A Business at a Glance
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National Bank Holdings Corp
NBHC
$1.7B
Mkt Cap
$43.33
+0.39%
National Bank Holdings Corp (NBHC) has a current P/E ratio of 15.2, compared to its historical median P/E of 13.3. The stock is currently considered Fair based on its historical valuation range.
National Bank Holdings Corp (NBHC) has a 5-year average return on invested capital (ROIC) of 9.3%. This is below average and may indicate limited pricing power.
National Bank Holdings Corp (NBHC) has a market capitalization of $1.9B. It is classified as a small-cap stock.
Yes, National Bank Holdings Corp (NBHC) pays a dividend with a trailing twelve-month yield of 2.56%. The company also returns capital through share buybacks, with a buyback yield of 1.62%.
Based on historical P/E analysis, National Bank Holdings Corp (NBHC) appears fair. The current P/E of 15.2 is 14% above its historical median of 13.3. The estimated fair value CAGR (P/E method) is 5.4%.
National Bank Holdings Corp (NBHC) operates in the National Commercial Banks industry, within the Financials sector.
NBHC is a bank holding company that has elected financial holding company status and was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries, NBH Bank, BOJHT and 2UniFi, LLC. The Company provides a variety of banking products and services to both commercial and consumer clients through a network of over 90 banking centers, as of December 31, 2025, located primarily in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho, as well as through online and mobile banking products and services. As of December 31, 2025, we had $9.9 billion in assets, $7.4 billion in loans, $8.3 billion in deposits, $1.4 billion in shareholders’ equity and $1.3 billion in assets under management in our trust and wealth management business. NBH Bank is a Colorado state-chartered bank and a member of the FRB of Kansas City.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 441M | 587M | 599M | 559M | 352M | 311M |
| Net Income | 105M | 109M | 118M | 142M | 71M | 93M |
| EPS | $2.69 | $2.85 | $3.08 | $3.72 | $2.18 | $3.01 |
| Free Cash Flow | 41M | 132M | 121M | 130M | 202M | 174M |
| ROIC | 0.0% | 7.8% | 9.0% | 11.8% | 7.0% | 11.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.12 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 |
| Dividends/Share | $1.11 | $1.20 | $1.12 | $1.04 | $0.94 | $0.87 |
| Operating Income | 0 | 134M | 145M | 176M | 86M | 115M |
| Operating Margin | 0.0% | 22.8% | 24.2% | 31.4% | 24.5% | 36.9% |
| ROE | 6.3% | 8.1% | 9.4% | 12.3% | 7.4% | 11.3% |
| Shares Outstanding | 45M | 38M | 38M | 38M | 33M | 31M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 183M | 193M | 200M | 204M | 292M | 325M | 358M | 311M | 352M | 559M | 599M | 587M | 441M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 83M | 83M | 80M | 80M | 115M | 123M | 141M | 128M | 125M | 138M | 146M | 148M | 171M |
| EBIT | 12M | 7.9M | 26M | 36M | 74M | 96M | 109M | 115M | 86M | 176M | 145M | 134M | 0 |
| Op. Margin | 6.7% | 4.1% | 13.0% | 17.6% | 25.2% | 29.6% | 30.5% | 36.9% | 24.5% | 31.4% | 24.2% | 22.8% | 0.0% |
| Net Income | 9.1M | 4.8M | 23M | 15M | 61M | 80M | 88M | 93M | 71M | 142M | 118M | 109M | 105M |
| Net Margin | 5.0% | 2.5% | 11.5% | 7.1% | 21.0% | 24.7% | 24.7% | 30.0% | 20.2% | 25.4% | 19.8% | 18.5% | 23.8% |
| Non-Recurring | 123K | 1.4M | 2.0M | 2.9M | 15K | 898K | 2.6M | 5.4M | 1.8M | 148K | 637K | 1.6M | 1.6M |
| Returns on Capital | |||||||||||||
| ROIC | 1.1% | 0.7% | 4.0% | 2.7% | 10.0% | 11.0% | 11.1% | 11.0% | 7.0% | 11.8% | 9.0% | 7.8% | 0.0% |
| ROE | 1.1% | 0.7% | 4.0% | 2.7% | 10.0% | 11.0% | 11.1% | 11.3% | 7.4% | 12.3% | 9.4% | 8.1% | 6.3% |
| ROA | 0.2% | 0.1% | 0.5% | 0.3% | 1.2% | 1.4% | 1.4% | 1.3% | 0.8% | 1.5% | 1.2% | 1.1% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -2.8M | -38M | -3.9M | 58M | 74M | 44M | -6.2M | 180M | 215M | 167M | 155M | 162M | 66M |
| Free Cash Flow | -4.3M | -43M | -4.6M | 53M | 67M | 33M | -11M | 174M | 202M | 130M | 121M | 132M | 41M |
| Owner Earnings | -37M | -56M | -22M | 42M | 58M | 30M | -21M | 165M | 198M | 142M | 130M | 134M | -73M |
| CapEx | 1.6M | 5.1M | 690K | 5.6M | 6.3M | 11M | 4.4M | 5.1M | 12M | 37M | 35M | 30M | 25M |
| Maint. CapEx | 31M | 16M | 14M | 13M | 11M | 9.4M | 9.3M | 8.5M | 11M | 17M | 17M | 22M | 127M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 1.7M | 19M | 17M | 8.4M | 0 |
| D&A | 31M | 16M | 14M | 13M | 11M | 9.4M | 9.3M | 8.5M | 11M | 17M | 17M | 22M | 127M |
| CapEx/OCF | N/A | N/A | N/A | 9.7% | 8.5% | 26.4% | N/A | 2.9% | 5.8% | 22.1% | 22.3% | 18.4% | 38.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.5M | 6.7M | 6.4M | 9.4M | 17M | 24M | 25M | 27M | 30M | 40M | 43M | 46M | 50M |
| Dividend Yield | 1.3% | 1.2% | 1.2% | 1.3% | 1.8% | 2.6% | 3.2% | 2.5% | 2.5% | 3.3% | 3.0% | 3.2% | 2.6% |
| Share Buybacks | 119M | 175M | 94M | 0 | 0 | 0 | 19M | 36M | 0 | 0 | 0 | 15M | 31M |
| Buyback Yield | 18.3% | 29.4% | 12.5% | N/A | N/A | N/A | 2.2% | 3.0% | N/A | N/A | N/A | 1.0% | 1.6% |
| Stock-Based Comp | 3.6M | 3.3M | 3.5M | 3.6M | 4.4M | 4.9M | 5.3M | 5.5M | 6.1M | 7.2M | 8.0M | 7.3M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 535K | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.5B | -851M | -138M | -73M | -363M | -271M |
| Cash & Equiv. | 257M | 166M | 153M | 257M | 120M | 120M | 616M | 850M | 199M | 192M | 128M | 417M | 473M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 39M | 54M | 54M | 55M | 55M | 202M |
| Debt/Equity | 5.07 | 6.58 | 7.53 | 8.10 | 7.17 | 6.69 | 7.12 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.12 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 795M | 618M | 536M | 532M | 695M | 767M | 821M | 840M | 1.1B | 1.2B | 1.3B | 1.4B | 1.7B |
| Total Assets | 4.8B | 4.7B | 4.6B | 4.8B | 5.7B | 5.9B | 6.7B | 7.2B | 9.6B | 10.0B | 9.8B | 9.9B | 12.6B |
| Total Liabilities | 4.0B | 4.1B | 4.0B | 4.3B | 5.0B | 5.1B | 5.8B | 6.4B | 8.5B | 8.7B | 8.5B | 8.5B | 10.9B |
| Intangibles | 17M | 12M | 6.9M | 1.6M | 13M | 11M | 18M | 12M | 60M | 66M | 58M | 48M | 67M |
| Retained Earnings | 41M | 39M | 55M | 61M | 107M | 164M | 223M | 290M | 331M | 433M | 509M | 572M | 579M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.22 | 0.14 | 0.79 | 0.53 | 1.95 | 2.55 | 2.85 | 3.01 | 2.18 | 3.72 | 3.08 | 2.85 | 2.69 |
| Owner EPS | -0.89 | -1.64 | -0.74 | 1.52 | 1.85 | 0.95 | -0.67 | 5.33 | 6.06 | 3.73 | 3.38 | 3.50 | -1.62 |
| Book Value | 19.13 | 17.91 | 18.41 | 19.43 | 22.08 | 24.36 | 26.44 | 27.05 | 33.48 | 31.82 | 33.92 | 36.32 | 37.25 |
| Cash Flow/Share | -0.07 | -1.09 | -0.14 | 2.12 | 2.34 | 1.41 | -0.20 | 5.78 | 6.58 | 4.38 | 4.04 | 4.26 | 5.18 |
| Dividends/Share | 0.20 | 0.20 | 0.20 | 0.34 | 0.54 | 0.75 | 0.80 | 0.87 | 0.94 | 1.04 | 1.12 | 1.20 | 1.11 |
| Shares Out. | 41.5M | 34.5M | 29.1M | 27.4M | 31.5M | 31.5M | 31.0M | 31.1M | 32.6M | 38.1M | 38.5M | 38.1M | 44.7M |
| Valuation | |||||||||||||
| P/E Ratio | 70.9 | 122.1 | 32.4 | 50.5 | 13.1 | 11.7 | 10.1 | 13.0 | 17.5 | 9.5 | 13.5 | 13.5 | 16.1 |
| P/FCF | N/A | N/A | N/A | 14.0 | 11.9 | 28.4 | N/A | 6.9 | 6.1 | 10.3 | 13.2 | 11.1 | 47.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.8 | 1.0 | 1.4 | 1.4 | 1.2 | 1.2 | 1.1 | 1.4 | 1.1 | 1.1 | 1.2 | 1.1 | 1.2 |
| Price/Sales | 3.8 | 3.1 | 2.8 | 3.9 | 3.5 | 3.2 | 2.3 | 3.6 | 3.7 | 2.8 | 3.5 | 3.5 | 4.4 |
| FCF Yield | -0.7% | -7.2% | -0.6% | 7.1% | 8.4% | 3.5% | -1.2% | 14.4% | 16.2% | 9.7% | 7.5% | 8.9% | 2.1% |
| Market Cap | 651M | 596M | 748M | 736M | 804M | 940M | 891M | 1.2B | 1.2B | 1.3B | 1.6B | 1.5B | 1.9B |
| Avg. Price | 15.52 | 15.98 | 17.83 | 26.45 | 29.58 | 29.16 | 24.78 | 34.34 | 37.36 | 31.35 | 37.29 | 37.67 | 43.33 |
| Year-End Price | 15.61 | 17.10 | 25.63 | 26.77 | 25.51 | 29.84 | 28.67 | 38.99 | 38.06 | 35.27 | 41.52 | 38.51 | 43.33 |
National Bank Holdings Corp passes 3 of 9 quality checks, indicating weak fundamentals.
National Bank Holdings Corp trades at 15.2x trailing earnings, compared to its 15-year median P/E of 13.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.7x vs a median of 11.5x. The company's 5-year average ROIC is 9.3%. Total shareholder yield (dividends + buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is +25.9%.
National Bank Holdings Corp (NBHC) reported annual revenue of $587 million in its most recent fiscal year, based on SEC EDGAR filings.
National Bank Holdings Corp (NBHC) has a net profit margin of 18.5%. This is a healthy margin.
National Bank Holdings Corp (NBHC) generated $132 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
National Bank Holdings Corp (NBHC) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
National Bank Holdings Corp (NBHC) reported earnings per share (EPS) of $2.85 in its most recent fiscal year.
National Bank Holdings Corp (NBHC) has a return on equity (ROE) of 8.1%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for National Bank Holdings Corp (NBHC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
National Bank Holdings Corp (NBHC) has a book value per share of $36.32, based on its most recent annual SEC filing.
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