# Metro Bank (MTRO.LSE)

Canonical: https://gigainvestors.com/s/MTRO.LSE

Analysis as of: 2026-10-16T07:42:18.168Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 168.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 5

- Required profitable years: 9

Chart: Net income; fiscal year observations.

- FY2016: GBP -17M

- FY2017: GBP 11M

- FY2018: GBP 27M

- FY2019: GBP -183M

- FY2020: GBP -302M

- FY2021: GBP -248M

- FY2022: GBP -73M

- FY2023: GBP 30M

- FY2024: GBP 43M

- FY2025: GBP 70M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: -0.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -29.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -2.4%

- FY2017: 1.1%

- FY2018: 2.2%

- FY2019: -12.9%

- FY2020: -29.1%

- FY2021: -31.3%

- FY2022: -9.8%

- FY2023: 3.1%

- FY2024: 4.0%

- FY2025: 6.3%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: -12.1%

- Book return interval: 10 years

- Starting book value per share: GBP 5.96

- Ending book value per share: GBP 1.61

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 42.4%

- FY2017: 24.2%

- FY2018: 13.1%

- FY2019: -31.2%

- FY2020: -26.9%

- FY2021: -23.5%

- FY2022: -6.6%

- FY2023: -0.7%

- FY2024: -63.3%

- FY2025: 4.7%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 27.7%

- Diluted shares, 5-year annual growth: 31.6%

- Share growth excluding flagged crisis recapitalisations: 27.7%

- Five-year share growth excluding flagged crisis recapitalisations: 31.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: GBP -4.35

- Earnings retained per share after dividends and buybacks: GBP -4.23

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 291% since Oct 2023 · net income +64%

Story as of 2026-10-16T10:00:12.309Z; price observation 2026-10-15.

### Net income · FY2025

net income +64%; source https://filings.xbrl.org/213800X5WU57YL9GPK89/2022-12-31/ESEF/GB/0/213800X5WU57YL9GPK89-2022-12-31/reports/213800X5WU57YL9GPK89-2022-12-31-T01.xhtml; observed 2023-03-21.

- FY2016: GBP -17M 

- FY2017: GBP 11M 

- FY2018: GBP 27M 

- FY2019: GBP -183M 

- FY2020: GBP -302M 

- FY2021: GBP -248M 

- FY2022: GBP -73M 

- FY2023: GBP 30M 

- FY2024: GBP 43M 

- FY2025: GBP 70M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are GBP 862.6 million.

- Source: https://eodhd.com/api/fundamentals/MTRO.LSE.json#2025-12-31 (filed 2023-03-21); FY2025: revenue 862600000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTRO.LSE: Metro Bank Holdings PLC operates as the bank holding company for Metro Bank PLC that provides business, commercial, retail and private banking products and services in the United Kingdom. It offers personal banking products and services, including current, cash, and foreign currency accounts; savings; residential and buy-to-let mortgages; overdrafts; credit cards; and safe deposit box services. The company also provides business banking products and services comprising business bank, commercial and community current, foreign currency, and insolvency practitioner accounts; deposit accounts, such as business and community instant access deposit, business notice, client premium and flexible client term deposit, and business and community fixed term deposit accounts; and business and commercial loans and overdrafts, business loan calculators, asset based lending, asset and invoice financing, bounce back loans, business credit cards, and recovery loan schemes services. In addition, it offers private banking products and services, such as private bank, savings, foreign currency, and money management accounts; mortgages and buy-to-let; cards; and partnership loans. Further, the company provides business mobile and commercial online banking, apple pay, google pay, post office business banking, personal online banking, mobile app, Apple Pay, Google Pay, and internet banking registration services. The company was founded in 2010 and is headquartered in London, the United Kingdom. Metro Bank Holdings PLC is a subsidiary of Spaldy Investments Limited.

### Why customers stay

It lost 0.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-03-21); 10-year return on tangible equity observations [[2016,-0.023528833459734277],[2017,0.011380400421496312],[2018,0.022470978441127696],[2019,-0.12904593639575973],[2020,-0.2914975845410628],[2021,-0.3133838383838384],[2022,-0.09824324324324324],[2023,0.03134962805526036],[2024,0.0402081362346263],[2025,0.06342129208371247]]; median -0.0060742165191189825. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-03-21); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,17000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 55.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTRO.LSE SharesStats.PercentInsiders = 55.21 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-03-21); Closing price 168 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 1.2664249115440518; price multiple 1.326568977509854. FY2025 cash earnings/share 0.14299766564385652. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 2,769.00 per share

