NWG EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NWG's ev/ebitda is higher than 95% of the last 10 years.
EV/EBITDA History
NWG EV/EBITDA by year
Yearly range of NWG’s ev/ebitda from 2018 to 2026. Over the full period it ranged from -237.7 to 3.0, averaging -23.3.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | -5.5 | -0.7 | 3.0 | 2.9 |
| 2025 | -9.7 | -4.2 | 1.4 | 1.4 |
| 2024 | -14.3 | -9.1 | -1.4 | -1.4 |
| 2023 | -16.1 | -12.5 | -7.1 | -14.3 |
| 2022 | -29.1 | -25.1 | -21.9 | -26.8 |
| 2021 | -237.7 | -106.4 | -22.3 | -22.3 |
| 2020 | -234.8 | -19.7 | -1.7 | -234.8 |
| 2019 | -15.4 | -11.8 | -1.7 | -1.7 |
| 2018 | -15.4 | -12.8 | -6.3 | -6.3 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is NWG EV/EBITDA High or Low Right Now?
NatWest Group plc's EV/EBITDA is currently 2.9, which is near historic high relative to its 10-year historical range. The 10-year median EV/EBITDA for NWG is approximately -13.2. See all NWG valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.