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National Bank Holdings Corp
National Bank Holdings Corp (NBHC) is listed on NYSE and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in Greenwood Village, United States and has 1,250 employees. The company is worth $1.73B and trades at 16.0x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $416.07M in fiscal 2025, up 2.3% from the year before. Net income was $109.57M. The share price is 17.6% below its 52-week high of $47.28. It pays a dividend yielding 3.29%, and has raised its annual dividend for 10 years in a row in our records. 4 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Renaissance Technologies, at $31.79M. In that quarter, 2 of them opened or added to the position and 2 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -11.0% over 5Y.
today you would have $1,005.91▲ +0.6%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 14 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $38.01 | $43.06 | $37.19 | $42.07 | $43.94 | $32.76 | $35.22 | $30.87 | $32.43 | $31.89 | $21.37 | $19.41 | $21.40 | $18.99 | |
| P/E | 15.8x | 13.3x | 14.0x | 10.0x | 19.3x | 14.6x |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 0.0% a year plus a 3.3% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 15.8 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| BYByline Bancorp Inc | $37.99 | 11.3x | 1.3x | 1.47% | 11.97% | $1.72B |
| TCBKTrico Bancshares / | $54.39 | 12.6x | 1.3x | 2.65% | 10.38% | $1.74B |
| SBETSharplink, Inc. | $7.86 | — | 1.2x | 0.00% | -183.57% | $1.71B |
| KMPRKEMPER Corp | $29.91 |
| 11.5x |
| 13.8x |
| 15.8x |
| 61.2x |
| 40.4x |
| 152.6x |
| 88.2x |
| 152.9x |
| — |
| P/S | 4.1x | 4.1x | 4.0x | 3.3x | 4.7x | 4.4x | 3.0x | 3.8x | 3.6x | 5.3x | 4.6x | 3.5x | 4.5x | 4.8x | 4.1x |
| P/B | 1.2x | 1.2x | 1.3x | 1.2x | 1.4x | 1.6x | 1.2x | 1.4x | 1.4x | 1.8x | 1.6x | 1.0x | 0.9x | 1.1x | 0.9x |
| EPS | $2.85 | $3.08 | $3.72 | $2.18 | $3.01 | $2.85 | $2.55 | $1.95 | $0.53 | $0.79 | $0.14 | $0.22 | $0.14 | -$0.01 |
| Dividend yield | 1.86% | 3.16% | 2.60% | 2.80% | 2.23% | 1.98% | 2.44% | 2.13% | 1.75% | 1.05% | 0.69% | 0.94% | 1.03% | 0.93% | 0.26% |
| Payout | 36.36% | 42.11% | 36.36% | 27.96% | 43.12% | 28.90% | 28.07% | 29.41% | 27.69% | 64.15% | 27.85% | 142.86% | 90.91% | 142.86% | — |
| Profit margin | 22.12% | 26.34% | 29.22% | 33.35% | 21.33% | 31.46% | 26.59% | 27.85% | 22.91% | 7.86% | 12.42% | 2.74% | 5.44% | 3.48% | -0.22% |
| ROE | 7.22% | 7.91% | 9.10% | 11.71% | 6.53% | 11.14% | 10.79% | 10.48% | 8.84% | 2.74% | 4.30% | 0.79% | 1.15% | 0.77% | -0.05% |
Median of the years shown; P/E years above 200x are left out.
Dividend growing 6.6% a year against a 8.1% required return, from the stock’s beta.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 2 families.
Room for errors in the reported numbers.
+49.3% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| — |
| 0.8x |
| 4.28% |
| -19.70% |
| $1.76B |
| QCRHQcr Holdings Inc | $103.04 | 11.7x | 1.5x | 0.58% | 12.66% | $1.69B |
| HAPNHappen, Inc. | $14.51 | 8.8x | 1.1x | 0.00% | 13.15% | $1.67B |