Latest Ratios: P/E Ratio 16.5x · EV/EBITDA 14.8x · 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 → | 16.50 | 13.04 | 16.70 | 11.77 | 13.31 | 11.70 | 20.55 | 15.99 | 16.61 | 18.18 | 36.80 |
| P/S Ratio | 3.40 | 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 | 15.66 | 12.42 | 13.36 | 18.79 | 10.35 | 9.57 | 11.95 | 15.10 | 13.12 | 11.59 | 15.06 |
| P/OCF | 14.48 | 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 | 14.76 | 11.96 | 12.13 | 10.55 | 14.19 | 4.38 | 12.41 | 14.26 | 14.30 | 12.37 | 19.36 |
| EV / EBIT | 14.77 | 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 | 68.3% | 68.3% | 65.8% | 75.0% | 89.9% | 97.9% | 77.6% | 84.5% | 87.6% | 89.7% | 87.9% |
| Operating Margin | 18.8% | 18.8% | 17.2% | 25.0% | 31.1% | 37.7% | 16.4% | 27.4% | 28.8% | 29.1% | 16.6% |
| Net Profit Margin | 14.4% | 14.4% | 13.3% | 19.3% | 24.0% | 28.9% | 13.3% | 21.5% | 22.7% | 20.3% | 11.6% |
| 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 | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 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 | 6.1% | 7.7% | 6.0% | 8.5% | 7.5% | 8.5% | 4.9% | 6.3% | 6.0% | 5.5% | 2.7% |
| FCF Yield | 6.4% | 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 16.5x. The historical average is 21.0x. This places it at the 23th percentile of its historical range.
Northwest Bancshares, Inc.'s current EV/EBITDA is 14.8x. 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 16.5x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Northwest Bancshares, Inc.'s current dividend yield is 4.94% with a payout ratio of 87.2%.
Northwest Bancshares, Inc. has 68.3% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
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
Fee income volatility and margin compression
Metrics are mathematically derived from official filings.
Premium Priced as a Turnaround
NWBI trades at 1.20x book and 16.76x trailing earnings, per current data, implying the market expects a meaningful ROE recovery from the sub-3% quarterly levels seen recently.
The forward P/E of 10.97 suggests the market is pricing in a sharp earnings rebound, likely anticipating that the Q2 2026 fee income swing is non-recurring. However, the P/B of 1.20 is only modestly above peers like FULT (1.24) and NBTB (1.40), indicating the market is not yet awarding a premium for the Columbus expansion. The implied ROTCE, based on tangible book of $9.84, would require a return on tangible equity well above the current 7.2% annualized ROE to justify the multiple, suggesting investors are betting on operational leverage from the strategic pivot.
ROE Constrained by Fee Volatility
NWBI's ROE averaged 2.8% in Q2 2026, per quarterly data, but the negative fee income of -43.7% of revenue distorted the quarter, masking an otherwise stable core spread.
Excluding the fee income swing, the bank's NIM of 0.9% and efficiency ratio of 52.1% indicate a stable but low-return profile. The DuPont decomposition shows that the bank's ROE is heavily dependent on non-interest income, which has been erratic, swinging from 15.7% of revenue in Q4 2025 to -43.7% in Q2 2026. This volatility suggests that the bank's profitability quality is lower than peers, as core spread income alone may not support a competitive ROE. The low leverage (equity/assets of 11%) further dampens ROE, making it difficult to achieve double-digit returns without a significant improvement in asset yields or fee stability.
Thin NIM, Efficiency Spikes
NWBI's NIM held at 0.9% in Q2 2026, per financial statements, while the efficiency ratio deteriorated to 52.1% from 44.4% in Q1, reflecting the negative fee income impact.
The NIM of 0.9% is exceptionally thin compared to peers, who typically report NIMs above 3%, indicating that NWBI's asset yields are low, possibly due to a large securities portfolio yielding modest returns. The efficiency ratio spike in Q2 is directly attributable to the negative fee income, which reduced revenue, but even in stable quarters, the ratio hovers around 45%, suggesting a cost structure that is not improving. The bank's funding cost advantage from its rural deposit base appears to be offset by the low-yielding asset mix, limiting the potential for NIM expansion unless the securities portfolio is repositioned into higher-yielding loans.
Fortress Capital, Low ROE
NWBI's equity-to-assets ratio of 11% and debt-to-equity of 0.24%, as reported, indicate a highly conservative capital structure that supports dividend stability but caps return on equity.
The bank's capital levels are well above regulatory minimums, providing ample capacity for capital return, as evidenced by the 4.9% dividend yield and a payout ratio of approximately 55% of net income. However, this fortress-like balance sheet may be under-leveraged for a growth phase, as the low debt levels suggest the bank is not utilizing cheap funding to expand its loan book. The conservative capital approach may be a deliberate strategy to maintain stability, but it also means that ROE will remain structurally lower than more leveraged peers, potentially making the stock less attractive to growth-oriented investors.
Credit Normalizing After Spike
Provision for credit losses fell to $6.6M in Q2 2026 from $31.2M in Q3 2025, per income statement data, indicating a return to typical credit costs after a temporary elevation.
The sharp decline in provisions suggests that the Q3 2025 spike was likely a one-time event, possibly related to specific loan impairments or a change in economic outlook. With the bank's loan portfolio concentrated in manufacturing and energy-sensitive regions, the normalization of credit costs is a positive sign, but investors should monitor whether the low provision levels are sustainable given the potential for regional economic downturns. The bank's asset quality metrics, such as NPL ratios, are not provided, but the provision trend suggests that credit risk is currently contained.
P/E Misleads on Earnings Quality
NWBI's trailing P/E of 16.76, per current data, is distorted by the volatile fee income, which swung to -43.7% of revenue in Q2 2026, making the multiple appear higher than the underlying earnings power.
The P/E ratio is commonly misapplied to banks with volatile non-interest income, as it fails to capture the quality of earnings. For NWBI, the negative fee income in Q2 2026 artificially depressed earnings, inflating the P/E, while the forward P/E of 10.97 assumes a recovery that may not materialize if fee income remains erratic. A more appropriate metric would be P/TBV or P/B, which are less sensitive to short-term earnings swings and better reflect the bank's tangible asset base. Additionally, investors should adjust for the securities portfolio's mark-to-market impact, which can distort book value and earnings, and focus on core pre-provision net revenue to assess the bank's true earning power.