A Business at a Glance
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NATIONAL BANKSHARES INC
NKSH
$233M
Mkt Cap
$36.64
+2.12%
NATIONAL BANKSHARES INC (NKSH) has a current P/E ratio of 29.5, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
NATIONAL BANKSHARES INC (NKSH) has a 5-year average return on invested capital (ROIC) of 10.6%. This indicates solid capital allocation.
NATIONAL BANKSHARES INC (NKSH) has a market capitalization of $233M. It is classified as a small-cap stock.
Yes, NATIONAL BANKSHARES INC (NKSH) pays a dividend with a trailing twelve-month yield of 4.13%.
Based on historical P/E analysis, NATIONAL BANKSHARES INC (NKSH) appears expensive. The current P/E of 29.5 is 162% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -6.4%.
NATIONAL BANKSHARES INC (NKSH) operates in the National Commercial Banks industry, within the Financials sector.
NATIONAL BANKSHARES INC (NKSH) reported annual revenue of $85 million in its most recent fiscal year, based on SEC EDGAR filings.
History and Business National Bankshares, Inc. (the “Company” or “NBI”) is a financial holding company that was organized in 1986 under the laws of Virginia and is registered under the Bank Holding Company Act of 1956. National Bankshares, Inc. common stock is listed on the Nasdaq Capital Market and is traded under the symbol “NKSH.” It conducts most of its operations through its wholly-owned community bank subsidiary, the National Bank of Blacksburg (the “Bank” or “NBB”). It also owns National Bankshares Financial Services, Inc. (“NBFS”), which does business as National Bankshares Insurance Services and National Bankshares Investment Services. References in this report to “we,” “us,” or “our” refer to NBI unless the context indicates that the reference is to NBB. The National Bank of Blacksburg The National Bank of Blacksburg, which does business as National Bank, was originally chartered in 1891 as the Bank of Blacksburg.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 85M | 85M | 79M | 68M | 63M | 53M |
| Net Income | 16M | 16M | 7.6M | 16M | 26M | 20M |
| EPS | $2.49 | $2.49 | $1.24 | $2.66 | $4.33 | $3.28 |
| Free Cash Flow | 15M | 15M | 6.2M | 14M | 28M | 23M |
| ROIC | 7.9% | 9.3% | 5.1% | 11.9% | 16.5% | 10.4% |
| Gross Margin | 0.0% | 0.0% | - | - | - | - |
| Debt/Equity | 0.08 | 0.08 | 0.07 | 0.05 | 0.07 | 0.10 |
| Dividends/Share | $1.51 | $1.51 | $1.51 | $2.51 | $1.50 | $1.44 |
| Operating Income | 1.3M | 1.3M | 1.0M | 1.2M | 32M | 1.3M |
| Operating Margin | 1.5% | 1.5% | 1.3% | 1.7% | 50.8% | 2.4% |
| ROE | 8.6% | 9.3% | 5.1% | 11.9% | 16.5% | 10.4% |
| Shares Outstanding | 6M | 6M | 6M | 6M | 6M | 6M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 53M | 52M | 48M | 49M | 51M | 54M | 52M | 53M | 63M | 68M | 79M | 85M | 85M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| 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 | 12M | 13M | 13M | 14M | 15M | 15M | 15M | 16M | 17M | 17M | 19M | 21M | 21M |
| EBIT | 1.0M | 1.3M | 1.3M | 1.1M | 19M | 1.3M | 1.1M | 1.3M | 32M | 1.2M | 1.0M | 1.3M | 1.3M |
| Op. Margin | 2.0% | 2.5% | 2.7% | 2.3% | 36.7% | 2.5% | 2.1% | 2.4% | 50.8% | 1.7% | 1.3% | 1.5% | 1.5% |
| Net Income | 17M | 16M | 15M | 14M | 16M | 17M | 16M | 20M | 26M | 16M | 7.6M | 16M | 16M |
| Net Margin | 31.9% | 30.2% | 31.1% | 28.8% | 31.7% | 32.4% | 30.9% | 38.2% | 41.5% | 23.0% | 9.6% | 18.6% | 18.6% |
| Non-Recurring | -94K | -15K | 0 | 134K | 0 | -5K | 2K | 0 | 9K | 0 | -1K | 2K | 2K |
| Returns on Capital | |||||||||||||
| ROIC | 10.8% | 9.4% | 8.5% | 7.8% | 8.6% | 9.3% | 8.4% | 10.4% | 16.5% | 11.9% | 5.1% | 9.3% | 7.9% |
| ROE | 10.8% | 9.4% | 8.5% | 7.8% | 8.6% | 9.3% | 8.4% | 10.4% | 16.5% | 11.9% | 5.1% | 9.3% | 8.6% |
| ROA | 1.5% | 1.3% | 1.2% | 1.1% | 1.3% | 1.4% | 1.1% | 1.3% | 1.5% | 0.9% | 0.4% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 20M | 21M | 18M | 11M | 20M | 19M | 14M | 23M | 30M | 16M | 9.4M | 18M | 18M |
| Free Cash Flow | 20M | 20M | 17M | 11M | 19M | 18M | 12M | 23M | 28M | 14M | 6.2M | 15M | 15M |
| Owner Earnings | 19M | 19M | 16M | 10M | 19M | 18M | 13M | 22M | 29M | 15M | 8.2M | 16M | 16M |
| CapEx | 459K | 663K | 634K | 261K | 1.2M | 1.0M | 1.8M | 323K | 1.3M | 1.5M | 3.3M | 2.7M | 2.7M |
| Maint. CapEx | 1.8M | 1.7M | 1.1M | 873K | 816K | 739K | 708K | 636K | 609K | 754K | 1.1M | 1.5M | 1.5M |
| Growth CapEx | 0 | 0 | 0 | 0 | 375K | 293K | 1.1M | 0 | 649K | 738K | 2.1M | 1.3M | 1.3M |
| D&A | 1.8M | 1.7M | 1.1M | 873K | 816K | 739K | 708K | 636K | 609K | 754K | 1.1M | 1.5M | 1.5M |
| CapEx/OCF | 2.3% | 3.2% | 3.6% | 2.4% | 6.0% | 5.5% | 13.2% | 1.4% | 4.3% | 9.6% | 34.5% | N/A | 15.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 7.9M | 7.9M | 8.1M | 8.1M | 8.4M | 9.0M | 9.0M | 8.8M | 8.9M | 15M | 9.3M | 9.6M | 9.6M |
| Dividend Yield | 5.7% | 5.8% | 5.0% | 4.1% | 3.9% | 4.8% | 6.1% | 5.1% | 5.2% | 9.3% | 5.4% | N/A | 4.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 19M | 1.7M | 13M | 6.3M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 8.3% | 1.1% | 7.8% | 3.2% | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 42K | 128K | 193K | 193K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | 3.6M | -330M | -425M | -425M | -640M | -807M | -720M | -698M | -700M | -699M | -45M |
| Cash & Equiv. | 13M | 12M | 14M | 13M | 13M | 10M | 134M | 139M | 71M | 87M | 108M | 59M | 59M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 14M |
| Debt/Equity | 5.94 | 5.99 | 0.10 | 0.08 | 0.07 | 0.11 | 0.20 | 0.10 | 0.07 | 0.05 | 0.07 | 0.08 | 0.08 |
| Interest Coverage | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.4 | 11.3 | 0.2 | 0.1 | 0.0 | 0.0 |
| Equity | 166M | 172M | 178M | 185M | 190M | 184M | 201M | 192M | 123M | 141M | 156M | 185M | 185M |
| Total Assets | 1.2B | 1.2B | 1.2B | 1.3B | 1.3B | 1.3B | 1.5B | 1.7B | 1.7B | 1.7B | 1.8B | 1.8B | 1.8B |
| Total Liabilities | 988M | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.3B | 1.5B | 1.6B | 1.5B | 1.7B | 1.6B | 1.6B |
| Intangibles | 7.2M | 6.2M | 6.0M | 5.9M | 5.8M | 5.8M | N/A | N/A | N/A | N/A | 1.9M | 1.5M | 1.5M |
| Retained Earnings | 163M | 171M | 178M | 186M | 194M | 184M | 190M | 188M | 199M | 198M | 196M | 203M | 203M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | 2.43 | 2.28 | 2.15 | 2.03 | 2.32 | 2.65 | 2.48 | 3.28 | 4.33 | 2.66 | 1.24 | 2.49 | 2.49 |
| Owner EPS | 2.66 | 2.70 | 2.37 | 1.46 | 2.73 | 2.75 | 2.02 | 3.58 | 4.82 | 2.50 | 1.33 | 2.55 | 2.55 |
| Book Value | 23.89 | 24.78 | 25.65 | 26.63 | 27.33 | 27.88 | 30.95 | 30.86 | 20.49 | 23.82 | 25.44 | 29.09 | 29.09 |
| Cash Flow/Share | 2.92 | 2.96 | 2.52 | 1.58 | 2.84 | 2.86 | 2.13 | 3.68 | 4.93 | 2.63 | 1.54 | 2.81 | 2.72 |
| Dividends/Share | 1.13 | 1.14 | 1.16 | 1.17 | 1.21 | 1.39 | 1.39 | 1.44 | 1.50 | 2.51 | 1.51 | 1.51 | 1.51 |
| Shares Out. | 7.0M | 6.9M | 6.9M | 6.9M | 7.0M | 6.6M | 6.5M | 6.2M | 6.0M | 5.9M | 6.1M | 6.4M | 6.4M |
| Valuation | |||||||||||||
| P/E Ratio | 8.1 | 10.1 | 13.6 | 15.7 | 11.2 | 12.8 | 9.8 | 8.4 | 7.7 | 11.3 | 21.7 | N/A | 14.7 |
| P/FCF | 6.9 | 8.1 | 12.1 | 20.6 | 9.7 | 12.5 | 13.1 | 8.0 | 7.1 | 12.6 | 26.8 | N/A | 15.4 |
| 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 | 143.4 |
| Price/Book | 0.8 | 0.9 | 1.1 | 1.2 | 0.9 | 1.2 | 0.8 | 0.9 | 1.6 | 1.3 | 1.1 | N/A | 1.3 |
| Price/Sales | 2.9 | 2.8 | 3.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 23.0 | N/A | 2.7 |
| FCF Yield | 14.5% | 12.4% | 8.3% | 4.9% | 10.3% | 8.0% | 7.6% | 13.2% | 14.1% | 7.9% | 3.7% | N/A | 6.5% |
| Market Cap | 137M | 160M | 204M | 221M | 180M | 223M | 157M | 171M | 200M | 177M | 166M | 0 | 233M |
| Avg. Price | 19.81 | 19.78 | 23.19 | 28.39 | 31.24 | 28.36 | 22.94 | 27.75 | 28.50 | 26.95 | 27.90 | 0.00 | 36.64 |
| Year-End Price | 19.63 | 23.04 | 29.30 | 31.86 | 25.89 | 33.86 | 24.26 | 29.05 | 33.34 | 30.00 | 26.93 | 0.00 | 36.64 |
NATIONAL BANKSHARES INC passes 3 of 9 quality checks, indicating weak fundamentals.
NATIONAL BANKSHARES INC trades at 29.5x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 36.4x vs a median of 12.5x. The company's 5-year average ROIC is 10.6%. Total shareholder yield (dividends) is 4.1%. At current prices, the estimated annualized return to fair value is -8.3%.
NATIONAL BANKSHARES INC (NKSH) has a net profit margin of 18.6%. This is a healthy margin.
NATIONAL BANKSHARES INC (NKSH) generated $15 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NATIONAL BANKSHARES INC (NKSH) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
NATIONAL BANKSHARES INC (NKSH) reported earnings per share (EPS) of $2.49 in its most recent fiscal year.
NATIONAL BANKSHARES INC (NKSH) has a return on equity (ROE) of 9.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for NATIONAL BANKSHARES INC (NKSH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NATIONAL BANKSHARES INC (NKSH) has a book value per share of $29.09, based on its most recent annual SEC filing.