HDB vs NWG: HDFC Bank Limited ADR and Natwest Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- HDFC Bank Limited ADR is the larger company, worth $116.2B, about 1.7 times Natwest Group.
- HDFC Bank Limited ADR grew revenue faster over the last year (+18.1% vs +3.1%).
- On earnings, Natwest Group is the cheaper stock (9.1x vs 16.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HDB | NWG |
|---|---|---|
| Market cap | $116.2B | $67.6B |
| Share price | $22.28 | $17.13 |
| Revenue (last fiscal year) | $2.19T | $30.2B |
| Free cash flow (last fiscal year) | $1.13T | $5.8B |
| Revenue growth, last year | +18.1% | +3.1% |
| Revenue growth per year, last 5 fiscal years | +29.3% | +24.2% |
| Operating margin | — | — |
| Net margin | 30.8% | 19.3% |
| Return on equity | 8.8% | 13.7% |
| P/E (trailing) | 16.2x | 9.13x |
| Price / free cash flow | 0.07x | 11.7x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 1.9% |
| Debt / equity | 5.15x | 15.8x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
HDFC Bank Limited ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $782.4B | $904.0B | — |
| 2022 | $892.4B | $554.7B | — |
| 2023 | $1.13T | $433.6B | — |
| 2024 | $1.85T | $968.5B | — |
| 2025 | $2.19T | $1.13T | — |
Natwest Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.7B | $52.3B | — |
| 2022 | $16.6B | -$45.0B | — |
| 2023 | $25.4B | -$19.0B | — |
| 2024 | $29.3B | $694M | — |
| 2025 | $30.2B | $5.8B | — |
Where the revenue comes from
HDFC Bank Limited ADR · by segments, 2025
Retail Banking$1.09T50%
Insurance Services$655.7B30%
Wholesale Banking$347.7B16%
Treasury Services$54.0B2%
Others$45.0B2%
Natwest Group · by segments, 2025
Commercial & Institutional$13.4B44%
Retail Banking$10.1B34%
Central items & other$5.4B18%
Private Banking & Wealth Management$1.3B4%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HDB in InvestinglyQuestions
Which is bigger, HDFC Bank Limited ADR or Natwest Group?
HDFC Bank Limited ADR (HDB), at $116.2B against $67.6B.
Is HDB or NWG cheaper?
By trailing P/E, Natwest Group (9.13x) is cheaper than HDFC Bank Limited ADR (16.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, HDB or NWG?
HDFC Bank Limited ADR: revenue grew +18.1% over the last year, against +3.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.