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Nationwide Building Society
(LSE:NBS)
Select Model
Select Model
Rating:58Neutral
Price Target:
13,208.00 p
▲(2.79% Upside)
Action:Reiterated
Date:09/13/26
Moderate overall score driven by mixed fundamentals and weak technicals. Financial performance is stable-to-moderate but showed a clear 2026 profitability downshift and elevated leverage, while technical indicators point to a strong downtrend. The main offset is the very low P/E, which improves the score on valuation despite the operational and momentum risks.
Positive Factors
Mutual ownership model
Member ownership aligns retained profits with capital strength and member value rather than shareholder dividends. This model can support reinvestment in savings and mortgage pricing while reinforcing Nationwide’s retail focus over the medium term.
Negative Factors
Recent earnings deterioration
The latest annual results show a material weakening in profitability, with lower revenue, sharply compressed margins, and substantially reduced net income. If this downshift persists, it could reduce capital accumulation and limit the resources available for member pricing and growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Mutual ownership model
Member ownership aligns retained profits with capital strength and member value rather than shareholder dividends. This model can support reinvestment in savings and mortgage pricing while reinforcing Nationwide’s retail focus over the medium term.
Read all positive factors
Nationwide Building Society (NBS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.34B
Dividend YieldN/A
Average Volume (3M)19.86K
Price to Earnings (P/E)1.1
Beta (1Y)0.08
Revenue Growth7.19%
EPS Growth-54.08%
CountryUK
Employees26,890
SectorFinancial
Sector Strength70
IndustryBanks
Share Statistics
EPS (TTM)115.98
Shares Outstanding10,555,500
10 Day Avg. Volume197
30 Day Avg. Volume19,858
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.06
Price to Sales (P/S)0.07
P/FCF Ratio0.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nationwide Building Society Business Overview & Revenue Model
Company Description
Nationwide Building Society, together with its subsidiaries, provides retail banking products and services in the United Kingdom. The company offers current, savings, and individual savings accounts; residential mortgages; overdrafts; personal, ca...
How the Company Makes Money
Nationwide primarily makes money from the net interest income generated by taking in member deposits (savings/current account balances) and lending those funds out, chiefly through residential mortgages and other personal lending. In practice, it ...
Nationwide Building Society Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
55
Neutral
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.39B | 16.27B | 4.67B | 9.21B | 4.87B |
| Gross Profit | 6.04B | 5.18B | 4.67B | 4.76B | 3.95B |
| EBITDA | 2.18B | 2.89B | 2.23B | -57.00M | 1.76B |
| Net Income | 1.06B | 2.30B | 1.30B | 1.66B | 1.25B |
Balance Sheet | |||||
| Total Assets | 382.33B | 367.88B | 271.92B | 271.89B | 272.35B |
| Cash, Cash Equivalents and Short-Term Investments | 38.41B | 29.48B | 25.16B | 25.64B | 30.22B |
| Total Debt | 65.43B | 54.24B | 54.89B | 61.17B | 72.07B |
| Total Liabilities | 363.22B | 347.39B | 254.23B | 256.32B | 257.99B |
| Stockholders Equity | 18.91B | 19.72B | 17.69B | 16.91B | 15.70B |
Cash Flow | |||||
| Free Cash Flow | 3.48B | -8.31B | 7.08B | 1.80B | 1.07B |
| Operating Cash Flow | 3.90B | -7.91B | 7.17B | 2.14B | 1.35B |
| Investing Cash Flow | 2.33B | 10.77B | 792.00M | -4.21B | -4.96B |
| Financing Cash Flow | 2.12B | 1.44B | -9.31B | -2.79B | 16.72B |
Nationwide Building Society Technical Analysis
Negative
12850.00
Price Trends
12866.00
Negative
12897.50
Negative
12997.25
Negative
Market Momentum
-50.03
Positive
12.23
Positive
23.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NBS, the sentiment is Negative. The current price of 12850 is above the 20-day moving average (MA) of 12805.00, below the 50-day MA of 12866.00, and below the 200-day MA of 12997.25, indicating a bearish trend. The MACD of -50.03 indicates Positive momentum. The RSI at 12.23 is Positive, neither overbought nor oversold. The STOCH value of 23.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:NBS.
