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Data-driven stock valuation

NN Group NV (NN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of NN Group NV stock €47.62, price €79.18, that is 39.9% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NL · ISIN NL0010773842

NG NN Group NV logo Some data Nov 6, 2026

NN Group NV

NN · AS
Solid, but very expensive

Our calculation puts a fair price 40% below what the stock costs today.

Solidly profitable · 13.3% net margin (TTM)
5.1% dividend yield · Low payout
Positive coverage
Quality 54/100
Mixed vs. peers (7/14)
Moderate moat 58/100 · thin data
Some data
Fair value €47.62 · Strongly overvalued (−39.9%)

Risks from the AI analysis

🚩Regulatory changes could raise compliance costs🚩Aggregators and big-tech could erode margins
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€81.10 €24.29 Fair Value €47.62 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range €24.29 – €81.10 · fair‑value band €35.71 – €59.52 · the €79.18 price screens above the €47.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

NN Group N.V., a financial services company, provides life and non-life insurance products in the Netherlands and internationally. It operates through the Netherlands Life, the Netherlands Non-Life, Insurance Europe, Japan Life, and NN Bank segments.

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The company provides insured defined benefit, defined contribution, pensions under the Nationale-Nederlanden brand name; premium pension institution services under the BeFrank brand name; and general pension fund administration and advisory services under AZL brand name, as well as non-life insurance products, including motor, fire, liability, transport, travel, health, and disability and accident insurance products.

It also provides long-term protection to cover a variety of risks including disability, critical illness and health; and protection, savings and retirement solutions.

In addition, the company offers financial services, such as savings, investments, bancassurance and mortgages under the Woonnu brand name.

The company offers its products to individuals, small and medium-sized enterprises, and corporate customers directly through tied agents, advisors, brokers, and direct channels. The company was formerly known as ING Insurance Topholding N.V. and changed its name to NN Group N.V. in March 2014.

NN Group N.V. was founded in 1845 and is headquartered in The Hague, the Netherlands.

Stock analysis

NN Group NV (NN) currently trades at €79.18, while our model-based Fair Value estimate is €47.62, 40% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €64.74 per share, and 0 of the 6 models we run sit above the €79.18 price.

Bear case: the Dividend Discount group reads lowest at €44.28, and 6 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €35.71 (bear) to €59.52 (bull), the price of €79.18 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 54/100 (solid quality), in the Financial Services sector.

NN Group NV reported revenue of €3.0B in FY2025 versus €19.1B in FY2021, a compound −37.0%/yr. Reported net income was €1.2B in FY2025, compounding −22.4%/yr from FY2021.

Key figures

Market cap €20.7B Large · P/E ratio 11.7 · P/S ratio 1.48 · EPS (TTM) €6.78 · Dividend yield 5.1% · Net margin 13.3% · Return on equity 8.8% · Return on assets (EBIT) 4.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).

What moves the price

The share trades about 2% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −40%, NN screens richer than that median.

Fair Value models

Bear €35.71 Fair Value €47.62 Bull €59.52
Price €79.18 · Downside -39.9%
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 (€2.33 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.
Best data coverage
Residual Income €61.20 €64.74 €70.37 76
Gordon GGM €36.76 €40.66 €46.72 69
DDM Multi-Stage €36.76 €47.90 €64.68 67
All 6 models by family
Dividend Discount
Gordon GGM €36.76 €40.66 €46.72 69
DDM Multi-Stage €36.76 €47.90 €64.68 67
Multiples
P/E Multiple €44.78 €59.71 €74.64 63
P/B Multiple €26.64 €35.52 €44.40 55
Asset-Based
NCAV (Graham) €34.55 €46.30 €69.10 54
Economic Profit
Residual Income €61.20 €64.74 €70.37 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 10
Debt, balance sheet and risk of trouble
Investment 96
Does it invest with discipline instead of growing at any price?
Low Volatility 96
How calm the share price moves, does not count
Price momentum 57
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 84
Distance to the 52-week high, does not count
New shares 100
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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.
−2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.2%
Dividend (yield on the price)5.1%
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.−7.2% vs 1.4%, slowing
Profit margin 2000 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.25% → 50%
Pace: the 5-year rate starts in 2020 (pandemic)

NN screens overvalued: fair value 40% below the price. Compare with Allianz SE →

Earlier news

News mood ⓘNews mood, the average tone of recent news (60 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.
Note from the team Oct 30, 2026
AI conclusion: NN Group's main strength is steady operating capital growth from its European insurance businesses, while its main weak point remains negative free cash flow despite positive net income together with sparse public data.
Main risk: Changes to Solvency II or the AI Act could increase compliance costs or restrict certain operations and product features at NN Group.
Bull case: NN Group could use its ongoing AI investments and strong capital generation to automate processes further, improve customer experience and adapt efficiently to new rules, thereby strengthening its competitive position.
Bear case: Mounting regulatory requirements combined with digital platforms from aggregators and big-tech could raise costs, slow innovation and shift customers away, limiting NN Group's ability to maintain scale and profitability.
NN Group keeps posting steady operating capital growth from its European insurance businesses while rolling out AI tools to handle claims more efficiently. These steps could cut costs and speed up processes, but they also risk altering how the insurer engages with customers and manages complex risks. Will the technology edge strengthen its traditional model or create new vulnerabilities in a regulated sector?
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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.Insurance - Diversified · 73 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −39.9% · Bottom 25%
Profitability
Return on equity (12 months) 8.8% · Below median
Return on assets 0.6% · Bottom 25%
Net margin (12 months) 13.3% · Above median
Operating margin (12 months) 31.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −4.5% · Bottom 25%
Dividend yield (12 months) 5.1% · Top 25%
Balance sheet
Debt / equity 0.70× · Highest 25%

