ING Groep NV (INGA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of ING Groep NV stock €19.57, price €28.72, that is 31.9% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €5.97 – €32.31 · fair‑value band €16.70 – €25.03 · the €28.72 price screens above the €19.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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It accepts current and savings accounts; and time deposits. The company also offers business lending products; SME loans; consumer lending products, such as residential mortgage loans and other consumer lending loans; and mortgages.
In addition, it provides working capital solutions; debt and equity market solutions; various loans; payments; and cash management, trade and corporate finance, and treasury services, as well as savings, investment, insurance, and digital banking services.
The company serves individual customers, corporate clients, and financial institutions. ING Groep N.V. was founded in 1762 and is headquartered in Amsterdam, the Netherlands.
Stock analysis
ING Groep NV (INGA) currently trades at €28.72, while our model-based Fair Value estimate is €19.57, 32% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €22.46 per share, and 1 of the 6 models we run sit above the €28.72 price.
Bear case: the Asset-Based group reads lowest at €11.36, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €16.70 (bear) to €25.03 (bull), the price of €28.72 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.
ING Groep NV reported revenue of €23.0B in FY2025 versus €25.8B in FY2021, a compound −2.8%/yr. Reported net income was €6.3B in FY2025, compounding +7.3%/yr from FY2021.
Key figures
Market cap €82.4B Large · P/E ratio 12.3 · P/S ratio 3.24 · EPS (TTM) €2.34 · Dividend yield 4.6% · Net margin 34.4% · Return on equity 17.8% · Return on assets (EBIT) 0.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −32%, INGA screens richer than that median.
Fair Value models
Bear€16.70Fair Value €19.57Bull€25.03
Price €28.72 · Downside -31.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.8821 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.
Revenue growth 1 year
+1.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.6%
Dividend (yield on the price)4.6%
Per share before 2009divided by the spin-off factor 1.3023
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.6% vs 7.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 40%
AI conclusion: Bank scale supplies moderate organizational capital as the chief strength, while thin evidence of a durable moat plus low innovation signals and negative free cash flow form the main weakness.
Main risk: Digital-only banks such as Revolut and N26 could draw away retail customers with superior apps and lower fees, pressuring ING's deposit and fee margins in key markets like the Netherlands and Germany.
Bull case: By rolling out competitive subscription bundles and scaling its own AI-driven digital services, ING could retain and grow its customer base while shifting more revenue to stable fees.
Bear case: If neobanks capture significant market share and compliance issues trigger repeated penalties, ING might face sustained pressure on margins and higher costs that limit investment in growth areas.
ING added hundreds of thousands of mobile primary customers and grew fee income strongly in the third quarter, yet profit missed estimates amid higher provisions and costs. The bank is now cutting 400 jobs to simplify wholesale banking while returning nearly two billion euros to shareholders from a solid capital position. Our models see the shares as overvalued. Will the restructuring lift efficiency enough to support the commercial momentum, or will risk costs and slower lending keep weighing on results?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Diversified · 46 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−31.9% · Below median
Profitability
Return on equity (12 months)17.8% · Top 25%
Return on assets0.6% · Below median
Net margin (12 months)34.4% · Above median
Operating margin (12 months)46.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)4.5% · Below median
Dividend yield (12 months)4.6% · Top 25%
Balance sheet
Debt / equity3.41× · Highest 25%
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
P/E (12 months)12.3× · Pricier than median
P/B1.66× · Pricier than median
P/S (12 months)3.24× · Cheaper than median
EV/EBITDA21.7× · Priciest 25%
PEG1.12× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)23· sector 34
PAST (return on equity)71· sector 47
HEALTH (low debt)–
DIVIDEND (yield)91· sector 68
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ING Groep NV Fair Value". https://www.fairvalue-calculator.com/stock/INGA
Frequently asked questions
Is ING Groep NV (INGA) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €19.57 versus a price of €28.72, about 32% lower (overvalued).
What is the fair value of INGA?
Our model-based fair value for ING Groep NV is €19.57 (as of Nov 6, 2026), built from audited fundamentals. The current price: €28.72.
What is the quality score of INGA?
ING Groep NV has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ING Groep NV (INGA)?
Our model-based price target is the fair value of €19.57 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario €16.70, optimistic scenario €25.03. It is a calculation from audited fundamentals, not an analyst target.
