National Bank (NBHC) Financials

$36.53 -0.39 (-1.06%)

Closing price 03:59 PM Eastern

Extended Trading

$36.58 +0.05 (+0.13%)

As of 04:04 PM Eastern

Annual Income Statements for National Bank

This table shows National Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	119	142	71	94	89	80	61	15	23	4.88	9.18
Consolidated Net Income / (Loss)	119	142	71	94	89	80	61	15	23	4.88	9.18
Net Income / (Loss) Continuing Operations	119	142	71	94	89	80	61	15	23	4.88	9.18
Total Pre-Tax Income	145	176	86	115	109	96	74	36	26	7.93	12
Total Revenue	407	426	334	298	333	289	268	186	186	178	169
Net Interest Income / (Expense)	345	362	267	187	193	206	197	146	146	157	170
Total Interest Income	538	495	285	201	218	243	221	164	160	171	185
Loans and Leases Interest Income	505	461	256	182	200	219	193	137	129	131	134
Investment Securities Interest Income	31	30	25	18	18	23	27	26	30	39	50
Deposits and Money Market Investments Interest Income	2.47	4.46	3.78	0.99	0.31	0.70	1.43	1.49	0.72	0.80	0.33
Total Interest Expense	193	133	18	14	25	37	24	18	15	14	14
Deposits Interest Expense	186	109	15	14	24	30	21	16	14	14	14
Long-Term Debt Interest Expense	6.69	24	3.26	0.22	1.43	6.97	2.91	1.94	0.85	0.85	0.29
Total Non-Interest Income	61	64	67	110	140	83	71	39	40	21	-1.70
Other Service Charges	54	47	41	45	35	38	5.38	35	33	30	30
Net Realized & Unrealized Capital Gains on Investments	4.65	14	24	63	102	42	30	2.15	2.88	-13	-36
Other Non-Interest Income	3.01	3.27	2.27	2.21	2.75	2.03	35	2.31	4.11	3.99	4.25
Provision for Credit Losses	6.76	8.30	37	-9.29	18	12	5.20	13	24	12	6.21
Total Non-Interest Expense	255	242	211	192	206	181	189	137	136	158	150
Salaries and Employee Benefits	146	138	125	128	141	123	115	80	80	83	83
Net Occupancy & Equipment Expense	57	51	44	35	37	36	39	28	29	36	37
Marketing Expense	3.99	4.00	3.82	2.51	2.80	3.90	4.51	2.68	2.56	4.33	4.57
Property & Liability Insurance Claims	5.39	7.01	2.12	1.85	1.17	1.05	2.48	2.76	3.24	3.92	4.13
Other Operating Expenses	34	35	34	24	21	22	27	22	20	24	19
Amortization Expense	7.94	7.39	2.34	1.18	1.18	1.18	2.17	5.34	5.48	-	-
Income Tax Expense	26	34	15	21	21	16	12	21	2.95	3.04	3.17
Basic Earnings per Share	$3.10	$3.74	$2.20	$3.04	$2.87	$2.57	$2.00	$0.54	$0.81	$0.14	$0.22
Weighted Average Basic Shares Outstanding	38.21M	37.94M	32.36M	30.73M	30.86M	31.18M	30.75M	26.93M	28.31M	34.35M	42.40M
Diluted Earnings per Share	$3.08	$3.72	$2.18	$3.01	$2.85	$2.55	$1.95	$0.53	$0.79	$0.14	$0.22
Weighted Average Diluted Shares Outstanding	38.42M	38.11M	32.68M	31.07M	31.08M	31.53M	31.43M	27.71M	29.09M	34.36M	42.42M
Weighted Average Basic & Diluted Shares Outstanding	38.06M	37.79M	37.61M	29.96M	30.64M	31.18M	30.86M	27M	28.50M	34.90M	41.70M
Cash Dividends to Common per Share	$1.12	$1.04	$0.94	$0.87	$0.80	$0.75	$0.54	$0.34	$0.20	$0.20	$0.20

This table shows National Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	24	28	33	26	31	33	36	33	40	17	16
Consolidated Net Income / (Loss)	24	28	33	26	31	33	36	33	40	17	16
Net Income / (Loss) Continuing Operations	24	28	33	26	31	33	36	33	40	17	16
Total Pre-Tax Income	30	35	40	32	39	39	45	41	50	20	20
Total Revenue	102	101	106	98	102	106	107	104	110	109	86
Net Interest Income / (Expense)	87	90	88	84	84	90	88	90	95	95	69
Total Interest Income	130	136	138	132	132	135	126	121	114	104	72
Loans and Leases Interest Income	120	128	130	124	124	127	118	112	105	96	64
Investment Securities Interest Income	9.22	7.52	7.88	7.90	7.23	7.05	7.17	7.60	7.76	7.41	6.67
Deposits and Money Market Investments Interest Income	0.54	0.47	0.56	0.69	0.76	1.09	1.21	1.51	0.65	0.59	1.82
Total Interest Expense	43	46	50	49	48	45	38	31	19	8.89	3.28
Deposits Interest Expense	41	45	49	48	44	40	33	25	11	6.64	2.95
Long-Term Debt Interest Expense	2.01	1.34	0.98	0.66	3.70	5.44	4.91	6.14	7.60	2.26	0.33
Total Non-Interest Income	15	11	18	14	18	16	19	14	15	14	17
Other Service Charges	11	15	15	10.00	14	13	14	9.08	11	11	12
Net Realized & Unrealized Capital Gains on Investments	3.32	-4.29	2.98	3.30	2.66	2.02	4.69	3.71	3.22	2.69	4.47
Other Non-Interest Income	0.76	0.78	0.76	0.74	0.73	0.71	0.88	1.03	0.65	0.63	0.57
Provision for Credit Losses	10	1.98	2.00	2.78	0.00	4.57	1.13	1.70	0.90	22	13
Total Non-Interest Expense	62	65	64	63	63	62	61	61	58	68	54
Salaries and Employee Benefits	34	35	37	37	37	34	35	35	33	36	31
Net Occupancy & Equipment Expense	15	15	14	14	14	13	13	12	13	15	11
Marketing Expense	0.95	1.15	1.09	0.78	0.96	1.01	1.04	1.09	0.87	1.50	0.98
Other Operating Expenses	9.49	5.47	9.67	9.15	9.34	4.57	9.82	11	10	11	11
Amortization Expense	1.98	1.98	1.98	1.98	2.01	2.01	2.01	2.01	1.36	1.36	0.38
Income Tax Expense	5.62	6.54	6.78	5.62	7.50	5.78	9.33	8.37	10	2.95	3.99
Basic Earnings per Share	$0.63	$0.74	$0.86	$0.68	$0.82	$0.87	$0.95	$0.86	$1.06	$0.41	$0.51
Weighted Average Basic Shares Outstanding	38.07M	38.21M	38.28M	38.21M	38.03M	37.94M	37.99M	37.96M	37.79M	32.36M	31.26M
Diluted Earnings per Share	$0.63	$0.72	$0.86	$0.68	$0.82	$0.87	$0.94	$0.85	$1.06	$0.41	$0.50
Weighted Average Diluted Shares Outstanding	38.23M	38.42M	38.50M	38.37M	38.19M	38.11M	38.13M	38.11M	38.07M	32.68M	31.53M
Weighted Average Basic & Diluted Shares Outstanding	38.09M	38.06M	38.01M	37.92M	37.83M	37.79M	75.52M	37.72M	37.71M	37.61M	37.59M
Cash Dividends to Common per Share	$0.29	-	$0.28	$0.28	$0.27	-	$0.26	$0.26	$0.25	-	$0.23

