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NN Group NV (NNGRY) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of NN Group NV $35.84, price $43.22, upside -17.1%, quality 49 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 · US · ADR · ISIN US6293341037

NG NN Group NV logo Broad data Sep 29, 2026

NN Group NV

NNGRY · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $35.84 · Overvalued (−17.1%)
!Quality 49/100
!Weak Growth (revenue 5y −30.7 %/yr)
!Thin margins · 8.3% net margin (TTM)
!Moderate debt · negative free cash flow
!9.0% dividend yield · Watch coverage
!Mixed vs. peers (6/14)
!Moderate moat 51/100
!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

$47.45 $12.97 Fair Value $35.84 Jul 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

60‑month range $12.97 – $47.45 · fair‑value band $28.01 – $39.03 · the $43.22 price screens above the $35.84 fair value. 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 NV ADR (NNGRY) currently trades at $43.22, while our model-based Fair Value estimate is $35.84, 17.1% 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 $34.36 per share, and 1 of the 6 models we run sit above the $43.22 price.

Bear case: the Asset-Based group reads lowest at $27.49, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: $28.01 (bear) to $39.03 (bull), the price of $43.22 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 49/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

NN Group NV ADR reported revenue of €2.9B in FY2025 versus €19.0B in FY2021, a compound −37.6%/yr. Reported net income was €1.2B in FY2025, compounding −22.4%/yr from FY2021.

Key figures

Market cap $24.6B · P/E ratio 17.9 · P/S ratio 7.36 · EPS (TTM) $2.42 · Dividend yield 9.0% · Net margin 41.2% · Return on equity 5.6% · Return on assets (EBIT) 0.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 31% 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 −17%, NNGRY screens cheaper than that median.

Fair Value models

Bear $28.01 Fair Value $35.84 Bull $39.03
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. 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 $32.88 $34.36 $37.15 74
Gordon GGM $17.82 $37.04 $58.76 64
DDM Multi-Stage $17.82 $31.23 $38.88 64
All 6 models by family
Dividend Discount
Gordon GGM $17.82 $37.04 $58.76 64
DDM Multi-Stage $17.82 $31.23 $38.88 64
Multiples
P/E Multiple $24.92 $33.22 $41.53 63
P/B Multiple $32.58 $43.45 $54.31 55
Asset-Based
NCAV (Graham) $20.51 $27.49 $41.02 54
Economic Profit
Residual Income $32.88 $34.36 $37.15 74

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Quality Score breakdown

Overall quality 49/100

Of which business quality 42 · Market factors (momentum, volatility) 70

Profitability 33
Margins and returns on capital today
Quality Growth 56
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 93
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 56
Share count: buybacks or dilution?

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. 5/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−73.8%
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.
−30.7%
Start year 2020 (pandemic). Over 10 years: −14.7% a year
Revenue growth 14 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.
−11.9%
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.
+1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.3%
Dividend (yield on the price)9.0%
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.−7.3% vs 1.3%, slowing
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.12% → 50%
Start year 2020 (pandemic)

NNGRY screens overvalued: fair value 17% 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 48 · 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) 9.0% · Top 25%
Balance sheet
Debt / equity 0.70× · Highest 25%

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (TTM) 17.9× · Pricier than median
P/B 1.14× · Cheaper than median
P/S (TTM) 1.51× · Pricier than median
EV/EBITDA 5.2× · 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)65 · 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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$35.84 −17%Fair Value
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Cite: Fair Value Calculator (2026). "NN Group NV ADR Fair Value". https://www.fairvalue-calculator.com/stock/NNGRY