What is the ING Groep NV stock forecast for 2026?
Our models put fair value at €19.57, about 32% lower versus a price of €28.72 (overvalued). Cautious scenario €16.70, optimistic scenario €25.03. The calculation is refreshed regularly with new filings.
What is the revenue of ING Groep NV (INGA)?
ING Groep NV reported trailing-twelve-month revenue of about €25.5B (latest available figure, as of Nov 6, 2026).
Does ING Groep NV pay a dividend?
ING Groep NV currently shows a dividend yield of 4.55% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of ING Groep NV (INGA) and when is the ex-dividend date?
ING Groep NV pays a dividend of €1.31 per share a year, a dividend yield of 4.6%. The last ex-dividend date was Aug 3, 2026. A dividend has been paid every year since 2021. The payout ratio is 55.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of ING Groep NV (INGA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ING Groep NV it is €19.57 per share (as of Nov 6, 2026), against a price of €28.72. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is ING Groep NV stock overvalued or undervalued in 2026?
As of Nov 6, 2026, INGA trades above its calculated fair value: price €28.72, fair value €19.57, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INGA?
No. The price is what the market pays today (€28.72); the fair value is what the company's own numbers justify (€19.57). For ING Groep NV the two are €9.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is ING Groep NV worth?
The market values ING Groep NV at about €82.4B (market capitalisation, as of Nov 6, 2026). Per share that is €28.72; our models calculate a fair value of €19.57 per share.
What do the bullish and bearish scenarios say about INGA?
Our models span a range for ING Groep NV: cautious scenario €16.70, base €19.57, optimistic €25.03 per share (as of Nov 6, 2026, price €28.72). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INGA?
ING Groep NV trades at a price-to-earnings ratio of 12.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €19.57 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 10.6. Other multiples: PEG 1.1, P/B 1.7, P/S 3.2, EV/EBITDA 21.7.
What is the PEG ratio of INGA?
The PEG ratio of ING Groep NV is 1.12 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ING Groep NV (INGA)?
Balance-sheet figures for ING Groep NV (as of Nov 6, 2026): return on equity 17.8%, debt of 3.41 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is INGA from its 52-week high?
ING Groep NV trades at €28.72, about 11% below its 52-week high of €32.31 and 41% above the low of €20.34 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €19.57 is for.
Which stocks are comparable to ING Groep NV?
From the same area (Financial Services) we also value JPMorgan Chase & Co, China Construction Bank Corporation, Industrial and Commercial Bank of China Limited, Agricultural Bank of China Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ING Groep NV stock attractive at the current price?
The data as of Nov 6, 2026: price €28.72, calculated fair value €19.57 (−32%), Quality Score 53/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INGA calculated?
We run ING Groep NV through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €19.57 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. ING Groep NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ING Groep NV (INGA)?
The closing price on Nov 6, 2026 was €28.72. Our model-based fair value is €19.57, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ING Groep NV right now?
The price sits above even our optimistic bull case (€25.03). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of ING Groep NV (INGA) come from?
Earnings per share at ING Groep NV grew +10.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.0 %, EBIT margin +3.0 %, tax rate +0.4 %, residual (interest, one-offs) +1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ING Groep NV
How large is the market capitalisation of ING Groep NV (INGA)?
The market capitalisation of ING Groep NV is €82.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ING Groep NV (INGA)?
The price-to-sales ratio of ING Groep NV is 3.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ING Groep NV (INGA)?
Earnings per share at ING Groep NV are €2.34 (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ING Groep NV (INGA)?
The dividend yield of ING Groep NV is 4.6% (payout 55.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ING Groep NV (INGA)?
The net margin of ING Groep NV is 34.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ING Groep NV (INGA)?
The return on equity (ROE) of ING Groep NV is 17.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ING Groep NV (INGA)?
On an EBIT basis the return on assets of ING Groep NV is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ING Groep NV (INGA)?
The operating margin of ING Groep NV is 46.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ING Groep NV (INGA)?
Revenue at ING Groep NV is growing +4.5% versus a year earlier (3y avg −11.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ING Groep NV (INGA)?
Earnings per share at ING Groep NV are growing +7.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ING Groep NV (INGA) generate?
The free cash flow of ING Groep NV is −€191M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ING Groep NV (INGA) carry?
The net debt of ING Groep NV is €192B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026