stockrowNational 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
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National Bank Holdings Corporation (NBHC) Piotroski F-score
National Bank Holdings Corporation's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 1.00 |
| FY2024 | 5 | (2.00) |
| FY2023 | 7 | 3.00 |
| FY2022 | 4 | (1.00) |
| FY2021 | 5 | (1.00) |
| FY2020 | 6 | 0.00 |
| FY2019 | 6 | (1.00) |
| FY2018 | 7 | 2.00 |
| FY2017 | 5 | (2.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.11% | 1.20% | Pass | 1 |
| Positive operating cash flow | 162.42m | 155.27m | Pass | 1 |
| Rising return on assets | 1.11% | 1.20% | Fail | 0 |
| Cash flow above net income | 52.84m | 36.46m | Pass | 1 |
| Falling long-term leverage | 0.01 | 0.01 | Pass | 1 |
| Rising current ratio | 0.94 | 0.95 | Fail | 0 |
| No new shares issued | 37,964,000 | 38,212,000 | Pass | 1 |
| Rising gross margin | 70.84% | 67.83% | Pass | 1 |
| Rising asset turnover | 0.06 | 0.06 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TCBK TriCo Bancshares compare | 9 |
| BFC Bank First National Corporation compare | 8 |
| AVAL Grupo Aval Acciones y Valores S.A. compare | 8 |
| BLX Bladex Inc. compare | 6 |
| NBHC National Bank Holdings Corporation | 6 |
| OBK Origin Bancorp, Inc. compare | 5 |
| QCRH QCR Holdings, Inc. compare | 5 |
| HOPE Hope Bancorp, Inc. compare | 5 |
| CNOB ConnectOne Bancorp, Inc. compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover