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NN Group N.V. (2NN) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of NN Group N.V. €66.17, price €76.68, upside -13.7%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · DE · Home Netherlands

NG NN Group N.V. logo Some data Sep 29, 2026

NN Group N.V.

2NN · XETRA

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €66.17 · Overvalued (−13.7%)
!Quality 54/100
!Weak Growth (revenue YoY −23.0 %/yr)
!Thin margins · 8.3% net margin (TTM)
!Moderate debt · negative free cash flow
!5.1% dividend yield · Watch coverage
!Mixed vs. peers (6/14)
!Moderate moat 55/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 15 out of 100
!Weak on past: 22 out of 100
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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

€81.38 €24.30 Fair Value €66.17 Dec 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

58‑month range €24.30 – €81.38 · fair‑value band €49.63 – €82.71 · the €76.68 price screens above the €66.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 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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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. 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 N.V. (2NN) currently trades at €76.68, while our model-based Fair Value estimate is €66.17, 13.7% 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 €65.74 per share, and 1 of the 6 models we run sit above the €76.68 price.

Bear case: the Asset-Based group reads lowest at €53.93, and 5 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: €49.63 (bear) to €82.71 (bull), the price of €76.68 sits inside 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.

Weak Growth: Revenue growth is weak, negative or inconsistent.

NN Group N.V. reported revenue of €8.6B in FY2025 versus €19.0B in FY2021, a compound −18.0%/yr. Reported net income was €1.2B in FY2025, compounding −22.4%/yr from FY2021.

Key figures

Market cap €20.1B · P/E ratio 18.4 · P/S ratio 2.55 · EPS (TTM) €4.17 · Dividend yield 5.1% · Net margin 13.9% · Return on equity 5.6% · Return on assets 1.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −14%, 2NN screens cheaper than that median.

Fair Value models

Bear €49.63 Fair Value €66.17 Bull €82.71
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.2193 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income €63.51 €65.74 €70.35 71
P/E Multiple €44.27 €59.03 €73.78 63
Gordon GGM €32.95 €68.51 €108.69 62
All 6 models by family
Dividend Discount
Gordon GGM €32.95 €68.51 €108.69 62
DDM Multi-Stage €32.95 €57.77 €71.91 62
Multiples
P/E Multiple €44.27 €59.03 €73.78 63
P/B Multiple €57.89 €77.19 €96.48 55
Asset-Based
NCAV (Graham) €40.25 €53.93 €80.50 54
Economic Profit
Residual Income €63.51 €65.74 €70.35 71

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Quality Score breakdown

Overall quality 54/100

Of which business quality 44 · Market factors (momentum, volatility) 75

Profitability 29
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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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. 4/100
Revenue growth is weak, negative or inconsistent.
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.
−10.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.8%
Dividend (yield on the price)5.1%

2NN screens overvalued: fair value 14% below the price. Compare with Allianz SE →

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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 · 82 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −13.7% · Above median
Profitability
Return on equity (TTM) 5.6% · Bottom 25%
Return on assets 1.6% · Below median
Net margin (TTM) 8.3% · Below median
Operating margin (TTM) 39.2% · Top 25%
Growth and dividend
Revenue growth −1.5% · Below median
Dividend yield (TTM) 5.1% · Above median
Balance sheet
Debt / equity 0.64× · Highest 25%

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (TTM) 18.4× · Pricier than median
P/B 1.07× · Cheaper than median
P/S (TTM) 1.58× · Pricier than median
EV/EBITDA 5.4× · Cheapest 25%
PEG 0.72× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)15 · sector 8
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)22 · sector 52
HEALTH (low debt)68 · sector 89
DIVIDEND (yield)100 · sector 75

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
Allianz SE ALV €412.00 €229.84 −44%
Zurich Insurance Group ZURN CHF 563.60 CHF 328.80 −42%
AXA SA CS €41.90 €36.28 −13%
Assicurazioni Generali S.p.A G €42.75 €10.92 −74%
Sun Life Financial Inc SLF $79.48 $41.03 −48%
American International Group AIG $74.17 $71.58 −3%
Talanx AG TLX €117.40 €91.88 −22%
The Hartford Insurance Group HIG $126.04 $115.03 −9%
Arch Capital Group ACGL $94.26 $127.51 +35%
Swiss Life Holding SLHN CHF 891.00 CHF 413.93 −54%

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NN Group N.V. · Fair Value
€66.17 −14%Fair Value
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Cite: Fair Value Calculator (2026). "NN Group N.V. Fair Value". https://www.fairvalue-calculator.com/stock/2NN