Nationwide Building Society Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £126.25M | 6.67 | 6.84% | 7.05% | -6.35% | 16.23% | |
75 Outperform | £1.51B | 6.56 | 21.73% | 17.85% | -1.60% | 36.00% | |
75 Outperform | £64.32B | 13.79 | 11.05% | 3.61% | -16.61% | 21.26% | |
71 Outperform | £1.39B | 8.43 | 11.98% | 5.85% | -6.82% | -7.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | £1.23B | 22.91 | 7.00% | ― | 0.76% | -49.33% | |
58 Neutral | £1.34B | 1.10 | 5.68% | ― | 7.19% | -54.08% |
* Financial Sector Average
GB:NBS
Nationwide Building Society
12,700.00
-300.00
-2.31%
GB:ARBB
Arbuthnot Banking
780.00
-189.21
-19.52%
GB:LRE
Lancashire Holdings
620.50
98.22
18.81%
GB:LLOY
Lloyds Banking
111.15
29.81
36.65%
GB:MTRO
Metro Bank
182.80
55.80
43.94%
GB:PAG
Paragon Banking Group PLC
776.00
-62.88
-7.50%
Nationwide Building Society Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Nationwide Issues NOK 380m Senior Notes Under European Programme
Positive
Sep 11, 2026
Nationwide Building Society has published the final terms for a NOK 380 million 5.150 per cent fixed rate senior preferred note issue maturing in September 2036 under its U.S.$35 billion European Note Programme. The documentation, now available vi...
Business Operations and StrategyExecutive/Board Changes
Nationwide appoints tech-focused banking veteran Simon McNamara to its boards
Positive
Sep 1, 2026
Nationwide Building Society has appointed veteran financial services executive Simon McNamara as a non-executive director to the boards of Nationwide, Virgin Money and Clydesdale Bank, effective 1 September 2026. McNamara, currently a non-executiv...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists €40m Covered Bond on London Stock Exchange
Positive
Aug 21, 2026
Nationwide Building Society has issued a €40 million 3.81% regulated covered bond, Series 2026-07, due in August 2051, which has been admitted to trading on the main market of the London Stock Exchange. The bond forms part of the societyR...
Delistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists New EUR 50m Covered Bond on London Stock Exchange
Positive
Aug 20, 2026
Nationwide Building Society has admitted a new EUR 50 million regulated covered bond issue to trading on the main market of the London Stock Exchange. The Series 2026-06 covered bonds carry a 3.881 per cent coupon and mature on 20 August 2046, exp...
Delistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists New €150m Covered Bond on London Stock Exchange
Positive
Aug 19, 2026
Nationwide Building Society has admitted a new series of covered bonds to trading on the main market of the London Stock Exchange. The issuance, a €150 million 3.812% Regulated Covered Bond due August 2043, forms part of the Society’s ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Publishes Terms for New Long-Dated Regulated Covered Bond
Positive
Aug 19, 2026
Nationwide Building Society has published the final terms for a new issue of regulated covered bonds under its €45 billion Global Covered Bond Programme, highlighting its ongoing use of secured wholesale funding backed by mortgage assets thr...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Sets Final Terms for €50m 2046 Covered Bond
Positive
Aug 19, 2026
Nationwide Building Society has published the final terms for a €50,000,000 fixed-rate regulated covered bond, issued as Series 2026-06 under its €45,000,000,000 Global Covered Bond Programme and maturing in August 2046. The bond, carr...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Raises £100m Through Core Capital Deferred Shares Re-sale
Positive
Aug 18, 2026
Nationwide Building Society has priced a re-sale of 793,651 previously repurchased Core Capital Deferred Shares, generating aggregate re-sale proceeds of £100 million, excluding potential future distribution amounts. The CCDS will be sold at ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Sets Final Terms for €150m Covered Bond Issue
Positive
Aug 18, 2026
Nationwide Building Society has published the final terms for a new issuance of €150 million fixed rate regulated covered bonds due August 2043 under its €45 billion Global Covered Bond Programme. The bonds, carrying a 3.812% coupon, a...
Business Operations and StrategyPrivate Placements and Financing
Nationwide to Re-Sell Up to £100m of Core Capital Deferred Shares
Positive
Aug 17, 2026
Nationwide Building Society plans to re-sell up to £100 million of Core Capital Deferred Shares previously repurchased under its open market repurchase facility, subject to market conditions. The transaction, arranged via a bookbuild led by B...
Business Operations and StrategyDelistings and Listing Changes
Nationwide to Redeem £400m Senior Non-Preferred Notes Ahead of 2027 Maturity
Neutral
Aug 4, 2026
Nationwide Building Society has announced that it will redeem in full its £400 million 4.00 per cent fixed rate reset senior non-preferred notes due 2027 on 3 September 2026, after satisfying all contractual preconditions for early redemption...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Updates $35bn European Note Programme Prospectus
Positive
Jul 30, 2026
Nationwide Building Society has published an updated Base Prospectus for its U.S.$35,000,000,000 European Note Programme, following approval by the UK Financial Conduct Authority. The document outlines the terms under which Nationwide may issue no...
