What are the investment strengths of ING Groep NV (ING)?

Capital return machine: 1.05 DPS TTM on 2.09 EPS = 50% payout ratio with P/E of 13.9x offering 7.2% earnings yield Tangible equity of 48B supports 1.1T asset base at 22x leverage - well-capitalized for European bank standards

What are the investment risks for ING Groep NV (ING)?

Revenue declined 0.9% YoY with flat 2% EPS growth TTM - growth engine stalling after rate tailwind fades ROIC of 2.8% TTM on 220B invested capital barely exceeds risk-free rates - limited value creation

ING Groep NV

ING

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ING Groep NV AI Insights

Informational only. Not investment advice.

As of 2026-01-15

Snapshot

EPS 3Y CAGR of 32% vs revenue 3Y CAGR of 10% - operating leverage driving 3x earnings growth relative to top line[EPS Growth 3Y]
Net margin TTM 26.9% on 22.6B revenue with minimal goodwill (1.5B, 3% of equity) - clean balance sheet earnings[Net Margin TTM]
Trading at 1.07x tangible book (48B TBV) with 12% ROE TTM - modest premium for above-cost-of-capital returns[Tangible Book Value]

Watch Triggers

Net Margin TTM: Falls below 22% — Would signal rate benefit reversing faster than cost cuts can offset
Total Revenue 1Y Growth: Turns positive >3% — Would confirm operating leverage thesis and support multiple expansion
ROE TTM: Drops below 10% — Below cost of equity would justify discount to book value

Bull Case

Capital return machine: 1.05 DPS TTM on 2.09 EPS = 50% payout ratio with P/E of 13.9x offering 7.2% earnings yield

Dividends Paid Per Share TTMPE RatioEPS TTM

Tangible equity of 48B supports 1.1T asset base at 22x leverage - well-capitalized for European bank standards

Tangible Book ValueTotal AssetsDebt to Equity

Bear Case

Revenue declined 0.9% YoY with flat 2% EPS growth TTM - growth engine stalling after rate tailwind fades

Total Revenue 1Y GrowthEPS Growth 1Y

ROIC of 2.8% TTM on 220B invested capital barely exceeds risk-free rates - limited value creation

ROIC TTMInvested Capital

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Margin expansion likely to continue as rate environment normalizes and cost discipline holds

1-3ymed

Interest income 3.7B provides rate-sensitive upside
Net margin expanded to 27% from lower base
Minimal restructuring costs (73M) signals stable ops

EPS 3Y CAGR 32% vs revenue 3Y CAGR 10%Net margin TTM 26.9%ROE TTM 12% on 49B equity

Valuation Context

Caveats

Public Strategies Rankings

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ING Fundamentals

Unknown Industry

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$85.97B		—
Enterprise Value	$173.57B		—
P/E Ratio	14		—
Total Revenue - TTM	$22.55B	+0.5%	—
Earnings Per Share (diluted) - TTM	$2.09	-1.2%	—
Operating Margin - TTM	0%		—
Net Margin - TTM	26.9%	-3.4%	—
Free Cash Flow - TTM	$0		—
Return on Common Equity - TTM	0.12	-1.1%	—
Beta 5Y (Monthly)	unknown		—

