KBC Groep NV (KBC) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of KBC Groep NV stock €78.98, price €117, that is 32.5% below the price, quality 58 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
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 4, 2026.
How to read this chart
60‑month range €35.69 – €134.40 · fair‑value band €66.72 – €111.53 · the €117.05 price screens above the €78.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
Follow KBC Groep in your weekly email
Every Wednesday you see whether KBC Groep is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
KBC Group NV, together with its subsidiaries, provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.
Show moreShow less
The company offers demand deposits, time deposits, and savings and current accounts; home and mortgage loans; home insurance; consumer finance and SME funding services, investment fund, and life and non-life insurance; cash management, payments, trade finance, leasing, corporate finance, money and capital market products; and other financial services, such as factoring and stockbroking services.
It also provides digital and mobile banking services. In addition, the company engages in the credit institution, software, driving school/roadside assistance business. It primarily serves retail, private banking, small and medium sized enterprises, and mid-cap clients.
The company was formerly known as KBC Bank and Insurance Holding Company NV and changed its name to KBC Group NV in March 2005. KBC Group NV was incorporated in 1935 and is headquartered in Brussels, Belgium.
Stock analysis
KBC Groep NV (KBC) currently trades at €117.05, while our model-based Fair Value estimate is €78.98, 33% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of €83.81 per share, and 0 of the 6 models we run sit above the €117.05 price.
Bear case: the Asset-Based group reads lowest at €40.11, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €66.72 (bear) to €111.53 (bull), the price of €117.05 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 58/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
KBC Groep NV reported revenue of €23.4B in FY2025 versus €9.3B in FY2021, a compound +25.8%/yr. Reported net income was €3.6B in FY2025, compounding +8.1%/yr from FY2021.
Key figures
Market cap €46.4B Large · P/E ratio 12.7 · P/S ratio 3.70 · EPS (TTM) €9.19 · Dividend yield 4.4% · Net margin 29.6% · Return on equity 13.7% · Return on assets (EBIT) 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −33%, KBC screens cheaper than that median.
Fair Value models
Bear€66.72Fair Value €78.98Bull€111.53
Price €117.05 · Downside -32.5%
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 (€3.47 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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.4%
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.
+13.3%
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.
+21.2%
Start year 2020 (pandemic). Over 10 years: +9.1% a year
Revenue growth 25 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.
+1.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+12.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.5%
Dividend (yield on the price)4.4%
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.8.5% vs 4.5%, 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.21% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−5.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +1.9% a year for the price and −7.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (75 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The regional bank draws strength from its integrated banking and insurance model yet shows limited differentiation and no standout moat versus peers.
Main risk: Fintechs, neobanks, digital banks and bigtechs could draw customers away from KBC's core banking and insurance services in Belgium and Central Europe, reducing deposit volumes, lending and fee income.
Bull case: KBC could strengthen its integrated bank-insurance platform and AI assistant Kate to deliver seamless personalised services that retain customers against digital rivals.
Bear case: If fintechs and neobanks capture significant market share, KBC could face sustained pressure on deposit and lending volumes as well as fee income in its regional markets.
KBC raised its 2026 net interest income guidance after loan volumes grew faster than expected and markets priced in higher rates. This bolsters earnings in its core regional banking and insurance model. Our models still see the shares as overvalued. Will the stronger outlook close that gap or does it show the valuation already assumes too much improvement?
Price, fair value, quality and upside side by side.
Free, no sign-up
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 - Regional · 1002 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−32.5% · Below median
Profitability
Return on equity (12 months)13.7% · Above median
Return on assets0.9% · Below median
Net margin (12 months)29.6% · Below median
Operating margin (12 months)44.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)6.6% · Below median
Dividend yield (12 months)4.4% · Top 25%
Balance sheet
Debt / equity0.66× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)12.7× · Pricier than median
P/B1.66× · Priciest 25%
P/S (12 months)3.70× · Pricier than median
Price / free cash flow16.4× · Priciest 25%
EV/EBITDA6.2× · Cheaper than median
PEG11.93× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)33· sector 48
PAST (return on equity)55· sector 43
HEALTH (low debt)67· sector 85
DIVIDEND (yield)87· sector 53
VALUE 0: the price sits above our fair-value range.
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). "KBC Groep NV Fair Value". https://www.fairvalue-calculator.com/stock/KBC
Frequently asked questions
Is KBC Groep NV (KBC) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €78.98 versus a price of €117.05, about 33% lower (overvalued).
What is the fair value of KBC?
Our model-based fair value for KBC Groep NV is €78.98 (as of Nov 4, 2026), built from audited fundamentals. The current price: €117.05.
What is the quality score of KBC?
KBC Groep NV has a Quality Score of 58/100. 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 KBC Groep NV (KBC)?
Our model-based price target is the fair value of €78.98 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario €66.72, optimistic scenario €111.53. It is a calculation from audited fundamentals, not an analyst target.
What is the KBC Groep NV stock forecast for 2026?
