ING Group NV ADR (ING) Fair Value & Analysis
Financial Services · US · Market cap $89.9B · ISIN US4568371037
What is ING Group NV ADR really worth?
ING Group NV ADR
ING · US
A solid business, but trading 31% above our fair value of $28.29.
Strengths
Risks
Fair value as of: Sep 2, 2026
From 6 valuation models · updated 2 days ago
Fair value updated Sep 2, 2026, revised from $28.37 to $28.29 (−0.3%) since Aug 27, 2026. Share price +5.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($35.36). 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.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range $6.44 – $37.09 · fair‑value band $21.22 – $35.36 · the $37.09 price screens above the $28.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.
Analysis
ING Group NV ADR (ING) currently trades at $37.09, while our model-based Fair Value estimate is $28.29, implying the stock looks roughly 31.1% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Financial Services sector. 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 $37.09 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.
Over the trailing twelve months, ING Group NV ADR generated revenue of $24.6B at a net margin of 34.2%. Revenue grew 2.9% year over year. It earns a return on equity of 16.6%. Net debt stands at $116B. Fundamentals as of Sep 2, 2026
Our scenario range runs from $21.22 (bear case) to $35.36 (bull case); at $37.09, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 92% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −8% fair-value upside, at −24%, ING screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.73 per share, which is 6.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples ($24.27) versus Asset-Based ($11.62). Highest evidence: Residual Income (73).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 86
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue −0.1 % · buybacks/dilution +2.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
ING screens 31% overvalued. Compare with JPMorgan Chase & Co →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- European Equities Traded in the US as American Depositary Receipts Track Higher in Wednesday Trading
- Bank of Canada to Hold Rates Wednesday as Trade Risks Weigh on Canadian Dollar, ING Says
- Canadian Dollar Faces Further Downside as US-Canada Trade Tensions Escalate, ING Says
Peer Group
Banks - Diversified · 48 stocks
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.
Valuation Multiples vs Banks - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| JPMorgan Chase & Co JPM | $354.22 | $217.97 | −38% |
| Bank of America Corporation BAC | $61.17 | $50.87 | −17% |
| China Construction Bank Corporation 601939 | ¥10.55 | ¥18.21 | +73% |
| Industrial and Commercial Bank of China Limited 601398 | ¥7.86 | ¥14.44 | +84% |
| HSBC Holdings HSBC | $103.14 | $75.89 | −26% |
| Agricultural Bank of China Limited 601288 | ¥6.79 | ¥12.94 | +91% |
| Royal Bank of Canada RY | C$283.11 | C$151.80 | −46% |
| Bank of China Limited 601988 | ¥6.14 | ¥11.24 | +83% |
| Wells Fargo & Company WFC | $86.69 | $79.60 | −8% |
| Mitsubishi UFJ Financial Group MUFG | $22.90 | $20.50 | −10% |
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