This table details how cash moves in and out of National Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	-64	-6.19	-652	235	495	0.63	-138	105	-13	-91	68
Net Cash From Operating Activities	155	167	215	180	-6.21	44	74	58	-3.94	-38	-2.76
Net Cash From Continuing Operating Activities	155	167	215	180	-6.21	44	74	58	-3.94	-38	-2.76
Net Income / (Loss) Continuing Operations	119	142	71	94	89	80	61	15	23	4.88	9.18
Consolidated Net Income / (Loss)	119	142	71	94	89	80	61	15	23	4.88	9.18
Provision For Loan Losses	6.76	8.30	37	-9.29	18	11	0.37	13	24	12	6.21
Depreciation Expense	24	24	16	14	14	15	12	13	14	16	16
Amortization Expense	-1.35	-0.83	1.11	4.34	3.37	2.05	2.91	2.58	3.07	4.12	-64
Non-Cash Adjustments to Reconcile Net Income	9.31	6.74	99	116	-132	-84	-27	-0.19	-54	-50	20
Changes in Operating Assets and Liabilities, net	-2.45	-13	-10	-39	1.33	19	24	15	-14	-24	9.94
Net Cash From Investing Activities	65	-404	-752	-474	-153	-115	-102	-179	115	182	197
Net Cash From Continuing Investing Activities	65	-404	-752	-474	-153	-115	-102	-179	115	182	197
Purchase of Investment Securities	-349	-623	-1,399	-876	-530	-419	-523	-530	-291	-346	-299
Divestitures	0.00	-45	234	0.00	0.00	-	69	-	-	-	-
Sale and/or Maturity of Investments	414	264	412	402	377	304	352	351	406	510	499
Net Cash From Financing Activities	-284	231	-114	529	654	71	-109	225	-124	-236	-127
Net Cash From Continuing Financing Activities	-284	231	-114	529	654	71	-109	225	-124	-236	-127
Net Change in Deposits	47	317	-466	553	939	202	-174	114	28	-56	-72
Issuance of Debt	-290	-45	385	40	947	1,477	889	263	219	-	40
Payment of Dividends	-43	-40	-30	-27	-25	-24	-17	-9.40	-6.40	-6.71	-8.51
Other Financing Activities, Net	1.31	-1.50	-2.93	0.09	-33	-13	-58	30	-51	2.18	33
Cash Interest Paid	190	124	19	17	28	34	23	17	14	14	14
Cash Income Taxes Paid	21	33	11	15	22	9.27	-2.35	-0.13	2.19	-7.42	-8.12

This table details how cash moves in and out of National Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	118	-53	36	-148	101	-100	-33	-46	173	-61	-192
Net Cash From Operating Activities	40	46	47	32	30	45	48	93	-19	34	54
Net Cash From Continuing Operating Activities	40	46	47	32	30	45	48	93	-19	34	54
Net Income / (Loss) Continuing Operations	24	28	33	26	31	33	36	33	40	17	16
Consolidated Net Income / (Loss)	24	28	33	26	31	33	36	33	40	17	16
Provision For Loan Losses	10	1.98	2.00	2.78	0.00	4.57	1.13	1.70	0.90	24	10
Depreciation Expense	6.33	6.31	5.86	6.00	6.02	6.34	6.14	6.26	5.12	5.74	3.83
Amortization Expense	-0.48	-0.15	-0.35	-0.65	-0.20	-0.21	-0.15	-0.35	-0.12	-0.08	0.06
Non-Cash Adjustments to Reconcile Net Income	19	0.08	12	-5.35	2.37	3.33	11	-6.97	-1.03	5.67	15
Changes in Operating Assets and Liabilities, net	-20	10	-5.86	3.00	-9.62	-2.53	-6.49	60	-64	-19	9.22
Net Cash From Investing Activities	-127	120	-88	-62	94	-199	-30	-52	-124	-163	-110
Net Cash From Continuing Investing Activities	-127	120	-88	-62	94	-199	-30	-52	-124	-163	-110
Purchase of Investment Securities	-359	-63	-112	-181	6.46	-247	-90	-119	-168	-352	-417
Sale and/or Maturity of Investments	231	184	24	119	87	48	60	112	44	199	62
Net Cash From Financing Activities	206	-220	77	-118	-23	54	-51	-87	315	69	-136
Net Cash From Continuing Financing Activities	206	-220	77	-118	-23	54	-51	-87	315	69	-136
Net Change in Deposits	186	-259	120	-141	327	41	28	539	-291	-307	-125
Issuance of Common Equity	-0.58	-	-	-	0.13	-	-	-	-0.24	-	-
Repayment of Debt	30	-	630	-210	-760	-	2,227	-1,920	-375	-	-
Payment of Dividends	-11	-11	-11	-11	-10	-10	-9.88	-9.97	-9.53	-9.44	-6.96
Other Financing Activities, Net	1.86	0.62	2.20	-1.46	-0.05	-0.62	-0.58	-1.59	1.28	0.36	-3.78
Cash Interest Paid	43	49	46	50	45	48	33	29	15	9.01	3.31
Cash Income Taxes Paid	-0.10	4.43	3.59	13	0.08	8.02	8.27	17	0.04	5.74	2.19

