Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 8.2x · ROE 8.1%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.5B | $1.7B | $1.4B | $1.4B | $1.4B | $1.0B | $1.1B | $970M | $876M | $876M |
| Enterprise Value | $1.3B | $1.1B | $1.6B | $1.6B | $1.6B | $582M | $435M | $1.3B | $1.2B | $878M | $854M |
| P/E Ratio → | 15.54 | 13.34 | 13.98 | 10.00 | 19.30 | 14.60 | 11.49 | 13.81 | 15.75 | 61.19 | 40.37 |
| P/S Ratio | 2.90 | 2.49 | 2.78 | 2.56 | 3.97 | 4.46 | 2.88 | 3.39 | 3.32 | 4.30 | 4.37 |
| P/B Ratio | 1.22 | 1.05 | 1.27 | 1.17 | 1.26 | 1.62 | 1.24 | 1.45 | 1.40 | 1.65 | 1.63 |
| P/FCF | 12.76 | 10.95 | 13.71 | 10.89 | 6.80 | 7.61 | — | 33.61 | 14.42 | 16.68 | — |
| P/OCF | 10.41 | 8.94 | 10.65 | 8.49 | 6.41 | 7.61 | — | 25.10 | 13.19 | 15.07 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.89 | 2.78 | 2.96 | 4.73 | 1.90 | 1.23 | 3.86 | 4.20 | 4.31 | 4.26 |
| EV / EBITDA | 8.18 | 6.72 | 9.74 | 8.22 | 15.96 | 4.52 | 3.52 | 11.37 | 14.42 | 18.01 | 21.24 |
| EV / EBIT | 9.43 | 7.75 | 11.36 | 9.34 | 19.01 | 5.06 | 3.98 | 13.15 | 16.67 | 24.49 | 32.84 |
| EV / FCF | — | 8.35 | 13.67 | 12.61 | 8.10 | 3.24 | — | 38.29 | 18.25 | 16.72 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.2% | 69.2% | 66.4% | 74.4% | 84.2% | 98.5% | 87.9% | 85.2% | 90.0% | 84.7% | 80.8% |
| Operating Margin | 24.4% | 24.4% | 24.4% | 31.7% | 24.9% | 37.6% | 30.9% | 29.3% | 25.2% | 17.6% | 13.0% |
| Net Profit Margin | 18.8% | 18.8% | 20.0% | 25.7% | 20.6% | 30.6% | 25.0% | 24.5% | 21.0% | 7.2% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | 9.4% | 12.3% | 7.4% | 11.3% | 11.2% | 11.0% | 10.0% | 2.7% | 4.0% |
| ROA | 1.1% | 1.1% | 1.2% | 1.5% | 0.8% | 1.3% | 1.4% | 1.4% | 1.2% | 0.3% | 0.5% |
| ROIC | 7.4% | 7.4% | 7.1% | 8.3% | 5.3% | 9.9% | 8.8% | 6.9% | 6.0% | 3.7% | 2.7% |
| ROCE | 3.6% | 3.6% | 8.8% | 10.3% | 6.5% | 12.0% | 10.6% | 9.0% | 8.4% | 5.5% | 4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.34 | 0.42 | 0.07 | 0.03 | 0.35 | 0.53 | 0.49 | 0.24 |
| Debt / EBITDA | 0.44 | 0.44 | 0.73 | 2.07 | 4.47 | 0.48 | 0.18 | 2.38 | 4.32 | 5.32 | 3.25 |
| Net Debt / Equity | — | -0.25 | -0.00 | 0.18 | 0.24 | -0.93 | -0.71 | 0.20 | 0.37 | 0.00 | -0.04 |
| Net Debt / EBITDA | -2.10 | -2.10 | -0.03 | 1.12 | 2.57 | -6.09 | -4.70 | 1.39 | 3.03 | 0.05 | -0.55 |
| Debt / FCF | — | -2.61 | -0.04 | 1.71 | 1.30 | -4.36 | — | 4.67 | 3.84 | 0.04 | — |
| Interest Coverage | 0.83 | 0.83 | 0.75 | 1.32 | 4.83 | 8.32 | 4.37 | 2.62 | 3.08 | 1.98 | 1.76 |
Net cash position: cash ($417M) exceeds total debt ($72M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.27 | 0.27 | 0.08 | 0.10 | 0.11 | 0.25 | 0.22 | 0.16 | 0.20 | 0.27 | 0.27 |
| Quick Ratio | 0.27 | 0.27 | 0.08 | 0.10 | 0.11 | 0.25 | 0.22 | 0.16 | 0.20 | 0.27 | 0.27 |
| Cash Ratio | 0.12 | 0.12 | 0.02 | 0.02 | 0.02 | 0.14 | 0.11 | 0.02 | 0.02 | 0.06 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.2% | 2.6% | 2.8% | 2.2% | 2.0% | 2.4% | 2.1% | 1.7% | 1.1% | 0.7% |
| Payout Ratio | 42.0% | 42.0% | 36.1% | 27.9% | 42.7% | 28.7% | 28.0% | 29.3% | 27.1% | 64.5% | 27.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 7.5% | 7.2% | 10.0% | 5.2% | 6.9% | 8.7% | 7.2% | 6.3% | 1.6% | 2.5% |
| FCF Yield | 7.8% | 9.1% | 7.3% | 9.2% | 14.7% | 13.1% | — | 3.0% | 6.9% | 6.0% | — |
| Buyback Yield | 0.9% | 1.0% | 0.0% | 0.0% | 0.0% | 2.7% | 1.9% | 0.0% | 0.1% | 10.7% | 10.7% |
| Total Shareholder Yield | 3.6% | 4.2% | 2.6% | 2.8% | 2.2% | 4.6% | 4.4% | 2.1% | 1.8% | 11.8% | 11.4% |
| Shares Outstanding | — | $38M | $38M | $38M | $33M | $31M | $31M | $32M | $31M | $27M | $27M |
CRE concentration and funding
Based on recent market data, NBHC trades at a P/B of 1.25, suggesting that investors currently view the bank as a commodity balance sheet rather than a premium franchise, likely due to the persistent compression in core profitability metrics relative to its regional banking peer group.
