NatWest Group plc (NWG)

NYSE: NWG · Commercial Banks, NEC · Edinburgh, Scotland, GB · filing with the SEC since 2000

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Grade5.5

◀ Past 6.3● Present 5.3▶ Future 4.7

1 est.

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The grade of NatWest Group plc

Nine metrics read from its own filings, by tense

Headline grade

5.5/10

◀ Past6.340% of the headline

● Present5.335% of the headline

▶ Future4.725% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.3/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed

5.9/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 59th percentile among 33 sector filers · read for itself

From the record

NatWest Group plc's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

2.8/10

What has it actually done, year after year?

+7.4% a year over 10 filed years; profitable in 8 of 10.

weight 22% of this tense · 28th percentile among 22 sector filers · read for its customers

From the record

NatWest Group plc's 10 filed years say what it did: revenue went from GBP 16 billion in fiscal 2016 to GBP 30 billion in fiscal 2025, up 7.4% a year; it rose in 7 of 9 years; the deepest fall was 30% from fiscal 2019 to fiscal 2021; net income was positive in 8 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span7.4%bottom 43% of its family
the share of years revenue rosebottom 36% of its family
the share of filed years with a profitbottom 13% of its family
the deepest fall from a revenue peak30.1%bottom 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

9.2/10

How has it treated the people who own it?

Share count shrank 6.5% a year. 76% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 33% of this tense · 92nd percentile among 29 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, NatWest Group plc's diluted share count shrank about 6.5% a year, and dividends and buybacks returned about 76% of its net income over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 5% of its family
cash returned against operating cash flowtop 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

5.7/10

Is it financially healthy right now?

ROE 14%: 14¢ of profit per shareholder dollar. Leverage 94%: owes 94¢ per asset dollar.

weight 45% of this tense · 57th percentile among 31 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, NatWest Group plc earned about 14 cents of profit for every dollar of shareholders' money. Leverage: it owed about 94 cents per dollar of assets, and net share issuance: its share count shrank 4.6% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 21% of its family
return on equitytop 44% of its family
the share count against the year beforetop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

4.8/10

How strong is its position in its industry?

bottom 48% of 21 in its family; net margin 19.3%.

weight 33% of this tense · 48th percentile among 21 sector filers · read for its customers

From the record

NatWest Group plc's standing among 21 graded names in its industry family: revenue of GBP 30 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 19.3% ranks in the bottom 25%; revenue growth of 22.2% a year over the last 3 filed years ranks in the top 30% (its annual reports).

What it rests on

net margin19.3%bottom 25% of its family
three-year revenue growth22.2%top 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 15 of 100 (universe median).

weight 22% of this tense · 50th percentile among 3816 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, and its family carries too few readings to lean on, so the desk assumes the typical reading over all 3816 companies with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: universe median, 3816 readings behind it.
Confidence: 15 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: NatWest Group plc's leadership is put at 5.0 of 10 with a confidence of 15 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, and its family carries too few readings to lean on, so the desk assumes the typical reading over all 3816 companies with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.7/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.6/10

How much room does it have to grow?

top 44% of 19 in its family for room to expand.

weight 33% of this tense · 56th percentile among 19 sector filers · read for itself

From the record

NatWest Group plc's room to grow, from the newest filed statements (fiscal 2025): cash of GBP 95 billion against no long-term debt tagged leaves 13.4% of its assets as net cash, top 27% of its family; cash from operations less capital spending is 21.2% of revenue (bottom 39%) (its annual report).

What it rests on

cash less debt against assets13.4%top 27% of its family
cash from operations less capital spending against revenue21.2%bottom 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.4/10

What could actually drive growth from here?

bottom 44% of 22 in its family for growth drivers.

weight 33% of this tense · 44th percentile among 22 sector filers · read for its customers

From the record

NatWest Group plc's growth drivers, from the filed years to fiscal 2025: revenue grew 22.2% a year over the last three filed years against 7.4% over all 10, speeding up (top 2% of its family); the newest year grew 3.1% (bottom 20%); capital spending grew 1.3% a year (bottom 15%) (its annual reports). NatWest Group plc tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+14.8 points a yeartop 2% of its family
the newest year's revenue growth3.1%bottom 20% of its family
three-year growth of capital spending1.3%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.1/10

Did its newest year beat what its own record pointed to?

bottom 41% of 20 in its family for expectations against reality.

weight 33% of this tense · 41st percentile among 20 sector filers · read for its shareholders

From the record

NatWest Group plc's newest year against its own record: revenue of GBP 30 billion in fiscal 2025 came in 22.4% below the GBP 39 billion its prior three years' pace pointed to (bottom 13% of its family); net income of GBP 5.8 billion against a prior three-year average of GBP 4.3 billion (top 42%); a net margin of 19.3% against 18.8% before (top 47%) (its annual reports).

What it rests on

revenue against the prior three years' pace-22.4%bottom 13% of its family
net income against the prior three years' average+34%top 42% of its family
net margin against its prior average+0.5 pointstop 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NWG · research, not advice