This table presents National Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	9,808	9,951	9,573	7,214	6,660	5,896	5,677	4,843	4,573	4,684	4,820
Cash and Due from Banks	128	191	196	845	605	110	109	193	153	156	247
Trading Account Securities	1,137	1,304	1,447	1,352	1,061	821	1,027	1,119	1,241	1,598	2,015
Loans and Leases, Net of Allowance	7,657	7,601	7,131	4,464	4,294	4,376	-36	0.00	0.00	0.00	0.00
Loans and Leases	7,751	7,699	7,220	4,513	4,354	4,415	-	-	-	-	-
Allowance for Loan and Lease Losses	94	98	90	50	60	39	36	-	-	-	-
Loans Held for Sale	24	19	23	139	248	117	48	-	-	-	-
Premises and Equipment, Net	197	163	136	97	107	112	110	94	96	103	106
Goodwill	306	306	279	115	115	115	115	60	60	60	60
Intangible Assets	58	66	60	12	18	11	13	1.61	6.95	12	17
Other Assets	300	301	302	4,653	212	232	4,290	3,312	3,017	2,745	2,365
Total Liabilities & Shareholders' Equity	9,808	9,951	9,573	7,214	6,660	5,896	5,677	4,843	4,573	4,684	4,820
Total Liabilities	8,503	8,738	8,481	6,374	5,839	5,129	4,982	4,311	4,037	4,066	4,025
Non-Interest Bearing Deposits	2,214	2,361	3,135	2,506	2,111	1,185	1,072	902	847	815	733
Interest Bearing Deposits	6,024	5,829	4,738	3,722	3,565	3,552	3,464	3,077	3,022	3,026	3,034
Short-Term Debt	19	20	20	23	23	57	66	130	92	137	134
Long-Term Debt	105	394	439	39	0.00	208	302	129	39	40	40
Other Long-Term Liabilities	141	134	149	83	140	127	78	72	38	49	85
Total Equity & Noncontrolling Interests	1,305	1,213	1,092	840	821	767	695	532	536	618	795
Total Preferred & Common Equity	1,305	1,213	1,092	840	821	767	695	532	536	618	795
Total Common Equity	1,305	1,213	1,092	840	821	767	695	532	536	618	795
Common Stock	1,168	1,163	1,160	1,015	1,012	1,010	1,015	971	985	998	994
Retained Earnings	509	433	331	290	223	164	107	61	55	39	41
Treasury Stock	-302	-307	-310	-458	-424	-409	-416	-493	-502	-420	-246
Accumulated Other Comprehensive Income / (Loss)	-70	-76	-88	-6.96	9.77	2.06	-11	-6.24	-1.76	0.10	5.84

This table presents National Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	10,099	9,993	9,971	9,967	9,866	9,872	9,917	7,923
Cash and Due from Banks	246	181	145	293	291	324	369	255
Trading Account Securities	1,417	1,319	1,319	1,330	1,309	1,368	1,454	1,401
Loans and Leases, Net of Allowance	7,556	7,619	7,626	7,471	7,385	7,322	7,255	5,656
Loans and Leases	7,646	7,714	7,722	7,569	7,478	7,414	7,345	5,722
Allowance for Loan and Lease Losses	90	95	96	98	93	93	90	66
Loans Held for Sale	12	17	19	14	19	25	25	33
Premises and Equipment, Net	205	192	177	169	154	148	140	106
Goodwill	306	306	306	306	306	306	279	168
Intangible Assets	54	60	62	64	68	75	59	31
Other Assets	302	298	317	320	334	305	7,591	272
Total Liabilities & Shareholders' Equity	10,099	9,993	9,971	9,967	9,866	9,872	9,917	7,923
Total Liabilities	8,770	8,701	8,723	8,736	8,703	8,725	8,783	7,003
Non-Interest Bearing Deposits	2,215	2,269	2,229	2,293	2,483	2,629	2,921	2,736
Interest Bearing Deposits	6,209	6,228	6,147	6,225	5,666	5,492	4,661	4,068
Short-Term Debt	21	20	19	20	20	21	21	20
Long-Term Debt	135	54	89	54	371	439	1,054	40
Other Long-Term Liabilities	190	130	237	144	163	143	126	140
Total Equity & Noncontrolling Interests	1,329	1,292	1,248	1,232	1,164	1,147	1,134	919
Total Preferred & Common Equity	1,329	1,292	1,248	1,232	1,164	1,147	1,134	919
Total Common Equity	1,329	1,292	1,248	1,232	1,164	1,147	1,134	919
Common Stock	1,169	1,165	1,162	1,164	1,161	1,159	1,161	1,080
Retained Earnings	522	492	470	454	410	384	361	323
Treasury Stock	-302	-302	-304	-306	-307	-307	-310	-395
Accumulated Other Comprehensive Income / (Loss)	-60	-62	-80	-80	-101	-89	-79	-89

