Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 8.3x · ROE 9.3%. (1996–2025 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 | $231M | $213M | $177M | $191M | $241M | $223M | $203M | $296M | $253M | $316M | $302M |
| Enterprise Value | $171M | $154M | $69M | $104M | $170M | $84M | $69M | $209M | $197M | $252M | $208M |
| P/E Ratio → | 14.54 | 13.47 | 23.15 | 12.16 | 9.31 | 10.93 | 12.63 | 16.95 | 15.70 | 22.39 | 20.21 |
| P/S Ratio | 2.70 | 2.50 | 2.24 | 2.79 | 3.86 | 4.17 | 3.91 | 5.48 | 4.97 | 6.47 | 6.29 |
| P/B Ratio | 1.25 | 1.15 | 1.13 | 1.36 | 1.97 | 1.16 | 1.01 | 1.61 | 1.33 | 1.71 | 1.70 |
| P/FCF | 15.21 | 14.08 | 28.62 | 13.58 | 8.55 | 9.87 | 16.96 | 16.61 | 13.64 | 29.46 | 17.89 |
| P/OCF | 12.89 | 11.92 | 18.75 | 12.27 | 8.18 | 9.73 | 14.72 | 15.70 | 12.82 | 28.76 | 17.24 |
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 | — | 1.81 | 0.87 | 1.52 | 2.72 | 1.57 | 1.33 | 3.87 | 3.87 | 5.16 | 4.33 |
| EV / EBITDA | 8.30 | 7.47 | 6.74 | 5.35 | 5.25 | 3.32 | 3.48 | 9.74 | 10.09 | 11.86 | 10.43 |
| EV / EBIT | 8.94 | 8.04 | 7.58 | 5.57 | 5.35 | 3.40 | 3.61 | 10.08 | 10.53 | 12.37 | 11.01 |
| EV / FCF | — | 10.17 | 11.18 | 7.41 | 6.02 | 3.71 | 5.77 | 11.71 | 10.61 | 23.49 | 12.31 |
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 | 65.1% | 65.1% | 55.8% | 70.2% | 93.9% | 94.9% | 84.9% | 86.1% | 90.3% | 91.2% | 87.9% |
| Operating Margin | 22.5% | 22.5% | 11.5% | 27.4% | 50.8% | 46.1% | 36.9% | 38.3% | 36.7% | 41.7% | 39.3% |
| Net Profit Margin | 18.6% | 18.6% | 9.6% | 23.0% | 41.5% | 38.2% | 30.9% | 32.4% | 31.7% | 28.8% | 31.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 5.1% | 11.9% | 16.5% | 10.4% | 8.4% | 9.3% | 8.6% | 7.8% | 8.5% |
| ROA | 0.9% | 0.9% | 0.4% | 0.9% | 1.5% | 1.3% | 1.1% | 1.4% | 1.3% | 1.1% | 1.2% |
| ROIC | 8.4% | 8.4% | 4.6% | 10.6% | 15.2% | 9.4% | 7.5% | 8.3% | 7.5% | 8.4% | 8.1% |
| ROCE | 10.6% | 10.6% | 5.8% | 13.1% | 18.6% | 11.5% | 9.0% | 10.2% | 9.3% | 10.5% | 10.1% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.69 | -0.62 | -0.58 | -0.72 | -0.67 | -0.47 | -0.30 | -0.35 | -0.53 |
| Net Debt / EBITDA | -2.87 | -2.87 | -10.51 | -4.46 | -2.21 | -5.49 | -6.74 | -4.07 | -2.89 | -3.02 | -4.72 |
| Debt / FCF | — | -3.91 | -17.44 | -6.17 | -2.53 | -6.15 | -11.18 | -4.90 | -3.03 | -5.98 | -5.58 |
| Interest Coverage | 0.64 | 0.64 | 0.27 | 0.87 | 10.30 | 7.95 | 3.28 | 2.80 | 3.71 | 4.94 | 4.54 |
Net cash position: cash ($59M) exceeds total debt ($0)
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 | 0.05 | 0.05 | 0.09 | 0.47 | 0.48 | 0.56 | 0.53 | 0.47 | 0.46 | 0.38 | 0.39 |
| Quick Ratio | 0.05 | 0.05 | 0.09 | 0.47 | 0.48 | 0.56 | 0.53 | 0.47 | 0.46 | 0.38 | 0.39 |
| Cash Ratio | 0.04 | 0.04 | 0.07 | 0.06 | 0.05 | 0.09 | 0.10 | 0.08 | 0.05 | 0.06 | 0.09 |
| Asset Turnover | — | 0.05 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 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 | 4.2% | 4.5% | 5.2% | 7.8% | 3.7% | 4.0% | 4.4% | 3.1% | 3.3% | 2.6% | 2.7% |
| Payout Ratio | 60.7% | 60.7% | 121.5% | 94.2% | 34.5% | 43.2% | 56.0% | 51.7% | 52.1% | 57.8% | 54.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 7.4% | 4.3% | 8.2% | 10.7% | 9.2% | 7.9% | 5.9% | 6.4% | 4.5% | 4.9% |
| FCF Yield | 6.6% | 7.1% | 3.5% | 7.4% | 11.7% | 10.1% | 5.9% | 6.0% | 7.3% | 3.4% | 5.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% | 6.0% | 0.8% | 6.3% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 4.5% | 5.2% | 7.8% | 6.3% | 10.0% | 5.3% | 9.3% | 3.3% | 2.6% | 2.7% |
| Shares Outstanding | — | $6M | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M |
Geographic CRE Concentration
As reported in recent market data, NKSH trades at a P/B ratio of 1.30, which suggests that investors are pricing the bank as a stable, low-growth franchise rather than a high-octane growth vehicle, particularly when compared to the broader regional peer group's valuation multiples.
The current P/B multiple of 1.30 indicates that the market assigns a modest premium to the bank's tangible book value, likely reflecting the perceived stickiness of its university-town deposit base. However, the forward P/E of 11.70 implies that investors remain cautious regarding the bank's ability to significantly expand its return on tangible equity from current levels.
Based on quarterly financial figures, NKSH's ROE has hovered in the low single digits, reaching 2.7% in 2026Q1, which indicates that the bank's profitability is currently constrained by a high equity-to-assets ratio and limited leverage relative to its regional banking peers.
The DuPont decomposition suggests that while the bank maintains a stable NIM, the overall ROE is dampened by a conservative balance sheet structure that prioritizes capital adequacy over aggressive asset utilization. This suggests that management's focus remains on long-term preservation rather than maximizing short-term returns for shareholders.
According to recent quarterly filings, NKSH has successfully expanded its NIM from 0.5% in 2024Q3 to 0.7% in 2026Q1, demonstrating an effective ability to manage funding costs despite the broader interest rate volatility that has pressured many regional financial institutions.
The efficiency ratio, which fluctuated between 39% and 43% over the last several quarters, suggests that the bank is maintaining a disciplined cost structure while navigating the complexities of its localized market. Investors should monitor whether this efficiency can be sustained as the bank potentially increases technology spending to remain competitive.
As evidenced by the consistent equity-to-assets ratio of 0.10 through 2026Q1, NKSH maintains a robust capital position that provides a significant buffer against potential credit losses, though this conservative stance may be limiting the bank's overall return on equity potential.
The bank's capital adequacy appears well above regulatory minimums, which provides management with substantial flexibility for capital returns or defensive positioning. However, this high level of capitalization may indicate an under-utilization of the balance sheet, warranting further investigation into potential future capital deployment strategies.
The P/E ratio is the most commonly misapplied metric for NKSH, as it fails to account for the significant impact of CECL-driven provision volatility on earnings, which can artificially distort the bank's perceived profitability in any given quarter.
Investors should instead focus on P/TBV, as it provides a more accurate reflection of the bank's underlying value by stripping out the noise of accounting-based credit provisions. Relying on P/E may lead to erroneous conclusions about the bank's earnings power, especially during periods of economic uncertainty where provisions are subject to management's forward-looking assumptions.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NKSH stock.
National Bankshares, Inc.'s current P/E ratio is 14.5x. The historical average is 14.1x. This places it at the 69th percentile of its historical range.
National Bankshares, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
National Bankshares, Inc.'s return on equity (ROE) is 9.3%. The historical average is 11.8%.
Based on historical data, National Bankshares, Inc. is trading at a P/E of 14.5x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Bankshares, Inc.'s current dividend yield is 4.17% with a payout ratio of 60.7%.
National Bankshares, Inc. has 65.1% gross margin and 22.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.