National Bank (NBHC)
Market Price (3/7/2026): $40.16 | Market Cap: $1.5 BilSector: Financials | Industry: Regional Banks
National Bank (NBHC)
Market Price (3/7/2026): $40.16Market Cap: $1.5 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 8.7% | Weak multi-year price returns2Y Excs Rtn is -4.6%, 3Y Excs Rtn is -62% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.4% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -59% | Key risksNBHC key risks include [1] its high sensitivity to economic conditions in its specific primary markets, Show more. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% | ||
| Low stock price volatilityVol 12M is 29% | ||
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% | ||
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 22% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 8.7% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -59% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Low stock price volatilityVol 12M is 29% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 22% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.6%, 3Y Excs Rtn is -62% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.4% |
| Key risksNBHC key risks include [1] its high sensitivity to economic conditions in its specific primary markets, Show more. |
Qualitative Assessment
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National Bank (NBHC) stock has gained about 10% since 11/30/2025 because of the following key factors:
1. Strategic "Clean Slate" Actions and Robust Capital Position Despite Q4 2025 Earnings Miss.
National Bank Holdings Corporation's stock movement was influenced by management's proactive steps to "cleanse" its balance sheet during a "noisy" fourth quarter of 2025. The company reported adjusted earnings per share of $0.60, missing analyst estimates of $0.82 to $0.87, and revenue of $100.6 million, below forecasts. However, management took aggressive action to address problem loans, incurring a $9.1 million provision expense, and absorbed one-time acquisition costs totaling $4.1 million after-tax. Despite these impacts, NBHC reported robust full-year 2025 tangible book value growth of 10% to $27.80 per share and maintained strong capital ratios, with the common equity tier 1 ratio increasing 169 basis points to 14.89% at December 31, 2025, well exceeding federal bank regulatory thresholds.
2. Successful Acquisition of Vista Bancshares, Inc.
The completion of the acquisition of Vista Bancshares, Inc. on January 7, 2026, significantly contributed to the positive sentiment. This strategic move expanded NBHC's presence into high-growth markets, including Dallas-Ft. Worth, Austin, Lubbock, Texas, and Palm Beach, Florida. Based on pro forma figures as of September 30, 2025, the combined entity is estimated to have approximately $12.6 billion in assets and $10.7 billion in deposits, signaling expanded scale and growth potential.
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1. Strategic "Clean Slate" Actions and Robust Capital Position Despite Q4 2025 Earnings Miss.
National Bank Holdings Corporation's stock movement was influenced by management's proactive steps to "cleanse" its balance sheet during a "noisy" fourth quarter of 2025. The company reported adjusted earnings per share of $0.60, missing analyst estimates of $0.82 to $0.87, and revenue of $100.6 million, below forecasts. However, management took aggressive action to address problem loans, incurring a $9.1 million provision expense, and absorbed one-time acquisition costs totaling $4.1 million after-tax. Despite these impacts, NBHC reported robust full-year 2025 tangible book value growth of 10% to $27.80 per share and maintained strong capital ratios, with the common equity tier 1 ratio increasing 169 basis points to 14.89% at December 31, 2025, well exceeding federal bank regulatory thresholds.
2. Successful Acquisition of Vista Bancshares, Inc.
The completion of the acquisition of Vista Bancshares, Inc. on January 7, 2026, significantly contributed to the positive sentiment. This strategic move expanded NBHC's presence into high-growth markets, including Dallas-Ft. Worth, Austin, Lubbock, Texas, and Palm Beach, Florida. Based on pro forma figures as of September 30, 2025, the combined entity is estimated to have approximately $12.6 billion in assets and $10.7 billion in deposits, signaling expanded scale and growth potential.