This table displays calculated financial ratios and metrics derived from National Bank's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.52%	27.45%	12.32%	-10.71%	15.46%	7.59%	44.58%	-0.08%	4.08%	5.84%	-15.36%
EBITDA Growth	-15.37%	91.46%	-21.93%	4.46%	12.31%	28.56%	71.66%	18.61%	57.08%	177.37%	-201.76%
EBIT Growth	-17.29%	103.75%	-25.04%	5.10%	13.73%	30.55%	105.46%	37.89%	228.16%	-35.78%	13.46%
NOPAT Growth	-16.36%	99.30%	-23.86%	5.66%	10.24%	30.78%	321.50%	-36.78%	372.44%	-46.81%	32.47%
Net Income Growth	-16.36%	99.30%	-23.86%	5.66%	10.24%	30.78%	321.50%	-36.78%	372.44%	-46.81%	32.47%
EPS Growth	-17.20%	70.64%	-27.57%	5.61%	11.76%	30.77%	267.92%	-32.91%	464.29%	-36.36%	57.14%
Operating Cash Flow Growth	-6.99%	-22.22%	19.57%	2,989.60%	-114.04%	-39.87%	26.55%	1,577.11%	89.54%	-1,265.81%	89.23%
Free Cash Flow Firm Growth	375.07%	111.55%	-1,758.00%	-87.40%	147.90%	153.30%	-89.32%	-173.57%	-16.03%	366.14%	-75.05%
Invested Capital Growth	-12.18%	4.86%	71.92%	6.97%	-18.22%	-2.93%	34.18%	18.76%	-16.02%	-17.98%	-2.93%
Revenue Q/Q Growth	-1.05%	-0.85%	7.61%	-1.32%	6.01%	1.66%	11.28%	-3.65%	-4.90%	11.14%	-4.79%
EBITDA Q/Q Growth	-2.41%	11.01%	-13.55%	-2.62%	15.73%	3.68%	27.00%	-14.93%	3.96%	160.16%	-211.52%
EBIT Q/Q Growth	-2.79%	12.30%	-18.01%	-2.15%	19.36%	2.96%	35.14%	-19.37%	10.06%	141.40%	20.61%
NOPAT Q/Q Growth	-3.99%	13.05%	-16.91%	4.53%	9.45%	2.93%	80.22%	-57.97%	40.53%	27.77%	16.20%
Net Income Q/Q Growth	-3.99%	13.05%	-16.91%	4.53%	9.45%	2.93%	80.22%	-57.97%	40.53%	27.77%	16.20%
EPS Q/Q Growth	-4.64%	14.11%	-21.30%	4.15%	10.04%	3.24%	85.71%	-56.56%	41.07%	40.00%	22.22%
Operating Cash Flow Q/Q Growth	1.18%	7.11%	-0.51%	-9.53%	-113.78%	538.05%	73.17%	664.99%	-182.29%	-17.16%	-110.26%
Free Cash Flow Firm Q/Q Growth	1.41%	114.82%	-2,031.35%	-25.33%	-26.77%	166.17%	-212.21%	-379.65%	13.28%	94.40%	-83.78%
Invested Capital Q/Q Growth	4.58%	4.62%	58.45%	4.18%	2.47%	-7.90%	21.69%	2.57%	-6.66%	-4.41%	5.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	41.34%	46.64%	31.05%	44.67%	38.18%	39.25%	32.85%	27.67%	23.31%	15.44%	-21.13%
EBIT Margin	35.72%	41.23%	25.79%	38.64%	32.83%	33.33%	27.47%	19.33%	14.01%	4.44%	7.32%
Profit (Net Income) Margin	29.22%	33.35%	21.33%	31.46%	26.59%	27.85%	22.91%	7.86%	12.42%	2.74%	5.44%
Tax Burden Percent	81.80%	80.89%	82.70%	81.42%	80.98%	83.54%	83.40%	40.65%	88.67%	61.59%	74.35%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.20%	19.11%	17.30%	18.58%	19.02%	16.46%	16.60%	59.35%	11.33%	38.41%	25.65%
Return on Invested Capital (ROIC)	7.78%	8.94%	5.81%	10.72%	9.45%	7.67%	6.63%	2.00%	3.16%	0.55%	0.93%
ROIC Less NNEP Spread (ROIC-NNEP)	7.78%	8.94%	5.81%	10.72%	9.45%	7.67%	6.63%	2.00%	3.16%	0.55%	0.93%
Return on Net Nonoperating Assets (RNNOA)	1.66%	3.39%	1.57%	0.55%	1.71%	3.32%	3.39%	0.73%	0.84%	0.14%	0.15%
Return on Equity (ROE)	9.44%	12.33%	7.38%	11.27%	11.16%	10.99%	10.01%	2.73%	4.00%	0.69%	1.08%
Cash Return on Invested Capital (CROIC)	20.75%	4.20%	-47.09%	3.99%	29.50%	10.65%	-22.57%	-15.15%	20.57%	20.31%	3.91%
Operating Return on Assets (OROA)	1.47%	1.80%	1.03%	1.66%	1.74%	1.66%	1.40%	0.76%	0.56%	0.17%	0.25%
Return on Assets (ROA)	1.20%	1.46%	0.85%	1.35%	1.41%	1.39%	1.17%	0.31%	0.50%	0.10%	0.19%
Return on Common Equity (ROCE)	9.44%	12.33%	7.38%	11.27%	11.16%	10.99%	10.01%	2.73%	4.00%	0.69%	1.08%
Return on Equity Simple (ROE_SIMPLE)	9.10%	11.71%	6.53%	11.14%	10.79%	10.48%	8.84%	2.74%	4.30%	0.79%	1.15%
Net Operating Profit after Tax (NOPAT)	119	142	71	94	89	80	61	15	23	4.88	9.18
NOPAT Margin	29.22%	33.35%	21.33%	31.46%	26.59%	27.85%	22.91%	7.86%	12.42%	2.74%	5.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	51.07%	45.17%	51.76%	55.33%	54.17%	56.39%	58.92%	59.86%	59.89%	69.14%	73.82%
Operating Expenses to Revenue	62.62%	56.82%	63.22%	64.48%	61.88%	62.63%	70.59%	73.68%	73.25%	88.58%	88.99%
Earnings before Interest and Taxes (EBIT)	145	176	86	115	109	96	74	36	26	7.93	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	168	199	104	133	127	113	88	51	43	28	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.13	1.36	1.48	1.12	1.27	1.19	1.40	1.31	0.88	0.81
Price to Tangible Book Value (P/TBV)	1.74	1.62	1.98	1.74	1.33	1.53	1.46	1.59	1.50	1.00	0.90
Price to Revenue (P/Rev)	4.03	3.21	4.46	4.18	2.75	3.39	3.09	4.03	3.79	3.06	3.82
Price to Earnings (P/E)	13.78	9.61	20.91	13.28	10.34	12.16	13.47	51.29	30.51	111.74	70.12
Dividend Yield	2.60%	2.88%	2.37%	2.12%	2.67%	2.39%	2.01%	1.22%	0.81%	1.11%	1.24%
Earnings Yield	7.26%	10.41%	4.78%	7.53%	9.67%	8.22%	7.43%	1.95%	3.28%	0.89%	1.43%
Enterprise Value to Invested Capital (EV/IC)	1.14	0.98	1.13	0.51	0.40	1.10	1.02	0.95	1.02	0.70	0.58
Enterprise Value to Revenue (EV/Rev)	4.01	3.73	5.25	1.55	1.00	3.92	4.05	4.04	3.67	3.12	3.32
Enterprise Value to EBITDA (EV/EBITDA)	9.71	8.00	16.91	3.46	2.62	9.99	12.32	14.61	15.75	20.17	0.00
