LYG vs NWG
Lloyds Banking Group PLC and NatWest Group PLC, side by side — 10 fiscal years reported in GBP, drawn from SEC filings.
Most recent reported year
| Metric | LYG | NWG |
|---|---|---|
| Revenue | £19.4B | £30.2B |
| Net income | £4.7B | £5.8B |
| Gross margin | · | · |
| Net margin | 24.5% | 19.3% |
| Return on equity | 10.0% | 14.2% |
| Diluted EPS | £0.07 | £0.67 |
| Dividend / share | £0.03 | · |
| Payout ratio | 42.9% | 40.7% |
| Free cash flow | £630.0M | £6.4B |
| Equity | £47.7B | £42.6B |
| Net debt / equity | · | · |
| Current ratio | · | · |
| Revenue CAGR 5y | −7.8% | 17.6% |
| Profit CAGR 5y | 28.7% | · |
NWG bills 1.6× the revenue of LYG, and LYG keeps more of each dollar of revenue as profit (24.5% against 19.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | LYG | NWG |
|---|---|---|
| FY2025 | £19.4B | £30.2B |
| FY2024 | £18.0B | £29.3B |
| FY2023 | £18.6B | £25.4B |
| FY2022 | £-5.3B | £16.6B |
| FY2021 | £39.0B | £12.7B |
| FY2020 | £29.2B | £13.4B |
| FY2019 | £42.4B | £18.2B |
| FY2018 | £22.1B | £16.7B |
| FY2017 | £34.2B | £16.1B |
| FY2016 | £39.6B | £15.9B |
Bottom line
| Fiscal year | LYG | NWG |
|---|---|---|
| FY2025 | £4.7B | £5.8B |
| FY2024 | £4.4B | £4.8B |
| FY2023 | £5.5B | £4.6B |
| FY2022 | £3.8B | £3.6B |
| FY2021 | £5.8B | £3.3B |
| FY2020 | £1.3B | £-434.0M |
| FY2019 | £2.9B | £3.8B |
| FY2018 | £4.4B | £2.2B |
| FY2017 | £3.9B | £1.5B |
| FY2016 | £2.1B | £-5.2B |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −£10,821,000,000 | NWG |
| FY2024 | −£11,320,000,000 | NWG |
| FY2023 | −£6,753,000,000 | NWG |
| FY2022 | −£21,920,000,000 | NWG |
| FY2021 | +£26,248,000,000 | LYG |
| FY2020 | +£15,720,000,000 | LYG |
| FY2019 | +£24,193,000,000 | LYG |
| FY2018 | +£5,435,000,000 | LYG |
| FY2017 | +£18,174,000,000 | LYG |
| FY2016 | +£23,666,000,000 | LYG |
| FY2015 | +£6,260,000,000 | LYG |
The higher-revenue side has changed between LYG and NWG over this period. The gap has widened since the earliest year compared.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +5.2 pp | LYG |
| FY2024 | +8.5 pp | LYG |
| FY2023 | +11.4 pp | LYG |
| FY2021 | −11.0 pp | NWG |
| FY2020 | +8.0 pp | LYG |
| FY2019 | −13.8 pp | NWG |
| FY2018 | +7.5 pp | LYG |
| FY2017 | +2.3 pp | LYG |
| FY2016 | +38.4 pp | LYG |
| FY2015 | +11.1 pp | LYG |
The higher net margin has changed hands between LYG and NWG over this period.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NWG's net margin has been more volatile than LYG's over the 10 comparable fiscal years — 16.9 percentage points of standard deviation against 9.0.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between LYG and NWG over these 10 fiscal years — LYG led in 8 and NWG in 2.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NWG's return on equity has been more volatile than LYG's over the 11 comparable fiscal years — 7.1 percentage points of standard deviation against 3.3.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between LYG and NWG over these 11 fiscal years — LYG led in 6 and NWG in 5.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.