Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
National Bank Holdings Corporation's quarterly P/E stands at 22.6x, up 53.4% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has compressed 9.1% YoY to 9.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.35 | 22.63 | 10.50 | 10.68 | 15.19 | 14.75 | 12.24 | 14.36 | 11.00 | 10.69 | 7.91 | 8.54 | 7.89 |
| — | +53.4% | -14.2% | -25.6% | +38.1% | +38.0% | +54.6% | +68.1% | +39.4% | -55.3% | -57.2% | -40.2% | -53.0% | |
| P/S Ratio | 2.86 | 2.58 | 2.43 | 2.44 | 2.54 | 2.84 | 2.61 | 2.58 | 2.33 | 2.38 | 1.97 | 2.07 | 2.51 |
| — | -9.4% | -7.0% | -5.5% | +9.0% | +19.7% | +32.3% | +24.7% | -7.4% | -30.8% | -40.2% | -46.4% | -44.9% | |
| P/B Ratio | 1.21 | 1.05 | 1.07 | 1.06 | 1.10 | 1.27 | 1.25 | 1.20 | 1.12 | 1.17 | 0.98 | 0.96 | 1.12 |
| — | -17.7% | -14.5% | -11.7% | -1.6% | +8.7% | +28.6% | +24.5% | -0.5% | -20.3% | -23.1% | -32.6% | -24.9% | |
| P/FCF | 12.60 | 30.53 | 7.93 | 13.54 | 12.42 | 10.86 | 10.29 | 20.11 | 14.07 | 10.93 | 7.12 | 3.32 | — |
| — | +181.1% | -23.0% | -32.7% | -11.8% | -0.6% | +44.6% | +505.3% | — | -15.4% | +31.8% | -22.1% | — | |
| EV / EBITDA | 8.05 | 9.18 | 4.90 | 7.35 | 9.48 | 10.09 | 8.27 | 9.68 | 6.45 | 9.08 | 5.99 | 6.59 | 8.92 |
| — | -9.1% | -40.8% | -24.0% | +47.0% | +11.2% | +38.2% | +47.0% | -27.7% | -50.6% | -41.6% | -5.1% | +79.1% | |
| EV / EBIT | 9.28 | 9.81 | 5.76 | 8.40 | 11.49 | 11.92 | 9.49 | 11.51 | 7.45 | 10.55 | 6.80 | 7.59 | 9.83 |
| — | -17.7% | -39.3% | -27.0% | +54.3% | +13.0% | +39.6% | +51.6% | -24.2% | -55.5% | -44.4% | -4.0% | +70.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
National Bank Holdings Corporation's operating margin was 20.0% in Q4 2025, down 8.4 pp QoQ and down 3.8 pp YoY. The trailing four-quarter average of 24.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 6.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.2% | 71.5% | 72.0% | 70.2% | 62.9% | 67.2% | 66.3% | 64.4% | 67.8% | 66.7% | 72.6% | 75.3% | 84.6% |
| — | +6.4% | +8.6% | +9.0% | -7.2% | +0.8% | -8.7% | -14.5% | -19.9% | -9.5% | -11.4% | -19.0% | -12.1% | |
| Operating Margin | 24.4% | 20.0% | 28.4% | 28.3% | 20.7% | 23.8% | 25.7% | 21.9% | 26.3% | 26.1% | 31.6% | 30.6% | 39.7% |
| — | -15.8% | +10.6% | +29.1% | -21.2% | -8.7% | -18.6% | -28.5% | -33.8% | +54.6% | +40.6% | -6.3% | +21.7% | |
| Net Margin | 18.8% | 11.4% | 23.2% | 23.1% | 16.8% | 19.3% | 21.3% | 18.0% | 21.2% | 22.2% | 25.1% | 24.4% | 31.8% |
| — | -41.0% | +9.2% | +28.5% | -20.8% | -13.0% | -15.2% | -26.1% | -33.2% | +54.9% | +39.9% | -9.5% | +16.5% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 1.2% | 2.6% | 2.5% | 1.8% | 2.2% | 2.6% | 2.1% | 2.6% | 2.8% | 3.1% | 2.9% | 3.6% |
| — | -46.5% | -0.5% | +20.4% | -28.4% | -22.1% | -16.7% | -26.1% | -29.0% | +67.7% | +71.1% | +14.7% | +63.7% | |
| ROA | 1.1% | 0.2% | 0.4% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.4% |
| — | -43.8% | +5.9% | +29.1% | -22.8% | -14.8% | -9.5% | -20.3% | -23.8% | +74.9% | +74.2% | +17.2% | +63.9% | |
| ROIC | 7.4% | 1.5% | 2.1% | 2.0% | 1.5% | 1.9% | 2.2% | 1.8% | 2.0% | 1.8% | 2.2% | 1.6% | 2.0% |
| — | -22.0% | -3.8% | +12.5% | -22.7% | +1.6% | +2.0% | +11.2% | -1.0% | +57.3% | +34.6% | -23.5% | +9.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
National Bank Holdings Corporation's Debt/EBITDA ratio is 2.4x, up from 1.5x last quarter — at a moderate level that warrants monitoring. The current ratio has improved 244.5% YoY to 0.27x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.19 | 0.12 | 0.09 | 0.06 | 0.09 | 0.06 | 0.34 | 0.34 | 0.40 | 0.95 |
| — | -45.1% | -3.4% | +118.6% | +94.9% | -72.3% | -83.0% | -78.3% | -93.7% | -18.8% | +418.6% | +412.0% | +1111.0% | |
| Debt / EBITDA | 0.44 | 2.39 | 1.50 | 5.43 | 4.29 | 3.01 | 1.62 | 2.88 | 1.64 | 9.15 | 7.59 | 9.76 | 19.38 |
| — | -20.7% | -7.3% | +88.5% | +161.1% | -67.1% | -78.7% | -70.5% | -91.5% | -49.4% | +201.2% | +330.3% | +665.7% | |
| Current Ratio | 0.27 | 0.27 | 0.14 | 0.11 | 0.10 | 0.08 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 | 0.12 | 0.14 |
| — | +244.5% | +31.7% | +12.5% | -9.0% | -20.5% | -6.4% | -17.5% | -18.2% | -12.6% | -22.8% | -40.1% | -43.2% | |
| Quick Ratio | 0.27 | 0.27 | 0.14 | 0.11 | 0.10 | 0.08 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 | 0.12 | 0.14 |
| — | +244.5% | +31.7% | +12.5% | -9.0% | -20.5% | -6.4% | -17.5% | -18.2% | -12.6% | -22.8% | -40.1% | -43.2% | |
| Interest Coverage | 0.83 | 0.70 | 0.98 | 0.95 | 0.69 | 0.76 | 0.79 | 0.65 | 0.82 | 0.86 | 1.18 | 1.31 | 2.70 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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National Bank Holdings Corporation's current P/E is 15.3x. The average P/E over the last 4 quarters is 14.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
National Bank Holdings Corporation's current operating margin is 24.4%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking National Bank Holdings Corporation's business trajectory between earnings reports.