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

As of Sep 23, 2026: fair value of Metro Bank PLC £1.29, price £1.73, upside -25.3%, quality 35 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? No
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Financial Services · GB · ISIN GB00BZ6STL67

MB Some data Sep 24, 2026

Metro Bank PLC

MTRO · LSE

Weak valuationQuality is weak on top of the rich price.

!Fair value £1.29 · Overvalued (−25%)
!Quality 35/100
!Expensive Growth (revenue 5y +23.5 %/yr)
!Thin margins · 9.1% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/13)
!Narrow moat 35/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 16 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

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Price vs Fair Value

£1.83 £0.2880 Fair Value £1.29 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range £0.2880 – £1.83 · fair‑value band £1.09 – £1.29 · the £1.73 price screens above the £1.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 £1.73, while our model-based Fair Value estimate is £1.29, implying the stock looks roughly 33.8% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of £1.35 per share, and 1 of the 6 models we run sit above the £1.73 price.

Bear case: the Dividend Discount group reads lowest at £0.3200, and 5 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: £1.09 (bear) to £1.29 (bull), the price of £1.73 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 35/100 (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 GBX · P/E ratio 21.6 · P/S ratio 1.74 · EPS (TTM) £0.0800 · Dividend yield 1.5% · Net margin 8.1% · Return on equity 3.9% · Return on assets (EBIT) 1.4%.

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 6% below its 52-week high and 73% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −25%, MTRO screens cheaper than that median.

Fair Value models

Bear £1.09 Fair Value £1.29 Bull £1.29
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 (£0.0585 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.
Highest evidence
Residual Income £1.35 £1.34 £1.23 76
Gordon GGM £0.2000 £0.3500 £0.4900 68
DDM Multi-Stage £0.2000 £0.3200 £0.3800 67
All 6 models by family
Dividend Discount
Gordon GGM £0.2000 £0.3500 £0.4900 68
DDM Multi-Stage £0.2000 £0.3200 £0.3800 67
Multiples
P/E Multiple £1.01 £1.35 £1.68 63
P/B Multiple £1.32 £1.76 £2.20 55
Asset-Based
NCAV (Graham) £0.9200 £1.24 £1.84 54
Economic Profit
Residual Income £1.35 £1.34 £1.23 76

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Quality Score breakdown

Overall quality 35/100

Of which business quality 35 · Market factors (momentum, volatility) 72

Profitability 20
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 76
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 36
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. 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.
−7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.5%
Dividend (yield on the price)1.5%
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 34% overvalued. Compare with DBS Group →

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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 · 1074 stocks

Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −25% · Below median
Profitability
Return on equity (TTM) 4% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 9% · Bottom 25%
Operating margin (TTM) 10% · Bottom 25%
Growth and dividend
Revenue growth 71% · Top 25%
Dividend yield (TTM) 1.5% · Bottom 25%
Balance sheet
Debt / equity 0.48× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 21.6× · Priciest 25%
P/B 1.25× · Pricier than median
P/S (TTM) 2.71× · Cheaper than median
PEG 161.29× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 11
FUTURE (revenue growth)100 · sector 45
PAST (return on equity)16 · sector 41
HEALTH (low debt)76 · sector 85
DIVIDEND (yield)30 · sector 53

VALUE 0: the price sits above our fair-value range.

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
DBS Group D05 77.69 SGD 40.48 SGD −48%
China Merchants Bank Co 3968 HK$51.25 HK$62.30 +22%
Intesa Sanpaolo S.p.A ISP €6.73 €4.04 −40%
HDFC Bank Limited HDFCBANK ₹737.25 ₹406.85 −45%
BNP Paribas SA BNP €101.30 €105.99 +5%
UniCredit S.p.A UCG €83.28 €77.62 −7%
Mizuho Financial Group MFG $10.87 $6.75 −38%
ICICI Bank Limited ICICIBANK ₹1,340 ₹616.16 −54%
The PNC Financial Services Group PNC $227.96 $159.52 −30%
Oversea-Chinese Banking Corporation O39 32.14 SGD 19.80 SGD −38%

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Metro Bank PLC · Fair Value
£1.29 −34%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of £1.29 versus a price of £1.73, about −25% upside (overvalued).
What is the fair value of MTRO?
Our model-based fair value for Metro Bank PLC is £1.29 (as of Sep 24, 2026), built from audited fundamentals. The current price: £1.73.
What is the quality score of MTRO?
Metro Bank PLC has a Quality Score of 35/100. 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 Sep 24, 2026) from 6 valuation models. Cautious scenario £1.09, optimistic scenario £1.29. 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 −25% upside versus a price of £1.73 (overvalued). Cautious scenario £1.09, optimistic scenario £1.29. 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 £574M (latest available figure, as of Sep 24, 2026).
Does Metro Bank PLC pay a dividend?
Metro Bank PLC currently shows a dividend yield of about 1.50% relative to its recent price (as of Sep 24, 2026).
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 Sep 24, 2026), against a price of £1.73. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Metro Bank PLC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MTRO trades above its calculated fair value: price £1.73, fair value £1.29, a gap of about −25% (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 (£1.73); the fair value is what the company's own numbers justify (£1.29). For Metro Bank PLC the two are £0.4360 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 GBX (market capitalisation, as of Sep 24, 2026). Per share that is £1.73; 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 £1.09, base £1.29, optimistic £1.29 per share (as of Sep 24, 2026, price £1.73). 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 21.6 (as of Sep 24, 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. Other multiples: PEG 161.3, P/B 1.3, P/S 2.7.
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 Sep 24, 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 Sep 24, 2026): return on equity 3.9%, debt of 0.48 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is MTRO from its 52-week high?
Metro Bank PLC trades at £1.73, about 6% below its 52-week high of £1.83 and 73% above the low of £1.00 (as of Sep 23, 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 DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Metro Bank PLC stock attractive at the current price?
The data as of Sep 24, 2026: price £1.73, calculated fair value £1.29 (−25%), Quality Score 35/100, 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 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 £1.29, 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 14.1 % 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 Sep 23, 2026 was £1.73. Our model-based fair value is £1.29, about −25% upside (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 (£1.29). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 GBX. 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 1.74 (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 Metro Bank PLC (MTRO)?
Earnings per share at Metro Bank PLC are £0.0800 (price ÷ EPS = P/E 21.6). 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 1.5% (payout 32.3%). 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 8.1% (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 Metro Bank PLC (MTRO)?
The return on equity (ROE) of Metro Bank PLC is 3.9% (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 10.1% (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 +70.8% 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 −71.3% 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 GBX (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 GBX net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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