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National Bank Holdings Corporation

NBHC Financial Banks Regional

National Bank Holdings Corporation’s revenue for fiscal 2025 (year ended December 2025) was $587.3 million, down 2.03% from fiscal 2024.

Revenue
+18.3%
EPS
−121.4%
Free cash flow
+394.3%
Total debt
+497.1%

Quarter to September 2026, against a year earlier

38.04 0.61 +1.63%
Market cap
$1.7B
P/E
30.1×
Fwd P/E
20.5×
Dividend yield
3.34%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.00
Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 8.21%

Capital & Financial Ratios $m

Size
Market Cap 1,660.00
Revenue ttm 680.56
Net income ttm 98.60
Free cash flow ttm 145.21
Net debt Q (37.91)
Valuation
P/E 30.12
Forward P/E 20.50
Price / sales 2.48
Forward P/S Powerpack
Price / FCF 11.64
Price / book 1.04
Financial health
Current ratio Q 0.96
Debt / equity Q 0.20
Interest coverage Q —
Growth
Revenue growth Q +18.27% (above 0%: growing)
Operating income growth Q −122.52% (below 0%: shrinking)
EPS, this year −12.01% (below 0%: weak)
EPS, next year A +46.70% (at or above 15%: strong)
Revenue, next year A −10.82% (below 0%: weak)
EPS, past 5 yrs 0.00%
EPS, next 5 yrs A +11.87%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 79.26%
10-year low 10-year high
P/S against its own 10 years 16.52%
10-year low 10-year high
P/B against its own 10 years 12.41%
10-year low 10-year high

Dividends raised every year since 2016

Yield
3.34%
Annual rate
1.27
Payout ratio
100.5%
Growth, 2016–25
+20.7%/yr
  1. 0.22 ’16
  2. 0.34 ’17 +55%
  3. 0.54 ’18 +59%
  4. 0.75 ’19 +39%
  5. 0.80 ’20 +7%
  6. 0.87 ’21 +9%
  7. 0.94 ’22 +8%
  8. 1.04 ’23 +11%
  9. 1.12 ’24 +8%
  10. 1.20 ’25 +7%
  11. 1.28 ’26e +7%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 191 128 417 365
Receivables — — — —
Inventory — — — —
Other — — — —
7,810 7,809 7,789 10,161
2023 2024 2025 Q'26
Payables 8,190 8,238 8,293 10,545
ST’ Debt — — — —
Other — — — —
8,210 8,257 8,310 10,568

Compound Annual Growth %

10y 5y 3y
Sales 11.78% 10.39% 18.61%
Cash Flow 0.00% 0.00% (8.87%)
Earnings 36.50% 4.34% 15.50%
Book Value 8.41% 11.04% 8.24%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.87 0.60 Miss by 0.27
Q1 FY26 0.59 0.72 Beat by 0.13
Q2 FY26 0.83 0.78 Miss by 0.05
Q3 FY26 0.36 0.06 Miss by 0.30
Q4 FY26 0.94 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.46 0.58 (0.20) — —
’25 0.63 0.88 0.92 0.42 2.85
’24 0.82 0.68 0.86 0.73 3.08
’23 1.06 0.85 0.94 0.87 3.72
’22 0.60 0.67 0.50 0.44 2.18
’21 0.86 0.77 0.64 0.74 3.01
’20 0.50 0.57 0.90 0.87 2.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 177 182 181 — —
’25 145 148 153 141 587
’24 149 146 156 147 599
’23 128 135 145 151 559
’22 69 76 90 118 352
’21 83 74 79 76 311
’20 82 93 97 87 358
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (57) 135 — — —
’25 40 32 52 38 162
’24 30 32 47 46 155
’23 (19) 93 48 45 167
’22 49 78 54 34 215
’21 8 126 11 35 180
’20 26 (40) (46) 54 (6)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (62) 131 — — —
’25 29 27 46 30 132
’24 24 19 39 38 121
’23 (25) 83 40 32 130
’22 49 68 54 31 202
’21 11 136 10 31 185
’20 24 (41) (47) 54 (11)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 200 204 292 325 358 311 352 559 599 587 681 +12.7% 524 570 606 +1.0%
Gross margin, % 92.61 91.10 91.80 88.70 93.01 95.56 94.93 76.14 67.83 70.84 70.96 (21.8) pt
EBT 26 36 74 96 109 115 86 176 145 134 66 +19.9%
EBT margin, % 12.97 17.61 25.22 29.57 30.54 36.93 24.48 31.39 24.23 22.75 9.65 +9.8 pt
Net income 23 15 61 80 89 94 71 142 119 110 99 +18.9%
Per share, $
Per share, $ Revenue 7.08 7.56 9.50 10.44 11.61 10.13 10.88 14.74 15.69 15.47 15.31 +9.1%
Earnings 0.81 0.54 2.00 2.57 2.87 3.04 2.20 3.74 3.10 2.86 1.26 +15.0%
Cash flow (0.14) 2.16 2.39 1.42 (0.20) 5.84 6.63 4.40 4.06 4.28 0.00 n/m
Capex 0.02 (0.21) (0.20) (0.36) (0.14) 0.17 (0.38) (0.97) (0.91) (0.79) 0.00 n/m
Free cash flow (0.11) 1.95 2.19 1.06 (0.34) 6.01 6.25 3.43 3.16 3.49 0.00 n/m
Book value 18.94 19.77 22.60 24.60 26.60 27.34 33.75 31.97 34.15 36.48 36.58 +7.6%
Shares, m 28 27 31 31 31 31 32 38 38 38 43 +3.3%
Valuation, ×
Valuation, × P/E 38.05 58.69 15.44 13.70 11.41 14.45 19.12 9.92 13.94 13.29 30.12 20.8
P/S 4.51 4.27 3.25 3.37 2.82 4.34 3.92 2.52 2.74 2.46 2.48 3.4
P/B 1.69 1.63 1.37 1.43 1.23 1.61 1.26 1.16 1.26 1.04 1.04 1.4
EV/Sales 3.94 3.64 3.91 3.67 1.19 1.75 4.61 2.88 2.71 1.84 — 3.0
EV/FCF (243.63) 14.11 16.96 36.18 (40.35) 2.89 8.03 12.38 13.44 8.15 — (17.2)
Cash, $m
Cash, $m Operating cash flow (4) 58 74 44 (6) 180 215 167 155 162 169 n/m
Capex 1 (6) (6) (11) (4) 5 (12) (37) (35) (30) (24) n/m
Free cash flow (3) 53 67 33 (11) 185 202 130 121 132 145 n/m
Balance, $m
Balance, $m Working capital (952) (700) (387) (190) (552) (802) (544) (400) (448) (521) (407) (6.5%)
Net debt (114) (128) 192 97 (585) (806) 243 203 (23) (363) (38) +13.7%
Shareholders’ equity 536 532 695 767 821 840 1,092 1,213 1,305 1,385 1,626 +11.1%
Returns, %
Returns, % ROA 0.50 0.31 1.17 1.39 1.41 1.35 0.85 1.46 1.20 1.11 0.48 +0.6 pt
ROIC 3.85 5.55 5.19 6.96 28.96 212.04 4.03 7.75 7.08 8.17 2.67 +4.3 pt
ROE 4.00 2.73 10.01 10.99 11.16 11.27 7.36 12.33 9.44 8.15 3.64 +4.2 pt
People
People Employees 1,004 963 1,332 1,298 1,224 1,154 1,322 1,274 1,309 1,302 — +2.9%
Revenue/emp, $m 0.20 0.21 0.22 0.25 0.29 0.27 0.27 0.44 0.46 0.45 — +9.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

