A Business at a Glance
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NBT BANCORP INC
NBTB
$2.7B
Mkt Cap
$52.38
+2.07%
NBT BANCORP INC (NBTB) has a current P/E ratio of 15.7, compared to its historical median P/E of 12.4. The stock is currently considered Expensive based on its historical valuation range.
NBT BANCORP INC (NBTB) has a 5-year average return on invested capital (ROIC) of 10.7%. This indicates solid capital allocation.
NBT BANCORP INC (NBTB) has a market capitalization of $3.1B. It is classified as a mid-cap stock.
Yes, NBT BANCORP INC (NBTB) pays a dividend with a trailing twelve-month yield of 2.45%. The company also returns capital through share buybacks, with a buyback yield of 0.68%.
Based on historical P/E analysis, NBT BANCORP INC (NBTB) appears expensive. The current P/E of 15.7 is 26% above its historical median of 12.4. The estimated fair value CAGR (P/E method) is 2.4%.
NBT BANCORP INC (NBTB) operates in the National Commercial Banks industry, within the Financials sector.
NBT BANCORP INC (NBTB) reported annual revenue of $906 million in its most recent fiscal year, based on SEC EDGAR filings.
NBT Bancorp Inc. is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of NBT Bancorp Inc. consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I, Alliance Financial Capital Trust II and Evans Capital Trust I (collectively, the “Trusts”). The principal sources of revenue for NBT Bancorp Inc. are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. Collectively, NBT Bancorp Inc. and its subsidiaries are referred to herein as (the “Company”). As of December 31, 2025, the Company had assets of $16.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 727M | 906M | 788M | 665M | 540M | 498M |
| Net Income | 184M | 169M | 141M | 119M | 152M | 155M |
| EPS | $3.11 | $3.33 | $2.97 | $2.65 | $3.52 | $3.54 |
| Free Cash Flow | 229M | 219M | 177M | 148M | 176M | 151M |
| ROIC | 9.6% | 9.9% | 9.4% | 9.0% | 12.5% | 12.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.06 | 0.08 | 0.11 | 0.29 | 0.50 | 0.08 |
| Dividends/Share | $1.28 | $1.42 | $1.32 | $1.24 | $1.16 | $1.10 |
| Operating Income | 16M | 16M | 11M | 11M | 11M | 13M |
| Operating Margin | 2.2% | 1.7% | 1.4% | 1.6% | 2.0% | 2.6% |
| ROE | 9.6% | 9.9% | 9.5% | 9.1% | 12.5% | 12.7% |
| Shares Outstanding | 59M | 51M | 47M | 45M | 43M | 44M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 401M | 392M | 403M | 431M | 469M | 512M | 495M | 498M | 540M | 665M | 788M | 906M | 727M |
| 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 | 120M | 126M | 132M | 135M | 152M | 157M | 162M | 173M | 188M | 194M | 232M | 257M | 266M |
| EBIT | 11M | 14M | 16M | 12M | 15M | 19M | 19M | 13M | 11M | 11M | 11M | 16M | 16M |
| Op. Margin | 2.6% | 3.6% | 4.0% | 2.8% | 3.2% | 3.7% | 3.9% | 2.6% | 2.0% | 1.6% | 1.4% | 1.7% | 2.2% |
| Net Income | 75M | 76M | 78M | 82M | 113M | 121M | 104M | 155M | 152M | 119M | 141M | 169M | 184M |
