National Bank Holdings Corp Class A Common Stock (NBHC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.81	$0.78	-3.7%	—	$127.7M	—
Q1 26	$0.65	$0.72	+10.8%	—	$125.7M	—
Q3 25	$0.85	$0.92	+8.2%	—	$107.9M	—
Q2 25	$0.79	$0.88	+11.4%	—	$103.2M	—
Q1 25	$0.75	$0.63	-16.0%	—	$101M	—
Q4 24	$0.77	$0.86	+11.7%	—	$100M	—
Q3 24	$0.74	$0.86	+16.2%	—	$104.9M	—
Q2 24	$0.74	$0.68	-8.1%	—	$96.2M	—
Q1 24	$0.76	$0.82	+7.9%	—	$100.4M	—
Q4 23	$0.82	$0.87	+6.1%	—	$104.1M	—
Q3 23	$0.86	$0.94	+9.3%	—	$105.5M	—
Q2 23	$0.92	$0.85	-7.6%	—	$102.3M	—
Q1 23	$0.96	$1.06	+10.4%	—	$108.2M	—
Q4 22	$0.83	$0.91	+9.6%	—	$107.8M	—
Q3 22	$0.61	$0.8	+31.1%	—	$85M	—
Q2 22	$0.64	$0.69	+7.8%	—	$72.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.86	—	—	$411.6M	—
FY24	—	$3.1	—	—	$401.4M	—
FY23	—	$3.74	—	—	$420.1M	—
FY22	—	$2.2	—	—	$328.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$185.6M	$185.5M	$268.2M	$291M	$328.9M	$292.3M	$328.7M	$420.1M	$401.4M	$411.6M
YoY change	-3.26%	-0.05%	+44.6%	+8.49%	+13%	-11.1%	+12.4%	+27.8%	-4.44%	+2.53%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	185.6M	185.5M	268.2M	291M	328.9M	292.3M	328.7M	420.1M	401.4M	411.6M
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	91.5M	92.8M	132M	136.4M	145.1M	131.9M	130.9M	148.7M	155.6M	157M
Operating expenses	91.5M	92.8M	132M	136.4M	145.1M	131.9M	130.9M	148.7M	155.6M	157M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	26M	35.9M	73.7M	96.2M	109.4M	115M	86.2M	175.6M	145.2M	133.6M
Income tax	2.9M	21.3M	12.2M	15.8M	20.8M	21.4M	14.9M	33.6M	26.4M	24.1M
Net income	23.1M	14.6M	61.5M	80.4M	88.6M	93.6M	71.3M	142M	118.8M	109.6M
Net margin	12.4%	7.86%	22.9%	27.6%	26.9%	32%	21.7%	33.8%	29.6%	26.6%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	0.81	0.54	2	2.57	2.87	3.04	2.2	3.74	3.1	2.86
Diluted EPS	0.79	0.53	1.95	2.55	2.85	3.01	2.18	3.72	3.08	2.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	105.5M	104.1M	100.4M	96.2M	104.9M	100M	101M	103.2M	107.9M	99.5M	125.7M	127.7M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	37.8M	37M	38.8M	39.1M	39.7M	37.9M	36.6M	39.7M	39.8M	40.9M	59.8M	57.7M
Operating expenses	37.8M	37M	38.8M	39.1M	39.7M	37.9M	36.6M	39.7M	39.8M	40.9M	59.8M	57.7M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	45.4M	38.9M	38.9M	31.8M	39.9M	34.7M	29.9M	41.5M	43.1M	19.1M	25.9M	32.6M
Income tax	9.3M	5.8M	7.5M	5.6M	6.8M	6.5M	5.6M	7.5M	7.9M	3.1M	5.2M	6.1M
Net income	36.1M	33.1M	31.4M	26.1M	33.1M	28.2M	24.2M	34M	35.3M	16M	20.8M	26.5M
Net margin	34.2%	31.8%	31.3%	27.2%	31.6%	28.2%	24%	33%	32.7%	16.1%	16.5%	20.7%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.95	0.87	0.82	0.68	0.86	0.73	0.63	0.89	0.92	0.42	0.46	0.58
Diluted EPS	0.94	0.87	0.82	0.68	0.86	0.73	0.63	0.88	0.92	0.42	0.46	0.58