Frequently asked questions

Is NN Group N.V. (2NN) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of €66.17 versus a price of €76.68, about −14% upside (overvalued).
What is the fair value of 2NN?
Our model-based fair value for NN Group N.V. is €66.17 (as of Sep 29, 2026), built from audited fundamentals. The current price: €76.68.
What is the quality score of 2NN?
NN Group N.V. 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 N.V. (2NN)?
Our model-based price target is the fair value of €66.17 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario €49.63, optimistic scenario €82.71. It is a calculation from audited fundamentals, not an analyst target.
What is the NN Group N.V. stock forecast for 2026?
Our models put fair value at €66.17, about −14% upside versus a price of €76.68 (overvalued). Cautious scenario €49.63, optimistic scenario €82.71. The calculation is refreshed regularly with new filings.
What is the revenue of NN Group N.V. (2NN)?
NN Group N.V. reported trailing-twelve-month revenue of about €14.3B (latest available figure, as of Sep 29, 2026).
Does NN Group N.V. pay a dividend?
NN Group N.V. currently shows a dividend yield of about 5.06% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of NN Group N.V. (2NN)?
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 N.V. it is €66.17 per share (as of Sep 29, 2026), against a price of €76.68. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is NN Group N.V. stock overvalued or undervalued in 2026?
As of Sep 29, 2026, 2NN trades above its calculated fair value: price €76.68, fair value €66.17, a gap of about −14% (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 2NN?
No. The price is what the market pays today (€76.68); the fair value is what the company's own numbers justify (€66.17). For NN Group N.V. the two are €10.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is NN Group N.V. worth?
The market values NN Group N.V. at about €20.1B (market capitalisation, as of Sep 29, 2026). Per share that is €76.68; our models calculate a fair value of €66.17 per share.
What do the bullish and bearish scenarios say about 2NN?
Our models span a range for NN Group N.V.: cautious scenario €49.63, base €66.17, optimistic €82.71 per share (as of Sep 29, 2026, price €76.68). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2NN?
NN Group N.V. trades at a price-to-earnings ratio of 18.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €66.17 is built from several models across several years. Other multiples: PEG 0.7, P/B 1.1, P/S 1.6, EV/EBITDA 5.4.
What is the PEG ratio of 2NN?
The PEG ratio of NN Group N.V. is 0.72 (P/E divided by earnings growth, as of Sep 29, 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 N.V. (2NN)?
Balance-sheet figures for NN Group N.V. (as of Sep 29, 2026): return on equity 5.6%, debt of 0.64 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 2NN from its 52-week high?
NN Group N.V. trades at €76.68, about 6% below its 52-week high of €81.38 and 38% above the low of €55.63 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €66.17 is for.
Which stocks are comparable to NN Group N.V.?
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 N.V. stock attractive at the current price?
The data as of Sep 29, 2026: price €76.68, calculated fair value €66.17 (−14%), 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 2NN calculated?
We run NN Group N.V. 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 €66.17, 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 14.5 % above its aggregate fair value. NN Group N.V. 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 N.V. (2NN)?
The closing price on Oct 2, 2026 was €76.68. Our model-based fair value is €66.17, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NN Group N.V. right now?
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.

Key figures of NN Group N.V.

How large is the market capitalisation of NN Group N.V. (2NN)?
The market capitalisation of NN Group N.V. is €20.1B. 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 N.V. (2NN)?
The price-to-sales ratio of NN Group N.V. is 2.55 (P/E × margin). 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 N.V. (2NN)?
Earnings per share at NN Group N.V. are €4.17 (price ÷ EPS = P/E 18.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NN Group N.V. (2NN)?
The dividend yield of NN Group N.V. is 5.1% (payout 93.0%). 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 N.V. (2NN)?
The net margin of NN Group N.V. is 13.9% (fiscal year 2025). 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 N.V. (2NN)?
The return on equity (ROE) of NN Group N.V. is 5.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of NN Group N.V. (2NN)?
The return on assets (ROA) of NN Group N.V. is 1.6% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of NN Group N.V. (2NN)?
The operating margin of NN Group N.V. is 39.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NN Group N.V. (2NN)?
Revenue at NN Group N.V. is growing −1.5% versus a year earlier. 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 N.V. (2NN)?
Earnings per share at NN Group N.V. are growing −15.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NN Group N.V. (2NN) generate?
The free cash flow of NN Group N.V. 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 N.V. (2NN) carry?
The net debt of NN Group N.V. is €7.0B (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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