Latest Ratios: P/E Ratio 9.5x · EV/EBITDA 1.9x · ROE 21.4%. (2012–2025 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 | $2.2B | $2.1B | $1.6B | $1.6B | $1.5B | $1.9B | $1.6B | $2.0B | $1.7B | $2.0B | $1.6B |
| Enterprise Value | $602M | $546M | $-159790625 | $29M | $-442171400 | $-107387750 | $-1534514000 | $-419543820 | $-163394250 | $594M | $-425230160 |
| P/E Ratio → | 9.47 | 9.11 | 7.76 | 6.99 | 6.95 | 11.69 | 10.74 | 11.22 | 8.96 | 13.15 | 26.64 |
| P/S Ratio | 3.90 | 3.48 | 2.83 | 2.70 | 2.69 | 3.83 | 3.39 | 3.73 | 3.42 | 4.48 | 3.83 |
| P/B Ratio | 2.03 | 1.85 | 1.61 | 1.57 | 1.72 | 1.95 | 1.61 | 2.06 | 1.98 | 2.45 | 2.19 |
| P/FCF | 9.70 | 8.29 | 6.75 | 6.41 | 7.73 | 8.07 | 9.45 | 8.76 | 6.32 | 11.27 | 9.26 |
| P/OCF | 7.76 | 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
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 | — | 0.90 | -0.27 | 0.05 | -0.80 | -0.22 | -3.28 | -0.79 | -0.32 | 1.32 | -1.04 |
| EV / EBITDA | 1.93 | 1.99 | -0.61 | 0.11 | -1.71 | -0.46 | — | — | -0.61 | 11.76 | -8.12 |
| EV / EBIT | 2.53 | 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 |
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 | 100.0% | 100.0% | 99.7% | 99.2% | 99.6% | 100.6% | 107.4% | 100.0% | 100.0% | 100.0% | 99.9% |
| Operating Margin | 39.2% | 39.2% | 37.9% | 38.8% | 39.5% | 33.4% | — | — | 43.3% | 0.0% | 0.0% |
| Net Profit Margin | 38.2% | 38.2% | 37.2% | 38.7% | 38.8% | 32.8% | 31.5% | 33.3% | 38.2% | 34.2% | 28.5% |
| 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% | 15.9% | 18.0% | 18.1% | 2.1% | — | — | 3.7% | 0.0% | 0.0% |
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 | 0.03 | 0.03 | 0.19 | 0.10 | 0.20 | 0.18 | 0.17 | 0.15 | 0.16 | 0.14 | 0.16 |
| Debt / EBITDA | 0.14 | 0.14 | 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 | -5.70 | -5.70 | -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 | 3.97 | 6.61 | -1.81 | -0.81 | 7.94 | -3.17 | -3.18 |
Net cash position: cash ($1.6B) exceeds total debt ($39M)
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 | 516.92 | 516.92 | 0.36 | 0.37 | 0.39 | 0.50 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Quick Ratio | 516.92 | 516.92 | 0.36 | 0.37 | 0.39 | 0.50 | 12.76 | 453.37 | 1225.95 | 0.59 | 0.59 |
| Cash Ratio | 305.92 | 305.92 | 0.16 | 0.14 | 0.16 | 0.16 | 9.82 | 304.91 | 404.97 | 0.16 | 0.21 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 |
| 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 | 3.3% | 3.7% | 4.8% | 5.5% | 5.9% | 4.6% | 5.6% | 4.7% | 4.8% | 3.5% | 1.2% |
| Payout Ratio | 33.5% | 33.5% | 36.8% | 38.2% | 40.8% | 53.7% | 60.4% | 52.9% | 42.9% | 45.5% | 16.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.6% | 11.0% | 12.9% | 14.3% | 14.4% | 8.6% | 9.3% | 8.9% | 11.2% | 7.6% | 3.8% |
| FCF Yield | 10.3% | 12.1% | 14.8% | 15.6% | 12.9% | 12.4% | 10.6% | 11.4% | 15.8% | 8.9% | 10.8% |
| Buyback Yield | 6.8% | 6.9% | 9.4% | 5.6% | 0.3% | 1.0% | 5.5% | 4.1% | 2.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.1% | 10.6% | 14.3% | 11.1% | 6.1% | 5.6% | 11.1% | 8.8% | 7.6% | 3.5% | 1.2% |
| Shares Outstanding | — | $42M | $45M | $49M | $50M | $50M | $51M | $54M | $56M | $55M | $50M |
Includes 30+ ratios · 14 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 NTB stock.
The Bank of N.T. Butterfield & Son Limited's current P/E ratio is 9.5x. The historical average is 11.3x. This places it at the 50th percentile of its historical range.
The Bank of N.T. Butterfield & Son Limited's current EV/EBITDA is 1.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.6x.
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%.
Based on historical data, The Bank of N.T. Butterfield & Son Limited is trading at a P/E of 9.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Bank of N.T. Butterfield & Son Limited's current dividend yield is 3.35% with a payout ratio of 33.5%.
The Bank of N.T. Butterfield & Son Limited has 100.0% gross margin and 39.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
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.
Key Metrics
Top Statement Risk
Provision releases flattering earnings
Book Premium Versus Earnings Quality
Based on NTB's reported figures, the stock trades at 2.03x book and a 10.0x trailing P/E near $54.74, a combination that implies the market is capitalizing returns closer to 5% to 6% ROE rather than the headline profitability embedded in recent quarters.
The 2.03x P/B sits above most mid-cap peers in the group, which range from 0.74x to 1.58x, while the 10.0x trailing P/E is below the 11x to 15x peer cluster. This divergence suggests the market is discounting the durability of recent provision-supported earnings rather than the book value itself. Investors should monitor whether normalized ROTCE can justify the book premium once reserve releases fade.
Returns Lean on Fee Volatility
NTB's reported ROE has held between 4.1% and 5.7% across ten quarters with ROA steady near 0.4%, while the fee share swung from 19.6% to 41.7%, indicating returns depend heavily on the timing of non-interest income.
A net interest margin of 0.6% to 0.7% combined with an equity-to-assets ratio near 8% produces ROE that is structurally modest, so leverage contributes little uplift. The swing in fee share shows that quarterly profitability is driven as much by non-interest income timing as by spread income. Returns of this magnitude suggest an adequately performing franchise rather than one generating premium economic profit.
Thin Margin Meets Volatile Efficiency
Based on NTB's reported figures, the net interest margin has stayed in a tight 0.6% to 0.7% band while the efficiency ratio ranged from 58.5% in 2025Q4 to 92.3% in 2026Q2, with the high readings coinciding with weak fee revenue rather than rising costs.
A stable NIM near 0.7% indicates the rate tailwind has largely plateaued, shifting the earnings driver toward cost control and fee income. The efficiency ratio movements appear driven by revenue timing, since the 92.3% reading coincided with a sharp fee decline rather than an expansion in operating expense. Management's ability to hold expenses steady will determine whether efficiency recovers once non-interest income normalizes.
Equity Ratio Steady but Regulatory Ratios Unavailable
As reported in financial statements, NTB's equity-to-assets ratio held near 0.08 across the period while equity grew from about $999M to roughly $1.1B, though CET1 and Tier 1 ratios are not provided in this dataset.
A stable equity-to-assets ratio near 8% suggests a reasonably capitalized balance sheet on a simple leverage basis, and the steady build in equity supports capacity for ongoing dividends. Regulatory capital ratios such as CET1 cannot be assessed from the supplied data, so headroom against minimums remains unverified. Investors should obtain these ratios before drawing conclusions about capital return capacity.
Reserve Releases Mask Credit Trend
Based on reported figures, NTB booked provision releases of $39.4M in 2026Q2 and $38.0M in 2026Q1 after near-zero provisioning earlier, while NPL and coverage ratios are unavailable, leaving the releases difficult to verify.
Large provision releases in consecutive quarters may reflect improved credit conditions, reserve reversals, or model-driven adjustments, and the dataset does not contain NPL or charge-off figures to distinguish these. Reliance on releases to support earnings makes current ROE less representative of underlying credit performance. Further investigation into the reserve methodology is warranted before capitalizing these results.
P/E Misreads Provision-Driven Earnings
Based on reported figures, the trailing P/E of 10.0x is the ratio most likely to mislead, since roughly $77M of combined provision releases in 2026H1 inflate near-term earnings and make the multiple look cheaper than the underlying franchise warrants.
Price-to-earnings is a poor anchor for a bank whose income swings with reserve timing, so a 10.0x multiple may understate the true cost of the equity once releases normalize. Price-to-tangible-book combined with normalized ROTCE, estimated after stripping out reserve releases and fee timing effects, offers a more stable valuation frame. Investors should compare the multiple against through-cycle returns rather than the headline trailing earnings base.