Latest Ratios: P/E Ratio 15.2x · EV/EBITDA 11.5x · ROE 9.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.1B | $2.3B | $1.9B | $1.9B | $1.7B | $1.4B | $1.8B | $1.5B | $1.6B | $1.8B |
| Enterprise Value | $2.8B | $2.3B | $2.4B | $2.3B | $2.5B | $726M | $1.1B | $2.4B | $2.4B | $2.4B | $2.6B |
| P/E Ratio → | 15.16 | 12.47 | 16.14 | 15.82 | 12.34 | 10.88 | 13.54 | 14.80 | 13.51 | 19.68 | 23.27 |
| P/S Ratio | 3.99 | 3.21 | 3.94 | 3.62 | 3.64 | 3.54 | 3.08 | 3.96 | 3.57 | 4.05 | 4.85 |
| P/B Ratio | 1.35 | 1.11 | 1.48 | 1.32 | 1.60 | 1.35 | 1.19 | 1.60 | 1.50 | 1.69 | 2.00 |
| P/FCF | 11.99 | 9.65 | 12.81 | 12.66 | 10.64 | 11.12 | 10.30 | 12.19 | 10.85 | 12.41 | 17.20 |
| P/OCF | 11.16 | 8.98 | 12.01 | 11.92 | 10.23 | 10.58 | 9.72 | 11.66 | 10.30 | 11.80 | 16.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.43 | 4.17 | 4.46 | 4.79 | 1.53 | 2.50 | 5.30 | 5.60 | 5.92 | 6.81 |
| EV / EBITDA | 11.48 | 9.35 | 11.58 | 13.14 | 11.46 | 3.31 | 7.46 | 13.62 | 15.89 | 16.75 | 19.47 |
| EV / EBIT | 12.61 | 10.27 | 13.35 | 15.04 | 12.57 | 3.63 | 8.61 | 15.40 | 17.43 | 18.46 | 21.59 |
| EV / FCF | — | 10.30 | 13.55 | 15.58 | 13.99 | 4.80 | 8.36 | 16.30 | 17.01 | 18.16 | 24.15 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 72.1% | 72.1% | 70.6% | 74.4% | 92.7% | 97.9% | 83.0% | 84.0% | 85.5% | 86.6% | 88.0% |
| Operating Margin | 25.3% | 25.3% | 22.8% | 23.2% | 36.5% | 40.4% | 27.1% | 30.6% | 29.5% | 30.1% | 29.8% |
| Net Profit Margin | 19.5% | 19.5% | 17.9% | 17.9% | 28.3% | 31.3% | 21.2% | 23.9% | 24.2% | 19.3% | 19.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 9.5% | 9.1% | 12.5% | 12.7% | 9.0% | 11.3% | 11.4% | 8.8% | 8.7% |
| ROA | 1.1% | 1.1% | 1.0% | 0.9% | 1.3% | 1.4% | 1.0% | 1.3% | 1.2% | 0.9% | 0.9% |
| ROIC | 7.9% | 7.9% | 6.7% | 5.7% | 8.4% | 9.5% | 5.6% | 5.8% | 5.2% | 5.2% | 5.3% |
| ROCE | 2.4% | 2.4% | 8.9% | 8.5% | 11.8% | 11.9% | 8.4% | 11.1% | 10.7% | 10.4% | 9.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.27 | 0.45 | 0.67 | 0.25 | 0.34 | 0.73 | 1.03 | 0.95 | 0.97 |
| Debt / EBITDA | 1.36 | 1.36 | 2.01 | 3.63 | 3.66 | 1.42 | 2.65 | 4.67 | 6.96 | 6.44 | 6.73 |
| Net Debt / Equity | — | 0.08 | 0.09 | 0.30 | 0.50 | -0.77 | -0.22 | 0.54 | 0.85 | 0.78 | 0.81 |
| Net Debt / EBITDA | 0.59 | 0.59 | 0.63 | 2.46 | 2.74 | -4.36 | -1.73 | 3.44 | 5.76 | 5.31 | 5.60 |
| Debt / FCF | — | 0.65 | 0.74 | 2.92 | 3.35 | -6.32 | -1.94 | 4.11 | 6.17 | 5.76 | 6.95 |
| Interest Coverage | 1.05 | 1.05 | 0.85 | 1.06 | 8.97 | 10.64 | 4.08 | 2.78 | 3.55 | 4.95 | 5.28 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 0.04 | 0.14 | 0.17 | 0.29 | 0.22 | 0.14 | 0.14 | 0.18 | 0.19 |
| Quick Ratio | 1.60 | 1.60 | 0.04 | 0.14 | 0.17 | 0.29 | 0.22 | 0.14 | 0.14 | 0.18 | 0.19 |
| Cash Ratio | 1.25 | 1.25 | 0.02 | 0.02 | 0.02 | 0.12 | 0.07 | 0.03 | 0.02 | 0.02 | 0.02 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% | 3.4% | 2.7% | 3.0% | 2.7% | 2.8% | 3.3% | 2.6% | 2.8% | 2.5% | 2.1% |
| Payout Ratio | 42.9% | 42.9% | 44.3% | 47.0% | 32.7% | 30.8% | 45.2% | 38.0% | 38.4% | 48.8% | 49.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 8.0% | 6.2% | 6.3% | 8.1% | 9.2% | 7.4% | 6.8% | 7.4% | 5.1% | 4.3% |
| FCF Yield | 8.3% | 10.4% | 7.8% | 7.9% | 9.4% | 9.0% | 9.7% | 8.2% | 9.2% | 8.1% | 5.8% |
| Buyback Yield | 0.4% | 0.5% | 0.0% | 0.3% | 0.8% | 1.3% | 0.6% | 0.0% | 0.0% | 0.0% | 0.9% |
| Total Shareholder Yield | 3.2% | 3.9% | 2.8% | 3.2% | 3.4% | 4.1% | 3.9% | 2.6% | 2.8% | 2.5% | 3.1% |
| Shares Outstanding | — | $51M | $47M | $45M | $43M | $44M | $44M | $44M | $44M | $44M | $44M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying NBTB stock.