Frequently asked questions

Is NN Group NV (NNGRY) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $35.84 versus a price of $43.22, about −17% upside (overvalued).
What is the fair value of NNGRY?
Our model-based fair value for NN Group NV ADR is $35.84 (as of Sep 29, 2026), built from audited fundamentals. The current price: $43.22.
What is the quality score of NNGRY?
NN Group NV ADR has a Quality Score of 49/100. 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 NV (NNGRY)?
Our model-based price target is the fair value of $35.84 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario $28.01, optimistic scenario $39.03. It is a calculation from audited fundamentals, not an analyst target.
What is the NN Group NV ADR stock forecast for 2026?
Our models put fair value at $35.84, about −17% upside versus a price of $43.22 (overvalued). Cautious scenario $28.01, optimistic scenario $39.03. The calculation is refreshed regularly with new filings.
Does NN Group NV ADR pay a dividend?
NN Group NV ADR currently shows a dividend yield of about 8.98% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of NN Group NV (NNGRY)?
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 NV ADR it is $35.84 per share (as of Sep 29, 2026), against a price of $43.22. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is NN Group NV ADR stock overvalued or undervalued in 2026?
As of Sep 29, 2026, NNGRY trades above its calculated fair value: price $43.22, fair value $35.84, a gap of about −17% (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 NNGRY?
No. The price is what the market pays today ($43.22); the fair value is what the company's own numbers justify ($35.84). For NN Group NV ADR the two are $7.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is NN Group NV ADR worth?
The market values NN Group NV ADR at about $24.6B (market capitalisation, as of Sep 29, 2026). Per share that is $43.22; our models calculate a fair value of $35.84 per share.
What do the bullish and bearish scenarios say about NNGRY?
Our models span a range for NN Group NV ADR: cautious scenario $28.01, base $35.84, optimistic $39.03 per share (as of Sep 29, 2026, price $43.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NNGRY?
NN Group NV ADR trades at a price-to-earnings ratio of 17.9 (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 $35.84 is built from several models across several years. Other multiples: PEG 0.7, P/B 1.1, P/S 1.5, EV/EBITDA 5.2.
What is the PEG ratio of NNGRY?
The PEG ratio of NN Group NV ADR 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 NV (NNGRY)?
Balance-sheet figures for NN Group NV ADR (as of Sep 29, 2026): return on equity 5.6%, debt of 0.70 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is NNGRY from its 52-week high?
NN Group NV ADR trades at $43.22, about 9% below its 52-week high of $47.45 and 31% above the low of $32.88 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $35.84 is for.
Which stocks are comparable to NN Group NV ADR?
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 NV ADR stock attractive at the current price?
The data as of Sep 29, 2026: price $43.22, calculated fair value $35.84 (−17%), Quality Score 49/100, 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 NNGRY calculated?
We run NN 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 $35.84, 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 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 NN Group NV (NNGRY)?
The closing price on Oct 2, 2026 was $43.22. Our model-based fair value is $35.84, about −17% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NN Group NV ADR right now?
The price sits above even our optimistic bull case ($39.03). The favourable scenario is already priced in. Solid but not exceptional quality (49/100) 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 NN Group NV (NNGRY) come from?
Earnings per share at NN Group NV ADR grew +4.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.6 %, EBIT margin +8.5 %, tax rate −0.7 %, residual (interest, one-offs) +0.2 %. 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 NN Group NV ADR

How large is the market capitalisation of NN Group NV (NNGRY)?
The market capitalisation of NN Group NV ADR is $24.6B. 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 NV (NNGRY)?
The price-to-sales ratio of NN Group NV ADR is 7.36 (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 NV (NNGRY)?
Earnings per share at NN Group NV ADR are $2.42 (price ÷ EPS = P/E 17.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NN Group NV (NNGRY)?
The dividend yield of NN Group NV ADR is 9.0% (payout 160%). 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 NV (NNGRY)?
The net margin of NN Group NV ADR is 41.2% (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 NV (NNGRY)?
The return on equity (ROE) of NN Group NV ADR is 5.6% (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 NN Group NV (NNGRY)?
On an EBIT basis the return on assets of NN 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 NN Group NV (NNGRY)?
The operating margin of NN Group NV ADR 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 NV (NNGRY)?
Revenue at NN Group NV ADR 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 NV (NNGRY)?
Earnings per share at NN Group NV ADR 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 NV (NNGRY) generate?
The free cash flow of NN Group NV ADR 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 NV (NNGRY) carry?
The net debt of NN Group NV ADR is €9.0B (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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