National Bank Holdings Corporation (NBHC) Financial Ratios
17 years of historical data (2009–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
8.05
↓-11% vs avg
5yr avg: 9.03
30Y Low3.5·High34.7
P/FCF
↑
12.60
↑+26% vs avg
5yr avg: 9.99
30Y Low6.8·High33.6
P/B Ratio
↓
1.21
-5% vs avg
5yr avg: 1.27
30Y Low0.9·High1.6
ROE
↓
8.1%
-16% vs avg
5yr avg: 9.7%
30Y Low-0%·High12%
Debt/EBITDA
↓
0.44
↓-73% vs avg
5yr avg: 1.64
30Y Low0.2·High7.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NBHC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Bank Holdings Corporation trades at 15.3x earnings, 8% above its 5-year average of 14.2x, sitting at the 46th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.9x, the stock trades at a premium of 11%. On a free-cash-flow basis, the stock trades at 12.6x P/FCF, 26% above the 5-year average of 10.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.5B | $1.7B | $1.4B | $1.4B | $1.4B | $1.0B | $1.1B | $970M | $876M | $876M |
| Enterprise Value | $1.3B | $1.1B | $1.6B | $1.6B | $1.6B | $582M | $435M | $1.3B | $1.2B | $878M | $854M |
| P/E Ratio → | 15.35 | 13.34 | 13.98 | 10.00 | 19.30 | 14.60 | 11.49 | 13.81 | 15.75 | 61.19 | 40.37 |
| P/S Ratio | 2.86 | 2.49 | 2.78 | 2.56 | 3.97 | 4.46 | 2.88 | 3.39 | 3.32 | 4.30 | 4.37 |
| P/B Ratio | 1.21 | 1.05 | 1.27 | 1.17 | 1.26 | 1.62 | 1.24 | 1.45 | 1.40 | 1.65 | 1.63 |
| P/FCF | 12.60 | 10.95 | 13.71 | 10.89 | 6.80 | 7.61 | — | 33.61 | 14.42 | 16.68 | — |
| P/OCF | 10.28 | 8.94 | 10.65 | 8.49 | 6.41 | 7.61 | — | 25.10 | 13.19 | 15.07 | — |
P/E links to full P/E history page with 30-year chart
NBHC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Bank Holdings Corporation's enterprise value stands at 8.1x EBITDA, 11% below its 5-year average of 9.0x. The Financial Services sector median is 11.5x, placing the stock at a 30% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.89 | 2.78 | 2.96 | 4.73 | 1.90 | 1.23 | 3.86 | 4.20 | 4.31 | 4.26 |
| EV / EBITDA | 8.05 | 6.72 | 9.74 | 8.22 | 15.96 | 4.52 | 3.52 | 11.37 | 14.42 | 18.01 | 21.24 |
| EV / EBIT | 9.28 | 7.75 | 11.36 | 9.34 | 19.01 | 5.06 | 3.98 | 13.15 | 16.67 | 24.49 | 32.84 |
| EV / FCF | — | 8.35 | 13.67 | 12.61 | 8.10 | 3.24 | — | 38.29 | 18.25 | 16.72 | — |
NBHC Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Bank Holdings Corporation earns an operating margin of 24.4%, above the Financial Services sector average of 20.2%. Operating margins have compressed from 31.7% to 24.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 8.1% is modest, trailing the sector median of 9.0%. ROIC of 7.4% represents adequate returns on invested capital versus a sector median of 5.4%.
Margins
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 | 69.2% | 69.2% | 66.4% | 74.4% | 84.2% | 98.5% | 87.9% | 85.2% | 90.0% | 84.7% | 80.8% |
| Operating Margin | 24.4% | 24.4% | 24.4% | 31.7% | 24.9% | 37.6% | 30.9% | 29.3% | 25.2% | 17.6% | 13.0% |
| Net Profit Margin | 18.8% | 18.8% | 20.0% | 25.7% | 20.6% | 30.6% | 25.0% | 24.5% | 21.0% | 7.2% | 11.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | 9.4% | 12.3% | 7.4% | 11.3% | 11.2% | 11.0% | 10.0% | 2.7% | 4.0% |
| ROA | 1.1% | 1.1% | 1.2% | 1.5% | 0.8% | 1.3% | 1.4% | 1.4% | 1.2% | 0.3% | 0.5% |
| ROIC | 7.4% | 7.4% | 7.1% | 8.3% | 5.3% | 9.9% | 8.8% | 6.9% | 6.0% | 3.7% | 2.7% |
| ROCE | 3.6% | 3.6% | 8.8% | 10.3% | 6.5% | 12.0% | 10.6% | 9.0% | 8.4% | 5.5% | 4.0% |
NBHC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Bank Holdings Corporation carries a Debt/EBITDA ratio of 0.4x, which is very conservative (90% below the sector average of 4.3x). The company holds a net cash position — cash of $417M exceeds total debt of $72M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 0.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.34 | 0.42 | 0.07 | 0.03 | 0.35 | 0.53 | 0.49 | 0.24 |
| Debt / EBITDA | 0.44 | 0.44 | 0.73 | 2.07 | 4.47 | 0.48 | 0.18 | 2.38 | 4.32 | 5.32 | 3.25 |
| Net Debt / Equity | — | -0.25 | -0.00 | 0.18 | 0.24 | -0.93 | -0.71 | 0.20 | 0.37 | 0.00 | -0.04 |
| Net Debt / EBITDA | -2.10 | -2.10 | -0.03 | 1.12 | 2.57 | -6.09 | -4.70 | 1.39 | 3.03 | 0.05 | -0.55 |
| Debt / FCF | — | -2.61 | -0.04 | 1.71 | 1.30 | -4.36 | — | 4.67 | 3.84 | 0.04 | — |
