National Bank Holdings (NBHC) AI Stock Analysis

• Market Cap: $1.40B
• Dividend Yield: 3.19%
• Average Volume (3M): 388.46K
• Price to Earnings (P/E): 11.7
• Beta (1Y): 0.85
• Revenue Growth: -2.17%
• EPS Growth: -1.73%
• Country: US
• Employees: 1,259
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.96
• Shares Outstanding: 37,815,292
• 10 Day Avg. Volume: 362,395
• 30 Day Avg. Volume: 388,465
• PEG Ratio: -0.81
• Price to Book (P/B): 1.26
• Price to Sales (P/S): 2.77
• P/FCF Ratio: 13.63
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 2.36
• Enterprise Value/Gross Profit: 3.54
• Enterprise Value/Ebitda: 8.19
• 1Y Price Target: $45.33
• Price Target Upside: 26.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 71 Outperform
• Price Target: $42.00 ▲(17.38% Upside)

National Bank Holdings has a solid financial foundation with strong revenue growth and profitability. The earnings call was positive, highlighting strategic initiatives and improved credit quality. However, technical indicators suggest a bearish trend, and there are challenges in loan growth due to competition and CRE payoffs.

National Bank Holdings Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

NBHC generates revenue through various channels, primarily by earning interest from loans made to customers, including personal, business, and mortgage loans. The interest income from these loans is a significant revenue stream. Additionally, the bank earns non-interest income from fees associated with services such as account maintenance, transaction fees, and investment services. Mortgage origination and servicing fees also contribute to revenue, particularly during favorable housing market conditions. Furthermore, NBHC's partnerships with local businesses and community organizations help to enhance its customer base and drive deposit growth, which is crucial for funding its lending activities. Overall, the company focuses on maintaining a diversified revenue model to mitigate risks associated with fluctuations in interest rates and economic conditions.

National Bank Holdings Financial Statement Overview

Summary

National Bank Holdings exhibits strong financial health with solid profitability, a strong balance sheet, and robust cash flow generation. The company's low leverage and efficient operations position it well within the industry, although attention should be paid to monitoring revenue trends moving forward.

Income Statement

National Bank Holdings shows strong profitability with a steady gross profit margin and net profit margin. The company experienced revenue growth from 2022 to 2024 but faced a small revenue decline in TTM versus 2024. EBIT and EBITDA margins remain robust, indicating efficient operations.

Balance Sheet

The company maintains a healthy balance sheet with a low debt-to-equity ratio, suggesting low leverage. Return on equity is strong, reflecting effective use of equity capital. The equity ratio is stable, indicating a solid capital structure.

Cash Flow

Operating cash flow remains positive and has grown over time, supporting strong free cash flow generation. The free cash flow to net income ratio is healthy, indicating good cash management. The operating cash flow to net income ratio suggests efficient conversion of profits into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	592.41M	594.31M	553.56M	346.52M	306.15M	353.91M
Gross Profit	394.84M	394.68M	411.80M	291.94M	301.62M	311.22M
EBITDA	170.41M	169.44M	199.46M	102.63M	128.56M	123.85M
Net Income	119.45M	118.81M	142.05M	71.27M	93.61M	88.59M
Balance Sheet
Total Assets	10.00B	9.81B	9.95B	9.57B	7.21B	6.66B
Cash, Cash Equivalents and Short-Term Investments	928.43M	655.39M	819.65M	901.79M	1.54B	1.27B
Total Debt	257.90M	123.41M	413.83M	459.10M	62.25M	22.90M
Total Liabilities	8.65B	8.50B	8.74B	8.48B	6.37B	5.84B
Stockholders Equity	1.35B	1.31B	1.21B	1.09B	840.11M	820.69M
Cash Flow
Free Cash Flow	133.54M	120.68M	130.10M	202.20M	179.50M	-10.56M
Operating Cash Flow	165.36M	155.27M	166.94M	214.63M	179.50M	-6.21M
Investing Cash Flow	-8.16M	64.66M	-404.03M	-752.14M	-473.84M	-152.59M
Financing Cash Flow	-5.71M	-284.41M	230.90M	-114.20M	528.99M	654.18M

National Bank Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 35.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NBHC, the sentiment is Negative. The current price of 35.78 is below the 20-day moving average (MA) of 37.40, below the 50-day MA of 38.32, and below the 200-day MA of 38.21, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 39.43 is Neutral, neither overbought nor oversold. The STOCH value of 41.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NBHC.

