The Bank of N.T. Butterfield & Son Limited (NTB) Financial Ratios
14 years of historical data (2012–2025) · Financial Services · Banks - Diversified
EV/EBITDA
↑
2.90
↑+169% vs avg
5yr avg: 1.08
30Y Low0.1·High11.8
P/FCF
↑
9.18
↑+23% vs avg
5yr avg: 7.45
30Y Low6.3·High11.3
P/B Ratio
↓
2.18
↑+25% vs avg
5yr avg: 1.74
30Y Low1.6·High2.4
ROE
↑
21.4%
↓+0% vs avg
5yr avg: 21.4%
30Y Low-0%·High24%
Debt/EBITDA
↓
0.15
↓-73% vs avg
5yr avg: 0.53
30Y Low0.1·High2.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NTB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Bank of N.T. Butterfield & Son Limited trades at 10.7x earnings, 26% above its 5-year average of 8.5x, sitting at the 50th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 21%. On a free-cash-flow basis, the stock trades at 9.2x P/FCF, 23% above the 5-year average of 7.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $2.1B | $1.6B | $1.6B | $1.5B | $1.9B | $1.6B | $2.0B | $1.7B | $2.0B | $1.6B |
| Enterprise Value | $773M | $546M | $-159790625 | $29M | $-442171400 | $-107263750 | $-1534514000 | $-419543820 | $-163394250 | $594M | $-425230160 |
| P/E Ratio → | 10.71 | 9.11 | 7.76 | 6.99 | 6.95 | 11.69 | 10.74 | 11.22 | 8.96 | 13.15 | 26.64 |
| P/S Ratio | 2.93 | 2.64 | 2.02 | 2.07 | 2.45 | 3.64 | 3.16 | 3.73 | 3.42 | 4.48 | 3.83 |
| P/B Ratio | 2.18 | 1.85 | 1.61 | 1.57 | 1.72 | 1.95 | 1.61 | 2.06 | 1.98 | 2.45 | 2.19 |
| P/FCF | 9.18 | 8.29 | 6.75 | 6.41 | 7.73 | 8.07 | 9.45 | 8.76 | 6.32 | 11.27 | 9.26 |
| P/OCF | 8.37 | 7.56 | 6.21 | 5.25 | 6.78 | 7.56 | 8.42 | 7.96 | 5.90 | 10.41 | 8.75 |
P/E links to full P/E history page with 30-year chart
NTB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Bank of N.T. Butterfield & Son Limited's enterprise value stands at 2.9x EBITDA, 169% above its 5-year average of 1.1x. The Financial Services sector median is 11.4x, placing the stock at a 75% 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 | — | 0.68 | -0.20 | 0.04 | -0.73 | -0.21 | -3.06 | -0.79 | -0.32 | 1.32 | -1.04 |
| EV / EBITDA | 2.90 | 2.05 | -0.61 | 0.11 | -1.71 | -0.46 | — | — | -0.61 | 11.76 | -8.12 |
| EV / EBIT | 3.25 | 2.30 | -0.72 | 0.13 | -2.03 | -0.65 | — | — | -0.84 | — | — |
| EV / FCF | — | 2.14 | -0.66 | 0.12 | -2.30 | -0.46 | -9.16 | -1.85 | -0.59 | 3.33 | -2.53 |
NTB Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Bank of N.T. Butterfield & Son Limited earns an operating margin of 29.8%, above the Financial Services sector average of 20.3%. ROE of 21.4% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 14.9% represents solid returns on invested capital versus a sector median of 5.5%.
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 | 75.9% | 75.9% | 71.1% | 76.0% | 90.6% | 95.8% | 100.0% | 100.0% | 100.0% | 100.0% | 99.9% |
| Operating Margin | 29.8% | 29.8% | 27.0% | 29.7% | 35.9% | 31.8% | — | — | 43.3% | 0.0% | 0.0% |
| Net Profit Margin | 29.0% | 29.0% | 26.5% | 29.6% | 35.3% | 31.2% | 29.3% | 33.3% | 38.2% | 34.2% | 28.5% |
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 | 21.4% | 21.4% | 21.4% | 24.1% | 23.2% | 16.6% | 15.1% | 19.2% | 22.9% | 20.0% | 15.9% |
| ROA | 1.6% | 1.6% | 1.6% | 1.6% | 1.4% | 1.1% | 1.0% | 1.4% | 1.8% | 1.4% | 1.1% |
| ROIC | 14.9% | 14.9% | 14.3% | 15.9% | 14.9% | 10.8% | — | — | 16.9% | 0.0% | 0.0% |
| ROCE | 3.1% | 3.1% | 6.9% | 7.4% | 2.7% | 1.1% | — | — | 3.7% | 0.0% | 0.0% |
NTB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Bank of N.T. Butterfield & Son Limited carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 4.3x). The company holds a net cash position — cash of $1.6B exceeds total debt of $39M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.2x 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 | 0.03 | 0.03 | 0.19 | 0.10 | 0.20 | 0.18 | 0.17 | 0.15 | 0.16 | 0.14 | 0.16 |
| Debt / EBITDA | 0.15 | 0.15 | 0.73 | 0.38 | 0.67 | 0.73 | — | — | 0.53 | 2.31 | 2.23 |
| Net Debt / Equity | — | -1.37 | -1.77 | -1.54 | -2.23 | -2.06 | -3.18 | -2.50 | -2.17 | -1.72 | -2.79 |
| Net Debt / EBITDA | -5.87 | -5.87 | -6.87 | -5.90 | -7.48 | -8.54 | — | — | -7.14 | -28.05 | -37.90 |
| Debt / FCF | — | -6.15 | -7.41 | -6.29 | -10.02 | -8.52 | -18.61 | -10.61 | -6.91 | -7.94 | -11.79 |