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (12 months) 11.7× · Cheaper than median
P/B 1.09× · Cheaper than median
P/S (12 months) 1.48× · Pricier than median
EV/EBITDA 5.5× · Cheaper than median
PEG 0.72× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 11
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)35 · sector 54
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 73

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.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Arch Capital Group ACGL $107.28 $133.22 +24% vs NN
American International Group AIG $77.75 $73.25 −6% vs NN
The Hartford Insurance Group HIG $133.99 $115.03 −14% vs NN
AXA SA CS €44.68 €35.31 −21% vs NN
Talanx AG TLX €129.90 €89.76 −31% vs NN
Sun Life Financial Inc SLF $71.53 $40.29 −44% vs NN
Zurich Insurance Group ZURN CHF 630.20 CHF 320.92 −49% vs NN
Allianz SE ALV €451.10 €229.28 −49% vs NN
Assicurazioni Generali S.p.A G €43.73 €22.17 −49% vs NN
Swiss Life Holding SLHN CHF 971.20 CHF 413.28 −57% vs NN

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NN Group NV: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "NN Group NV Fair Value". https://www.fairvalue-calculator.com/stock/NN

Frequently asked questions

Is NN Group NV (NN) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €47.62 versus a price of €79.18, about 40% lower (overvalued).
What is the fair value of NN?
Our model-based fair value for NN Group NV is €47.62 (as of Nov 6, 2026), built from audited fundamentals. The current price: €79.18.
What is the quality score of NN?
NN Group NV has a Quality Score of 54/100. 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 NN Group NV (NN)?
Our model-based price target is the fair value of €47.62 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario €35.71, optimistic scenario €59.52. It is a calculation from audited fundamentals, not an analyst target.
What is the NN Group NV stock forecast for 2026?
Our models put fair value at €47.62, about 40% lower versus a price of €79.18 (overvalued). Cautious scenario €35.71, optimistic scenario €59.52. The calculation is refreshed regularly with new filings.
Does NN Group NV pay a dividend?
NN Group NV currently shows a dividend yield of 5.11% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of NN Group NV (NN) and when is the ex-dividend date?
NN Group NV pays a dividend of €4.05 per share a year, a dividend yield of 5.1%. The last ex-dividend date was Aug 10, 2026. A dividend has been paid every year since at least 2015. The payout ratio is 59.7% 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 NN Group NV (NN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NN Group NV it is €47.62 per share (as of Nov 6, 2026), against a price of €79.18. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is NN Group NV stock overvalued or undervalued in 2026?
As of Nov 6, 2026, NN trades above its calculated fair value: price €79.18, fair value €47.62, a gap of about −40% (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 NN?
No. The price is what the market pays today (€79.18); the fair value is what the company's own numbers justify (€47.62). For NN Group NV the two are €31.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is NN Group NV worth?
The market values NN Group NV at about €20.7B (market capitalisation, as of Nov 6, 2026). Per share that is €79.18; our models calculate a fair value of €47.62 per share.
What do the bullish and bearish scenarios say about NN?
Our models span a range for NN Group NV: cautious scenario €35.71, base €47.62, optimistic €59.52 per share (as of Nov 6, 2026, price €79.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NN?
NN Group NV trades at a price-to-earnings ratio of 11.7 (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 €47.62 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.1. Other multiples: PEG 0.7, P/B 1.1, P/S 1.5, EV/EBITDA 5.5.
What is the PEG ratio of NN?
The PEG ratio of NN Group NV is 0.72 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of NN Group NV (NN)?
Balance-sheet figures for NN Group NV (as of Nov 6, 2026): return on equity 8.8%, debt of 0.70 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is NN from its 52-week high?
NN Group NV trades at €79.18, about 2% below its 52-week high of €81.10 and 40% above the low of €56.53 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €47.62 is for.
Which stocks are comparable to NN Group NV?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, 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 NN Group NV stock attractive at the current price?
The data as of Nov 6, 2026: price €79.18, calculated fair value €47.62 (−40%), Quality Score 54/100, 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 NN calculated?
We run NN Group 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 €47.62 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. NN Group 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 NN Group NV (NN)?
The closing price on Nov 6, 2026 was €79.18. Our model-based fair value is €47.62, about 40% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NN Group NV right now?
The price sits above even our optimistic bull case (€59.52). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) 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 NN Group NV (NN) come from?
Earnings per share at NN Group NV grew +4.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.0 %, EBIT margin −1.9 %, tax rate −0.7 %, residual (interest, one-offs) +9.1 %. 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 NN Group NV

How large is the market capitalisation of NN Group NV (NN)?
The market capitalisation of NN Group NV is €20.7B. 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 NN Group NV (NN)?
The price-to-sales ratio of NN Group NV is 1.48 (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 NN Group NV (NN)?
Earnings per share at NN Group NV are €6.78 (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NN Group NV (NN)?
The dividend yield of NN Group NV is 5.1% (payout 59.7%). 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 NN Group NV (NN)?
The net margin of NN Group NV is 13.3% (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 NN Group NV (NN)?
The return on equity (ROE) of NN Group NV is 8.8% (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 NN Group NV (NN)?
On an EBIT basis the return on assets of NN Group NV is 4.0% (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 NN Group NV (NN)?
The operating margin of NN Group NV is 31.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NN Group NV (NN)?
Revenue at NN Group NV is growing −4.5% versus a year earlier (3y avg −29.3%). 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 NN Group NV (NN)?
Earnings per share at NN Group NV are growing +200% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NN Group NV (NN) generate?
The free cash flow of NN Group NV is −€2.3B (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 NN Group NV (NN) carry?
The net debt of NN Group NV is €7.3B (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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