Business Operations and StrategyRegulatory Filings and Compliance
Nationwide Updates €45bn Global Covered Bond Programme Prospectus
Positive
Jul 21, 2026
Nationwide Building Society has published a new supplement to its prospectus for the €45 billion Global Covered Bond Programme, following approval by the Financial Conduct Authority. The document updates the June 12, 2026 prospectus and is n...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresShareholder Meetings
Nationwide Members Back Board and Strategy at High-Engagement 2026 AGM
Positive
Jul 15, 2026
Nationwide Building Society reported strong member support at its 2026 online AGM, with overwhelming approval for the directors’ report, financial statements, remuneration report and the reappointment of Ernst Young as auditor. All director...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists $750 Million Senior Non-Preferred Notes on LSE
Positive
Jul 14, 2026
Nationwide Building Society has admitted U.S.$750 million of fixed-to-floating rate senior non-preferred notes due July 2037 to trading on the main market of the London Stock Exchange. The issuance forms part of its U.S.$30 billion Global Medium T...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists $1bn Senior Non-Preferred Notes on LSE
Positive
Jul 14, 2026
Nationwide Building Society has issued U.S.$1bn of fixed-to-floating rate senior non-preferred notes due July 2032, which have been admitted to trading on the main market of the London Stock Exchange. The notes form part of the society’s U.S...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Issues $750 Million Senior Non-Preferred Notes Under Global MTN Programme
Positive
Jul 9, 2026
Nationwide Building Society has published the final terms for a new U.S.$750 million issue of fixed-to-floating rate senior non-preferred notes due July 2037 under its U.S.$30 billion Global Medium Term Note Programme. The documentation has been m...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Issues $1 Billion Senior Non-Preferred Notes Under Global MTN Programme
Positive
Jul 9, 2026
Nationwide Building Society has published the final terms for a new issuance of U.S.$1,000,000,000 Fixed-to-Floating Rate Senior Non-Preferred Notes due July 2032, under its U.S.$30,000,000,000 Global Medium Term Note Programme. The documentation ...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Wins Holder Approval to Fold Legacy Clydesdale Bonds Into €45bn Programme
Positive
Jul 7, 2026
Nationwide Building Society has announced the results of a meeting of holders of several Legacy Clydesdale Covered Bonds, spanning euro and sterling series maturing between 2026 and 2028. These bonds, with an aggregate principal in the billions, a...
Financial DisclosuresRegulatory Filings and Compliance
Nationwide Publishes 2026 Financial Report for Covered Bonds LLP
Positive
Jun 30, 2026
Nationwide Building Society has announced the publication of the Annual Report and Financial Statements for Nationwide Covered Bonds LLP for the year ended 31 March 2026. The documents have been submitted to the UK’s National Storage Mechani...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists HKD 206m Senior Notes on London Stock Exchange
Positive
Jun 30, 2026
Nationwide Building Society has admitted a new tranche of wholesale funding to trading on the London Stock Exchange’s main market, issuing HKD 206 million of 4.248% senior preferred notes maturing in June 2036. The issuance forms part of the...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Issues HKD 206 Million Senior Preferred Notes Under European Programme
Positive
Jun 26, 2026
Nationwide Building Society has published the final terms for a new issue of HKD 206 million senior preferred notes, carrying a 4.248% coupon and maturing in June 2036, under its US$35 billion European Note Programme. The documentation has been ma...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists NOK 410m Senior Notes on London Stock Exchange
Positive
Jun 25, 2026
Nationwide Building Society has admitted NOK 410 million of 4.980% Senior Preferred Notes due June 2036 to trading on the main market of the London Stock Exchange, issued under its US$35 billion European Note Programme. The notes’ listing en...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Issues NOK 410 Million Senior Preferred Notes Due 2036
Positive
Jun 23, 2026
Nationwide Building Society has published the final terms for a new NOK 410,000,000 issuance of 4.980 per cent senior preferred notes due June 2036 under its U.S.$35,000,000,000 European Note Programme. The documentation has been made available vi...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Nationwide Lists NOK 1 Billion Senior Notes on LSE
Positive
Jun 23, 2026
Nationwide Building Society has listed NOK 1 billion of 4.935% Senior Preferred Notes due June 2038 on the main market of the London Stock Exchange. The notes form part of the society’s $35 billion European Note Programme, offering instituti...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Issues NOK 1 Billion Senior Preferred Notes Under EMTN Programme
Positive
Jun 19, 2026
Nationwide Building Society has issued NOK 1,000,000,000 of 4.935% Senior Preferred Notes due June 2038 under its U.S.$35,000,000,000 European Note Programme. The issuance, documented in newly published Final Terms, underscores Nationwide’s ...
Business Operations and StrategyPrivate Placements and Financing
Nationwide Seeks Investor Consent to Fold Legacy Clydesdale Bonds Into Global Programme
Neutral
Jun 15, 2026
Nationwide Building Society has called a meeting of holders of several series of Legacy Clydesdale regulated covered bonds, denominated in euros and sterling and maturing between 2026 and 2028, to seek consent for their transfer into its €45...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nationwide Updates Supplement to $35bn European Note Programme
Positive
Jun 15, 2026
Nationwide Building Society has published a new supplement to its base prospectus for the U.S.$35 billion European Note Programme, which has been approved by the Financial Conduct Authority. The document updates the existing prospectus first issue...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.