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Stock Movement Drivers
Fundamental Drivers
The 8.7% change in NBHC stock from 11/30/2025 to 3/6/2026 was primarily driven by a 20.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.92 | 40.14 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 412 | 412 | -0.1% |
| Net Income Margin (%) | 29.5% | 26.6% | -9.9% |
| P/E Multiple | 11.5 | 13.8 | 20.4% |
| Shares Outstanding (Mil) | 38 | 38 | 0.3% |
| Cumulative Contribution | 8.7% |
Market Drivers
11/30/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| NBHC | 8.7% | |
| Market (SPY) | -1.6% | 45.1% |
| Sector (XLF) | -5.2% | 65.8% |
Fundamental Drivers
The 4.0% change in NBHC stock from 8/31/2025 to 3/6/2026 was primarily driven by a 12.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.59 | 40.14 | 4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 409 | 412 | 0.6% |
| Net Income Margin (%) | 29.2% | 26.6% | -8.9% |
| P/E Multiple | 12.3 | 13.8 | 12.7% |
| Shares Outstanding (Mil) | 38 | 38 | 0.7% |
| Cumulative Contribution | 4.0% |
Market Drivers
8/31/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| NBHC | 4.0% | |
| Market (SPY) | 4.5% | 38.2% |
| Sector (XLF) | -6.0% | 61.0% |
Fundamental Drivers
The -1.0% change in NBHC stock from 2/28/2025 to 3/6/2026 was primarily driven by a -10.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.55 | 40.14 | -1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 401 | 412 | 2.5% |
| Net Income Margin (%) | 29.6% | 26.6% | -10.1% |
| P/E Multiple | 13.1 | 13.8 | 5.9% |
| Shares Outstanding (Mil) | 38 | 38 | 1.4% |
| Cumulative Contribution | -1.0% |
Market Drivers
2/28/2025 to 3/6/2026| Return | Correlation | |
|---|---|---|
| NBHC | -1.0% | |
| Market (SPY) | 14.2% | 52.8% |
| Sector (XLF) | -2.1% | 64.6% |
Fundamental Drivers
The 8.7% change in NBHC stock from 2/28/2023 to 3/6/2026 was primarily driven by a 24.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3062026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.92 | 40.14 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 330 | 412 | 24.7% |
| Net Income Margin (%) | 21.6% | 26.6% | 23.3% |
| P/E Multiple | 19.6 | 13.8 | -29.3% |
| Shares Outstanding (Mil) | 38 | 38 | 0.1% |
| Cumulative Contribution | 8.7% |
Market Drivers
2/28/2023 to 3/6/2026| Return | Correlation | |
|---|---|---|
| NBHC | 8.7% | |
| Market (SPY) | 76.0% | 46.3% |
| Sector (XLF) | 48.0% | 63.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NBHC Return | 37% | -2% | -9% | 19% | -9% | 8% | 43% |
| Peers Return | 38% | 1% | 5% | 18% | 14% | 3% | 102% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| NBHC Win Rate | 67% | 42% | 42% | 58% | 50% | 100% | |
| Peers Win Rate | 75% | 40% | 53% | 55% | 60% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| NBHC Max Drawdown | -0% | -17% | -34% | -12% | -21% | -0% | |
| Peers Max Drawdown | -1% | -16% | -32% | -12% | -19% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UMBF, FNB, HWC, UBSI, ABCB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/6/2026 (YTD)
How Low Can It Go
| Event | NBHC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -44.3% | -25.4% |
| % Gain to Breakeven | 79.4% | 34.1% |
| Time to Breakeven | 552 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.3% | -33.9% |
| % Gain to Breakeven | 79.4% | 51.3% |
| Time to Breakeven | 336 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.7% | -19.8% |
| % Gain to Breakeven | 40.2% | 24.7% |
| Time to Breakeven | 805 days | 120 days |
Compare to UMBF, FNB, HWC, UBSI, ABCB
In The Past
National Bank's stock fell -44.3% during the 2022 Inflation Shock from a high on 11/10/2022. A -44.3% loss requires a 79.4% gain to breakeven.
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About National Bank (NBHC)
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, 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 office buildings, warehouse/distribution buildings, multi-family, hospitality, and retail buildings; small business administration loans to support manufacturers, distributors, and service providers; 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 other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. As of January 20, 2022, the company operated through a network of 81 banking centers located in Colorado, the greater Kansas City region, New Mexico, Utah, and Texas. It also operates 121 ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. National Bank Holdings Corporation was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.
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Here are 1-3 brief analogies for National Bank Holdings Corporation (NBHC):
- A regional version of a national bank like Wells Fargo.
- Similar to a smaller U.S. Bank, focused on states like Colorado and Kansas.
- A regional bank offering traditional services, comparable to a scaled-down PNC Financial.
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- Commercial Lending: Provides various loan products to businesses, including commercial real estate, construction, and commercial and industrial loans.
- Retail Banking Deposits: Offers checking, savings, money market, and certificate of deposit accounts for individual and business customers.
- Mortgage Lending: Originates and services residential mortgage loans for home purchases and refinancing.
- Wealth Management: Delivers financial planning, investment advisory, and trust services to individuals and families.
- Treasury Management Services: Offers a suite of cash management and payment solutions designed for business clients.
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National Bank (symbol: NBHC) serves a diversified client base, but based on the composition of its loan portfolio and overall business strategy, it primarily sells to other companies. Its major loan categories heavily skew towards commercial real estate and commercial & industrial loans, indicating a primary focus on business customers rather than exclusively individuals.
