National Bank Holdings Corporation (NBHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+42.9%

$54.59

vs $38.20 price

Levered DCF

$79.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.61

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.29×	13.89×	9.94×	19.12×	14.45×	11.41×	13.7×	15.44×
P/B	1.05×	1.26×	1.16×	1.25×	1.61×	1.23×	1.43×	1.37×
P/S	2.49×	2.77×	2.55×	3.93×	4.41×	2.86×	3.35×	3.25×
EV / EBITDA	6.47×	9.68×	8.19×	15.83×	4.41×	3.46×	11.26×	14.17×
Gross margin	69.2%	66.4%	74.4%	84.2%	98.5%	87.9%	85.2%	90.0%
Operating margin	24.4%	24.4%	31.7%	24.9%	37.6%	30.9%	29.3%	25.2%
Net margin	18.8%	20.0%	25.7%	20.6%	30.6%	25.0%	24.5%	21.0%
Current ratio	0.27×	0.08×	0.1×	0.11×	0.25×	0.22×	0.16×	0.2×
Debt / equity	0.05×	0.09×	0.34×	0.42×	0.07×	0.03×	0.35×	0.53×
Interest coverage	0.83×	0.75×	1.32×	4.83×	8.32×	4.37×	2.62×	3.08×
Dividend yield	3.2%	2.6%	2.8%	2.2%	2.0%	2.5%	2.1%	1.8%
Payout ratio	42.0%	36.1%	27.9%	42.7%	28.7%	28.0%	29.3%	27.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	9.1%	11.7%	6.5%	11.1%	10.8%	10.5%	8.8%
Return on invested capital	1.8%	7.6%	8.1%	4.2%	9.5%	9.0%	6.9%	5.5%
Return on assets	1.1%	1.2%	1.4%	0.7%	1.3%	1.3%	1.4%	1.1%
Free cash flow yield	9.1%	7.3%	9.2%	14.9%	13.3%	-1.0%	3.0%	7.1%
Earnings yield	7.6%	7.2%	10.1%	5.2%	6.9%	8.8%	7.3%	6.5%
Enterprise value	$1.1B	$1.6B	$1.6B	$1.6B	$566.7M	$428.2M	$1.3B	$1.2B
Net debt / EBITDA	-2.02×	-0.03×	1.12×	2.57×	-6.09×	-4.7×	1.39×	3.03×
Cash conversion cycle (days)	0	0	0	0	0	0	0	-61