Lloyds Banking Group PLC LYG

FinancialsBanking ServicesUnited Kingdom

Last close 5.04 USD on Nov 2, 2026, −1.3% year to date

Quant rating

Quant rating C Rank 134 of 304 in Financials

Growth B 46 of 304
Valuation B 48 of 304
Quality D 232 of 304
Revisions C 154 of 304
Momentum C 193 of 304

Wall Street consensus Buy (2.00)Average target 6.78 USD +34.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 73.0B
Enterprise value: 195.0B
52-week range: 4.52 – 6.33
3-year range: 2.01 – 6.33
Dividend yield: 4.30%
Beta (5 years): 0.93
Shares outstanding: 57,263M
Next earnings: Feb 11, 2027

About the company

Lloyds Banking Group plc is a United Kingdom-based financial services company. The Company provides a range of banking and financial services that are focused primarily on retail and commercial customers. The Company operates through three segments: Retail, Commercial Banking, and Insurance, Pensions and Investments. The Retail segment offers a range of financial services products to personal customers, including current accounts, savings, mortgages, credit cards, unsecured loans, motor finance and leasing solutions. The Commercial Banking segment serves small and medium businesses, as well as corporate and institutional clients, providing lending, transactional banking, working capital management, debt financing and risk management services. The Insurance, Pensions and Investments segment offers insurance, investment and pension management products and services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	41,428	39,144	35,706	21,345	17,937	–
Revenue growth	5.8%	9.6%	67.3%	19.0%	−8.3%	16.2%
EPS (basic, normalized)	0.09	0.08	0.10	0.07	0.10	–
EPS growth	19.5%	−22.0%	43.1%	−27.9%	407.2%	37.3%
Gross margin	–	–	–	–	–	–
Net margin	13.6%	12.5%	17.6%	19.2%	40.4%	20.7%
ROE	11.0%	9.2%	11.5%	14.1%	11.5%	11.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	133,819
Net debt (mil)	–
Total equity (mil)	60,716
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	41,428	+5.8%	4.7x	–	–	–	0.45	+29.3%	11.2x
2026	28,598	−31.0%	6.8x	4.05	–	1.2x	0.53	+17.5%	9.5x
2027	30,585	+6.9%	6.4x	4.38	+8.1%	1.2x	0.63	+18.6%	8.0x
2028	32,278	+5.5%	6.0x	4.71	+7.6%	1.1x	0.70	+12.2%	7.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	28,598	−0.5%	+0.6%	−0.6%	0.53	−0.9%	−2.1%	−2.1%
2027	30,585	−1.2%	−1.0%	−0.4%	0.63	−1.6%	−0.9%	−1.7%
2028	32,278	−0.9%	−0.6%	+0.4%	0.70	0.0%	+2.1%	+2.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
LYG Lloyds Banking Group PLC	73.0B	–	13.6%	1.04x	9.5x	8.0x	1.2x	1.2x
JPM JPMorgan Chase & Co.	905.3B	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
BAC Bank of America Corporation	342.0B	14.0%	21.0%	1.72x	11.2x	9.6x	1.2x	1.1x
RY Royal Bank of Canada	284.0B	–	19.1%	1.45x	17.2x	15.7x	2.9x	2.7x
MUFG Mitsubishi UFJ Financial Group, Inc.	254.9B	–	27.8%	1.94x	13.4x	12.3x	–	–
HSBA HSBC Holdings PLC	294.5B	16.3%	21.6%	1.95x	10.2x	9.3x	1.6x	1.5x
Mean		15.2%	22.0%	1.64x	12.6x	11.4x	1.9x	1.8x
Median		15.2%	21.3%	1.73x	12.3x	11.0x	1.6x	1.5x

