National Bank Holdings Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data National Bank Holdings Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue					32.4	36.2	38.3	46.9	46.2	47.2
Selling and marketing	2.56	2.68	4.51	3.9	2.8	2.51	3.82	4	3.99	4.35
Interest expense	14.8	18.1	24	36.8	25.1	13.8	17.9	133
Pre-tax income	26	35.9	73.7	96.2	109	115	86.2	176	145	134
Income tax	2.95	21.3	12.2	15.8	20.8	21.4	14.9	33.6	26.4	24.1
Net income	23.1	14.6	61.5	80.4	88.6	93.6	71.3	142	119	110
EPS, basic	0.81	0.54	2.00	2.57	2.87	3.04	2.20	3.74	3.10	2.86
EPS, diluted	0.79	0.53	1.95	2.55	2.85	3.01	2.18	3.72	3.08	2.85
Shares, basic (weighted)	28.3	26.9	30.7	31.2	30.9	30.7	32.4	37.9	38.2	38
Shares, diluted (weighted)	29.1	27.7	31.4	31.5	31.1	31.1	32.7	38.1	38.4	38.1
Dividend per share	0.20	0.34	0.54	0.75	0.80	0.87	0.94	1.04	1.12	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	153	257	110	110	606	846	196	191	128	417
Property, plant and equipment	95.7	93.7	110	112	107	96.7	136	163	197	215
Lease right-of-use assets				29.2	25.4	19.7	33.6	29.1	25.9	26.6
Goodwill	59.6	59.6	115	115	115	115	279	306	306	306
Intangible assets	6.95	1.61	13.5	11.4	17.9	12.3	59.9	66	58.4	48.3
Total assets	4,573	4,843	5,677	5,896	6,660	7,214	9,573	9,951	9,808	9,884
Total liabilities	4,037	4,311	4,982	5,129	5,839	6,374	8,481	8,738	8,503	8,498
Total debt						39.5	53.9	54.2	54.5	54.5
Paid-in capital	984	971	1,014	1,009	1,011	1,014	1,160	1,162	1,167	1,172
Retained earnings	55.5	60.8	107	164	223	290	331	433	509	572
Treasury stock	-502	-493	-416	-409	-424	-458	-310	-307	-302	-315
Other comprehensive income	-1.76	-6.24	-11.3	2.06	9.77	-6.96	-88.2	-76.4	-70	-44
Shareholders' equity	536	532	695	767	821	840	1,092	1,213	1,305	1,385
Total equity	536	532	695	767	821	840	1,092	1,213	1,305	1,385
Total liabilities and equity	4,573	4,843	5,677	5,896	6,660	7,214	9,573	9,951	9,808	9,884
Shares outstanding	26.4	26.9	30.8	31.2	30.6	30	37.6	37.8	38.1	37.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	23.1	14.6	61.5	80.4	88.6	93.6	71.3	142	119	110
Depreciation and amortization	14.2	12.9	11.5	15	14.4	13.6	16.4	23.9	24.2	28.1
Stock-based compensation	3.49	3.65	4.42	4.87	5.3	5.54	6.06	7.22	8.05	7.25
Deferred income tax	0.96	19.9	10.3	4.6	1.09	4.98	5.89	-2.52	3.85	16.4
Cash from operations	-3.94	58.1	73.6	44.2	-6.21	180	215	167	155	162
Purchases of investments	-4.87	-203	-72.6	-45.7	-286	-289	-260	0	-186	-161
Sales and maturities of investments	275	224	216	195	272	236	142	92	158	133
Cash from investing	115	-179	-102	-115	-153	-474	-752	-404	64.7	186
Debt issued						40
Stock issued		0.1	7.58	2.79	1.83	2.49	1.1	0.62	3.56	0.03
Share buybacks	-93.6				-19.5	-36.4				-15.2
Dividends paid	-6.4	-9.4	-16.6	-23.5	-24.8	-26.9	-30.4	-39.6	-42.9	-46.1
Cash from financing	-124	225	-109	71.4	654	529	-114	231	-284	-59.7
Net change in cash	-13.4	105	-138	0.63	495	235	-652	-6.19	-64.5	289
Interest paid	14.2	17.3	22.7	34.5	27.6	16.6	18.6	124	190	168
Income taxes paid	2.19	-0.13	-2.35	9.27	22.1	15.4	11.3	32.8	20.8	10.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	249.0%	Pre-tax income / revenue.
Net margin	203.3%	Net income / revenue.
Operating cash flow margin	347.9%	Cash from operations / revenue.
Effective tax rate	18.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Stock-based pay / revenue	35.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	74.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-7.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.6%	Total debt / total assets.
Liabilities / assets	86.7%	Total liabilities / total assets.
Net debt	-$178.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.15B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.21x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.08	Revenue / diluted weighted shares.
Operating cash flow per share	$3.76	Cash from operations / diluted weighted shares.
Book value per share	$37.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.80	Tangible book value / shares outstanding.
Cash per share	$8.55	(Cash + short-term investments) / shares outstanding.
Payout ratio	53.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.79B	Share price x shares outstanding.
Enterprise value	$1.61B	Market cap + total debt - cash - short-term investments.
P/E	18.1x	Market cap / net income. Only when net income is positive.
P/S	36.9x	Market cap / revenue.
P/B	1.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.56x	Market cap / tangible book value, when positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	33.2x	Enterprise value / revenue.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.
PEG	1.94x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was National Bank Holdings Corp's revenue in fiscal 2025?

National Bank Holdings Corp reported revenue of $47.2M for fiscal 2025, 2.1% higher than the year before.

Was National Bank Holdings Corp profitable in fiscal 2025?

Yes. Net income was $109.6M, a net margin of 232.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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