NWG vs PNC: Natwest Group and PNC Financial Services compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- PNC Financial Services is the larger company, worth $88.8B, about 1.3 times Natwest Group.
- PNC Financial Services grew revenue faster over the last year (+21.4% vs +3.1%).
- On earnings, Natwest Group is the cheaper stock (9.1x vs 12.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NWG | PNC |
|---|---|---|
| Market cap | $67.6B | $88.8B |
| Share price | $17.13 | $217.72 |
| Revenue (last fiscal year) | $30.2B | $23.1B |
| Free cash flow (last fiscal year) | $5.8B | — |
| Revenue growth, last year | +3.1% | +21.4% |
| Revenue growth per year, last 5 fiscal years | +24.2% | +4.7% |
| Operating margin | — | — |
| Net margin | 19.3% | 30.7% |
| Return on equity | 13.7% | 12.0% |
| P/E (trailing) | 9.13x | 12.9x |
| Price / free cash flow | 11.7x | 20.3x |
| EV / EBITDA | — | 15.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 3.0% |
| Debt / equity | 15.8x | 8.62x |
| Fundamental grade | C | C |
| Superinvestors holding it | 1 | 9 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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 | — |
PNC Financial Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.2B | — | — |
| 2022 | $21.1B | — | — |
| 2023 | $21.5B | — | — |
| 2024 | $21.6B | — | — |
| 2025 | $23.1B | — | — |
Where the revenue comes from
Natwest Group · by segments, 2025
Commercial & Institutional$13.4B44%
Retail Banking$10.1B34%
Central items & other$5.4B18%
Private Banking & Wealth Management$1.3B4%
PNC Financial Services · by segments, 2025
Retail Banking$14.9B53%
Corporate & Institutional Banking$11.2B40%
Asset Management Group$1.7B6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NWG in InvestinglyQuestions
Which is bigger, Natwest Group or PNC Financial Services?
PNC Financial Services (PNC), at $88.8B against $67.6B.
Is NWG or PNC cheaper?
By trailing P/E, Natwest Group (9.13x) is cheaper than PNC Financial Services (12.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, NWG or PNC?
PNC Financial Services: revenue grew +21.4% 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.