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Metro Bank PLC (MTRO) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Metro Bank PLC stock £1.29, price £1.79, that is 28.1% below the price, quality 39 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services GB · ISIN GB00BZ6STL67

MB Metro Bank PLC logo Some data Nov 5, 2026

Metro Bank PLC

MTRO · LSE
Expensive, weak quality

Our calculation puts a fair price 28% below what the stock costs today.

Expensive Growth (revenue 5y +23.5 %/yr in GBP)
Thin margins · 9.3% net margin (TTM)
Some data
Fair value £1.29 · Overvalued (−28.1%)
Quality 39/100
Trails peers (2/13)
Narrow moat 38/100 · thin data
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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

£1.83 £0.2880 Fair Value £1.29 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range £0.2880 – £1.83 · fair‑value band £1.29 – £1.34 · the £1.79 price screens above the £1.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Metro Bank Holdings PLC operates as the bank holding company for Metro Bank PLC that provides business, commercial, retail and private banking products and services in the United Kingdom.

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It offers personal banking products and services, including current, cash, and foreign currency accounts; savings; residential and buy-to-let mortgages; overdrafts; credit cards; and safe deposit box services.

The company also provides business banking products and services comprising business bank, commercial and community current, foreign currency, and insolvency practitioner accounts; deposit accounts, such as business and community instant access deposit, business notice, client premium and flexible client term deposit, and business and community fixed term deposit accounts; and business and commercial loans and overdrafts, business loan calculators, asset based lending, asset and invoice financing, bounce back loans, business credit cards, and recovery loan schemes services.

In addition, it offers private banking products and services, such as private bank, savings, foreign currency, and money management accounts; mortgages and buy-to-let; cards; and partnership loans.

Further, the company provides business mobile and commercial online banking, apple pay, google pay, post office business banking, personal online banking, mobile app, Apple Pay, Google Pay, and internet banking registration services.

The company was founded in 2010 and is headquartered in London, the United Kingdom. Metro Bank Holdings PLC is a subsidiary of Spaldy Investments Limited.

Stock analysis

Metro Bank PLC (MTRO) currently trades at £1.79, while our model-based Fair Value estimate is £1.29, 28% 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 £1.82 per share, and 1 of the 6 models we run sit above the £1.79 price.

Bear case: the Dividend Discount group reads lowest at £0.3000, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: £1.29 (bear) to £1.34 (bull), the price of £1.79 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 39/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Metro Bank PLC reported revenue of £863M in FY2025 versus £393M in FY2021, a compound +21.7%/yr. Reported net income was £69.7M in FY2025.

Key figures

Market cap £1.2B Small · P/E ratio 22.4 · P/S ratio 2.11 · EPS (TTM) £0.0800 · Dividend yield 1.6% · Net margin 9.3% · Return on equity 3.6% · Return on assets (EBIT) 1.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 2% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −28%, MTRO screens richer than that median.

Fair Value models

Bear £1.29 Fair Value £1.29 Bull £1.34
Price £1.79 · Downside -28.1%
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 (£0.0684 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 £1.31 £1.29 £1.34 76
Gordon GGM £0.1800 £0.3100 £0.4100 68
DDM Multi-Stage £0.1800 £0.2900 £0.3300 67
All 6 models by family
Dividend Discount
Gordon GGM £0.1800 £0.3100 £0.4100 68
DDM Multi-Stage £0.1800 £0.2900 £0.3300 67
Multiples
P/E Multiple £1.01 £1.35 £1.68 63
P/B Multiple £1.71 £2.28 £2.86 55
Asset-Based
NCAV (Graham) £0.8200 £1.09 £1.63 54
Economic Profit
Residual Income £1.31 £1.29 £1.34 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

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

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 44
Debt, balance sheet and risk of trouble
Investment 81
Does it invest with discipline instead of growing at any price?
Low Volatility 54
How calm the share price moves, does not count
Price momentum 68
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 98
Distance to the 52-week high, does not count
New shares 39
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−10.4%
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.
+21.3%
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.
+23.5%
Start year 2020 (pandemic). Over 10 years: +22.5% a year
Revenue growth 13 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.
+40.0%
What shareholders gained per year (last 3 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 3 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.
−6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.5%
Dividend (yield on the price)1.6%
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.−96% → 10%

MTRO screens overvalued: fair value 28% below the price. Compare with China Merchants Bank Co →

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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 - Regional · 998 stocks

Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −28.1% · Below median
Profitability
Return on equity (12 months) 3.6% · Bottom 25%
Return on assets 0.4% · Bottom 25%
Net margin (12 months) 9.3% · Bottom 25%
Operating margin (12 months) 14.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 2.1% · Below median
Dividend yield (12 months) 1.6% · Bottom 25%
Balance sheet
Debt / equity 0.48× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 22.4× · Priciest 25%
P/B 0.99× · Cheaper than median
P/S (12 months) 2.11× · Cheapest 25%
PEG 161.29× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)11 · sector 47
PAST (return on equity)14 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)31 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs MTRO
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs MTRO
BNP Paribas SA BNP €91.93 €106.01 +15% vs MTRO
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs MTRO
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs MTRO
UniCredit S.p.A UCG €76.80 €50.44 −34% vs MTRO
Mizuho Financial Group MFG $9.40 $5.90 −37% vs MTRO
DBS Group D05 69.72 SGD 40.39 SGD −42% vs MTRO
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs MTRO
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs MTRO