Enterprise Value to EBIT (EV/EBIT)	11.24	9.04	20.35	4.00	3.05	11.76	14.73	20.91	26.20	70.14	45.38
Enterprise Value to NOPAT (EV/NOPAT)	13.74	11.18	24.61	4.91	3.76	14.08	17.67	51.44	29.55	113.88	61.03
Enterprise Value to Operating Cash Flow (EV/OCF)	10.51	9.51	8.17	2.56	0.00	25.57	14.76	12.90	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	5.15	23.80	0.00	13.19	1.21	10.14	0.00	0.00	4.54	3.11	14.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.09	0.34	0.42	0.07	0.03	0.35	0.53	0.49	0.24	0.29	0.22
Long-Term Debt to Equity	0.08	0.33	0.40	0.05	0.00	0.27	0.43	0.24	0.07	0.06	0.05
Financial Leverage	0.21	0.38	0.27	0.05	0.18	0.43	0.51	0.37	0.27	0.25	0.16
Leverage Ratio	7.85	8.47	8.69	8.35	7.91	7.92	8.57	8.81	8.02	6.73	5.75
Compound Leverage Factor	7.85	8.47	8.69	8.35	7.91	7.92	8.57	8.81	8.02	6.73	5.75
Debt to Total Capital	8.64%	25.44%	29.59%	6.90%	2.71%	25.65%	34.60%	32.78%	19.60%	22.23%	17.93%
Short-Term Debt to Total Capital	1.32%	1.21%	1.30%	2.52%	2.71%	5.52%	6.21%	16.47%	13.80%	17.19%	13.79%
Long-Term Debt to Total Capital	7.32%	24.23%	28.29%	4.38%	0.00%	20.13%	28.39%	16.30%	5.80%	5.04%	4.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	91.36%	74.56%	70.41%	93.10%	97.29%	74.35%	65.40%	67.22%	80.40%	77.77%	82.07%
Debt to EBITDA	0.73	2.08	4.43	0.47	0.18	2.34	4.17	5.06	3.02	6.41	-4.87
Net Debt to EBITDA	-0.03	1.12	2.54	-5.90	-4.58	1.36	2.93	0.04	-0.51	0.38	2.34
Long-Term Debt to EBITDA	0.62	1.98	4.23	0.30	0.00	1.83	3.42	2.52	0.89	1.45	-1.12
Debt to NOPAT	1.04	2.91	6.44	0.67	0.26	3.29	5.98	17.80	5.67	36.17	18.91
Net Debt to NOPAT	-0.04	1.57	3.70	-8.37	-6.58	1.92	4.20	0.15	-0.96	2.14	-9.09
Long-Term Debt to NOPAT	0.88	2.78	6.16	0.42	0.00	2.58	4.91	8.86	1.68	8.20	4.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	317	67	-578	35	277	112	-209	-111	150	179	38
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	1.64	0.50	-32.36	2.52	11.04	3.03	-8.74	-6.10	10.15	12.37	2.66
Operating Cash Flow to Interest Expense	0.81	1.25	12.02	12.99	-0.25	1.20	3.07	3.21	-0.27	-2.60	-0.19
Operating Cash Flow Less CapEx to Interest Expense	0.81	1.25	12.02	12.99	-0.25	1.20	3.07	3.21	-0.27	-2.60	-0.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.04	0.04	0.04	0.03
Fixed Asset Turnover	2.26	2.85	2.87	2.92	3.04	2.60	2.63	1.96	1.87	1.70	1.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,428	1,627	1,551	902	844	1,032	1,063	792	667	794	968
Invested Capital Turnover	0.27	0.27	0.27	0.34	0.36	0.28	0.29	0.25	0.25	0.20	0.17
Increase / (Decrease) in Invested Capital	-198	75	649	59	-188	-31	271	125	-127	-174	-29
Enterprise Value (EV)	1,632	1,588	1,754	460	333	1,132	1,086	750	682	556	560
Market Capitalization	1,637	1,365	1,490	1,243	916	977	827	748	704	545	643
Book Value per Share	$34.33	$32.12	$29.05	$27.73	$26.82	$24.60	$22.59	$19.83	$20.65	$20.36	$19.97
Tangible Book Value per Share	$24.74	$22.26	$20.03	$23.53	$22.47	$20.55	$18.41	$17.55	$18.09	$17.99	$18.05
Total Capital	1,428	1,627	1,551	902	844	1,032	1,063	792	667	794	968
Total Debt	123	414	459	62	23	265	368	260	131	177	174
Total Long-Term Debt	105	394	439	39	0.00	208	302	129	39	40	40
Net Debt	-4.44	223	264	-783	-583	154	258	2.21	-22	10	-83
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	123	414	459	62	23	265	368	260	131	177	174
Total Depreciation and Amortization (D&A)	23	23	18	18	18	17	14	15	17	20	-48
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.10	$3.74	$2.20	$3.04	$2.87	$2.57	$2.00	$0.54	$0.81	$0.14	$0.22
Adjusted Weighted Average Basic Shares Outstanding	38.21M	37.94M	32.36M	30.73M	30.86M	31.18M	30.75M	26.93M	28.31M	34.35M	42.40M
Adjusted Diluted Earnings per Share	$3.08	$3.72	$2.18	$3.01	$2.85	$2.55	$1.95	$0.53	$0.79	$0.14	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	38.42M	38.11M	32.68M	31.07M	31.08M	31.53M	31.43M	27.71M	29.09M	34.36M	42.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.06M	37.79M	37.61M	29.96M	30.64M	31.18M	30.86M	30.31M	26.61M	29.46M	37.21M
Normalized Net Operating Profit after Tax (NOPAT)	119	142	71	94	90	75	61	22	19	9.14	11
Normalized NOPAT Margin	29.22%	33.35%	21.33%	31.46%	27.15%	26.03%	22.76%	11.97%	10.33%	5.12%	6.50%
Pre Tax Income Margin	35.72%	41.23%	25.79%	38.64%	32.83%	33.33%	27.47%	19.33%	14.01%	4.44%	7.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.75	1.32	4.83	8.32	4.37	2.62	3.08	1.98	1.76	0.55	0.86
NOPAT to Interest Expense	0.62	1.06	3.99	6.77	3.54	2.19	2.57	0.80	1.56	0.34	0.64
EBIT Less CapEx to Interest Expense	0.75	1.32	4.83	8.32	4.37	2.62	3.08	1.98	1.76	0.55	0.86
NOPAT Less CapEx to Interest Expense	0.62	1.06	3.99	6.77	3.54	2.19	2.57	0.80	1.56	0.34	0.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.14%	27.91%	42.72%	28.72%	28.01%	29.28%	27.05%	64.48%	27.75%	137.49%	92.71%
Augmented Payout Ratio	36.14%	27.91%	42.72%	67.61%	50.00%	29.28%	27.05%	64.48%	433.53%	3,731.35%	1,393.60%