ING Dividend History

42 dividends

2026

$0.1996

01/08/26$0.1996

2025

$1.3721

08/11/25$0.4050

04/25/25$0.8019

01/13/25$0.1651

2024

$1.1960

08/08/24$0.3817

04/24/24$0.8143

2023

$0.8948

08/11/23$0.3809

04/26/23$0.4267

01/13/23$0.0873

2022

$0.8479

08/12/22$0.1730

05/13/22$0.2436

04/27/22$0.4314

2021

$0.6985

10/04/21$0.5532

02/23/21$0.1453

2019

$0.6715

08/09/19$0.2687

04/25/19$0.4028

2018

$0.7862

08/10/18$0.2724

04/25/18$0.5138

2017

$0.7477

08/10/17$0.2825

05/09/17$0.4652

2016

$0.7384

08/11/16$0.2682

04/26/16$0.4702

2015

$0.3974

08/13/15$0.2654

05/12/15$0.1320

2008

$2.3611

08/14/08$1.0938

04/21/08$1.2672

2007

$1.8999

08/09/07$0.9107

04/26/07$0.9892

2006

$1.5104

08/11/06$0.7552

04/24/06$0.7552

2005

$1.4352

08/16/05$0.6696

04/25/05$0.7656

2004

$1.2152

08/10/04$0.5978

04/26/04$0.6174

2003

$1.0619

08/21/03$0.5376

04/14/03$0.5243

2002

$0.8956

08/27/02$0.4656

04/16/02$0.4300

2001

$1.6331

08/28/01$0.3603

04/16/01$1.2728

2000

$1.6980

08/31/00$0.7380

05/01/00$0.9600

ING Stock Splits

No stock splits

ING SEC Filings

Filing Date	Report Date	Report Type	Filing Link
10/30/25	09/30/25	6-K	0001171843-25-006161
07/30/25	06/30/25	6-K	0001628280-25-036812
05/02/25	03/31/25	Quarterly	--
02/05/25	12/31/24	6-K	0001171843-24-007111
10/31/24	09/30/24	13F-HR	0001140361-24-045362
07/31/24	06/30/24	6-K	0001628280-24-033900
05/01/24	03/31/24	13F-HR	0001140361-24-025354
02/01/24	12/31/23	13F-HR	0001140361-24-006313
11/01/23	09/30/23	13F-HR	0001140361-23-049871
08/02/23	06/30/23	6-K	0001628280-23-027033
05/10/23	03/31/23	13F-HR	0001140361-23-023612
02/01/23	12/31/22	13F-HR	0001140361-23-006072
11/02/22	09/30/22	13F-HR	0001567619-22-019649
08/03/22	06/30/22	6-K	0001562762-22-000329
05/06/22	03/31/22	13F-HR	0001567619-22-010567
02/02/22	12/31/21	13F-HR	0001567619-22-003306
11/04/21	09/30/21	6-K	0001171843-21-007505
08/06/21	06/30/21	6-K	0001562762-21-000321
05/06/21	03/31/21	13F-HR	0001567619-21-009617
02/02/22	12/31/20	13F-HR	0001567619-21-002926
11/06/20	09/30/20	6-K	0001171843-20-007714
08/15/20	06/30/20	6-K	0001562762-20-000282
05/08/20	03/31/20	6-K	0001171843-20-003542
03/05/20	12/31/19	13F-HR	0001567619-20-002495
10/31/19	09/30/19	6-K	0001171843-19-007013
08/15/19	06/30/19	6-K	0001562762-19-000161
05/02/19	03/31/19	6-K	0001171843-19-002835
03/04/19	12/31/18	13F-HR	0001567619-19-003450
10/31/19	09/30/18	6-K	0001171843-19-007013
08/15/18	06/30/18	6-K	0001193125-18-235623
05/02/19	03/31/18	6-K	0001171843-19-002835
03/05/18	12/31/17	13F-HR	0001140361-18-005353
06/30/17	06/30/17	6-K	0001193125-17-245142
03/13/17	12/31/16	13F-HR	0001140361-17-004447
06/30/16	06/30/16	6-K	0001193125-16-670968
02/29/16	12/31/15	13F-HR	0001567619-16-001815
11/03/15	09/30/15	6-K	0001171843-15-005348
08/04/15	06/30/15	13F-HR	0001567619-15-001069
05/06/15	03/31/15	13F-HR	0001567619-15-000711
03/19/15	12/31/14	20-F	0001193125-15-097885
11/13/14	09/30/14	6-K	0001193125-14-410738
08/04/15	06/30/14	13F-HR	0001567619-14-000399
05/06/15	03/31/14	6-K	0001193125-14-122569
03/22/13	12/31/12	20-F	0001193125-13-120728
11/07/12	09/30/12	6-K	0001193125-12-456149
08/09/12	06/30/12	6-K	0001193125-12-345364
05/09/12	03/31/12	6-K	0001193125-12-220660
03/21/12	12/31/11	20-F	0001193125-12-124495
11/07/12	09/30/11	6-K	0001193125-12-456149
08/09/12	06/30/11	6-K	0001193125-12-345349
05/09/11	03/31/11	6-K	0000950123-11-046904
03/17/11	12/31/10	20-F	0000950123-11-026197
11/12/10	09/30/10	6-K	0000950123-10-104121
08/11/10	06/30/10	6-K	0000950123-10-075913
05/14/10	03/31/10	6-K	0000950123-10-049283
03/18/10	12/31/09	20-F	0000950123-10-025783
11/13/09	09/30/09	6-K	0000950123-09-062246
09/10/09	06/30/09	6-K	0000950123-09-042224
05/18/09	03/31/09	6-K	0000950123-09-009000
03/19/09	12/31/08	20-F	0001156973-09-000166
09/30/08	09/30/08	13F-HR	0000891836-08-000248
06/30/08	06/30/08	Quarterly	--
03/31/08	03/30/08	Unknown	--
03/19/08	12/31/07	20-F	0001156973-08-000328
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
03/31/07	03/30/07	Unknown	--
04/20/07	12/31/06	20-F	0001156973-07-000655
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	Unknown	--
03/31/06	03/30/06	Unknown	--
03/28/06	12/31/05	20-F	0001156973-06-000349
09/30/05	09/30/05	6-K	0000891836-05-000392
06/30/05	06/30/05	6-K	0001156973-05-001418
03/31/05	03/30/05	Unknown	--
04/18/05	12/31/04	20-F	0001156973-05-000480
09/30/04	09/30/04	6-K	0000891836-04-000348
06/30/04	06/30/04	Unknown	--
03/31/04	03/30/04	Unknown	--
03/30/04	12/31/03	20-F	0001156973-04-000367
09/30/03	09/30/03	Unknown	--
06/30/03	06/30/03	Unknown	--
03/31/03	03/30/03	Unknown	--
03/27/03	12/31/02	20-F	0001156973-03-000435
09/30/02	09/30/02	6-K	0000891836-02-000568
06/30/02	06/30/02	6-K	0001156973-02-000611
03/31/02	03/30/02	Unknown	--
07/01/02	12/31/01	20-F	9999999997-02-037781
09/30/01	09/30/01	Unknown	--
06/30/01	06/30/01	Unknown	--
03/31/01	03/30/01	Unknown	--
12/31/00	12/31/00	Unknown	--
09/30/00	09/30/00	Unknown	--
06/30/00	06/30/00	Unknown	--
03/31/00	03/30/00	Unknown	--