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Metro Bank PLC: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Metro Bank PLC Fair Value". https://www.fairvalue-calculator.com/stock/MTRO

Frequently asked questions

Is Metro Bank PLC (MTRO) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of £1.29 versus a price of £1.79, about 28% lower (overvalued).
What is the fair value of MTRO?
Our model-based fair value for Metro Bank PLC is £1.29 (as of Nov 5, 2026), built from audited fundamentals. The current price: £1.79.
What is the quality score of MTRO?
Metro Bank PLC has a Quality Score of 39/100. 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 Metro Bank PLC (MTRO)?
Our model-based price target is the fair value of £1.29 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario £1.29, optimistic scenario £1.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Metro Bank PLC stock forecast for 2026?
Our models put fair value at £1.29, about 28% lower versus a price of £1.79 (overvalued). Cautious scenario £1.29, optimistic scenario £1.34. The calculation is refreshed regularly with new filings.
What is the revenue of Metro Bank PLC (MTRO)?
Metro Bank PLC reported trailing-twelve-month revenue of about £580M (latest available figure, as of Nov 5, 2026).
Does Metro Bank PLC pay a dividend?
Metro Bank PLC currently shows a dividend yield of 1.56% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Metro Bank PLC (MTRO)?
Metro Bank PLC has a dividend yield of 1.6%.
What is the intrinsic value of Metro Bank PLC (MTRO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Metro Bank PLC it is £1.29 per share (as of Nov 5, 2026), against a price of £1.79. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Metro Bank PLC stock overvalued or undervalued in 2026?
As of Nov 5, 2026, MTRO trades above its calculated fair value: price £1.79, fair value £1.29, a gap of about −28% (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 MTRO?
No. The price is what the market pays today (£1.79); the fair value is what the company's own numbers justify (£1.29). For Metro Bank PLC the two are £0.5040 per share apart. That gap is exactly why we show both numbers side by side.
How much is Metro Bank PLC worth?
The market values Metro Bank PLC at about £1.2B (market capitalisation, as of Nov 5, 2026). Per share that is £1.79; our models calculate a fair value of £1.29 per share.
What do the bullish and bearish scenarios say about MTRO?
Our models span a range for Metro Bank PLC: cautious scenario £1.29, base £1.29, optimistic £1.34 per share (as of Nov 5, 2026, price £1.79). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MTRO?
Metro Bank PLC trades at a price-to-earnings ratio of 22.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.29 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2017 to 2025), reported earnings: 15.0. Other multiples: PEG 161.3, P/B 1.0, P/S 2.1.
What is the PEG ratio of MTRO?
The PEG ratio of Metro Bank PLC is 161.29 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Metro Bank PLC (MTRO)?
Balance-sheet figures for Metro Bank PLC (as of Nov 5, 2026): return on equity 3.6%, debt of 0.48 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is MTRO from its 52-week high?
Metro Bank PLC trades at £1.79, about 2% below its 52-week high of £1.83 and 79% above the low of £1.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £1.29 is for.
Which stocks are comparable to Metro Bank PLC?
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 Metro Bank PLC stock attractive at the current price?
The data as of Nov 5, 2026: price £1.79, calculated fair value £1.29 (−28%), Quality Score 39/100, 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 MTRO calculated?
We run Metro Bank PLC through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of £1.29 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. Metro Bank PLC 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 Metro Bank PLC (MTRO)?
The closing price on Nov 6, 2026 was £1.79. Our model-based fair value is £1.29, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Metro Bank PLC right now?
The price sits above even our optimistic bull case (£1.34). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The models converge in a tight band (£1.29 to £1.34), unusually little disagreement for a valuation. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Metro Bank PLC

How large is the market capitalisation of Metro Bank PLC (MTRO)?
The market capitalisation of Metro Bank PLC is £1.2B. 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 Metro Bank PLC (MTRO)?
The price-to-sales ratio of Metro Bank PLC is 2.11 (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 Metro Bank PLC (MTRO)?
Earnings per share at Metro Bank PLC are £0.0800 (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Metro Bank PLC (MTRO)?
The dividend yield of Metro Bank PLC is 1.6% (payout 34.9%). 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 Metro Bank PLC (MTRO)?
The net margin of Metro Bank PLC is 9.3% (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 Metro Bank PLC (MTRO)?
The return on equity (ROE) of Metro Bank PLC is 3.6% (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 Metro Bank PLC (MTRO)?
On an EBIT basis the return on assets of Metro Bank PLC is 1.4% (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 Metro Bank PLC (MTRO)?
The operating margin of Metro Bank PLC is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Metro Bank PLC (MTRO)?
Revenue at Metro Bank PLC is growing +2.1% versus a year earlier (3y avg +21.3%). 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 Metro Bank PLC (MTRO)?
Earnings per share at Metro Bank PLC are growing +2.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Metro Bank PLC (MTRO) generate?
The free cash flow of Metro Bank PLC is −£1.1B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Metro Bank PLC (MTRO) hold?
Metro Bank PLC holds more cash than debt, £601M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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