NBHC

MKT CAP:$2B

National Bank Holdings Corporation

Market Cap

$2B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$41.30+$3.40 (+8.97%)

Apr 22, 2026

Company Details

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 product...

CEO

G. Timothy Laney

IPO Date

Sep 20, 2012

Website

www.nationalbankholdings.com

Key Metrics TTM

Revenue

$617M

+4.5% YoY

Net Income

$106M

EPS (Diluted)

$2.76

Free Cash Flow

$114M

Revenue / Share

$16.16

Gross Margin

70.7%

Operating Margin

22.5%

Net Margin

17.2%

FCF Margin

18.5%

P/S

2.6x

P/E

15.3x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$177M+22.8%EPS $0.54

FY 2025

Feb 24, 2026

$584M-1.7%EPS $2.85

Q4 2025

Feb 24, 2026

$141M-3.5%EPS $0.42

Q3 2025

Oct 29, 2025

$152M-2.1%EPS $0.92

Q2 2025

Aug 5, 2025

$147M+1.3%EPS $0.88

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$76M	$70M	$25M
Q3 22	$88M	$72M	$20M
Q4 22	$117M	$86M	$20M
Q1 23	$127M	$107M	$50M
Q2 23	$134M	$101M	$41M
Q3 23	$144M	$104M	$45M
Q4 23	$149M	$99M	$39M
Q1 24	$148M	$100M	$39M
Q2 24	$145M	$93M	$32M
Q3 24	$155M	$103M	$40M
Q4 24	$146M	$98M	$35M
Q1 25	$144M	$91M	$30M
Q2 25	$147M	$103M	$42M
Q3 25	$152M	$109M	$43M
Q4 25	$141M	$101M	$28M
Q1 26	$177M	$123M	$26M

Valuation

Quarter	P/S	P/E
Q2 22	4.0x	14.5x
Q3 22	4.6x	18.4x
Q4 22	4.7x	22.9x
Q1 23	3.1x	13.5x
Q2 23	2.4x	10.7x
Q3 23	2.2x	9.0x
Q4 23	2.5x	9.7x
Q1 24	2.4x	10.2x
Q2 24	2.6x	11.9x
Q3 24	2.7x	13.0x
Q4 24	2.8x	13.9x
Q1 25	2.5x	13.1x
Q2 25	2.4x	12.0x
Q3 25	2.5x	12.3x
Q4 25	2.5x	13.4x
Q1 26	2.4x	13.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$49M	$49M
Q2 22	$78M	$68M
Q3 22	$54M	$54M
Q4 22	$34M	$31M
Q1 23	-$19M	-$25M
Q2 23	$93M	$83M
Q3 23	$48M	$40M
Q4 23	$45M	$32M
Q1 24	$30M	$24M
Q2 24	$32M	$19M
Q3 24	$47M	$39M
Q4 24	$46M	$38M
Q1 25	$40M	$29M
Q2 25	$32M	$27M
Q3 25	$52M	$46M
Q4 25	$38M	$12M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$10M
Q3 22	$95.0K
Q4 22	$3M
Q1 23	$7M
Q2 23	$10M
Q3 23	$8M
Q4 23	$12M
Q1 24	$5M
Q2 24	$13M
Q3 24	$8M
Q4 24	$8M
Q1 25	$10M
Q2 25	$6M
Q3 25	$6M
Q4 25	$26M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+4.8%	+19.6%
Q3 22	+13.4%	+29.0%
Q4 22	+55.3%	+106.1%
Q1 23	+88.5%	+68.7%
Q2 23	+76.8%	+82.2%
Q3 23	+62.8%	+43.7%
Q4 23	+27.9%	+13.8%
Q1 24	+16.7%	+42.7%
Q2 24	+8.6%	+22.3%
Q3 24	+7.9%	+17.2%
Q4 24	-2.2%	+0.8%
Q1 25	-2.6%	+4.8%
Q2 25	+1.3%	-6.9%
Q3 25	-2.1%	-5.7%
Q4 25	-3.5%	+1.2%
Q1 26	+22.8%	+32.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	1.7%
Q2 22	$2M	2.2%
Q3 22	$1M	1.7%
Q4 22	$2M	1.5%
Q1 23	$1M	1.1%
Q2 23	$2M	1.6%
Q3 23	$2M	1.2%
Q4 23	$2M	1.2%
Q1 24	$2M	1.1%
Q2 24	$2M	1.4%
Q3 24	$2M	1.3%
Q4 24	$2M	1.6%
Q1 25	$2M	1.2%
Q2 25	$2M	1.4%
Q3 25	$2M	1.4%
Q4 25	$1M	1.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$29M	$674.0K
Q3 22	$31M	$979.0K
Q4 22	$29M	$1M
Q1 23	$35M	$870.0K
Q2 23	$37M	$1M
Q3 23	$37M	$1M
Q4 23	$36M	$1M
Q1 24	$38M	$962.0K
Q2 24	$38M	$783.0K
Q3 24	$39M	$1M
Q4 24	$37M	$1M
Q1 25	$36M	$946.0K
Q2 25	$39M	$968.0K
Q3 25	$39M	$948.0K
Q4 25	$38M	—
Q1 26	$2M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$448M	$806M	$1.3B
Q3 22	$256M	$731M	$987M
Q4 22	$196M	$706M	$902M
Q1 23	$370M	$695M	$1.1B
Q2 23	$324M	$659M	$983M
Q3 23	$291M	$620M	$912M
Q4 23	$191M	$629M	$820M
Q1 24	$293M	$686M	$979M
Q2 24	$145M	$691M	$836M
Q3 24	$181M	$709M	$890M
Q4 24	$128M	$528M	$655M
Q1 25	$246M	$634M	$881M
Q2 25	$296M	$632M	$928M
Q3 25	$556M	$613M	$1.2B
Q4 25	$417M	$529M	$946M
Q1 26	$473M	$605M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	30M	+0.0%	-2.3%
Q3 22	32M	+3.4%	+1.5%
Q4 22	38M	+20.8%	+23.8%
Q1 23	38M	-0.1%	+24.9%
Q2 23	38M	+0.1%	+25.0%
Q3 23	38M	+0.1%	+20.9%
Q4 23	38M	+0.1%	+0.2%
Q1 24	38M	+0.1%	+0.3%
Q2 24	38M	+0.5%	+0.7%
Q3 24	38M	+0.3%	+0.9%
Q4 24	39M	+0.2%	+1.1%
Q1 25	38M	-0.9%	+0.1%
Q2 25	38M	-0.2%	-0.6%
Q3 25	38M	0.0%	-0.9%
Q4 25	38M	+0.1%	-1.0%
Q1 26	38M	0.0%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$67.5K	1K
Q3 22	$78.9K	1K
Q4 22	$93.0K	1K
Q1 23	$101.1K	1K
Q2 23	$106.5K	1K
Q3 23	$114.6K	1K
Q4 23	$121.7K	1K
Q1 24	$120.8K	1K
Q2 24	$118.3K	1K
Q3 24	$126.6K	1K
Q4 24	$115.9K	1K
Q1 25	$114.6K	1K
Q2 25	$116.8K	1K
Q3 25	$120.6K	1K
Q4 25	$112.6K	1K
Q1 26	$141.7K	1K

Revenue / Employee