Our models put fair value at €78.98, about 33% lower versus a price of €117.05 (overvalued). Cautious scenario €66.72, optimistic scenario €111.53. The calculation is refreshed regularly with new filings.
What is the revenue of KBC Groep NV (KBC)?
KBC Groep NV reported trailing-twelve-month revenue of about €12.5B (latest available figure, as of Nov 4, 2026).
Does KBC Groep NV pay a dividend?
KBC Groep NV currently shows a dividend yield of 4.36% relative to its recent price (as of Nov 4, 2026).
What growth is priced into KBC Groep NV (KBC)?
For today's price to be fair in a discounted-cash-flow model, KBC Groep NV would have to grow free cash flow by +4.2 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.3 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of KBC use?
Our models discount KBC Groep NV at 9.0 %: a base by market capitalisation (large), damped by beta 0.69, country premium for Belgium. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For KBC Groep NV that is +4.2 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has KBC Groep NV (KBC) delivered so far?
Over the past 5 years revenue at KBC Groep NV grew +21.3 % a year. The price currently implies +4.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of KBC Groep NV (KBC) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into KBC Groep NV (+4.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of KBC Groep NV (KBC)?
The free-cash-flow yield on the price is 6.08 %: that much free cash flow KBC Groep NV produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KBC Groep NV (KBC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KBC Groep NV it is €78.98 per share (as of Nov 4, 2026), against a price of €117.05. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is KBC Groep NV stock overvalued or undervalued in 2026?
As of Nov 4, 2026, KBC trades above its calculated fair value: price €117.05, fair value €78.98, a gap of about −33% (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 KBC?
No. The price is what the market pays today (€117.05); the fair value is what the company's own numbers justify (€78.98). For KBC Groep NV the two are €38.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is KBC Groep NV worth?
The market values KBC Groep NV at about €46.4B (market capitalisation, as of Nov 4, 2026). Per share that is €117.05; our models calculate a fair value of €78.98 per share.
What do the bullish and bearish scenarios say about KBC?
Our models span a range for KBC Groep NV: cautious scenario €66.72, base €78.98, optimistic €111.53 per share (as of Nov 4, 2026, price €117.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KBC?
KBC Groep NV trades at a price-to-earnings ratio of 12.7 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €78.98 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 10.7. Other multiples: PEG 11.9, P/B 1.7, P/S 3.7, EV/EBITDA 6.2.
What is the PEG ratio of KBC?
The PEG ratio of KBC Groep NV is 11.93 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of KBC Groep NV (KBC)?
Balance-sheet figures for KBC Groep NV (as of Nov 4, 2026): return on equity 13.7%, debt of 0.66 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is KBC from its 52-week high?
KBC Groep NV trades at €117.05, about 13% below its 52-week high of €134.40 and 18% above the low of €99.17 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €78.98 is for.
Which stocks are comparable to KBC Groep NV?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 KBC Groep NV stock attractive at the current price?
The data as of Nov 4, 2026: price €117.05, calculated fair value €78.98 (−33%), Quality Score 58/100, 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 KBC calculated?
We run KBC Groep NV through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €78.98, 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 15.5% above its aggregate fair value. KBC 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 KBC Groep NV (KBC)?
The closing price on Nov 5, 2026 was €117.05. Our model-based fair value is €78.98, about 33% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KBC Groep NV right now?
The price sits above even our optimistic bull case (€111.53). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) 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 KBC Groep NV (KBC) come from?
Earnings per share at KBC Groep NV grew +5.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.2 %, EBIT margin −5.0 %, tax rate −0.4 %, residual (interest, one-offs) +0.0 %. 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 KBC Groep NV
How large is the market capitalisation of KBC Groep NV (KBC)?
The market capitalisation of KBC Groep NV is €46.4B. 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 KBC Groep NV (KBC)?
The price-to-sales ratio of KBC Groep NV is 3.70 (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 KBC Groep NV (KBC)?
Earnings per share at KBC Groep NV are €9.19 (price ÷ EPS = P/E 12.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KBC Groep NV (KBC)?
The dividend yield of KBC Groep NV is 4.4% (payout 55.5%). 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 KBC Groep NV (KBC)?
The net margin of KBC Groep NV is 29.6% (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 KBC Groep NV (KBC)?
The return on equity (ROE) of KBC Groep NV is 13.7% (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 KBC Groep NV (KBC)?
On an EBIT basis the return on assets of KBC Groep NV is 1.1% (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 KBC Groep NV (KBC)?
The operating margin of KBC Groep NV is 44.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KBC Groep NV (KBC)?
Revenue at KBC Groep NV is growing +6.6% versus a year earlier (3y avg +13.3%). 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 KBC Groep NV (KBC)?
Earnings per share at KBC Groep NV are growing +13.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does KBC Groep NV (KBC) hold?
KBC Groep NV holds more cash than debt, €6.7B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch KBC Groep NV in the live analysis
One click puts KBC Groep NV on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 4, 2026