National Bank Holdings Corporat (NBHC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

National Bank Holdings Corporat

NYSE•Financial Services•Banks - Regional

$41.31-0.36(-0.01%)Pre-market

Market Cap

$1.83B

P/E

18.6x

P/S

2.8x

P/B

1.1x

National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, health savings, and other deposit accounts, including fixed-rate and fixed maturity time deposits. The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as hospitality, office buildings, warehouse/distribution buildings, multi-family, and retail buildings; small business administration loans to support small businesses and entrepreneurs; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as positive pay and other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. The company operates through a network of banking centers located in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho. It also operates ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. The company was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.

How this company scores

WeakMetricSide Score: 58/100

Grade capped at D — Interest coverage below 1× (0.6x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (22/25); weakest: Growth (8/25).

Profitability15/25

Growth8/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality22/25

Strengths

Strong marginsLow leverageCash-backed earningsNet cash position

Grade capped at D

Interest coverage below 1× (0.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.6x5y range 7.9x – 18.6x

Currently above its 20-quarter median.

P/S · 2.8x5y range 1.9x – 4.3x

Currently near its 20-quarter median.

P/B · 1.1x5y range 1.0x – 1.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 21.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Leverage Risk

Watch

Debt-to-equity has risen 201.0% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $1.83B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $652.62M
Q. Revenue: $181.77M
TTM EBITDA: $153.50M
TTM Op. Income: $122.29M
Q. Op. Income: $34.11M
TTM Net Income: $98.60M
Q. Net Income: $26.49M
EPS: $0.58
Shares Out.: $44.67M

$652.62M in TTM revenue grew 9.3% YoY, reaching $181.77M last quarter. TTM EBITDA of $153.50M and TTM operating income of $122.29M show growth is flowing through to the bottom line. TTM net income of $98.60M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.0%
EBITDA Margin: 20.1%
Op. Margin: 18.8%
Net Margin: 14.6%

Op. margin of 18.8% is down 9.3% YoY — costs are rising relative to revenue. Net margin at 14.6% and gross margin of 71.0% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.6x
P/S Ratio: 2.8x
P/B Ratio: 1.1x

At 18.6x P/E, the stock trades within typical market levels. P/S of 2.8x and P/B of 1.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 4 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $12.59B
Cash: $380.70M
Long-Term Debt: $202.00M
Book Value: $1.67B
D/E Ratio: 0.1
Debt/EBITDA: 5.5

With $12.59B in assets and $202.00M in long-term debt, D/E is 0.1and book value is $1.67B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 201% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $135.13M
TTM Free Cash Flow: $145.21M
FCF Margin: 22.3%
FCF / Net Income: 1.5

TTM FCF of $145.21M on $135.13M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 9% — an improving trend.