This table displays calculated financial ratios and metrics derived from National Bank's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.34%	-4.09%	-1.03%	-5.80%	-7.15%	-3.33%	23.94%	42.36%	66.71%	27.62%	13.61%
EBITDA Growth	-20.16%	-9.20%	-11.70%	-20.76%	-19.24%	77.78%	116.70%	63.78%	112.11%	-39.09%	-19.46%
EBIT Growth	-23.25%	-10.73%	-12.19%	-22.42%	-22.78%	97.73%	128.98%	65.54%	129.39%	-49.03%	-19.95%
NOPAT Growth	-22.81%	-14.91%	-8.26%	-19.73%	-22.07%	98.08%	127.84%	59.89%	119.50%	-46.46%	-20.11%
Net Income Growth	-22.81%	-14.91%	-8.26%	-19.73%	-22.07%	98.08%	127.84%	59.89%	119.50%	-46.46%	-20.11%
EPS Growth	-23.17%	-17.24%	-8.51%	-20.00%	-22.64%	112.20%	88.00%	26.87%	76.67%	-59.00%	-21.88%
Operating Cash Flow Growth	32.27%	4.05%	-2.39%	-65.68%	259.39%	33.06%	-10.72%	18.55%	-138.55%	-3.17%	395.49%
Free Cash Flow Firm Growth	-116.55%	636.25%	141.12%	139.88%	143.10%	93.32%	-456.06%	-4,529.93%	-340.24%	-2,196.11%	-320.90%
Invested Capital Growth	13.71%	-12.18%	-12.14%	-15.63%	-40.90%	4.86%	58.81%	82.81%	0.00%	71.92%	13.03%
Revenue Q/Q Growth	0.81%	-4.52%	8.65%	-4.05%	-3.64%	-1.47%	3.41%	-5.43%	0.32%	26.32%	18.78%
EBITDA Q/Q Growth	-12.69%	-9.92%	22.30%	-17.00%	-0.71%	-12.39%	9.75%	-15.41%	118.58%	6.79%	-17.06%
EBIT Q/Q Growth	-14.04%	-12.93%	25.60%	-18.35%	-0.03%	-14.34%	10.97%	-18.74%	156.00%	-0.81%	-19.78%
NOPAT Q/Q Growth	-14.03%	-14.86%	26.67%	-16.74%	-5.22%	-8.22%	10.84%	-19.18%	140.91%	5.57%	-22.21%
Net Income Q/Q Growth	-14.03%	-14.86%	26.67%	-16.74%	-5.22%	-8.22%	10.84%	-19.18%	140.91%	5.57%	-22.21%
EPS Q/Q Growth	-12.50%	-16.28%	26.47%	-17.07%	-5.75%	-7.45%	10.59%	-19.81%	158.54%	-18.00%	-25.37%
Operating Cash Flow Q/Q Growth	-14.66%	-1.14%	47.15%	6.55%	-32.87%	-7.26%	-48.26%	594.76%	-156.04%	-37.77%	-31.29%
Free Cash Flow Firm Q/Q Growth	-168.36%	2.00%	-20.02%	-70.32%	2,315.02%	92.18%	22.44%	67.92%	-243.05%	-551.47%	-717.90%
Invested Capital Q/Q Growth	3.93%	4.58%	0.70%	3.89%	-19.73%	4.62%	-3.30%	-27.22%	42.41%	58.45%	11.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	34.97%	40.38%	42.80%	38.02%	43.95%	42.66%	47.97%	45.20%	50.53%	23.19%	27.44%
EBIT Margin	29.25%	34.30%	37.61%	32.53%	38.23%	36.85%	42.39%	39.50%	45.97%	18.01%	22.94%
Profit (Net Income) Margin	23.74%	27.84%	31.22%	26.78%	30.86%	31.38%	33.68%	31.42%	36.77%	15.31%	18.32%
Tax Burden Percent	81.18%	81.16%	83.01%	82.31%	80.72%	85.14%	79.46%	79.55%	79.99%	84.99%	79.86%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.82%	18.84%	16.99%	17.69%	19.28%	14.86%	20.54%	20.45%	20.01%	15.01%	20.14%
Return on Invested Capital (ROIC)	6.92%	7.41%	8.78%	7.44%	7.34%	8.41%	11.42%	10.33%	12.58%	4.17%	6.17%
ROIC Less NNEP Spread (ROIC-NNEP)	6.92%	7.41%	8.78%	7.44%	7.34%	8.41%	11.42%	10.33%	12.58%	4.17%	6.17%
Return on Net Nonoperating Assets (RNNOA)	0.62%	1.58%	1.66%	1.77%	3.57%	3.18%	2.47%	2.76%	11.94%	1.13%	0.28%
Return on Equity (ROE)	7.54%	8.99%	10.45%	9.21%	10.91%	11.59%	13.89%	13.09%	24.52%	5.30%	6.45%
Cash Return on Invested Capital (CROIC)	-4.82%	20.75%	21.40%	25.51%	58.99%	4.20%	-35.53%	-50.09%	-191.56%	-47.09%	-2.94%
Operating Return on Assets (OROA)	1.19%	1.41%	1.56%	1.35%	1.61%	1.61%	2.05%	1.90%	1.75%	0.72%	0.95%
Return on Assets (ROA)	0.96%	1.15%	1.29%	1.11%	1.30%	1.37%	1.63%	1.51%	1.40%	0.61%	0.76%
Return on Common Equity (ROCE)	7.54%	8.99%	10.45%	9.21%	10.91%	11.59%	13.89%	13.09%	24.52%	5.30%	6.45%
Return on Equity Simple (ROE_SIMPLE)	8.40%	0.00%	9.58%	10.16%	10.81%	0.00%	10.80%	9.19%	8.22%	0.00%	9.33%
Net Operating Profit after Tax (NOPAT)	24	28	33	26	31	33	36	33	40	17	16
NOPAT Margin	23.74%	27.84%	31.22%	26.78%	30.86%	31.38%	33.68%	31.42%	36.77%	15.31%	18.32%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	49.52%	51.07%	49.52%	53.23%	50.62%	45.96%	45.53%	46.71%	42.61%	48.67%	49.10%
Operating Expenses to Revenue	60.76%	63.75%	60.51%	64.62%	61.77%	58.82%	56.56%	58.86%	53.21%	61.96%	62.39%
Earnings before Interest and Taxes (EBIT)	30	35	40	32	39	39	45	41	50	20	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	41	45	37	45	45	51	47	55	25	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.25	1.24	1.18	1.10	1.13	0.94	0.92	1.07	1.36	1.15
Price to Tangible Book Value (P/TBV)	1.50	1.74	1.72	1.68	1.57	1.62	1.38	1.38	1.52	1.98	1.47
Price to Revenue (P/Rev)	3.58	4.03	3.88	3.58	3.23	3.21	2.53	2.59	3.20	4.46	3.40
Price to Earnings (P/E)	13.04	13.78	12.90	11.66	10.15	9.61	8.66	10.06	12.96	20.91	12.31
Dividend Yield	2.98%	2.60%	2.61%	2.77%	2.96%	2.88%	3.53%	3.52%	2.99%	2.37%	2.59%
Earnings Yield	7.67%	7.26%	7.75%	8.58%	9.85%	10.41%	11.54%	9.94%	7.72%	4.78%	8.12%
Enterprise Value to Invested Capital (EV/IC)	0.92	1.14	1.09	1.06	0.87	0.98	0.76	0.74	0.87	1.13	0.88
Enterprise Value to Revenue (EV/Rev)	3.36	4.01	3.62	3.50	2.71	3.73	2.77	2.93	5.06	5.25	2.77
Enterprise Value to EBITDA (EV/EBITDA)	8.58	9.71	8.65	8.08	6.02	8.00	6.64	7.91	14.39	16.91	7.16