| Interest Coverage | 1.23 | 1.23 | 0.94 | 1.27 | — | — | -1.81 | -0.81 | 7.94 | -3.17 | -3.18 |
Net cash position: cash ($1.6B) exceeds total debt ($39M)
NTB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The Bank of N.T. Butterfield & Son Limited's current ratio of 516.92x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.27x to 516.92x 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 | 516.92 | 516.92 | 0.36 | 0.27 | 0.39 | 11.19 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Quick Ratio | 516.92 | 516.92 | 0.36 | 0.27 | 0.39 | 11.19 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Cash Ratio | 305.92 | 305.92 | 0.16 | 0.20 | 0.16 | 6.90 | 9.82 | 304.91 | 404.97 | 0.16 | 0.21 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.03 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NTB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Bank of N.T. Butterfield & Son Limited returns 9.4% to shareholders annually — split between a 3.1% dividend yield and 6.3% buyback yield. The payout ratio of 33.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.3% (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 | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 33.5% | 33.5% | 36.8% | 38.2% | 40.8% | 53.7% | 60.4% | 52.9% | 42.9% | 45.5% | 16.7% |
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 | 9.3% | 11.0% | 12.9% | 14.3% | 14.4% | 8.6% | 9.3% | 8.9% | 11.2% | 7.6% | 3.8% |
| FCF Yield | 10.9% | 12.1% | 14.8% | 15.6% | 12.9% | 12.4% | 10.6% | 11.4% | 15.8% | 8.9% | 10.8% |
| Buyback Yield | 6.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 9.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $42M | $45M | $49M | $50M | $50M | $51M | $54M | $56M | $55M | $50M |
Peer Comparison
Compare NTB 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 |
|---|---|---|---|---|---|---|---|---|---|
 NTBYou | $2B | 10.7 | 2.9 | 9.2 | 75.9% | 29.8% | 21.4% | 14.9% | 0.1 |
 WSFS | $4B | 14.6 | 7.1 | 18.3 | 74.7% | 28.0% | 10.8% | 9.5% | 0.7 |
 FIBK | $4B | 12.4 | 10.1 | 12.8 | 97.5% | 37.0% | 8.9% | 5.9% | 2.0 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 IBCP | $706M | 10.5 | 9.5 | 10.1 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 CATY | $4B | 13.0 | 9.3 | 10.9 | 55.1% | 29.4% | 10.9% | 9.8% | 0.5 |
 HOPE | $2B | 27.9 | 17.7 | 10.8 | 48.6% | 8.3% | 2.6% | 2.3% | 4.7 |
 PFBC | $1B | 9.5 | 4.1 | 7.2 | 55.0% | 38.0% | 17.2% | 13.5% | 2.0 |
 NBTB | $2B | 14.0 | 10.7 | 11.1 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 TRMK | $3B | 12.1 | 9.4 | 11.3 | 71.0% | 25.5% | 11.0% | 7.1% | 3.4 |
 BANR | $2B | 11.5 | 9.4 | 8.9 | 79.0% | 29.5% | 10.5% | 7.7% | 1.5 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 14 years · Updated daily
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NTB — Frequently Asked Questions
Quick answers to the most common questions about buying NTB stock.
What is The Bank of N.T. Butterfield & Son Limited's P/E ratio?
The Bank of N.T. Butterfield & Son Limited's current P/E ratio is 10.7x. The historical average is 11.3x. This places it at the 50th percentile of its historical range.
What is The Bank of N.T. Butterfield & Son Limited's EV/EBITDA?
The Bank of N.T. Butterfield & Son Limited's current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.6x.
What is The Bank of N.T. Butterfield & Son Limited's ROE?
The Bank of N.T. Butterfield & Son Limited's return on equity (ROE) is 21.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.4%.
Is NTB stock overvalued?
Based on historical data, The Bank of N.T. Butterfield & Son Limited is trading at a P/E of 10.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is The Bank of N.T. Butterfield & Son Limited's dividend yield?
The Bank of N.T. Butterfield & Son Limited's current dividend yield is 3.13% with a payout ratio of 33.5%.
What are The Bank of N.T. Butterfield & Son Limited's profit margins?
The Bank of N.T. Butterfield & Son Limited has 75.9% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does The Bank of N.T. Butterfield & Son Limited have?
The Bank of N.T. Butterfield & Son Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.