| Interest Coverage | 0.83 | 0.83 | 0.75 | 1.32 | 4.83 | 8.32 | 4.37 | 2.62 | 3.08 | 1.98 | 1.76 |
Net cash position: cash ($417M) exceeds total debt ($72M)
NBHC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.27x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.10x to 0.27x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.27 | 0.27 | 0.08 | 0.10 | 0.11 | 0.25 | 0.22 | 0.16 | 0.20 | 0.27 | 0.27 |
| Quick Ratio | 0.27 | 0.27 | 0.08 | 0.10 | 0.11 | 0.25 | 0.22 | 0.16 | 0.20 | 0.27 | 0.27 |
| Cash Ratio | 0.12 | 0.12 | 0.02 | 0.02 | 0.02 | 0.14 | 0.11 | 0.02 | 0.02 | 0.06 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NBHC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Bank Holdings Corporation returns 3.7% to shareholders annually — split between a 2.8% dividend yield and 0.9% buyback yield. A payout ratio of 42.0% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.8% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 42.0% | 42.0% | 36.1% | 27.9% | 42.7% | 28.7% | 28.0% | 29.3% | 27.1% | 64.5% | 27.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.5% | 7.2% | 10.0% | 5.2% | 6.9% | 8.7% | 7.2% | 6.3% | 1.6% | 2.5% |
| FCF Yield | 7.9% | 9.1% | 7.3% | 9.2% | 14.7% | 13.1% | — | 3.0% | 6.9% | 6.0% | — |
| Buyback Yield | 0.9% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $38M | $38M | $38M | $33M | $31M | $31M | $32M | $31M | $27M | $27M |
Peer Comparison
Compare NBHC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NBHCYou | $2B | 15.3 | 8.1 | 12.6 | 69.2% | 24.4% | 8.1% | 7.4% | 0.4 |
 IBCP | $730M | 10.9 | 9.8 | 10.4 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 FFIN | $5B | 19.0 | 11.8 | 15.7 | 71.8% | 37.5% | 14.4% | 12.4% | 0.1 |
 CVBF | $3B | 14.0 | 13.4 | 13.3 | 79.9% | 43.8% | 9.3% | 6.8% | 3.5 |
 SFNC | $3B | -7.6 | — | 7.7 | 5.8% | -84.2% | -11.4% | -9.1% | — |
 BOKF | $8B | 14.7 | 14.1 | 14.2 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 INDB | $4B | 18.7 | 15.6 | 17.2 | 67.9% | 22.9% | 6.3% | 4.9% | 2.9 |
 COLB | $7B | 13.6 | 12.2 | 10.6 | 67.7% | 23.4% | 8.5% | 5.4% | 4.5 |
 BANR | $2B | 11.9 | 9.8 | 9.2 | 79.0% | 29.5% | 10.5% | 7.7% | 1.5 |
 HOMB | $6B | 11.7 | 9.5 | 11.6 | 77.3% | 43.8% | 11.5% | 8.7% | 1.5 |
 TRMK | $3B | 12.4 | 9.7 | 11.6 | 71.0% | 25.5% | 11.0% | 7.1% | 3.4 |
| Financial Services Median | — | 13.9 | 11.5 | 11.2 | 64.1% | 20.2% | 9.0% | 5.4% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
What if you invested $1,000 in NBHC 10 years ago?
Total return calculator · dividends reinvested
Calculate ReturnsHow much would $100/month in NBHC be worth today?
Dollar cost averaging vs lump sum · see how regular investing compounds over time
Run the NumbersIs NBHC Undervalued Right Now?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationNBHC vs IBCP — which is the better buy?
Side-by-side revenue, margins, P/E and 10-year returns vs Independent Bank Corporation.
Compare NowNBHC — Frequently Asked Questions
Quick answers to the most common questions about buying NBHC stock.
What is National Bank Holdings Corporation's P/E ratio?
National Bank Holdings Corporation's current P/E ratio is 15.3x. The historical average is 46.7x. This places it at the 46th percentile of its historical range.
What is National Bank Holdings Corporation's EV/EBITDA?
National Bank Holdings Corporation's current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
What is National Bank Holdings Corporation's ROE?
National Bank Holdings Corporation's return on equity (ROE) is 8.1%. The historical average is 5.5%.
Is NBHC stock overvalued?
Based on historical data, National Bank Holdings Corporation is trading at a P/E of 15.3x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is National Bank Holdings Corporation's dividend yield?
National Bank Holdings Corporation's current dividend yield is 2.76% with a payout ratio of 42.0%.
What are National Bank Holdings Corporation's profit margins?
National Bank Holdings Corporation has 69.2% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does National Bank Holdings Corporation have?
National Bank Holdings Corporation's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.