Enterprise Value to EBIT (EV/EBIT)	10.02	11.24	9.97	9.30	6.90	9.04	7.60	9.15	16.70	20.35	8.18
Enterprise Value to NOPAT (EV/NOPAT)	12.23	13.74	12.04	11.37	8.50	11.18	9.46	11.36	20.53	24.61	10.02
Enterprise Value to Operating Cash Flow (EV/OCF)	8.28	10.51	9.71	9.32	5.25	9.51	7.63	7.40	13.01	8.17	3.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.15	4.77	3.81	1.09	23.80	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.09	0.06	0.09	0.06	0.34	0.34	0.40	0.95	0.42	0.06
Long-Term Debt to Equity	0.10	0.08	0.04	0.07	0.04	0.33	0.32	0.38	0.93	0.40	0.04
Financial Leverage	0.09	0.21	0.19	0.24	0.49	0.38	0.22	0.27	0.95	0.27	0.05
Leverage Ratio	7.83	7.85	8.09	8.29	8.41	8.47	8.54	8.68	8.75	8.69	8.52
Compound Leverage Factor	7.83	7.85	8.09	8.29	8.41	8.47	8.54	8.68	8.75	8.69	8.52
Debt to Total Capital	10.46%	8.64%	5.41%	8.02%	5.66%	25.44%	25.16%	28.64%	48.68%	29.59%	6.09%
Short-Term Debt to Total Capital	1.40%	1.32%	1.43%	1.44%	1.50%	1.21%	1.30%	1.33%	0.97%	1.30%	2.05%
Long-Term Debt to Total Capital	9.07%	7.32%	3.99%	6.59%	4.16%	24.23%	23.86%	27.31%	47.71%	28.29%	4.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	89.54%	91.36%	94.59%	91.98%	94.34%	74.56%	74.84%	71.36%	51.32%	70.41%	93.91%
Debt to EBITDA	0.98	0.73	0.43	0.61	0.39	2.08	2.19	3.04	8.09	4.43	0.50
Net Debt to EBITDA	-0.57	-0.03	-0.62	-0.20	-1.17	1.12	0.56	0.90	5.31	2.54	-1.64
Long-Term Debt to EBITDA	0.85	0.62	0.32	0.50	0.29	1.98	2.07	2.90	7.92	4.23	0.33
Debt to NOPAT	1.39	1.04	0.60	0.86	0.55	2.91	3.11	4.37	11.54	6.44	0.69
Net Debt to NOPAT	-0.81	-0.04	-0.86	-0.29	-1.65	1.57	0.79	1.30	7.57	3.70	-2.29
Long-Term Debt to NOPAT	1.21	0.88	0.44	0.71	0.41	2.78	2.95	4.17	11.31	6.16	0.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-155	226	222	277	935	-42	-540	-696	-2,169	-632	-97
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-3.58	4.93	4.41	5.68	19.60	-0.93	-14.08	-22.24	-116.33	-71.10	-29.61
Operating Cash Flow to Interest Expense	0.92	1.01	0.93	0.65	0.63	0.99	1.26	2.97	-1.01	3.77	16.44
Operating Cash Flow Less CapEx to Interest Expense	0.92	1.01	0.93	0.65	0.63	0.99	1.26	2.97	-1.01	3.77	16.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.04	0.04	0.04
Fixed Asset Turnover	2.18	2.26	2.38	2.53	2.70	2.85	3.31	3.25	2.69	2.87	3.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,485	1,428	1,366	1,356	1,306	1,627	1,555	1,608	2,209	1,551	979
Invested Capital Turnover	0.29	0.27	0.28	0.28	0.24	0.27	0.34	0.33	0.34	0.27	0.34
Increase / (Decrease) in Invested Capital	179	-198	-189	-251	-904	75	576	728	2,209	649	113
Enterprise Value (EV)	1,365	1,632	1,489	1,441	1,132	1,588	1,189	1,197	1,914	1,754	860
Market Capitalization	1,456	1,637	1,596	1,477	1,352	1,365	1,089	1,060	1,208	1,490	1,056
Book Value per Share	$34.93	$34.33	$34.07	$32.98	$32.39	$32.12	$30.85	$30.42	$30.15	$29.05	$30.57
Tangible Book Value per Share	$25.46	$24.74	$24.41	$23.24	$22.65	$22.26	$20.92	$20.32	$21.16	$20.03	$23.96
Total Capital	1,485	1,428	1,366	1,356	1,306	1,627	1,555	1,608	2,209	1,551	979
Total Debt	155	123	74	109	74	414	391	460	1,075	459	60
Total Long-Term Debt	135	105	54	89	54	394	371	439	1,054	439	40
Net Debt	-91	-4.44	-107	-36	-219	223	100	137	706	264	-197
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	155	123	74	109	74	414	391	460	1,075	459	60
Total Depreciation and Amortization (D&A)	5.85	6.16	5.51	5.36	5.82	6.13	5.98	5.91	5.00	5.66	3.89
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.63	$0.74	$0.86	$0.68	$0.82	$0.87	$0.95	$0.86	$1.06	$0.41	$0.51
Adjusted Weighted Average Basic Shares Outstanding	38.07M	38.21M	38.28M	38.21M	38.03M	37.94M	37.99M	37.96M	37.79M	32.36M	31.26M
Adjusted Diluted Earnings per Share	$0.63	$0.72	$0.86	$0.68	$0.82	$0.87	$0.94	$0.85	$1.06	$0.41	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	38.23M	38.42M	38.50M	38.37M	38.19M	38.11M	38.13M	38.11M	38.07M	32.68M	31.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.09M	38.06M	38.01M	37.92M	37.83M	37.79M	75.52M	37.72M	37.71M	37.61M	37.59M
Normalized Net Operating Profit after Tax (NOPAT)	24	28	33	26	31	33	36	33	40	17	16
Normalized NOPAT Margin	23.74%	27.84%	31.22%	26.78%	30.86%	31.38%	33.68%	31.42%	36.77%	15.31%	18.32%
Pre Tax Income Margin	29.25%	34.30%	37.61%	32.53%	38.23%	36.85%	42.39%	39.50%	45.97%	18.01%	22.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.69	0.76	0.79	0.65	0.82	0.86	1.18	1.31	2.70	2.21	6.05
NOPAT to Interest Expense	0.56	0.61	0.66	0.53	0.66	0.73	0.94	1.04	2.16	1.88	4.83
EBIT Less CapEx to Interest Expense	0.69	0.76	0.79	0.65	0.82	0.86	1.18	1.31	2.70	2.21	6.05
NOPAT Less CapEx to Interest Expense	0.56	0.61	0.66	0.53	0.66	0.73	0.94	1.04	2.16	1.88	4.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.33%	36.14%	34.01%	32.55%	30.36%	27.91%	30.90%	34.07%	35.28%	42.72%	32.27%
Augmented Payout Ratio	39.33%	36.14%	34.01%	32.55%	30.36%	27.91%	30.90%	34.07%	35.28%	42.72%	32.27%

