Stocktoria

National Bank Holdings Corp NBHC

NYSE · stock · National Commercial Banks · website · IPO 2012-09-20

National Bank Holdings Corp statistics & valuation

Market cap$2.0B
P / E18.5×
P / S43.0×
P / B1.5×
Dividend yield2.27%
Net margin232.4%
Return on equity7.9%
Net cash$362.5M
Enterprise value USD$1.7B
Graham number +12.1%$48.29

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($48.29); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
273.50% 258.30% 186.10% 302.70% 257.30% 232.40% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
4.30% 2.70% 8.80% 10.50% 10.80% 11.10% 6.50% 11.70% 9.10% 7.90% 2016201720182019202020212022202320242025
Shares outstanding
29.1M 27.7M 31.4M 31.5M 31.1M 31.1M 37.6M 38.1M 38.4M 38.1M 2016201720182019202020212022202320242025
Net debt ($)
-$806.2M -$141.6M -$136.6M -$73.3M -$362.5M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.50% 0.30% 1.10% 1.40% 1.30% 1.30% 0.70% 1.40% 1.20% 1.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.05× 0.05× 0.04× 0.04× 0.04× 2016201720182019202020212022202320242025
EPS ($)
$0.79 $0.53 $1.95 $2.55 $2.85 $3.01 $2.18 $3.72 $3.08 $2.85 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

National Bank Holdings Corp trades at about 15.1× earnings — near its 10-year norm (10-year range 9.4×–62.7×, median 15.1×).

9.4× 62.7×

Shaded band = 10-year range (9.4×–62.7×); dot = today's 15.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin232.4%257.3%302.7%186.1%258.3%273.5%————
Return on assets1.1%1.2%1.4%0.7%1.3%1.3%1.4%1.1%0.3%0.5%
Return on equity7.9%9.1%11.7%6.5%11.1%10.8%10.5%8.8%2.7%4.3%
Debt / equity0.04×0.04×0.04×0.05×0.05×—————

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.