National Bank Holdings Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HOPE Hope Bancorp, Inc. $1.7B 13.2× 13.1× +17.99% (above 0%: growing) +218.18% (above 0%: growing) +727.66% (above 0%: growing) 57.96% 0.00% Compare
TCBK TriCo Bancshares $1.7B 12.5× 11.9× +4.33% (above 0%: growing) +27.38% (above 0%: growing) −17.30% (below 0%: shrinking) 80.35% 0.00% Compare
NBHC National Bank Holdings Corporation $1.7B 15.7× 20.5× +22.58% (above 0%: growing) n/m +394.28% (above 0%: growing) 71.00% 0.00%
BFC Bank First National Corporation $1.7B 19.4× 17.0× +44.08% (above 0%: growing) +29.24% (above 0%: growing) +152.03% (above 0%: growing) 75.87% 0.00% Compare
QCRH QCR Holdings, Inc. $1.7B 11.9× 11.6× +5.68% (above 0%: growing) +28.65% (above 0%: growing) +1,791.78% (above 0%: growing) 64.70% 0.00% Compare
OBK Origin Bancorp, Inc. $1.6B 16.4× 12.3× +11.11% (above 0%: growing) +134.04% (above 0%: growing) +57.26% (above 0%: growing) 71.20% 0.00% Compare
CNOB ConnectOne Bancorp, Inc. $1.6B 10.5× 10.8× +32.81% (above 0%: growing) n/m +427.03% (above 0%: growing) 60.53% 0.00% Compare
LOB Live Oak Bancshares, Inc. $1.6B 12.0× 12.7× +6.98% (above 0%: growing) +47.06% (above 0%: growing) −45.86% (below 0%: shrinking) 57.30% 0.00% Compare
RBCAA Republic Bancorp, Inc. $1.6B 13.7× 12.6× +1.88% (above 0%: growing) +4.32% (above 0%: growing) −102.32% (below 0%: shrinking) 82.94% 0.00% Compare
Median of peers $1.6B 12.9× 12.5× +9.05% +29.24% +104.65% 67.95% 0.00%

All 328 Banks Regional stocks →

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.73m 2.72m 132.58
2024 3.95m 5.13m 145.60
2023 3.58m 3.26m 122.26
2022 3.29m 2.75m 134.10
2021 3.01m 5.55m 137.05

Ownership

Directors and executive officers, together 6.80%
BlackRock, Inc. 11.90%
The Vanguard Group 9.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

National Bank Holdings Corporation (NBHC) Latest News

31 Oct

Impact 3 · · StockStory

30 Oct

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28 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press earnings

27 Oct

Impact 3 · · Zacks
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24 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

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9 Oct

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Impact 3 · · StockStory

6 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 · · Simply Wall St.

22 Jul

Impact 4 ·
Impact 4 · · MarketBeat
Impact 3 · · Moby transcript

21 Jul

Impact 3 ·
Impact 3 ·

20 Jul

Impact 3 ·

10 Jun

Impact 3 · · StockStory

1 May

Impact 4 · · Simply Wall St.

28 Apr

Impact 3 · · StockStory

24 Apr

Impact 4 · · MarketBeat

23 Apr

Impact 4 · · GuruFocus.com
Impact 4 · · StockStory
stockrow.com/NBHC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com