Latest Ratios: P/E Ratio 11.2x · EV/EBITDA 12.3x · ROE 7.2%. (1995–2025 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 | $1.8B | $1.7B | $1.6B | $1.8B | $1.8B | $1.5B | $1.8B | $1.8B | $1.7B | $1.8B |
| Enterprise Value | $2.4B | $2.0B | $1.8B | $2.1B | $2.6B | $911M | $1.2B | $2.1B | $2.0B | $1.9B | $1.7B |
| P/E Ratio → | 11.21 | 13.04 | 16.70 | 11.77 | 13.31 | 11.70 | 20.55 | 15.99 | 16.61 | 18.18 | 36.80 |
| P/S Ratio | 3.57 | 2.70 | 3.22 | 2.89 | 3.34 | 3.55 | 2.94 | 3.85 | 4.10 | 3.91 | 4.65 |
| P/B Ratio | 1.18 | 0.93 | 1.05 | 1.02 | 1.19 | 1.14 | 1.00 | 1.30 | 1.40 | 1.42 | 1.55 |
| P/FCF | 18.86 | 12.42 | 13.36 | 18.79 | 10.35 | 9.57 | 11.95 | 15.10 | 13.12 | 11.59 | 15.06 |
| P/OCF | 14.53 | 11.48 | 13.11 | 17.06 | 10.10 | 8.75 | 10.91 | 13.81 | 12.63 | 11.30 | 13.37 |
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 | — | 3.02 | 3.52 | 3.84 | 4.83 | 1.80 | 2.32 | 4.52 | 4.74 | 4.24 | 4.30 |
| EV / EBITDA | 12.31 | 11.96 | 12.13 | 10.55 | 14.19 | 4.38 | 12.41 | 14.26 | 14.30 | 12.37 | 19.36 |
| EV / EBIT | 14.82 | 11.97 | 14.13 | 12.02 | 14.72 | 4.53 | 13.05 | 14.65 | 15.17 | 13.67 | 23.55 |
| EV / FCF | — | 13.92 | 14.60 | 24.97 | 14.94 | 4.85 | 9.42 | 17.74 | 15.20 | 12.55 | 13.94 |
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 | 91.8% | 91.8% | 95.3% | 95.8% | 94.7% | 103.1% | 83.9% | 95.0% | 95.3% | 95.5% | 96.5% |
| Operating Margin | 25.2% | 25.2% | 24.9% | 32.0% | 32.8% | 39.7% | 17.8% | 30.9% | 31.3% | 31.0% | 18.3% |
| Net Profit Margin | 19.3% | 19.3% | 19.3% | 24.6% | 25.2% | 30.4% | 14.4% | 24.1% | 24.6% | 21.5% | 12.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | 6.4% | 8.9% | 8.7% | 9.9% | 5.2% | 8.5% | 8.6% | 7.9% | 4.3% |
| ROA | 0.8% | 0.8% | 0.7% | 0.9% | 0.9% | 1.1% | 0.6% | 1.1% | 1.1% | 1.0% | 0.5% |
| ROIC | 5.6% | 5.6% | 4.6% | 5.7% | 5.9% | 7.7% | 3.8% | 6.4% | 6.6% | 7.1% | 2.9% |
| ROCE | 6.8% | 6.8% | 6.3% | 8.8% | 8.6% | 9.7% | 4.8% | 8.6% | 9.2% | 9.0% | 3.7% |
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 | 0.24 | 0.24 | 0.28 | 0.41 | 0.62 | 0.25 | 0.27 | 0.27 | 0.27 | 0.18 | 0.22 |
| Debt / EBITDA | 2.71 | 2.71 | 2.95 | 3.22 | 5.13 | 1.89 | 4.23 | 2.54 | 2.43 | 1.46 | 2.93 |
| Net Debt / Equity | — | 0.11 | 0.10 | 0.34 | 0.53 | -0.56 | -0.21 | 0.23 | 0.22 | 0.12 | -0.12 |
| Net Debt / EBITDA | 1.29 | 1.29 | 1.04 | 2.61 | 4.36 | -4.27 | -3.34 | 2.12 | 1.95 | 0.94 | -1.57 |
| Debt / FCF | — | 1.50 | 1.25 | 6.17 | 4.59 | -4.72 | -2.53 | 2.64 | 2.07 | 0.96 | -1.13 |
| Interest Coverage | 0.73 | 0.73 | 0.55 | 1.15 | 6.18 | 7.38 | 2.19 | 2.48 | 3.61 | 4.84 | 1.86 |
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 | 0.13 | 0.13 | 0.12 | 0.10 | 0.11 | 0.23 | 0.18 | 0.10 | 0.11 | 0.11 | 0.15 |
| Quick Ratio | 0.13 | 0.13 | 0.12 | 0.10 | 0.11 | 0.23 | 0.18 | 0.10 | 0.11 | 0.11 | 0.15 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.10 | 0.06 | 0.01 | 0.01 | 0.01 | 0.05 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 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 | 4.9% | 6.2% | 6.1% | 6.4% | 5.7% | 5.6% | 6.1% | 4.3% | 4.0% | 3.8% | 3.3% |
| Payout Ratio | 87.2% | 87.2% | 101.6% | 75.3% | 75.9% | 65.0% | 124.4% | 69.0% | 66.3% | 69.0% | 121.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 7.7% | 6.0% | 8.5% | 7.5% | 8.5% | 4.9% | 6.3% | 6.0% | 5.5% | 2.7% |
| FCF Yield | 5.3% | 8.1% | 7.5% | 5.3% | 9.7% | 10.5% | 8.4% | 6.6% | 7.6% | 8.6% | 6.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.6% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 4.9% | 6.2% | 6.1% | 6.4% | 5.7% | 6.9% | 6.7% | 4.3% | 4.0% | 3.8% | 3.4% |
| Shares Outstanding | — | $147M | $127M | $127M | $127M | $127M | $120M | $106M | $104M | $103M | $101M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NWBI stock.
