NBHC Financial Services

National Bank Holdings Corporation

$37.49-1.50%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 1.7B USD
Full-time employees: 1,250

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: valuation

Ranks #729 of 791 banks & insurance companies (bottom 8%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 18% from December 2022 to July 2026.
National Bank had 18% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.National Bank had 18% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
National Bank paid employees $7M in stock in 2025, 15% of its $47M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

23/ 100▲ 1 since Oct 27 close

Oct 5 24 → Nov 4 23 (-1)

Valuation

Is the price right?

41/100

Moderate▲ 2 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 39 → 41

Share price -3.8%+3
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield100.0%

SEC filings · latest balance sheetReported value40% base weight · Z-score 0.72Sector median: 0.7950 · MAD: 0.2843

Earnings yield5.9%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score -0.79Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield8.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

6/100

Weak

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth-29.5%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score -2.56Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth2.4%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth6.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

21/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROE
▼ ROA

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets0.8%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.62Sector median: 0.0117 · MAD: 0.0062

Return on equity5.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.25Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about National Bank

Is National Bank getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 23/100, up 1 since Oct 28, 2026.
How is National Bank valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 950 banks & insurance peers. Book yield 100.0% vs a peer median of 79.5% (stronger than 68% of peers).Book yield 100.0% vs peers 79.5% (stronger than 68% of peers). Earnings yield 5.9% vs a peer median of 7.9% (weaker than 72% of peers).Earnings yield 5.9% vs peers 7.9% (weaker than 72% of peers).
Is National Bank growing?: More slowly than most of its peers. Growth scores 6/100 against 950 banks & insurance peers. Earnings per share growth -29.5% vs a peer median of 16.0% (weaker than 94% of peers).Earnings per share growth -29.5% vs peers 16.0% (weaker than 94% of peers).
How profitable is National Bank?: Less profitable than most of its peers. Profitability scores 21/100 against 950 banks & insurance peers. Return on equity 5.9% vs a peer median of 10.7% (weaker than 80% of peers).Return on equity 5.9% vs peers 10.7% (weaker than 80% of peers).
How risky is National Bank?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	47.7M USD	48.5M USD	+1.7%
Net income (12 months)	106.1M USD	98.6M USD	−7.1%
Debt	202.1M USD	202.0M USD	−0.1%
Cash	472.8M USD	380.7M USD	−19.5%
Shares outstanding	44.8M	44.5M	−0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	258.3%	186.1%	302.7%	257.3%	232.4%	▼ 25 pts
Return on assets (ROA)	1.3%	0.7%	1.4%	1.2%	1.1%	▼ 0.1 pts
Return on equity (ROE)	11.1%	6.5%	11.7%	9.1%	7.9%	▼ 1.2 pts
Debt to equity	0.05×	0.05×	0.04×	0.04×	0.04×	▼ 5.7%

NBHC price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: valuation

Ranks #729 of 791 banks & insurance companies (bottom 8%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 18% from December 2022 to July 2026.

National Bank had 18% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.National Bank had 18% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

National Bank paid employees $7M in stock in 2025, 15% of its $47M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about National Bank

Is National Bank getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 23/100, up 1 since Oct 28, 2026.

How is National Bank valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 950 banks & insurance peers. Book yield 100.0% vs a peer median of 79.5% (stronger than 68% of peers).Book yield 100.0% vs peers 79.5% (stronger than 68% of peers). Earnings yield 5.9% vs a peer median of 7.9% (weaker than 72% of peers).Earnings yield 5.9% vs peers 7.9% (weaker than 72% of peers).

Is National Bank growing?

More slowly than most of its peers. Growth scores 6/100 against 950 banks & insurance peers. Earnings per share growth -29.5% vs a peer median of 16.0% (weaker than 94% of peers).Earnings per share growth -29.5% vs peers 16.0% (weaker than 94% of peers).

How profitable is National Bank?

Less profitable than most of its peers. Profitability scores 21/100 against 950 banks & insurance peers. Return on equity 5.9% vs a peer median of 10.7% (weaker than 80% of peers).Return on equity 5.9% vs peers 10.7% (weaker than 80% of peers).

How risky is National Bank?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

47.7M USD

48.5M USD

+1.7%

Net income (12 months)

106.1M USD

98.6M USD

−7.1%

Debt

202.1M USD

202.0M USD

−0.1%

Cash

472.8M USD

380.7M USD

−19.5%

Shares outstanding

44.8M

44.5M

−0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

258.3%

186.1%

302.7%

257.3%

232.4%

▼ 25 pts

Return on assets (ROA)

1.3%

0.7%

1.4%

1.2%

1.1%

▼ 0.1 pts

Return on equity (ROE)

11.1%

6.5%

11.7%

9.1%

7.9%

▼ 1.2 pts

Debt to equity

0.05×

0.04×

▼ 5.7%