Due to the confidential nature of banking relationships, specific names of National Bank's customer companies cannot be disclosed. However, its major business customer categories include:
- Small to Medium-Sized Businesses (SMBs): These businesses operate across various sectors, utilizing the bank for commercial loans, lines of credit, treasury management, and deposit services. They represent a broad base of local and regional enterprises.
- Commercial Real Estate Developers and Investors: These entities borrow for the acquisition, development, construction, and refinancing of commercial properties such as offices, retail spaces, and multi-family housing projects.
- Mid-Market Companies: Larger businesses that require more substantial commercial and industrial loans, specialized treasury services, and other corporate banking solutions for their operational and growth needs.
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```htmlG. Timothy Laney, Founder, Chairman and Chief Executive Officer
Mr. Laney is a founder of National Bank Holdings Corporation (NBHC) and has served as Chief Executive Officer since 2010 and Chairman of the Board since 2014. Before joining NBHC, he was the Senior Executive Vice President and Head of Business Services at Regions Financial, where he led the transformation of the bank's wholesale lines of business. Prior to Regions Financial, Mr. Laney had a 24-year career with Bank of America, holding senior management roles in small business, commercial banking, private banking, corporate marketing, and change management. He also served as President of Bank of America, Florida, overseeing more than 800 banking centers and $50 billion in total assets.
Nicole Van Denabeele, Executive Vice President and Chief Financial Officer
Ms. Van Denabeele was appointed Chief Financial Officer in September 2024. She previously served as the Company's Chief Accounting Officer from 2018 to September 2024, and concurrently as President of Bank Midwest, a division of NBH Bank, from September 2020 to June 2024. Before joining NBHC in 2018, Ms. Van Denabeele held various accounting roles at Deloitte and UMB Financial.
Aldis Birkans, President
Mr. Birkans was promoted to President in September 2024. He previously held the position of Chief Financial Officer from August 2018 to September 2024, and also served as Treasurer from 2011 through February 2020. Prior to joining National Bank Holdings Corporation in 2011, Mr. Birkans was a Vice President and Assistant Treasurer at M&I Bank for five years, and a Senior Vice President in Corporate and Investment Bank Treasury at Citigroup.
Richard U. Newfield, Jr., Chief Risk Management Officer
Mr. Newfield serves as the Chief Risk Management Officer of National Bank Holdings Corporation and NBH Bank.
Angela N. Petrucci, Chief Administrative Officer and General Counsel
Ms. Petrucci has served as the Company's Chief Administrative Officer and General Counsel since July 2020, overseeing legal, compliance, BSA/AML, marketing, and human resources functions. She joined the Company in 2015 as Associate General Counsel and has been the General Counsel of NBH Bank since 2017, bringing over 20 years of experience in banking, corporate transactional, securities, and corporate governance matters.
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The key risks to National Bank Holdings Corporation (NBHC) largely stem from broader economic shifts, evolving regulatory landscapes, and the inherent sensitivities of banking operations to interest rate fluctuations.
- Changes in General Business and Economic Conditions: NBHC's business and operations are highly sensitive to overall economic conditions in the United States and its primary markets, which include Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico, and Idaho. A worsening of economic conditions in these areas or nationally could materially and adversely affect the company.
- Regulatory and Legislative Changes: The banking industry is subject to extensive regulation. Congressional and state legislative actions, as well as changes introduced by federal and state regulatory agencies, can modify the operating environment for banks and bank holding companies. Such changes could lead to increased operating costs, restrict permissible activities, or alter the competitive balance within the financial sector, thereby impacting NBHC's business, results of operations, liquidity, or financial condition.
- Interest Rate Risk: As a financial institution, NBHC is exposed to interest rate risk. Fluctuations in interest rates can significantly affect the company's net interest income, the value of its assets and liabilities, and its overall financial performance. The management of this risk is a critical aspect of the company's operations.
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- Fintech and Neobank Competition: Digital-first banks (neobanks) and various fintech platforms are increasingly challenging traditional regional banks by offering more seamless digital experiences, often with lower fees, higher interest rates on deposits, and specialized services. These platforms can attract customers nationally, including within NBHC's operating regions, without the overhead of physical branches, potentially eroding NBHC's customer base and profit margins on core banking services.
- Embedded Finance: The growing trend of non-financial companies (e.g., retailers, tech giants) integrating financial services directly into their core offerings (e.g., in-app payments, credit, buy-now-pay-later) bypasses traditional banks. This shifts customer relationships and transaction volumes away from banks like NBHC, making them less central to customers' daily financial lives and potentially reducing opportunities for fee income and loan origination.