National Bank Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STBA	―	$1.38B	10.70	9.35%	3.67%	-1.47%	―
NBHC	―	$1.40B	11.71	9.09%	3.19%	-2.17%	-1.73%
HOPE	―	$1.37B	27.23	2.19%	5.19%	-7.89%	―
Sector *	―	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
TCBK	―	$1.43B	12.48	9.20%	3.05%	0.93%	5.65%
MBIN	―	$1.49B	7.12	11.84%	1.20%	-3.01%	-28.20%
TFIN	―	$1.33B	196.93	1.11%	―	2.04%	-64.17%

National Bank Holdings Corporate Events

National Bank Holdings Reports Strong Q3 2025 Results

National Bank Holdings Corporation is a bank holding company operating in the financial sector, providing community banking services through its subsidiaries, NBH Bank and Bank of Jackson Hole Trust, across several U.S. states including Colorado, Texas, and Wyoming. The company focuses on delivering high-quality client service and has a comprehensive residential mortgage banking group.

National Bank Holdings Reports Strong Q3 2025 Results

On October 21, 2025, National Bank Holdings Corporation announced its third-quarter financial results, reporting a net income increase to $35.3 million and earnings of $0.92 per diluted share. The company maintained a strong net interest margin and credit quality, with a notable improvement in non-performing loans. Additionally, NBHC is preparing to close a strategic acquisition of Vista Bancshares, expected to enhance its market position in Texas and expand its banking services. The acquisition, valued at approximately $365.4 million, is anticipated to close in the first quarter of 2026, pending regulatory and shareholder approvals.

The most recent analyst rating on (NBHC) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

National Bank Holdings Announces Merger with Vista Bancshares

On September 15, 2025, National Bank Holdings Corporation (NBHC) announced a merger agreement with Vista Bancshares, Inc., where Vista will merge into NBHC, and Vista Bank will merge into NBH Bank. This strategic move, unanimously approved by both companies’ boards, aims to enhance NBHC’s market position and operational capabilities. The merger will result in the conversion of Vista’s common stock into cash and NBHC shares, with specific adjustments to ensure economic equivalence. The merger is expected to close by January 2026, subject to regulatory approvals and shareholder votes, and includes provisions for employee benefits and director appointments post-merger.

The most recent analyst rating on (NBHC) stock is a Buy with a $46.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

National Bank Holdings Announces Merger with Vista Bancshares

On September 15, 2025, National Bank Holdings Corporation (NBHC) announced a merger agreement with Vista Bancshares, Inc., expanding its presence in the high-growth Texas markets, particularly the Dallas-Fort Worth metroplex. The merger, valued at $369.1 million, is expected to be accretive to NBHC’s earnings by 17% and is projected to close in Q1 2026. This strategic partnership aims to enhance NBHC’s market position as a premier regional bank, offering expanded banking services and career opportunities while maintaining Vista Bank’s brand in Texas.

The most recent analyst rating on (NBHC) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

National Bank Holdings Highlights Strategic Focus in Q2 2025

National Bank Holdings Corporation has announced its intention to use and make available certain materials for meetings with investors and analysts, highlighting their strategic focus and financial performance. The announcement underscores the company’s strong market positioning, with a robust balance sheet as of the second quarter of 2025, including total assets of $10 billion and total deposits of $8.3 billion. The company’s operations are supported by its presence in attractive markets, which are ranked highly for economic performance and business opportunities, potentially benefiting stakeholders through sustained growth and stability.

The most recent analyst rating on (NBHC) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

National Bank Holdings Declares Quarterly Cash Dividend

On August 4, 2025, National Bank Holdings Corporation’s Board of Directors approved a quarterly cash dividend of $0.30 per share, payable on September 15, 2025, to shareholders of record as of August 29, 2025. This decision reflects the company’s commitment to delivering value to its shareholders and may impact its financial performance and investor relations positively.

The most recent analyst rating on (NBHC) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

National Bank Holdings Corp Reports Strong Q2 2025 Results

National Bank Holdings Corporation is a bank holding company that operates a network of over 85 banking centers across several U.S. states, providing services to individual consumers, businesses, and government entities. It is known for its comprehensive residential mortgage banking and trust and wealth management services.

National Bank Holdings Corp. Reports Strong Q2 Earnings

The recent earnings call for National Bank Holdings Corp. painted a picture of robust financial performance for the second quarter, marked by significant achievements in net interest margin expansion, loan production, and the successful launch of the 2 Unifi app. Despite facing challenges such as declining loan balances and deposit outflows, the bank’s strategic actions and expense reduction initiatives suggest a positive outlook moving forward.