| Net Margin | 18.7% | 19.5% | 19.5% | 19.1% | 24.0% | 23.7% | 21.1% | 31.1% | 28.2% | 17.9% | 17.8% | 18.7% | 25.3% |
| Non-Recurring | 0 | 0 | 5.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.1% | 7.6% | 7.7% | 8.0% | 10.5% | 10.9% | 9.0% | 12.7% | 12.5% | 9.0% | 9.4% | 9.9% | 9.6% |
| ROE | 8.9% | 8.8% | 8.7% | 8.8% | 11.4% | 11.3% | 9.0% | 12.7% | 12.5% | 9.1% | 9.5% | 9.9% | 9.6% |
| ROA | 1.0% | 1.0% | 0.9% | 0.9% | 1.2% | 1.3% | 1.0% | 1.4% | 1.3% | 0.9% | 1.0% | 1.1% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 88M | 125M | 111M | 137M | 148M | 153M | 145M | 159M | 183M | 157M | 189M | 235M | 246M |
| Free Cash Flow | 79M | 116M | 107M | 130M | 140M | 147M | 137M | 151M | 176M | 148M | 177M | 219M | 229M |
| Owner Earnings | 76M | 112M | 97M | 124M | 135M | 140M | 131M | 145M | 169M | 142M | 171M | 217M | 58M |
| CapEx | 9.0M | 8.2M | 3.3M | 6.7M | 7.4M | 6.6M | 8.2M | 7.7M | 7.0M | 9.3M | 12M | 16M | 17M |
| Maint. CapEx | 8.3M | 8.6M | 9.0M | 9.1M | 9.3M | 9.5M | 9.8M | 9.9M | 10M | 11M | 12M | 13M | 182M |
| Growth CapEx | 679K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 217K | 3.3M | 0 |
| D&A | 8.3M | 8.6M | 9.0M | 9.1M | 9.3M | 9.5M | 9.8M | 9.9M | 10M | 11M | 12M | 13M | 182M |
| CapEx/OCF | 10.3% | 6.6% | 3.0% | 4.9% | 5.0% | 4.3% | 5.7% | 4.9% | 3.8% | 5.9% | 6.2% | 6.9% | 6.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 37M | 38M | 39M | 40M | 43M | 46M | 47M | 48M | 50M | 56M | 62M | 73M | 76M |
| Dividend Yield | 5.0% | 4.5% | 3.9% | 3.2% | 3.3% | 3.4% | 4.0% | 3.4% | 3.3% | 3.8% | 3.4% | 3.4% | 2.4% |
| Share Buybacks | 72K | 27M | 17M | 0 | 0 | 0 | 8.0M | 22M | 15M | 4.9M | 251K | 10M | 21M |
| Buyback Yield | 0.0% | 2.9% | 1.2% | N/A | N/A | N/A | 0.7% | 1.5% | 0.9% | 0.3% | 0.0% | 0.5% | 0.7% |
| Stock-Based Comp | 3.5M | 4.1M | 4.4M | 3.6M | 3.9M | 4.2M | 4.6M | 4.4M | 4.5M | 5.1M | 6.0M | 5.3M | 6.5M |
| Debt Repayment | 316M | 498K | 50M | 40M | 40M | 20M | 487M | 71M | 487M | 232M | 224M | 58M | 58M |
| Balance Sheet | |||||||||||||
| Net Debt | -696M | -725M | -681M | -593M | -234M | -526M | -1.9B | -2.9B | -1.1B | -1.2B | -1.7B | -2.2B | -2.5B |
| Cash & Equiv. | 147M | 140M | 149M | 160M | 181M | 217M | 673M | 1.3B | 197M | 205M | 284M | 487M | 2.6B |
| Long-Term Debt | 131M | 130M | 104M | 89M | 74M | 11M | 0 | 0 | 1.5M | 25M | 0 | 0 | 27K |
| Debt/Equity | 0.52 | 0.65 | 0.86 | 0.84 | 0.93 | 0.59 | 0.14 | 0.08 | 0.50 | 0.29 | 0.11 | 0.08 | 0.06 |
| 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 | 0.1 |
| Equity | 864M | 882M | 913M | 958M | 1.0B | 1.1B | 1.2B | 1.3B | 1.2B | 1.4B | 1.5B | 1.9B | 1.9B |
| Total Assets | 7.8B | 8.3B | 8.9B | 9.1B | 9.6B | 9.7B | 10.9B | 12.0B | 11.7B | 13.3B | 13.8B | 16.0B | 16.2B |
| Total Liabilities | 6.9B | 7.4B | 8.0B | 8.2B | 8.5B | 8.6B | 9.7B | 10.8B | 10.6B | 11.9B | 12.3B | 14.1B | 14.3B |
| Intangibles | 20M | 17M | 16M | 13M | 16M | 12M | 12M | 8.9M | 7.3M | 40M | 36M | 58M | 54M |
| Retained Earnings | 424M | 462M | 502M | 544M | 621M | 696M | 749M | 856M | 958M | 1.0B | 1.1B | 1.2B | 1.2B |
| 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 | 1.69 | 1.72 | 1.80 | 1.87 | 2.56 | 2.74 | 2.37 | 3.54 | 3.52 | 2.65 | 2.97 | 3.33 | 3.11 |
| Owner EPS | 1.71 | 2.52 | 2.23 | 2.83 | 3.06 | 3.16 | 2.97 | 3.31 | 3.90 | 3.16 | 3.61 | 4.27 | 0.99 |
| Book Value | 19.45 | 19.85 | 20.97 | 21.81 | 23.15 | 25.37 | 26.96 | 28.58 | 27.18 | 31.81 | 32.23 | 37.31 | 32.40 |
| Cash Flow/Share | 1.98 | 2.80 | 2.54 | 3.12 | 3.36 | 3.47 | 3.30 | 3.64 | 4.24 | 3.51 | 3.98 | 4.63 | 6.18 |
| Dividends/Share | 0.83 | 0.86 | 0.89 | 0.92 | 0.99 | 1.05 | 1.08 | 1.10 | 1.16 | 1.24 | 1.32 | 1.42 | 1.28 |
| Shares Out. | 44.4M | 44.4M | 43.6M | 43.9M | 44.0M | 44.2M | 44.0M | 43.8M | 43.2M | 44.8M | 47.4M | 50.8M | 59.1M |
| Valuation | |||||||||||||
| P/E Ratio | 11.0 | 12.1 | 17.7 | 15.6 | 10.7 | 12.2 | 11.5 | 9.5 | 11.0 | 15.1 | 15.6 | 12.7 | 16.9 |
| P/FCF | 10.5 | 8.0 | 12.9 | 9.8 | 8.6 | 10.0 | 8.8 | 9.8 | 9.5 | 12.1 | 12.4 | 9.8 | 13.5 |
| EV/EBIT | 94.5 | 87.2 | 117.7 | 147.8 | 118.2 | 98.2 | N/A | N/A | 52.6 | 55.8 | 55.5 | 19.0 | 36.0 |
| Price/Book | 1.0 | 1.0 | 1.5 | 1.3 | 1.2 | 1.3 | 1.0 | 1.2 | 1.4 | 1.3 | 1.4 | 1.1 | 1.6 |
| Price/Sales | 2.0 | 2.3 | 2.6 | 3.1 | 3.0 | 2.9 | 2.5 | 2.9 | 2.9 | 2.8 | 3.2 | 3.1 | 4.3 |
| FCF Yield | 9.6% | 12.6% | 7.7% | 10.2% | 11.6% | 10.0% | 11.4% | 10.2% | 10.5% | 8.3% | 8.0% | 10.2% | 7.4% |
| Market Cap | 825M | 926M | 1.4B | 1.3B | 1.2B | 1.5B | 1.2B | 1.5B | 1.7B | 1.8B | 2.2B | 2.2B | 3.1B |
| Avg. Price | 16.73 | 18.89 | 22.77 | 28.77 | 29.66 | 30.21 | 26.49 | 31.64 | 35.07 | 32.65 | 39.03 | 41.93 | 52.38 |
| Year-End Price | 18.57 | 20.83 | 31.88 | 29.08 | 27.42 | 33.33 | 27.37 | 33.77 | 38.78 | 40.01 | 46.45 | 42.34 | 52.38 |
NBT BANCORP INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
NBT BANCORP INC trades at 15.7x trailing earnings, compared to its 15-year median P/E of 12.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.5x vs a median of 9.8x. The company's 5-year average ROIC is 10.7%. Total shareholder yield (dividends + buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is +2.1%.
NBT BANCORP INC (NBTB) has a net profit margin of 18.7%. This is a healthy margin.
NBT BANCORP INC (NBTB) generated $219 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NBT BANCORP INC (NBTB) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
NBT BANCORP INC (NBTB) reported earnings per share (EPS) of $3.33 in its most recent fiscal year.
NBT BANCORP INC (NBTB) has a return on equity (ROE) of 9.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for NBT BANCORP INC (NBTB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NBT BANCORP INC (NBTB) has a book value per share of $37.31, based on its most recent annual SEC filing.
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