Technical analysis

1M−8.4%
3M−17.2%
1Y+11.1%
3Y+188.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lloyds Banking Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	41,428	39,144	35,706	21,345	17,937	19,561
Total interest expense	23,603	23,785	18,779	5,713	3,228	4,863
Net interest income	17,825	15,360	16,927	15,632	14,709	14,697
Loan loss provision	1,071	539	386	1,841	−1,864	5,681
Net interest income after loan loss provision	16,754	14,820	16,541	13,791	16,573	9,016
Non-interest income	45,960	19,492	17,870	33,351	39,717	27,193
Non-interest expense	−53,739	−26,842	−24,861	−41,357	−46,953	−34,532
Net income before taxes	8,974	7,470	9,551	5,785	9,338	1,676
Provision for taxes	2,565	1,869	2,527	1,039	1,376	−220
Minority interest & equity in affiliates	−132	−70.1	−73.8	−116	−137	−94.3
Other	0	0	0	0	0	0
Net income before extraordinary items	6,277	5,531	6,950	4,630	7,825	1,802
Extraordinary items	–	–	–	–	–	–
Net income	6,277	5,531	6,950	4,630	7,825	1,802
Basic weighted average shares (mil)	59,790	62,413	64,953	68,847	70,937	70,606
Diluted weighted average shares (mil)	60,513	63,074	65,760	69,682	71,785	71,256
Basic EPS excluding extraordinary items	0.09	0.08	0.10	0.06	0.10	0.02
Basic EPS, normalized	0.09	0.08	0.10	0.07	0.10	0.02

Balance sheet in millions of USD, fiscal years

Balance sheet, Lloyds Banking Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	86,088	88,334	113,127	123,414	112,861	111,593
Other earning assets	487,648	418,741	391,278	342,911	431,235	351,830
Net loans	648,671	575,325	572,479	550,292	606,869	682,067
Property, plant & equipment	20,096	16,761	15,949	12,895	–	16,071
Goodwill	4,055	3,438	3,562	3,212	–	3,172
Intangibles	7,522	6,806	7,011	6,000	9,082	13,341
Long-term investments	600	678	510	466	–	405
Other long-term assets	9,007	10,050	11,213	12,393	11,235	6,091
Other assets	8,254	14,231	6,869	4,963	20,977	6,713
Total assets	1,271,940	1,134,364	1,121,998	1,056,546	1,192,257	1,191,283
Liabilities
Accounts payable	9,617	10,863	6,923	6,675	–	7,325
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	676,658	611,664	607,870	583,798	654,794	672,072
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	54,819	49,895	49,764	60,335	43,896	2,203
Current portion of long-term debt	41,542	32,328	37,802	–	34,499	38,318
Long-term debt	78,624	70,492	73,547	103,872	80,038	102,964
Minority interest	268	215	256	295	318	313
Other liabilities	346,189	301,711	285,801	248,746	309,738	300,840
Total liabilities	1,207,717	1,077,169	1,061,963	1,003,722	1,123,284	1,124,034
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7,934	7,584	8,093	8,140	9,608	9,686
Additional paid-in capital	25,325	23,420	23,635	22,384	25,000	24,424
Retained earnings (accumulated deficit)	26,089	23,477	24,578	22,538	26,969	22,983
Treasury stock	–	–	–	–	–	–
Other equity	4,874	2,714	3,728	−238	7,396	10,156
Total equity	64,223	57,195	60,035	52,824	68,974	67,249
Total liabilities & shareholders' equity	1,271,940	1,134,364	1,121,998	1,056,546	1,192,257	1,191,283

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lloyds Banking Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,974	7,470	9,551	8,381	9,338	1,676
Depreciation, depletion & amortization	4,685	4,286	3,698	2,898	3,822	3,735
Deferred taxes	–	–	–	–	–	–
Non-cash items	3,592	3,218	5,251	−21,910	−2,366	5,602
Changes in working capital	−9,570	−20,470	−9,831	37,258	−1,651	26,137
Cash from operations	7,681	−5,496	8,668	26,627	9,143	37,151
Investing activities
Capital expenditures	−8,519	−7,035	−6,944	−4,663	−4,367	−3,967
Other investing cash flows	−5,209	−2,587	−5,557	5,280	924	−1,503
Cash from investing	−13,728	−9,622	−12,501	617	−3,443	−5,469
Financing activities
Financing cash flow items	−1,778	−1,508	−1,592	−1,365	−2,469	−2,173
Cash dividends paid	−2,695	−2,287	−2,102	−1,784	−1,186	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,744	−3,626	−761	−4,851	−720	−5,100
Cash from financing	−7,217	−7,420	−4,455	−8,000	−4,375	−7,273
Foreign exchange effects	−509	−8.8	−611	879	94.7	−268
Net change in cash	−13,773	−22,547	−8,899	20,123	1,419	24,141
Free cash flow	−838	−12,531	1,725	21,963	4,776	33,184

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.