ING Group NV (ING) fair value: what the stock is really worth
We calculate from audited financials what ING Group NV is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range $6.44 – $37.27 · fair‑value band $18.83 – $35.15 · the $36.40 price screens above the $22.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.
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. It accepts current and savings accounts; and time deposits.
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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. 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 Group NV ADR (ING) currently trades at $36.40, while our model-based Fair Value estimate is $22.35, implying the stock looks roughly 62.9% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $24.27 per share, and 0 of the 6 models we run sit above the $36.40 price.
Bear case: the Asset-Based group reads lowest at $11.62, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $18.83 (bear) to $35.15 (bull), the price of $36.40 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 51/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
ING Group NV ADR 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 $109B · P/E ratio 14.3 · P/S ratio 3.94 · EPS (TTM) $2.54 · Dividend yield 4.3% · Net margin 27.5% · Return on equity 16.6% · Return on assets (EBIT) 0.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (medium confidence).
What moves the price
The share trades near its 52-week high and 88% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −14% fair-value upside, at −39%, ING screens richer than that median.
Fair Value models
Bear $18.83Fair Value $22.35Bull $35.15
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 ($1.84 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.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+37.1%
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.
+15.4%
Revenue growth 27 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.
+2.5%
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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.
+15.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.6%
Dividend (yield on the price)4.3%
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.12% vs 7%, 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.14% → 40%
News mood ⓘNews mood, the average tone of recent news (82 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.Very negative
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 · 47 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−24% · Below median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets1% · Above median
Net margin (TTM)34% · Above median
Operating margin (TTM)42% · Below median
Growth and dividend
Revenue growth3% · Bottom 25%
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity3.41× · Highest 25%
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
P/E (TTM)14.3× · Pricier than median
P/B1.81× · Pricier than median
P/S (TTM)3.65× · Cheaper than median
EV/EBITDA22.6× · Priciest 25%
PEG2.04× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 3
FUTURE (revenue growth)15· sector 25
PAST (return on equity)66· sector 41
HEALTH (low debt)0· sector 48
DIVIDEND (yield)86· sector 72
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). "ING Group NV ADR Fair Value". https://www.fairvalue-calculator.com/stock/ING
Frequently asked questions
Is ING Group NV (ING) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of $22.35 versus a price of $36.40, about −39% upside (overvalued).
What is the fair value of ING?
Our model-based fair value for ING Group NV ADR is $22.35 (as of Sep 17, 2026), built from audited fundamentals. The current price: $36.40.
What is the quality score of ING?
ING Group NV ADR has a Quality Score of 51/100. 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 Group NV (ING)?
Our model-based price target is the fair value of $22.35 (as of Sep 17, 2026) from 6 valuation models. Cautious scenario $18.83, optimistic scenario $35.15. It is a calculation from audited fundamentals, not an analyst target.
What is the ING Group NV ADR stock forecast for 2026?
Our models put fair value at $22.35, about −39% upside versus a price of $36.40 (overvalued). Cautious scenario $18.83, optimistic scenario $35.15. The calculation is refreshed regularly with new filings.
What is the revenue of ING Group NV (ING)?
ING Group NV ADR reported trailing-twelve-month revenue of about $24.6B (latest available figure, as of Sep 17, 2026).
Does ING Group NV ADR pay a dividend?
ING Group NV ADR currently shows a dividend yield of about 4.32% relative to its recent price (as of Sep 17, 2026).
What is the intrinsic value of ING Group NV (ING)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ING Group NV ADR it is $22.35 per share (as of Sep 17, 2026), against a price of $36.40. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is ING Group NV ADR stock overvalued or undervalued in 2026?
As of Sep 17, 2026, ING trades above its calculated fair value: price $36.40, fair value $22.35, a gap of about −39% (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 ING?
No. The price is what the market pays today ($36.40); the fair value is what the company's own numbers justify ($22.35). For ING Group NV ADR the two are $14.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is ING Group NV ADR worth?
The market values ING Group NV ADR at about $109B (market capitalisation, as of Sep 17, 2026). Per share that is $36.40; our models calculate a fair value of $22.35 per share.
What do the bullish and bearish scenarios say about ING?
Our models span a range for ING Group NV ADR: cautious scenario $18.83, base $22.35, optimistic $35.15 per share (as of Sep 17, 2026, price $36.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ING?
ING Group NV ADR trades at a price-to-earnings ratio of 14.3 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.35 is built from several models across several years. Other multiples: PEG 2.0, P/B 1.8, P/S 3.7, EV/EBITDA 22.6.
What is the PEG ratio of ING?
The PEG ratio of ING Group NV ADR is 2.04 (P/E divided by earnings growth, as of Sep 17, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ING Group NV (ING)?
Balance-sheet figures for ING Group NV ADR (as of Sep 17, 2026): return on equity 16.6%, debt of 3.41 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is ING from its 52-week high?
ING Group NV ADR trades at $36.40, about 14% below its 52-week high of $31.83 and 88% above the low of $19.34 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of $22.35 is for.
Which stocks are comparable to ING Group NV ADR?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Bank of America Corporation, China Construction Bank Corporation, Industrial and Commercial 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 Group NV ADR stock attractive at the current price?
The data as of Sep 17, 2026: price $36.40, calculated fair value $22.35 (−39%), Quality Score 51/100, 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 ING calculated?
We run ING Group NV ADR 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 $22.35, 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 16.1 % above its aggregate fair value. ING Group NV ADR 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 Group NV (ING)?
The closing price on Sep 18, 2026 was $36.40. Our model-based fair value is $22.35, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ING Group NV ADR right now?
The price sits above even our optimistic bull case ($35.15). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($18.83 to $35.15) leaves room in how you read the outcome. 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 Group NV (ING) come from?
Earnings per share at ING Group NV ADR grew +10.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.9 %, EBIT margin +7.1 %, tax rate +0.1 %, residual (interest, one-offs) +0.9 %. 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 Group NV ADR
How large is the market capitalisation of ING Group NV (ING)?
The market capitalisation of ING Group NV ADR is $109B. 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 Group NV (ING)?
The price-to-sales ratio of ING Group NV ADR is 3.94 (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 ING Group NV (ING)?
Earnings per share at ING Group NV ADR are $2.54 (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ING Group NV (ING)?
The dividend yield of ING Group NV ADR is 4.3% (payout 61.9%). 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 Group NV (ING)?
The net margin of ING Group NV ADR is 27.5% (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 ING Group NV (ING)?
The return on equity (ROE) of ING Group NV ADR is 16.6% (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 ING Group NV (ING)?
On an EBIT basis the return on assets of ING Group NV ADR 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 Group NV (ING)?
The operating margin of ING Group NV ADR is 41.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ING Group NV (ING)?
Revenue at ING Group NV ADR is growing +2.9% versus a year earlier (3y avg +7.4%). 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 Group NV (ING)?
Earnings per share at ING Group NV ADR are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ING Group NV (ING) generate?
The free cash flow of ING Group NV ADR is −$6.7B (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 Group NV (ING) carry?
The net debt of ING Group NV ADR is $116B (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
Sep 17, 2026