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	875.9M	—	1.1B	1B	1.4B	1.4B	—	1.7B	1.5B	1.8B
Enterprise value	—	-107.7M	—	561.6M	-259M	-145.1M	900M	—	1.1B	565.1M	1.7B
Shares outstanding	26.3M	27M	30.9M	31.3M	30.8M	30.8M	32.4M	37.9M	38.3M	38.3M	38.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	60.1	—	13.7	11.4	14.5	19.1	—	13.9	13.3	16.7
P/S	—	4.72	—	3.79	3.07	4.63	4.15	—	4.11	3.54	3.92
P/B	—	1.65	—	1.44	1.23	1.61	1.25	—	1.26	1.05	1.06
EV/Sales	—	-0.58	—	1.93	-0.79	-0.5	2.74	—	2.74	1.37	3.83
Earnings yield	—	1.66%	—	7.29%	8.78%	6.92%	5.23%	—	7.2%	7.52%	5.97%
FCF yield	—	6%	—	3%	-1.05%	13.3%	14.8%	—	7.31%	9.1%	6.16%
PEG	—	—	—	—	—	—	—	—	—	—	-0.48

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	28.6%
Net margin	12.4%	7.86%	22.9%	27.6%	26.9%	32%	21.7%	33.8%	29.6%	26.6%	21.8%
ROE	4.3%	2.74%	8.84%	10.5%	10.8%	11.1%	6.53%	11.7%	9.1%	7.91%	6.53%
ROA	—	—	—	—	—	—	—	—	1.21%	1.11%	0.87%
Return on tangible assets	—	—	—	—	—	—	—	—	1.31%	1.19%	0.85%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	0.07	0.24	0.43	0.27	—	0.05	0.4	0.33	0.08	0.04	0
Debt / assets	—	—	—	—	—	—	—	—	0.01	0.01	0.03
Effective tax rate	11.3%	59.3%	16.6%	16.5%	19%	18.6%	17.3%	19.1%	18.2%	18%	18.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.06	6.87	8.68	9.3	10.7	9.49	10.1	11.1	10.5	10.7	11
EPS (basic)	0.81	0.54	2	2.57	2.87	3.04	2.2	3.74	3.1	2.86	2.86
EPS (diluted)	0.79	0.53	1.95	2.55	2.85	3.01	2.18	3.72	3.08	2.85	2.38
Book value per share	20.4	19.7	22.5	24.5	26.7	27.3	33.7	32	34.1	36.2	37.5
FCF per share	-0.15	1.94	2.18	1.06	-0.34	5.83	6.24	3.43	3.15	3.46	3.23
Cash per share	39.4	41.2	29.2	23.9	41.2	49.9	27.8	21.6	17.1	24.7	9.24
Capex per share	0.03	0.21	0.2	0.36	0.14	0.17	0.38	0.97	0.9	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.37%	3.03%	2.34%	3.85%	1.32%	1.76%	3.78%	8.77%	8.62%	—	—
Capex / operating cash flow	-2.87%	11.7%	6.74%	15.9%	6.32%	2.09%	5.77%	21.6%	23.6%	—	—
Payout ratio	27.8%	64.5%	27.1%	29.3%	28%	28.7%	42.7%	27.9%	36.1%	42%	52.5%
Dividend yield	—	1.07%	—	2.13%	2.46%	1.99%	2.23%	—	2.6%	3.16%	3.23%

Yield

3.23%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Aug 28, 2026

Payout ratio

53%

of earnings

Dividend growth

10 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 28, 2026	$0.32
May 29, 2026	$0.32
Feb 27, 2026	$0.32
Nov 28, 2025	$0.31

