Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 3.1x · ROE 21.4%. (2012–2025 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 | $2.4B | $2.1B | $1.6B | $1.6B | $1.5B | $1.9B | $1.6B | $2.0B | $1.7B | $2.0B | $1.6B |
| Enterprise Value | $837M | $546M | $-159790625 | $29M | $-442171400 | $-107263750 | $-1534514000 | $-419543820 | $-163394250 | $594M | $-425230160 |
| P/E Ratio → | 11.10 | 9.11 | 7.76 | 6.99 | 6.95 | 11.69 | 10.74 | 11.22 | 8.96 | 13.15 | 26.64 |
| P/S Ratio | 3.01 | 2.64 | 2.02 | 2.07 | 2.45 | 3.64 | 3.16 | 3.73 | 3.42 | 4.48 | 3.83 |
| P/B Ratio | 2.25 | 1.85 | 1.61 | 1.57 | 1.72 | 1.95 | 1.61 | 2.06 | 1.98 | 2.45 | 2.19 |
| P/FCF | 9.43 | 8.29 | 6.75 | 6.41 | 7.73 | 8.07 | 9.45 | 8.76 | 6.32 | 11.27 | 9.26 |
| P/OCF | 8.60 | 7.56 | 6.21 | 5.25 | 6.78 | 7.56 | 8.42 | 7.96 | 5.90 | 10.41 | 8.75 |
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 | — | 0.68 | -0.20 | 0.04 | -0.73 | -0.21 | -3.06 | -0.79 | -0.32 | 1.32 | -1.04 |
| EV / EBITDA | 3.14 | 2.05 | -0.61 | 0.11 | -1.71 | -0.46 | — | — | -0.61 | 11.76 | -8.12 |
| EV / EBIT | 3.52 | 2.30 | -0.72 | 0.13 | -2.03 | -0.65 | — | — | -0.84 | — | — |
| EV / FCF | — | 2.14 | -0.66 | 0.12 | -2.30 | -0.46 | -9.16 | -1.85 | -0.59 | 3.33 | -2.53 |
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 | 75.9% | 75.9% | 71.1% | 76.0% | 90.6% | 95.8% | 100.0% | 100.0% | 100.0% | 100.0% | 99.9% |
| Operating Margin | 29.8% | 29.8% | 27.0% | 29.7% | 35.9% | 31.8% | — | — | 43.3% | 0.0% | 0.0% |
| Net Profit Margin | 29.0% | 29.0% | 26.5% | 29.6% | 35.3% | 31.2% | 29.3% | 33.3% | 38.2% | 34.2% | 28.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.4% | 21.4% | 21.4% | 24.1% | 23.2% | 16.6% | 15.1% | 19.2% | 22.9% | 20.0% | 15.9% |
| ROA | 1.6% | 1.6% | 1.6% | 1.6% | 1.4% | 1.1% | 1.0% | 1.4% | 1.8% | 1.4% | 1.1% |
| ROIC | 14.9% | 14.9% | 14.3% | 15.9% | 14.9% | 10.8% | — | — | 16.9% | 0.0% | 0.0% |
| ROCE | 3.1% | 3.1% | 6.9% | 7.4% | 2.7% | 1.1% | — | — | 3.7% | 0.0% | 0.0% |
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 | 0.03 | 0.03 | 0.19 | 0.10 | 0.20 | 0.18 | 0.17 | 0.15 | 0.16 | 0.14 | 0.16 |
| Debt / EBITDA | 0.15 | 0.15 | 0.73 | 0.38 | 0.67 | 0.73 | — | — | 0.53 | 2.31 | 2.23 |
| Net Debt / Equity | — | -1.37 | -1.77 | -1.54 | -2.23 | -2.06 | -3.18 | -2.50 | -2.17 | -1.72 | -2.79 |
| Net Debt / EBITDA | -5.87 | -5.87 | -6.87 | -5.90 | -7.48 | -8.54 | — | — | -7.14 | -28.05 | -37.90 |
| Debt / FCF | — | -6.15 | -7.41 | -6.29 | -10.02 | -8.52 | -18.61 | -10.61 | -6.91 | -7.94 | -11.79 |
| Interest Coverage | 1.23 | 1.23 | 0.94 | 1.27 | — | — | -1.81 | -0.81 | 7.94 | -3.17 | -3.18 |
Net cash position: cash ($1.6B) exceeds total debt ($39M)
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 | 516.92 | 516.92 | 0.36 | 0.27 | 0.39 | 11.19 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Quick Ratio | 516.92 | 516.92 | 0.36 | 0.27 | 0.39 | 11.19 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Cash Ratio | 305.92 | 305.92 | 0.16 | 0.20 | 0.16 | 6.90 | 9.82 | 304.91 | 404.97 | 0.16 | 0.21 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.03 | 0.03 | 0.04 | 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 | 3.0% | 3.7% | 4.8% | 5.5% | 5.9% | 4.6% | 5.6% | 4.7% | 4.8% | 3.5% | 1.2% |
| Payout Ratio | 33.5% | 33.5% | 36.8% | 38.2% | 40.8% | 53.7% | 60.4% | 52.9% | 42.9% | 45.5% | 16.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 11.0% | 12.9% | 14.3% | 14.4% | 8.6% | 9.3% | 8.9% | 11.2% | 7.6% | 3.8% |
| FCF Yield | 10.6% | 12.1% | 14.8% | 15.6% | 12.9% | 12.4% | 10.6% | 11.4% | 15.8% | 8.9% | 10.8% |
| Buyback Yield | 6.1% | 6.9% | 9.4% | 5.6% | 0.3% | 1.0% | 5.5% | 4.1% | 2.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.1% | 10.6% | 14.3% | 11.1% | 6.1% | 5.6% | 11.1% | 8.8% | 7.6% | 3.5% | 1.2% |
| Shares Outstanding | — | $42M | $45M | $49M | $50M | $50M | $51M | $54M | $56M | $55M | $50M |
Jurisdictional regulatory compliance exposure
According to recent market data, NTB trades at a P/B of 2.24, which significantly exceeds the valuation of US regional peers like FIBK and HOPE, suggesting that investors assign a premium to the bank's entrenched position within its specialized offshore jurisdictions.
The elevated P/B multiple appears to reflect market confidence in the bank's structural competitive advantage and its ability to maintain high-margin deposit franchises. However, this valuation warrants caution, as it implies high expectations for future ROTCE that may be challenged if global regulatory scrutiny of offshore financial centers intensifies.
As reported in financial statements, the bank's ROE has hovered near 5.5% in recent quarters, a figure that appears constrained by the significant $38.0 million provision for credit losses recorded in 2026Q1, which temporarily masked the underlying earning power of the core banking franchise.
The DuPont decomposition suggests that while the bank maintains a stable NIM, the recent volatility in credit provisioning has exerted downward pressure on bottom-line profitability. Investors should monitor whether this provisioning spike represents a structural shift in credit risk or merely a conservative accounting adjustment in response to macroeconomic uncertainty.
Based on quarterly filings, NTB's efficiency ratio reached 58.1% in 2026Q1, illustrating the impact of the high fixed-cost structure required to operate in multiple offshore jurisdictions while maintaining rigorous compliance standards that are essential to the bank's long-term viability.
The bank's ability to maintain a 75% gross margin is a testament to its low-cost deposit base, yet the efficiency ratio suggests that operating leverage remains sensitive to personnel costs and regulatory overhead. Future margin expansion may depend on the bank's ability to scale its fee-based trust business without proportional increases in compliance-related expenses.
As indicated by the consistent equity-to-assets ratio of 0.08, NTB maintains a robust capital position that provides a significant buffer against potential shocks, allowing management to continue its aggressive capital return program despite the current plateau in interest rate-driven income growth.
The bank's capital adequacy appears well above regulatory requirements, suggesting that the current strategy of returning excess liquidity to shareholders is sustainable. This capital strength serves as a critical defensive feature, though it may also indicate that the bank is currently over-capitalized relative to its immediate lending opportunities.
Investors frequently misapply the P/E ratio to NTB, failing to account for the significant earnings volatility caused by periodic, large-scale provisions for credit losses and fluctuations in the valuation of the bank's extensive investment securities portfolio.
The P/E ratio obscures the bank's true earning power by treating non-recurring credit provisions as permanent operational costs. A more accurate assessment of the bank's valuation should prioritize P/TBV, which better reflects the underlying value of the franchise and the tangible capital available to support future growth.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NTB stock.
The Bank of N.T. Butterfield & Son Limited's current P/E ratio is 11.1x. The historical average is 11.3x. This places it at the 60th percentile of its historical range.
The Bank of N.T. Butterfield & Son Limited's current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.6x.
The Bank of N.T. Butterfield & Son Limited's return on equity (ROE) is 21.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.4%.
Based on historical data, The Bank of N.T. Butterfield & Son Limited is trading at a P/E of 11.1x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Bank of N.T. Butterfield & Son Limited's current dividend yield is 3.02% with a payout ratio of 33.5%.
The Bank of N.T. Butterfield & Son Limited has 75.9% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Bank of N.T. Butterfield & Son Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.