- 2016-11: GBX 3,265.00 per share

- 2016-12: GBX 2,925.00 per share

- 2017-01: GBX 3,329.00 per share

- 2017-02: GBX 3,421.00 per share

- 2017-03: GBX 3,254.00 per share

- 2017-04: GBX 3,529.00 per share

- 2017-05: GBX 3,700.00 per share

- 2017-06: GBX 3,588.00 per share

- 2017-07: GBX 3,622.00 per share

- 2017-08: GBX 3,469.00 per share

- 2017-09: GBX 3,380.00 per share

- 2017-10: GBX 3,557.00 per share

- 2017-11: GBX 3,454.00 per share

- 2017-12: GBX 3,584.00 per share

- 2018-01: GBX 3,634.00 per share

- 2018-02: GBX 3,952.00 per share

- 2018-03: GBX 3,514.00 per share

- 2018-04: GBX 3,302.00 per share

- 2018-05: GBX 3,324.00 per share

- 2018-06: GBX 3,236.00 per share

- 2018-07: GBX 3,200.00 per share

- 2018-08: GBX 2,784.00 per share

- 2018-09: GBX 2,974.00 per share

- 2018-10: GBX 2,224.00 per share

- 2018-11: GBX 2,102.00 per share

- 2018-12: GBX 1,693.00 per share

- 2019-01: GBX 1,087.00 per share

- 2019-02: GBX 889.50 per share

- 2019-03: GBX 758.00 per share

- 2019-04: GBX 750.00 per share

- 2019-05: GBX 683.50 per share

- 2019-06: GBX 525.50 per share

- 2019-07: GBX 358.80 per share

- 2019-08: GBX 268.80 per share

- 2019-09: GBX 200.00 per share

- 2019-10: GBX 202.80 per share

- 2019-11: GBX 187.00 per share

- 2019-12: GBX 206.20 per share

- 2020-01: GBX 229.00 per share

- 2020-02: GBX 167.50 per share

- 2020-03: GBX 90.85 per share

- 2020-04: GBX 92.58 per share

- 2020-05: GBX 71.00 per share

- 2020-06: GBX 104.95 per share

- 2020-07: GBX 103.30 per share

- 2020-08: GBX 98.38 per share

- 2020-09: GBX 61.30 per share

- 2020-10: GBX 60.46 per share

- 2020-11: GBX 120.60 per share

- 2020-12: GBX 140.00 per share

- 2021-01: GBX 118.40 per share

- 2021-02: GBX 124.60 per share

- 2021-03: GBX 115.60 per share

- 2021-04: GBX 115.50 per share

- 2021-05: GBX 109.50 per share

- 2021-06: GBX 100.20 per share

- 2021-07: GBX 96.00 per share

- 2021-08: GBX 103.70 per share

- 2021-09: GBX 105.80 per share

- 2021-10: GBX 105.90 per share

- 2021-11: GBX 100.00 per share

- 2021-12: GBX 96.10 per share

- 2022-01: GBX 97.00 per share

- 2022-02: GBX 90.50 per share

- 2022-03: GBX 89.85 per share

- 2022-04: GBX 88.20 per share

- 2022-05: GBX 78.20 per share

- 2022-06: GBX 77.20 per share

- 2022-07: GBX 82.10 per share

- 2022-08: GBX 81.00 per share

- 2022-09: GBX 79.30 per share

- 2022-10: GBX 71.00 per share

- 2022-11: GBX 96.00 per share

- 2022-12: GBX 121.00 per share

- 2023-01: GBX 138.40 per share

- 2023-02: GBX 149.20 per share

- 2023-03: GBX 106.20 per share

- 2023-04: GBX 102.00 per share

- 2023-05: GBX 100.50 per share

- 2023-06: GBX 119.00 per share

- 2023-07: GBX 118.20 per share

- 2023-08: GBX 103.80 per share

- 2023-09: GBX 58.40 per share

- 2023-10: GBX 43.00 per share

- 2023-11: GBX 39.50 per share

- 2023-12: GBX 37.00 per share

- 2024-01: GBX 35.60 per share

- 2024-02: GBX 34.90 per share

- 2024-03: GBX 32.25 per share

- 2024-04: GBX 33.30 per share

- 2024-05: GBX 38.30 per share

- 2024-06: GBX 36.95 per share

- 2024-07: GBX 52.30 per share

- 2024-08: GBX 61.00 per share

- 2024-09: GBX 68.00 per share

- 2024-10: GBX 77.30 per share

- 2024-11: GBX 103.80 per share

- 2024-12: GBX 94.20 per share

- 2025-01: GBX 102.20 per share

- 2025-02: GBX 88.70 per share

- 2025-03: GBX 89.10 per share

- 2025-04: GBX 100.60 per share

- 2025-05: GBX 116.00 per share

- 2025-06: GBX 132.20 per share

- 2025-07: GBX 129.00 per share

- 2025-08: GBX 118.00 per share

- 2025-09: GBX 121.20 per share

- 2025-10: GBX 117.00 per share

- 2025-11: GBX 106.00 per share

- 2025-12: GBX 120.60 per share

- 2026-01: GBX 133.20 per share

- 2026-02: GBX 124.40 per share

- 2026-03: GBX 117.80 per share

- 2026-04: GBX 149.20 per share

- 2026-05: GBX 172.40 per share

- 2026-06: GBX 163.80 per share

- 2026-07: GBX 177.00 per share

- 2026-08: GBX 173.00 per share

- 2026-09: GBX 171.40 per share

- 2026-10: GBX 168.00 per share

## Annual estimated value (GBX per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800X5WU57YL9GPK89/2022-12-31/ESEF/GB/0/213800X5WU57YL9GPK89-2022-12-31/reports/213800X5WU57YL9GPK89-2022-12-31-T01.xhtml); period 2022-12-31, filed 2023-03-21.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.