NKSH

MKT CAP:$225M

National Bankshares, Inc.

Market Cap

$225M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$37.80+$4.79 (+14.52%)

Apr 22, 2026

Company Details

National Bankshares, Inc. operates as the bank holding company for the National Bank of Blacksburg that provides retail and commercial banking products and services to individuals, businesses, non-profits, and local governments. The company...

CEO

Lara E. Ramsey

IPO Date

Dec 1, 1999

Website

www.nationalbankshares.com

Key Metrics TTM

Revenue

$83M

+2.2% YoY

Net Income

$18M

EPS (Diluted)

$2.75

Free Cash Flow

$17M

Revenue / Share

$13.10

Gross Margin

51.5%

Operating Margin

18.3%

Net Margin

21.1%

FCF Margin

20.9%

P/S

2.7x

P/E

12.8x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$19M-8.8%EPS $0.78

FY 2025

Mar 27, 2026

$85M+7.9%EPS $2.49

Q4 2025

Mar 27, 2026

$22M+8.0%EPS $0.92

Q3 2025

Nov 13, 2025

$21M+2.4%EPS $0.69

Q2 2025

Aug 13, 2025

$21M+7.5%EPS $0.36

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$14M	$13M	$7M
Q3 22	$15M	$14M	$8M
Q4 22	$20M	$19M	$12M
Q1 23	$16M	$13M	$5M
Q2 23	$17M	$12M	$4M
Q3 23	$17M	$11M	$4M
Q4 23	$18M	$12M	$5M
Q1 24	$18M	$10M	$3M
Q2 24	$19M	$10M	-$483.0K
Q3 24	$21M	$12M	$3M
Q4 24	$21M	$12M	$4M
Q1 25	$21M	$13M	$4M
Q2 25	$21M	$13M	$3M
Q3 25	$21M	$14M	$5M
Q4 25	$22M	$16M	$7M
Q1 26	$19M	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	3.5x	8.9x
Q3 22	3.6x	9.2x
Q4 22	3.8x	9.2x
Q1 23	2.9x	7.3x
Q2 23	2.5x	7.2x
Q3 23	2.0x	6.9x
Q4 23	2.8x	12.3x
Q1 24	3.0x	15.6x
Q2 24	2.6x	20.3x
Q3 24	2.5x	21.8x
Q4 24	2.3x	24.0x
Q1 25	2.1x	19.5x
Q2 25	2.1x	15.3x
Q3 25	2.3x	14.5x
Q4 25	2.5x	13.5x
Q1 26	2.7x	13.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$7M	$6M
Q2 22	$3M	$3M
Q3 22	$8M	$8M
Q4 22	$11M	$11M
Q1 23	$4M	$4M
Q2 23	$3M	$3M
Q3 23	$6M	$5M
Q4 23	$2M	$2M
Q1 24	$4M	$4M
Q2 24	-$3M	-$4M
Q3 24	$3M	$2M
Q4 24	$5M	$4M
Q1 25	$3M	$2M
Q2 25	$2M	$2M
Q3 25	$6M	$8M
Q4 25	$7M	$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$196.0K
Q2 22	$153.0K
Q3 22	$557.0K
Q4 22	$352.0K
Q1 23	$223.0K
Q2 23	$788.0K
Q3 23	$253.0K
Q4 23	$228.0K
Q1 24	$315.0K
Q2 24	$1M
Q3 24	$971.0K
Q4 24	$954.0K
Q1 25	$963.0K
Q2 25	$543.0K
Q3 25	$2M
Q4 25	$432.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+9.3%	-0.2%
Q3 22	+12.1%	+15.6%
Q4 22	+44.7%	+13.3%
Q1 23	+21.8%	+45.4%
Q2 23	+23.9%	+78.1%
Q3 23	+9.8%	+69.3%
Q4 23	-10.5%	+52.4%
Q1 24	+12.2%	+44.3%
Q2 24	+11.4%	+53.3%
Q3 24	+24.7%	+35.2%
Q4 24	+15.7%	+32.8%
Q1 25	+13.9%	+8.6%
Q2 25	+7.5%	-8.5%
Q3 25	+2.4%	-9.3%
Q4 25	+8.0%	-11.3%
Q1 26	-8.8%	+12.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$400.0K	2.0%
Q1 23	$0	0.0%
Q2 23	$5.0K	0.0%
Q3 23	$16.0K	0.1%
Q4 23	$21.0K	0.1%
Q1 24	$32.0K	0.2%
Q2 24	$33.0K	0.2%
Q3 24	$28.0K	0.1%
Q4 24	$35.0K	0.2%
Q1 25	$43.0K	0.2%
Q2 25	$51.0K	0.2%
Q3 25	$49.0K	0.2%
Q4 25	$50.0K	0.2%

OpEx Breakdown

Quarter	G&A
Q2 22	$4M
Q3 22	$4M
Q4 22	$5M
Q1 23	$5M
Q2 23	$5M
Q3 23	$5M
Q4 23	$4M
Q1 24	$5M
Q2 24	$5M
Q3 24	$5M
Q4 24	$5M
Q1 25	$5M
Q2 25	$5M
Q3 25	$6M
Q4 25	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$108M	$682M	$790M
Q3 22	$90M	$657M	$748M
Q4 22	$71M	$657M	$728M
Q1 23	$55M	$651M	$706M
Q2 23	$70M	$614M	$684M
Q3 23	$53M	$592M	$645M
Q4 23	$87M	$619M	$705M
Q1 24	$121M	$610M	$731M
Q2 24	$95M	$605M	$701M
Q3 24	$50M	$622M	$672M
Q4 24	$108M	$34M	$141M
Q1 25	$122M	$29M	$151M
Q2 25	$93M	$590M	$683M
Q3 25	$42M	$22M	$64M
Q4 25	$8M	$654M	$663M
Q1 26	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	6M	-0.7%	-3.4%
Q3 22	6M	-0.5%	-2.7%
Q4 22	6M	-0.7%	-2.4%
Q1 23	6M	-0.7%	-2.6%
Q2 23	6M	+0.0%	-1.9%
Q3 23	6M	-0.0%	-1.4%
Q4 23	6M	+0.0%	-0.7%
Q1 24	6M	+0.0%	+0.0%
Q2 24	6M	+2.3%	+2.3%
Q3 24	6M	+5.5%	+8.0%
Q4 24	6M	+0.0%	+8.0%
Q1 25	6M	+0.0%	+8.0%
Q2 25	6M	+0.0%	+5.5%
Q3 25	6M	+0.0%	+0.1%
Q4 25	6M	+0.0%	+0.1%
Q1 26	6M	+0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$64.4K	218
Q3 22	$70.2K	218
Q4 22	$87.4K	227
Q1 23	$71.6K	227
Q2 23	$76.6K	227
Q3 23	$74.0K	227
Q4 23	$80.0K	222
Q1 24	$82.1K	222
Q2 24	$87.2K	222
Q3 24	$94.3K	222
Q4 24	$85.0K	242
Q1 25	$85.8K	242
Q2 25	$86.0K	242
Q3 25	$88.6K	242
Q4 25	$91.3K	243
Q1 26	$77.9K	243

Revenue / Employee