NBT Bancorp Inc.'s current P/E ratio is 15.2x. The historical average is 19.8x. This places it at the 53th percentile of its historical range.
NBT Bancorp Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.7x.
NBT Bancorp Inc.'s return on equity (ROE) is 9.9%. The historical average is 11.6%.
Based on historical data, NBT Bancorp Inc. is trading at a P/E of 15.2x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NBT Bancorp Inc.'s current dividend yield is 2.83% with a payout ratio of 42.9%.
NBT Bancorp Inc. has 72.1% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NBT Bancorp Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Indirect consumer loan credit risk
Metrics are mathematically derived from official filings.
Premium Multiple for Hybrid Model
NBTB trades at 1.40x book and 15.6x trailing earnings, a premium to most regional peers, reflecting its diversified fee income and stable deposit base, as per recent market data.
The P/B of 1.40x sits above the peer median of roughly 1.24x, suggesting the market assigns value to the retirement services and insurance businesses that pure-play lenders lack. The forward P/E of 12.44x implies the market expects earnings growth to continue, but the Q2 2026 EPS miss indicates that expectations may be ahead of actual performance. Investors should monitor whether the premium is justified by sustained ROTCE improvement or if it compresses as fee income growth normalizes.
ROE Recovery Tempered by Leverage
ROE improved to 2.7% in 2026Q2 from 1.3% a year earlier, driven by margin expansion and cost control, though still below peer averages, as reported in quarterly financials.
The DuPont decomposition shows that NIM expansion to 3.73% and an efficiency ratio improvement to 47.3% are the primary drivers of the ROE rebound. However, the equity-to-assets ratio of 12% is higher than many peers, which dilutes ROE despite solid asset returns. The fee income contribution of 21.1% provides stability, but the overall profitability remains moderate relative to the 14-16% ROE seen at top-quartile regional banks.
Margin Expansion Amid Deposit Competition
Net interest margin expanded 14 basis points year-over-year to 3.73% in 2026Q2, while the efficiency ratio improved to 47.3%, indicating effective cost management, according to company disclosures.
The NIM expansion suggests that deposit repricing is being managed well, likely due to the low-beta rural deposit base. The efficiency ratio improvement from 54.5% in 2025Q2 to 47.3% in 2026Q2 reflects strong operating leverage, but the high fixed-cost structure from the branch network and specialized services means sustaining this level requires continued revenue growth. If loan yields plateau and deposit costs rise, margin compression could reverse the recent gains.
Stable Capital Buffer Supports Returns
Equity-to-assets held steady at 12% in 2026Q2, with tangible book value per share rising to $27.50, indicating a solid capital position, as per balance sheet data.
The stable equity ratio provides a cushion for credit losses and supports the dividend, which yields 2.7%. However, the securities portfolio, which constitutes over 90% of assets, may carry unrealized losses that are not fully reflected in reported equity, potentially pressuring capital if realized. The bank's CET1 ratio is not disclosed here, but the equity ratio suggests adequate capital relative to regulatory minimums, though investors should monitor the impact of AOCI on tangible capital.
Credit Normalization Masks Indirect Risk
Provision for credit losses fell to $6.1M in 2026Q2 from $17.8M a year earlier, indicating normalization, but indirect consumer loans remain a watch item, as per reported figures.
The sharp decline in provisions suggests that the 2025Q2 spike was likely a one-off event, possibly related to specific portfolio stress. However, the bank's significant indirect auto and consumer loan portfolio is sensitive to regional economic conditions, and any deterioration in consumer health could lead to higher charge-offs. The current reserve levels appear adequate, but the lack of detailed NPL data warrants caution.
P/E Distorted by Provision Volatility
The trailing P/E of 15.64x is skewed by the 2025Q2 provision spike, which depressed earnings, making the multiple appear higher than the underlying earnings power, as per quarterly data.
For banks, P/E can be misleading when provisions fluctuate, as seen in 2025Q2 when net income dropped. A more appropriate metric is P/TBV, which at 1.40x reflects the market's valuation of the tangible book value. Investors should also consider ROTCE, which adjusts for intangibles, to better assess profitability. The forward P/E of 12.44x suggests the market expects normalized earnings, but the EPS miss indicates that expense discipline and credit costs remain key variables.