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The addressable markets for National Bank Holdings Corporation's (NBHC) main products and services in the U.S. region are as follows:
- Community Banking: The U.S. community banking market is projected to reach approximately $19.39 billion in 2025.
- Commercial Banking: The U.S. commercial banking market is estimated at $732.5 billion in 2025. This market includes services such as commercial lending, business accounts, and treasury management.
- Small Business Lending: The total estimated value of the small business lending market in the U.S. is $1.4 trillion.
- Mortgage Loans: Mortgage originations in the U.S. totaled $1.69 trillion in 2024.
- Private Banking (a component of Wealth Management): The United States private banking market is valued at $59.54 billion in 2025.
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National Bank Holdings Corporation (NBHC) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Strategic Acquisition and Market Expansion: The pending all-stock acquisition of Vista Bancshares, Inc., expected to close in Q1 2026, is a significant driver. This acquisition will substantially expand NBHC's presence in the thriving Dallas-Fort Worth and Austin markets, increasing pro forma assets to an estimated $12.4 billion and positioning the company for sustained growth in the dynamic Texas commercial banking sector.
- Rollout of 2UniFi Digital Platform: NBHC's launch of the "2UniFi" platform, designed to modernize small business banking workflows, is a crucial digital initiative. While currently an expense headwind, management plans to provide revenue guidance in subsequent quarters, signaling potential significant upside from this new technology platform.
- Robust Commercial and Industrial (C&I) Loan Production: The company has demonstrated robust new loan production, particularly in commercial and industrial lending, which contributed to its Q3 CY2025 performance. Management anticipates continued strength in the loan pipeline, driven by stronger client activity and a focus on relationship-based banking.
- Maintenance of Net Interest Margin and Deposit Cost Management: NBHC expects its net interest margins (NIM) to remain stable. The company is focused on disciplined deposit growth and pricing, with the expectation that deposit costs could decrease if interest rates decline, thereby supporting margin resilience and overall profitability.
- Expansion of Noninterest Income: Noninterest income experienced a notable rise in Q3 CY2025, benefiting from unrealized gains on fintech partnership investments and increased mortgage banking income. The strategic value of these fintech partnerships is expected to contribute to diversifying revenue streams beyond traditional banking activities.
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Share Repurchases
- National Bank Holdings Corporation's Board of Directors authorized a new program on May 9, 2023, to repurchase up to $50.0 million of the company's stock.
- As of both March 31, 2024, and June 30, 2024, the remaining authorization under this program was $50.0 million.
- The company executed $8.8 million in share buybacks during the third quarter of 2025, repurchasing 240,000 shares.
Share Issuance
- Shares have been issued in connection with acquisitions, impacting shareholders' equity.
- In the acquisition of Vista Bancshares, Inc., NBHC will issue approximately 7.4 million shares of its common stock.
- The number of Class A voting common shares outstanding increased from 37,825,413 as of April 26, 2024, to 38,055,322 as of February 21, 2025.
Outbound Investments
- National Bank Holdings Corporation announced a definitive agreement to acquire Vista Bancshares, Inc. for approximately $369.1 million.
- This strategic acquisition is expected to significantly expand NBHC's presence in Texas, particularly in the Dallas–Fort Worth metropolitan area.
- The transaction, which includes $84.8 million in cash and approximately 7.4 million shares of NBHC common stock, is anticipated to close in the first quarter of 2026.
Capital Expenditures
- Capital expenditures are identified as one of the primary uses of funds for the company.
- In 2024, non-interest expense increased by $12.6 million, largely due to an ongoing investment in technology, including the hiring of specialized technology associates.
- This investment in technology also led to increases in data processing and occupancy and equipment costs during 2024.
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| 02132026 | NBHC | National Bank | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -3.7% | -3.7% | -3.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.50 |
| Mkt Cap | 5.4 |
| Rev LTM | 1,372 |
| Op Inc LTM | - |
| FCF LTM | 438 |
| FCF 3Y Avg | 425 |
| CFO LTM | 490 |
| CFO 3Y Avg | 488 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 6.7% |
| Rev Chg Q | 16.4% |
| QoQ Delta Rev Chg LTM | 3.8% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 37.7% |
| CFO/Rev 3Y Avg | 37.0% |
| FCF/Rev LTM | 34.4% |
| FCF/Rev 3Y Avg | 32.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.4 |
| P/S | 3.8 |
| P/EBIT | - |
| P/E | 12.6 |
| P/CFO | 10.7 |
| Total Yield | 10.5% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 8.6% |
| D/E | 0.1 |
| Net D/E | -0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.7% |
| 3M Rtn | 0.3% |
| 6M Rtn | 2.9% |
| 12M Rtn | 20.4% |
| 3Y Rtn | 35.7% |
| 1M Excs Rtn | -8.7% |
| 3M Excs Rtn | 2.4% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | 4.1% |
| 3Y Excs Rtn | -40.3% |
Price Behavior
Price Behavior
| Market Price | $40.14 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 09/20/2012 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $40.16 | $37.95 |
| DMA Trend | up | up |
| Distance from DMA | -0.1% | 5.8% |
| 3M | 1YR | |
| Volatility | 26.8% | 29.3% |
| Downside Capture | 65.45 | 85.60 |
| Upside Capture | 105.70 | 74.03 |
| Correlation (SPY) | 44.0% | 52.3% |
NBHC Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.24 | 1.40 | 1.11 | 0.96 | 0.81 | 1.00 |
| Up Beta | 0.24 | 2.09 | 1.84 | 1.60 | 0.65 | 0.93 |
| Down Beta | 1.91 | 1.68 | 1.28 | 1.26 | 1.02 | 0.99 |
| Up Capture | 158% | 129% | 110% | 59% | 62% | 84% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 21 | 32 | 63 | 126 | 375 |
| Down Capture | 111% | 85% | 61% | 68% | 91% | 104% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 20 | 29 | 61 | 123 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NBHC | |
|---|---|---|---|---|
| NBHC | 2.2% | 29.3% | 0.08 | - |
| Sector ETF (XLF) | 1.8% | 19.4% | -0.03 | 64.1% |
| Equity (SPY) | 16.4% | 19.2% | 0.66 | 52.4% |
| Gold (GLD) | 77.1% | 26.1% | 2.17 | 2.2% |
| Commodities (DBC) | 19.6% | 17.1% | 0.89 | 17.3% |
| Real Estate (VNQ) | 3.1% | 16.6% | 0.01 | 50.3% |
| Bitcoin (BTCUSD) | -21.4% | 45.5% | -0.39 | 29.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NBHC | |
|---|---|---|---|---|
| NBHC | 3.2% | 30.8% | 0.14 | - |
| Sector ETF (XLF) | 10.5% | 18.7% | 0.44 | 64.0% |
| Equity (SPY) | 13.0% | 17.0% | 0.60 | 47.0% |
| Gold (GLD) | 24.2% | 17.2% | 1.14 | -0.2% |
| Commodities (DBC) | 11.9% | 19.0% | 0.51 | 10.6% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 45.5% |
| Bitcoin (BTCUSD) | 7.5% | 56.8% | 0.35 | 16.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NBHC | |
|---|---|---|---|---|
| NBHC | 9.8% | 31.3% | 0.37 | - |
| Sector ETF (XLF) | 13.4% | 22.2% | 0.56 | 69.1% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 51.5% |
| Gold (GLD) | 15.1% | 15.6% | 0.80 | -7.6% |
| Commodities (DBC) | 9.0% | 17.6% | 0.43 | 19.9% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.26 | 46.2% |
| Bitcoin (BTCUSD) | 66.7% | 66.8% | 1.06 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/27/2026 | -0.5% | 3.2% | 3.3% |
| 10/21/2025 | 2.3% | 0.1% | -3.5% |
| 7/22/2025 | 2.8% | -1.8% | -3.9% |
| 4/22/2025 | -6.2% | -0.5% | 0.8% |
| 1/22/2025 | -3.0% | -2.1% | -3.7% |
| 10/22/2024 | 7.6% | 9.0% | 12.3% |
| 7/23/2024 | -5.1% | -7.3% | -8.1% |
| 4/24/2024 | -2.2% | -2.8% | 5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 16 |
| # Negative | 9 | 11 | 8 |
| Median Positive | 2.8% | 3.9% | 7.2% |
| Median Negative | -2.4% | -2.1% | -4.7% |
| Max Positive | 7.6% | 16.4% | 15.2% |
| Max Negative | -6.2% | -7.7% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spring, Maria F | Direct | Sell | 11122025 | 37.14 | 6,214 | 230,788 | 1,324,524 | Form | |
| 2 | Spring, Maria F | Direct | Sell | 5292025 | 37.02 | 1,167 | 43,202 | 1,576,052 | Form | |
| 3 | Steinmetz, John | Exec Mng Dir of Strategic Init | Direct | Buy | 2122026 | 41.41 | 24,200 | 1,002,122 | 22,216,631 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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