ING GROEP (INGA) AI Stock Analysis

• Market Cap: €62.62B
• Dividend Yield: 5.1%
• Average Volume (3M): 7.88M
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.94
• Revenue Growth: 0.12%
• EPS Growth: -2.71%
• Country: NL
• Employees: 60,000
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Diversified
• EPS (TTM): 0.48
• Shares Outstanding: 2,920,349,400
• 10 Day Avg. Volume: 7,561,458
• 30 Day Avg. Volume: 7,883,815
• PEG Ratio: 1.72
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 3.11
• P/FCF Ratio: -375.16
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €28.37
• Price Target Upside: 29.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 2.32
• Revenue Forecast (FY): €24.01B

• Rating: 60 Neutral
• Price Target: €23.00 ▲(4.88% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is primarily driven by financial performance: strong profitability is offset by high leverage and highly volatile cash flow and revenue. Valuation is supportive with a low P/E and high dividend yield, while technical indicators are largely neutral and do not meaningfully add momentum support.

Positive Factors

Strong profitability and ROE

Consistently strong net margins and healthy returns on equity indicate durable earnings power and effective cost/revenue management. This profitability supports internal capital generation for lending and investment, helping sustain dividends and regulatory capital buffers over the medium term.

Diversified retail and wholesale franchise

A broad retail and wholesale footprint with both digital and branch channels spreads revenue sources across segments and geographies. That diversification reduces dependency on any single product or market, improving resilience to localized shocks and structural shifts in customer behavior over time.

Core NII and fee income drivers

A business model centered on net interest income supplemented by recurring fees produces a stable, structural revenue base. Scale in deposits and payments capabilities supports NII and fee growth, enabling steadier cash generation and margin support across economic cycles.

Negative Factors

Elevated leverage profile

Sustained high leverage amplifies sensitivity to funding costs and credit-cycle stress, constraining balance-sheet flexibility. Higher debt-to-equity raises regulatory and refinancing risks and can force more conservative lending or capital actions during adverse macro conditions, limiting strategic optionality.

Highly volatile cash flow generation

Large year-to-year swings in operating and free cash flow undermine predictability of internally funded dividends, buybacks, or investments. Persistent volatility increases reliance on market funding and makes capital planning harder, elevating execution risk for strategic initiatives over the medium term.

Revenue instability and recent decline

Material top-line swings reduce visibility into future earnings and may reflect sensitivity to rate, loan volumes, or one-off items. A sharp revenue drop erodes operating leverage, pressures margins and loan-loss provisioning assumptions, and complicates medium-term planning for growth and cost allocation.

ING GROEP Business Overview & Revenue Model

Company Description

ING Groep N.V., a financial institution, provides various banking products and services in the Netherlands, Belgium, Germany, Poland, Rest of Europe, North America, Latin America, Asia, and Australia. It operates in six segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, Wholesale Banking, and Corporate Line Banking. The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans. It also provides debt capital market, working capital, export finance, daily banking, treasury and risk, and corporate finance solutions; and specialized lending, equity market, finance, payments and cash management, and trade services and solutions, as well as savings, investment, insurance, mortgage, and digital banking services. The company serves customers, corporate clients, and financial institutions, including small and medium-sized, and mid-corporates. ING Groep N.V. was founded in 1762 and is headquartered in Amsterdam, the Netherlands.

How the Company Makes Money

ING primarily makes money through its banking activities by earning (1) net interest income and (2) fee and commission income, supplemented by other income sources typical for a universal bank. 1) Net interest income (core driver): ING takes deposits (e.g., current and savings accounts) and uses those funds—along with wholesale funding—to extend loans such as residential mortgages, consumer credit, and lending to small businesses and large corporate/wholesale clients. The company earns interest on these interest-earning assets and pays interest on deposits and other funding. The spread between interest income and interest expense (adjusted for hedging and funding costs) forms net interest income. 2) Fee and commission income: ING earns fees from providing payment and transaction services (e.g., card payments, account-related services, and cash management), as well as fees associated with lending origination, advisory, and other banking services provided to retail and wholesale clients. It may also generate commissions from distributing or arranging certain financial products and services, where applicable. 3) Other banking income: ING can generate additional revenue from activities such as results from financial instruments (which may include trading-related income and valuation impacts, depending on the period) and other income items associated with its banking operations. Key factors affecting earnings: Profitability depends on loan and deposit volumes, interest-rate conditions (which influence spreads and reinvestment yields), credit performance (loan losses/impairments), operating efficiency, regulatory capital and liquidity requirements, and customer activity levels in payments and corporate banking services. Specific partnership-driven revenue details are not available (null).

ING GROEP Financial Statement Overview

Summary

Strong profitability and healthy returns on equity support the score, but it is weighed down by a sharp revenue decline in 2025, consistently high leverage typical of banks, and highly volatile operating/free cash flow with multiple deeply negative years.

Income Statement

Profitability is a clear strength, with consistently strong earnings power: net profit margins remained solid in 2024–2025 (about the high‑20% range) and were exceptionally high in 2023. However, results are not very stable: revenue swung sharply, including a very large decline in 2025, following a much stronger 2022 and a flatter 2023–2024. Overall, the company shows strong profit generation, but with meaningful volatility in the top line.

Balance Sheet

The balance sheet reflects typical bank leverage, but it is still elevated: debt relative to equity is high across the period and rose notably in 2024 before improving in 2025. Returns on shareholders’ equity are healthy (roughly low‑to‑mid teens in recent years), supporting the quality of earnings. The main weakness is the consistently high leverage profile, which can amplify sensitivity to funding costs and credit cycles.

Cash Flow

Cash flow quality is the weakest area due to large year-to-year swings. Operating cash flow and free cash flow were deeply negative in several years (2021, 2022, and especially 2024), improved to positive in 2023, and then weakened again in 2025 with slightly negative free cash flow. This volatility reduces confidence in cash conversion and creates uncertainty around internally funded dividends, buybacks, or balance-sheet flexibility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	41.21B	23.04B	22.62B	17.63B	33.61B	25.78B
Gross Profit	39.96B	21.73B	20.05B	17.63B	17.06B	19.51B
EBITDA	8.93B	9.15B	9.97B	11.17B	6.21B	7.84B
Net Income	6.17B	6.33B	6.39B	7.29B	3.67B	4.78B
Balance Sheet
Total Assets	1.09T	1.05T	1.02T	975.58B	967.82B	951.29B
Cash, Cash Equivalents and Short-Term Investments	123.94B	106.31B	115.13B	130.06B	118.60B	137.80B
Total Debt	167.58B	244.67B	227.63B	173.26B	119.50B	116.01B
Total Liabilities	1.04T	1.00T	969.24B	923.40B	917.41B	896.63B
Stockholders Equity	52.29B	49.70B	50.31B	51.24B	49.91B	53.92B
Cash Flow
Free Cash Flow	0.00	-191.00M	-56.15B	4.83B	-11.34B	-15.13B
Operating Cash Flow	0.00	160.00M	-55.82B	5.07B	-11.11B	-14.94B
Investing Cash Flow	0.00	-69.58B	-6.03B	-1.67B	-5.31B	6.22B
Financing Cash Flow	0.00	55.59B	38.65B	-4.89B	4.65B	5.39B

ING GROEP Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 21.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:INGA, the sentiment is Negative. The current price of 21.93 is below the 20-day moving average (MA) of 23.35, below the 50-day MA of 24.27, and above the 200-day MA of 21.78, indicating a neutral trend. The MACD of -0.60 indicates Positive momentum. The RSI at 33.84 is Neutral, neither overbought nor oversold. The STOCH value of 29.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:INGA.

ING GROEP Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAL	81 Outperform	€15.23B	2.67	11.85%	2.07%	2.01%	79.48%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ASRNL	66 Neutral	€12.01B	6.94	6.31%	5.32%	16.35%	67.44%
AGN	61 Neutral	€8.99B	4.30	14.36%	5.79%	-6.64%	―
INGA	60 Neutral	€62.62B	12.40	12.05%	5.10%	0.12%	-2.71%
ABN	57 Neutral	€22.12B	14.95	9.85%	4.36%	-12.70%	-12.34%
NN	53 Neutral	€16.59B	―	6.47%	5.40%	-15.54%	10.53%