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Bank of N.T. Butterfield & Son Limited (The)

NTB Financial Banks Diversified

Bank of N.T. Butterfield & Son Limited (The)’s revenue for fiscal 2025 (year ended December 2025) was $800.0 million, down 1.93% from fiscal 2024.

Revenue
+1.78%
EPS
+3.09%
Free cash flow
+28.4%

Quarter to September 2026, against a year earlier

54.83 0.21 +0.38%
Market cap
$2.2B
P/E
9.3×
Fwd P/E
9.7×
Dividend yield
3.66%
F-score
7/9
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 0.56
Sold, $m 23.07
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — — — — — 1 4 6 — — —
Insider Ownership 2.03%

Capital & Financial Ratios $m

Size
Market Cap 2,150.00
Revenue ttm 802.47
Net income ttm 234.31
Free cash flow ttm 223.53
Net debt Q (3,774.99)
Valuation
P/E 9.28
Forward P/E 9.68
Price / sales 2.68
Forward P/S Powerpack
Price / FCF 9.65
Price / book 1.93
Financial health
Current ratio Q 0.62
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +1.78% (above 0%: growing)
Operating income growth Q +0.22% (above 0%: growing)
EPS, this year +6.03%
EPS, next year A −6.38% (below 0%: weak)
Revenue, next year A −20.04% (below 0%: weak)
EPS, past 5 yrs +13.53%
EPS, next 5 yrs A +12.80%

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 45.29%
10-year low 10-year high
P/S against its own 10 years 39.23%
10-year low 10-year high
P/B against its own 10 years 56.44%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.66%
Annual rate
2.00
Payout ratio
34.9%
Growth, 2018–26
+3.49%/yr
  1. 1.52 ’18
  2. 1.76 ’19 +16
  3. 1.76 ’20 +0
  4. 1.76 ’21 +0
  5. 1.76 ’22 +0
  6. 1.76 ’23 +0
  7. 1.76 ’24 +0
  8. 1.88 ’25 +7
  9. 2.00 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,872 3,784 3,562 3,775
Receivables — — — —
Inventory — — — —
Other — — — —
7,618 8,469 8,155 8,151
2023 2024 2025 Q'26
Payables 11,987 12,746 12,698 12,898
ST’ Debt — — — —
Other — — — —
12,183 13,028 12,869 13,068

Compound Annual Growth %

10y 5y 3y
Sales 7.24% 8.27% 9.70%
Cash Flow 6.04% 8.24% 8.43%
Earnings 14.24% 9.52% 2.72%
Book Value 4.29% 3.06% 9.71%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 1.55 Actual 1.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.46 1.54 Beat by 0.08
Mar 2026 1.40 1.55 Beat by 0.15
Jun 2026 1.51 1.58 Beat by 0.07
Sep 2026 1.55 1.58 Beat by 0.03
Dec 2026 1.60 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.53 1.16 1.51 — —
’25 1.23 1.25 1.46 1.54 5.47
’24 1.13 1.09 1.16 1.34 4.71
’23 1.24 1.22 0.99 1.11 4.58
’22 0.89 0.99 1.15 1.26 4.29
’21 0.83 0.79 0.80 0.84 3.26
’20 0.77 0.67 0.61 0.85 2.90
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 195 200 204 — —
’25 198 198 201 203 800
’24 198 203 206 209 816
’23 185 184 190 200 758
’22 133 142 155 177 606
’21 129 130 131 134 523
’20 149 128 131 130 538
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 59 59 65 — —
’25 63 101 52 64 280
’24 28 88 113 36 265
’23 77 77 32 114 300
’22 61 41 45 72 219
’21 52 43 85 72 251
’20 (1) 69 86 35 188
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 50 54 60 — —
’25 55 94 47 59 255
’24 26 84 106 28 244
’23 70 69 26 82 247
’22 54 36 37 67 194
’21 49 41 86 64 240
’20 (7) 58 81 35 168
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
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 425 468 537 592 538 523 606 758 816 800 802 +7.3% 640 1,203 1,414 +20.9%
Gross margin, % 96.13 96.61 95.42 89.96 93.60 95.20 90.96 76.43 71.25 75.87 79.27 (20.3) pt
EBT 117 154 196 176 150 166 218 226 221 238 241 +8.2%
EBT margin, % 27.47 32.97 36.58 29.70 27.82 31.71 35.92 29.85 27.07 29.75 30.04 +2.3 pt
Net income 116 153 195 177 147 163 214 225 216 232 234 +8.0%
Per share, $
Per share, $ Revenue 8.73 8.62 9.77 11.13 10.65 10.56 12.22 15.53 18.09 19.36 20.35 +9.2%
Earnings 1.20 2.82 3.55 3.33 2.91 3.28 4.32 4.62 4.80 5.61 5.89 +18.7%
Cash flow 3.66 4.46 5.39 4.68 3.73 5.08 4.42 6.15 5.89 6.77 6.26 +7.1%
Capex (0.09) (0.30) (0.25) (0.41) (0.41) (0.23) (0.50) (1.10) (0.46) (0.60) (0.60) +23.8%
Free cash flow 3.58 4.15 5.14 4.27 3.32 4.85 3.92 5.05 5.42 6.17 5.67 +6.2%
Book value 14.62 15.16 16.06 18.13 19.44 19.74 17.44 20.56 22.64 27.64 28.34 +7.3%
Shares, m 49 54 55 53 51 50 50 49 45 41 40 (1.8%)
Valuation, ×
Valuation, × P/E 22.05 13.02 8.86 11.12 10.71 11.62 6.99 6.95 7.60 8.86 9.28 10.8
P/S 3.62 4.26 3.21 3.33 2.93 3.61 2.47 2.06 2.02 2.57 2.68 3.0
P/B 2.16 2.42 1.95 2.04 1.60 1.93 1.73 1.56 1.61 1.80 1.93 1.9
EV/Sales (2.64) 0.30 (0.53) (3.06) (4.78) (2.73) (2.27) (1.60) (2.50) (1.76) — (2.2)
EV/FCF (6.46) 0.62 (1.00) (7.99) (15.35) (5.95) (7.08) (4.42) (8.33) (5.52) — (6.1)
Cash, $m
Cash, $m Operating cash flow 178 242 296 249 188 251 219 300 265 280 247 +5.1%
Capex (4) (17) (14) (22) (21) (11) (25) (54) (21) (25) (23) +21.5%
Free cash flow 174 226 282 227 168 240 194 247 244 255 224 +4.3%
Balance, $m
Balance, $m Working capital (3,666) (3,766) (3,244) (3,636) (3,831) (5,187) (5,035) (4,565) (4,560) (4,714) (4,917) +2.8%
Net debt (2,660) (1,854) (2,005) (3,782) (4,146) (3,316) (2,873) (2,773) (3,685) (3,562) (3,775) +3.3%
Shareholders’ equity 711 823 882 964 982 977 865 1,004 1,021 1,142 1,118 +5.4%
Returns, %
Returns, % ROA 0.55 1.40 1.81 1.43 1.03 1.08 1.44 1.63 1.57 1.64 1.65 +1.1 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 7.99 19.99 22.89 19.18 15.13 16.60 23.23 24.14 21.37 21.45 21.07 +13.5 pt
People
People Employees 1,240 1,190 1,373 1,512 1,314 1,277 1,341 1,334 1,306 1,315 — +0.7%
Revenue/emp, $m 0.34 0.39 0.39 0.39 0.41 0.41 0.45 0.57 0.62 0.61 — +6.6%
Negative figures in brackets.
estimates

All 10 years →

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

Bank of N.T. Butterfield & Son Limited (The) vs peers in Banks Diversified (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
SAN Banco Santander, S.A. $174.7B 9.8× 9.4× −73.32% (below 0%: shrinking) −3.70% (below 0%: shrinking) +381.00% (above 0%: growing) 100.00% 0.00% Compare
SMFG Sumitomo Mitsui Financial Group Inc $148.3B 8.9× — +17.73% (above 0%: growing) +85.19% (above 0%: growing) −63.80% (below 0%: shrinking) 58.44% 0.00% Compare
UBS UBS Group AG $147.8B 15.4× 13.8× −43.47% (below 0%: shrinking) +12.05% (above 0%: growing) −53.01% (below 0%: shrinking) 100.00% 0.00% Compare
BBVA Banco Bilbao Viscaya Argentaria S.A. $139.2B 10.9× 7.7× +18.06% (above 0%: growing) +29.76% (above 0%: growing) −91.70% (below 0%: shrinking) 100.00% 0.00% Compare
BNY BNY $99.3B 16.2× 15.8× −4.67% (below 0%: shrinking) +24.74% (above 0%: growing) +369.64% (above 0%: growing) 57.04% 0.00% Compare
ING ING Group, N.V. $92.8B 13.8× 6.6× +29.83% (above 0%: growing) +14.75% (above 0%: growing) −26.97% (below 0%: shrinking) 100.00% 0.00% Compare
BCS Barclays PLC $75.9B 8.2× 8.0× +2.53% (above 0%: growing) +17.86% (above 0%: growing) −13.85% (below 0%: shrinking) 100.00% 0.00% Compare
NTB Bank of N.T. Butterfield & Son Limited (The) $2.2B 9.3× 9.7× +1.78% (above 0%: growing) +3.09% (above 0%: growing) +28.39% (above 0%: growing) 79.49% 0.00%
FRBT Forbright Inc. $1.0B — — — — — 56.32% 0.00% Compare
Median of peers $119.2B 10.9× 8.7× +2.53% +17.86% −26.97% 100.00% 0.00%

All 15 Banks Diversified stocks →

Bank of N.T. Butterfield & Son Limited (The) (NTB) Latest News

2 Nov

Impact 3 · · StockStory

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3 Aug

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29 Jul

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28 Jul

Impact 3 · transcript
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27 Jul

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28 May

Impact 5 · · Business Wire
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5 May

Impact 4 · · Simply Wall St.

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Impact 4 · · Zacks

NTB metrics, ten years each

stockrow.com/NTB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com