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$105.5M	$104.1M	$100.4M	$96.2M	$104.9M	$100M	$101M	$103.2M	$107.9M	$99.5M	$125.7M	$127.7M
YoY change	+24%	-3.47%	-7.26%	-5.99%	-0.58%	-3.92%	+0.59%	+7.27%	+2.85%	-0.43%	+24.5%	+23.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.1B	900.7M	748.4M	1.3B	1.5B	901.8M	819.7M	655.4M	945.7M
Receivables	12.6M	14.3M	19.3M	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	67.8M	66.1M	73.4M	74.4M	14.5M	10.5M	108.8M	48.7M	73.9M	83.3M
Goodwill & intangibles	133.2M	122.5M	257M	252.8M	265.9M	254.7M	678M	744.1M	729M	708.8M
Total assets	—	—	—	—	—	—	—	—	9.8B	9.9B
Accounts payable	5M	5.8M	7M	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	38.7M	129.1M	301.7M	207.7M	—	39.5M	438.9M	394.2M	104.5M	54.5M
Total liabilities	—	—	—	—	—	—	—	—	8.5B	8.5B
Shareholders' equity	536.2M	532.4M	695M	766.9M	820.7M	840.1M	1.1B	1.2B	1.3B	1.4B
Total debt	38.7M	129.1M	301.7M	207.7M	—	39.5M	438.9M	394.2M	104.5M	54.5M
Net debt	-114.1M	-128.2M	192.1M	97.5M	—	-806.2M	243.4M	203.4M	-23.3M	-362.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	911.7M	819.7M	978.6M	836.1M	889.8M	655.4M	880.7M	928.4M	1.2B	945.7M	1.1B	966.2M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	48.7M	—	—	—	73.9M	—	—	—	83.3M	—	—
Goodwill & intangibles	748.7M	744.1M	740.5M	736.8M	732.9M	729M	721.1M	717.1M	712.8M	708.8M	1B	1B
Total assets	—	—	10B	10B	10B	9.8B	10.1B	10B	10.2B	9.9B	12.6B	12.6B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	370.9M	394.2M	54.3M	89.4M	54.4M	104.5M	134.6M	239.4M	54.7M	54.5M	202.1M	327M
Total liabilities	—	—	—	8.7B	8.7B	8.5B	8.8B	8.6B	8.8B	8.5B	10.9B	10.9B
Shareholders' equity	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.7B	1.7B
Total debt	370.9M	394.2M	54.3M	89.4M	54.4M	104.5M	134.6M	239.4M	54.7M	54.5M	202.1M	327M
Net debt	79.6M	203.4M	-238.7M	-55.6M	-126.4M	-23.3M	-111.7M	-57.1M	-500.8M	-362.5M	-270.7M	-53.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	23.1M	14.6M	61.5M	80.4M	88.6M	93.6M	71.3M	142M	118.8M	109.6M
Depreciation & amortization	14.2M	12.9M	11.5M	15M	14.4M	13.6M	16.4M	23.9M	24.2M	28.1M
Stock-based compensation	3.5M	3.6M	4.4M	4.9M	5.3M	5.5M	6.1M	7.2M	8M	7.3M
Change in working capital	-10M	16.6M	15M	19M	1.3M	-38.6M	-14.2M	-9.9M	-707K	-17.7M
Operating cash flow	-24M	48.2M	93.1M	70.6M	68.9M	245.7M	215.4M	170.2M	146.3M	162.4M
Capital expenditure	690K	-5.6M	-6.3M	-11.2M	-4.4M	5.1M	-12.4M	-36.8M	-34.6M	—
Investing cash flow	376M	97.4M	279.7M	197.8M	-201.8M	-307.2M	234.4M	71.5M	138M	-86.9M
Dividends paid	-6.4M	-9.4M	-16.6M	-23.5M	-24.8M	-26.9M	-30.4M	-39.6M	-42.9M	-46.1M
Share repurchases	-93.6M	0	0	0	-19.5M	-36.4M	0	0	—	-15.2M
Financing cash flow	-101.3M	81M	122.1M	-117.5M	-252M	-23.8M	354.6M	-84.6M	-332.9M	-111.2M
Net change in cash	250.7M	226.7M	494.9M	150.9M	-384.9M	-85.3M	804.4M	157M	-48.7M	-35.7M
Free cash flow	-3.9M	52.5M	67.3M	33M	-10.6M	179.5M	202.2M	130.1M	120.7M	132.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	36.1M	33.1M	31.4M	26.1M	33.1M	28.2M	24.2M	34M	35.3M	16M	20.8M	26.5M
Depreciation & amortization	6.1M	6.3M	6M	6M	5.9M	6.3M	6.3M	5.9M	7.6M	8.3M	9M	11.1M
Stock-based compensation	1.7M	1.9M	1.6M	2.1M	2M	2.4M	1.7M	2M	2.1M	1.4M	6.3M	7.1M
Change in working capital	-1.6M	-4.2M	-9.6M	2.5M	-4.7M	11.1M	-19.5M	-880K	2.1M	597K	-88.3M	91M
Operating cash flow	54.7M	37.5M	34.2M	32M	39.7M	40.3M	28.3M	32.8M	52.4M	38.1M	-56.8M	135.1M
Capital expenditure	-8.3M	-12.1M	-5.5M	-13.3M	-7.6M	-8.2M	-10.2M	-5.8M	—	—	—	—
Investing cash flow	34.7M	21.9M	-35.2M	-3M	16.6M	159.7M	-277.8M	-12.3M	52.6M	134.3M	216.4M	10.2M
Dividends paid	-9.9M	-10.3M	-10.3M	-10.8M	-10.7M	-11.1M	-11.3M	-11.5M	-11.4M	-11.8M	-14.7M	-14.5M
Share repurchases	—	—	—	—	—	—	—	-4.2M	-8.8M	-2.1M	-16.1M	-11.1M
Financing cash flow	3.7B	13M	-350.3M	-395.4M	618.9M	38.9M	18.7M	-15.8M	-20.2M	-13.9M	106.4M	89.3M
Net change in cash	3.8B	72.3M	-351.3M	-366.4M	675.2M	238.8M	-230.7M	4.7M	84.8M	158.4M	266M	234.7M
Free cash flow	39.9M	32.5M	24.5M	18.6M	39.4M	38.2M	29.5M	26.5M	46.5M	30M	-62.3M	131M

National Bank Holdings Corp Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement