Programme
Positive
May 6, 2026
Nationwide Building Society has issued a new series of regulated covered bonds under its €45 billion Global Covered Bond Programme, launching a €110 million fixed-rate bond paying 3.735% and maturing in May 2041, backed by an irrevocab...
Private Placements and FinancingRegulatory Filings and Compliance
Nationwide launches USD 1.5bn covered bond under €45bn programme
Positive
Apr 21, 2026
Nationwide Building Society has published the final terms for a new USD 1.5 billion fixed-rate regulated covered bond issue, carrying a 3.996% coupon and maturing in April 2029 under its €45 billion Global Covered Bond Programme. The bonds a...
Business Operations and StrategyDelistings and Listing Changes
Nationwide to Redeem and Delist £300m Tier 2 Notes in May 2026
Neutral
Apr 21, 2026
Nationwide Building Society has notified holders of the £300 million 2.625% Fixed Rate Reset Callable Subordinated Tier 2 Capital Notes due 2031, originally issued by Virgin Money UK, that it will exercise its option to redeem the notes in fu...
Business Operations and StrategyDelistings and Listing Changes
Nationwide Fully Redeems £1.5bn 2022-04 Covered Bonds and Moves to Delist Issue
Neutral
Apr 20, 2026
Nationwide Building Society has fully redeemed its GBP 1.5 billion Series 2022-04 floating rate regulated covered bonds, which were issued under its €45 billion covered bond programme and were due to mature on 20 April 2026. The bonds have n...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Updates Base Prospectuses for Major Debt Issuance Programmes
Positive
Apr 9, 2026
Nationwide Building Society has published an FCA-approved supplement to three of its existing base prospectuses, covering its US$35bn European Note Programme, €45bn Global Covered Bond Programme and US$25bn Senior Preferred, Senior Non-Prefe...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Nationwide Completes Clydesdale Bank Transfer and Sets Board Succession Plan
Positive
Apr 7, 2026
Nationwide Building Society has completed the legal transfer of Clydesdale Bank’s banking business under a Part VII scheme, bringing almost all of Clydesdale’s operations into Nationwide and consolidating its expanded position followin...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Issues €750m Regulated Covered Bond Under €45bn Programme
Positive
Mar 24, 2026
Nationwide Building Society has published the final terms for a new €750 million fixed-rate regulated covered bond, issued under its €45 billion Global Covered Bond Programme and maturing in March 2036, with payments of principal and i...
Business Operations and StrategyDelistings and Listing Changes
Nationwide to Redeem £300m Subordinated Tier 2 Notes in May 2026
Neutral
Mar 20, 2026
Nationwide Building Society has notified holders of the £300 million 2.625% Fixed Rate Reset Callable Subordinated Tier 2 Capital Notes due 2031, originally issued by Virgin Money UK PLC, that it will exercise its option to redeem the securit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.