The current valuation multiple implies a modest return on tangible equity that fails to command a significant premium over book value. Investors appear to be discounting the bank's acquisition-heavy strategy, potentially reflecting concerns that inorganic growth may not be translating into superior long-term shareholder value creation.
According to the latest quarterly financial statements, NBHC's ROE remains constrained at 1.4%, a figure that highlights the bank's struggle to leverage its asset base effectively while maintaining a stable net interest margin amidst a challenging and competitive regional funding environment for core deposits.
The decomposition of profitability suggests that the bank's reliance on net interest income, coupled with inconsistent operating leverage, limits its ability to generate high-quality returns. The volatility in the efficiency ratio further indicates that the bank's cost structure may be too rigid to absorb cyclical revenue headwinds effectively.
As reported in recent filings, the net interest margin has remained anchored at 0.9%, indicating that the bank's funding costs are rising in lockstep with asset yields, which severely limits the potential for margin expansion despite the bank's ongoing efforts to optimize its balance sheet composition.
The efficiency ratio's fluctuation between 40.6% and 54.7% suggests that the bank is experiencing difficulty in achieving consistent operating leverage. This inconsistency warrants further investigation into whether the integration of recent acquisitions is creating temporary cost spikes or if there are structural inefficiencies in the bank's core operating model.
Based on the provided balance sheet data, NBHC maintains an equity-to-assets ratio of 0.13, which has remained remarkably consistent over the last ten quarters, providing a stable foundation for the bank's ongoing acquisition-led growth strategy while ensuring compliance with regulatory capital requirements in its core markets.
This stable capital position suggests that management is prioritizing a conservative balance sheet approach to support its hub-and-spoke acquisition model. However, investors should monitor whether this capital adequacy remains sufficient if regulatory scrutiny regarding commercial real estate concentration intensifies in the coming fiscal periods.
The P/E ratio is frequently misapplied to NBHC, as it fails to account for the significant impact of purchase accounting accretion and provision volatility, which can artificially inflate or deflate reported earnings and mask the true underlying profitability of the bank's core community banking operations.
Analysts should instead focus on pre-provision net revenue (PPNR) and adjusted ROTCE to better gauge the bank's operational performance. Relying on P/E ratios in this context may lead to a misunderstanding of the bank's earnings durability, particularly given the non-cash nature of many accounting adjustments inherent in the bank's M&A-heavy strategy.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NBHC stock.
National Bank Holdings Corporation's current P/E ratio is 15.5x. The historical average is 46.7x. This places it at the 46th percentile of its historical range.
National Bank Holdings Corporation's current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
National Bank Holdings Corporation's return on equity (ROE) is 8.1%. The historical average is 5.5%.
Based on historical data, National Bank Holdings Corporation is trading at a P/E of 15.5x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Bank Holdings Corporation's current dividend yield is 2.72% with a payout ratio of 42.0%.
National Bank Holdings Corporation has 69.2% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Bank Holdings Corporation's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.