Frequently Asked Questions About National Bank's Financials

When does National Bank's fiscal year end?

According to the most recent income statement we have on file, National Bank's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has National Bank's net income changed over the last 10 years?

National Bank's net income appears to be on an upward trend, with a most recent value of $118.82 million in 2024, rising from $9.18 million in 2014. The previous period was $142.05 million in 2023. See National Bank's forecast for analyst expectations on what’s next for the company.

How has National Bank revenue changed over the last 10 years?

Over the last 10 years, National Bank's total revenue changed from $168.55 million in 2014 to $406.62 million in 2024, a change of 141.2%.

How much debt does National Bank have?

National Bank's total liabilities were at $8.50 billion at the end of 2024, a 2.7% decrease from 2023, and a 111.2% increase since 2014.

How much cash does National Bank have?

In the past 10 years, National Bank's cash and equivalents has ranged from $109.06 million in 2018 to $845.20 million in 2021, and is currently $127.85 million as of their latest financial filing in 2024.

How has National Bank's book value per share changed over the last 10 years?

Over the last 10 years, National Bank's book value per share changed from 19.97 in 2014 to 34.33 in 2024, a change of 71.9%.

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This page (NYSE:NBHC) was last updated on 5/22/2025 by MarketBeat.com Staff

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National Bank (NBHC) Financials

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National Bank (NBHC) Financials

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