Buffett Brain · Research note
Score updated 23 Oct 2026 · analysis from 5 Oct 2026
ING· Financial Services
ING Groep
ING Groep's low ROIC and high leverage undermine its appeal despite strong gross margins.
Buffett fit
Weak fit
Owner
44
Durability
74
Management
25
Price
43
Score updated 23 Oct 2026 · analysis from 5 Oct 2026
Buffett's checklist
Each number against Buffett's bar, and where it ranks among Financial Services stocks in our database.
How much profit the business makes on each dollar invested in it. Higher is better.
What is left of each sale after the cost of making the product. A high number often means pricing power.
The cash the business earns for its owners, compared with the price of the whole company.
How fast sales grew each year over the last five years.
How many years of today's profit you pay for at today's price. Lower means cheaper.
How much the company owes compared with what it owns outright. Lower is safer.
The four pillars
How the business measures up on each of Buffett's four tests.
If we owned 100% of ING Groep, the next decade would require addressing its low of 2.65% and high , with a debt/equity ratio of 4.23.
The full reasoning comes with a free account.
ING's durability is challenged by its low and high . The banking sector is prone to regulatory changes and economic cycles that can impact profitability.
The full reasoning comes with a free account.
ING's raises concerns. Despite a yield of 2.8%, the negative market cap versus retained earnings ratio of -0.78 suggests value destruction rather than creation.
The full reasoning comes with a free account.
At a of 12.0, ING is modestly priced, but the yield of 0.0% is a red flag.
The full reasoning comes with a free account.
Free account
Read the full ING Groep analysis free
- The full reasoning behind all four pillars
- The 5-year price target and the return it implies
- What would change the call
- Graham, Lynch and Greenblatt on the same stock
3 full analyses a week · no card needed
For and against
The strongest points on each side, with the numbers behind them.
In its favor
5- 1 of 96.8% is top-quintile in the Financial Services sector.
- 2EPS CAGR of 14.58% over 5 years indicates strong earnings growth.
- 3Share count CAGR of -6.41% reflects shareholder-friendly .
- 4Dividend yield of 4.71% provides attractive income for investors.
Concerns
5- 1 of 2.65% is below the sector top-quintile cutoff of 10.6%.
- 2Debt/Equity ratio of 4.23 indicates high risk.
- 3Net debt/EBITDA of 15.80 suggests significant financial strain.
- 4Current ratio of 0.08 highlights potential liquidity issues.
Price history
$32.44+114.4%· 5-year return
Weekly closing prices. Touch or hover the line for a date.
The business
How the business works
ING Groep N.V. provides a wide array of banking services across multiple regions, including deposits, consumer and business lending, and corporate finance solutions. The company operates in six segments, with a focus on retail and wholesale banking. Despite a high of 96.8%, its is 22.2%, indicating significant non-interest expenses. The unit economics suffer from low of 2.65%, suggesting inefficient .
How this analysis has moved
The call has held across 3 reviews.
Oct 11, 2026 → Oct 23, 2026
What other investors would say
The same company, judged by three other documented playbooks.
Keep researching
Similar companies in Financial Services
Free weekly email
Liked the read on ING? Get the next ones on Monday.
Every Monday: the stocks most of the seven investors newly agree on. One email, unsubscribe any time.
Research, not investment advice.
See the Buffett analysis of ING Groep
The score, the checklist and the full reasoning open with a free account. You get 3 full analyses a week, and this stock is the first one. No card needed.
Create a free account3 full analyses a week · no card needed
Already have an account? Sign in