Northwest Bancshares, Inc.'s current P/E ratio is 11.2x. The historical average is 21.0x.
Northwest Bancshares, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.6x.
Northwest Bancshares, Inc.'s return on equity (ROE) is 7.2%. The historical average is 7.7%.
Based on historical data, Northwest Bancshares, Inc. is trading at a P/E of 11.2x. Compare with industry peers and growth rates for a complete picture.
Northwest Bancshares, Inc.'s current dividend yield is 4.92% with a payout ratio of 87.2%.
Northwest Bancshares, Inc. has 91.8% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Northwest Bancshares, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin ROE and provision volatility
Metrics are mathematically derived from official filings.
Discount to Book Reflects Sub-Par Returns
Based on NWBI's reported figures, the stock trades at 1.18 times book and roughly 1.2 times tangible book value of $9.59 per share, a multiple that implies the market expects returns on tangible equity to remain well below the cost of equity.
A P/B near 1.18 for a regional bank with reported ROE of roughly 2.7% quarterly annualizing to the high single digits suggests the market is pricing NWBI as a modest-return franchise rather than a premium one. The P/E of 11.21 looks undemanding on its face, but it rests on earnings that have swung sharply with provision expense, so the multiple may understate valuation risk. Investors should monitor whether ROTCE can move toward peer levels of around 11 percent, since closing that gap is the main path to multiple expansion.
Provision Swings Drive ROE Volatility
As reported in financial statements, NWBI's ROE ranged from 0.2 percent to 2.8 percent across recent quarters, with the Q3 2025 trough tracking a $31.2M provision that pushed net income to near zero.
ROA of roughly 0.3 percent is held down by a thin asset yield spread and a low-margin asset base, while the equity-to-assets ratio near 0.11 means leverage cannot materially lift returns. The DuPont decomposition therefore points to credit cost and spread rather than leverage as the binding constraints on profitability. Peer ROE in the 9 to 11 percent range suggests the gap is structural rather than purely cyclical.
Efficiency Ratio Hinges on Fee Volatility
Based on NWBI's reported figures, the efficiency ratio swung between 58.7 percent and 94.3 percent over ten quarters, while net interest margin stayed compressed in a 0.7 to 0.9 percent band.
A net interest margin under one percent is thin for a regional bank, and it indicates limited spread cushion against funding cost shifts. The efficiency ratio's volatility appears driven more by swings in non-interest income than by sustained cost reduction, which weakens confidence in operating leverage. Investors should watch whether the latest 58.9 percent efficiency reading holds once fee income normalizes.
Thin Equity Cushion Limits Capital Return
According to recent SEC filings, equity of roughly 11 percent of total assets provides a modest buffer, and the 4.9 percent dividend yield consumes a large share of quarterly net income, leaving limited retained capital.
The equity-to-assets ratio near 0.11 is adequate but not generous for a bank with recent provision volatility, and the reported capital ratios should be checked against regulatory minimums before drawing firm conclusions. Dividend payments of roughly $29.5M per quarter against net income of about $50.7M to $53.5M imply a payout ratio that leaves little room for growth reinvestment. Capital return capacity therefore appears constrained, and warrants monitoring alongside credit cost trends.
Lagging Peers on Returns, Leading on Yield
Based on NWBI's reported figures, ROE of roughly 2.7 percent quarterly and a 4.9 percent dividend yield sit below peer returns of 9 to 11 percent, while the stock's 1.18 P/B is in line with the group.
NWBI trades near the peer median on book value but delivers materially lower ROE and net margin, suggesting the valuation is not yet reflecting an earnings quality discount. Peers such as FULT and NBTB combine similar multiples with higher returns, which indicates the gap is structural rather than cyclical. The dividend yield advantage may attract income investors, but it does not address the underlying return shortfall.
P/E Misleads on Provision-Driven Earnings
As reported in financial statements, the trailing P/E of 11.21 is the most commonly misapplied multiple for NWBI, because earnings have been distorted by provision swings ranging from $4.4M to $31.2M in recent quarters.
A low P/E can look like value when the denominator is depressed by a single large provision, as occurred in Q3 2025 when earnings nearly disappeared. Price to tangible book combined with normalized ROTCE better captures the franchise's earning power than P/E. Investors should adjust for provision normalization before treating the multiple as a signal of cheapness.