At a glance
National Bank Holdings Corporation is worth $1.67B, about 13 times its fiscal 2025 earnings. Revenue grew 2.3% to $416.1M in fiscal 2025, with 26.3% kept as profit; over 5 years it has grown 4.5% a year. It pays a 3.39% dividend yield, raised every year for at least 9 years, and returned $237.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.5% over the past year with dividends reinvested and −0.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.9% in the 2020 crash (S&P 500: 33.7%) and 23.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 6 months after the lows.
The business in plain English
National Bank Holdings, based in Greenwood Village, Colorado, is the parent company of NBH Bank. It serves small and medium-sized businesses and consumers through more than 90 banking centers (as of December 31, 2025), mainly in Colorado, the Kansas City area, Texas, Utah, Wyoming, New Mexico and Idaho. Local brands include Community Banks of Colorado, Bank Midwest, Bank of Jackson Hole and Hillcrest Bank.
It makes most of its money from lending. In fiscal 2025, about $349 million of its $416 million in revenue was net interest income: what it earns on loans and securities minus what it pays on deposits and borrowings. The other $68 million was noninterest income, such as fees from mortgage banking and trust and wealth management. Its trust business managed $1.3 billion in client assets as of December 31, 2025.
It has grown partly by acquiring other banks. On January 7, 2026, it completed its ninth bank acquisition, Vista, parent of Texas-based Vista Bank, adding 11 banking centers in Dallas-Fort Worth, Austin and Lubbock plus one in Palm Beach, Florida. As of June 30, 2026, it held $12.6 billion in assets, $9.7 billion in loans and $10.4 billion in deposits. It is also building 2UniFi, a national digital platform offering banking and payment tools to small and medium-sized businesses.
Price history
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NBHC +4.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $129.1M, up 23.5% from a year earlier, and net income was $26.5M (-22.1%).
- For fiscal 2025, revenue was $416.1M (+2.3% year over year; +4.5% a year from FY2020 to FY2025) with a 26.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Return on equity | 7.9% weak |
| Net income / revenue | 26.3% good |
| Deposits | $10.39B |
| Loans | $9.66B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $333.2M | $88.6M | — |
| FY2021 | $297.5M | $93.6M | — |
| FY2022 | $334.1M | $71.3M | — |
| FY2023 | $425.9M | $142.0M | — |
| FY2024 | $406.6M | $118.8M | — |
| FY2025 | $416.1M | $109.6M | — |
Valuation snapshot
| Market value | $1.67B |
|---|---|
| P/E ratio | 13.2 |
| Dividend yield | 3.39% |
Rank among 1514 US companies
Market value at each year end
National Bank Holdings’s market value went from $828.0M at the end of 2016 to $1.67B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.67B | +16.1% |
| 2025 | $1.44B | -12.2% |
| 2024 | $1.64B | +16.6% |
| 2023 | $1.40B | -11.2% |
| 2022 | $1.58B | +18.8% |
| 2021 | $1.33B | +32.8% |
| 2020 | $1.00B | -8.7% |
| 2019 | $1.10B | +15.6% |
| 2018 | $949.8M | +9.1% |
| 2017 | $870.7M | +5.2% |
| 2016 | $828.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NBHC price data to Oct 28, 2026 | +0.9% | +4.5% | +10.2% | -0.1% | +6.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.9% |
| 2025 | -8.9% |
| 2024 | +19.1% |
| 2023 | -8.8% |
| 2022 | -2.1% |
| 2021 | +37.0% |
| 2020 | -4.5% |
| 2019 | +16.6% |
| 2018 | -3.4% |
| 2017 | +2.8% |
| 2016 | +50.7% |
| 2015 | +11.2% |
| 2014 | -8.2% |
| 2013 | +13.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.9% over that stretch · deepest drop along the way 39.9%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.8% over that stretch · deepest drop along the way 23.6%, back to its old high 6.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($40K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Maria F Spring Director | sell | $40K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.8% | Mar 31, 2026 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 5.7% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.5% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5% | Jun 30, 2026 |
| Wellington Management Group LLP | 4.7% | Sep 30, 2025 |
| Victory Capital Management, Inc. | 4.21% | Dec 31, 2025 |
| T. Rowe Price Investment Management, Inc. | 3.4% | Sep 30, 2025 |
ETFs with the most weight in NBHC
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.61% |
| SVAL iShares US Small Cap Value Factor ETF | 0.5% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.43% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.42% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.38% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.3% |
| KRE SPDR S&P Regional Banking ETF | 0.27% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.25% |
What could go wrong
- Vista Bank integration could disappoint. NBHC closed its roughly $378 million purchase of Vista, parent of Texas-based Vista Bank, on January 7, 2026. Combining the banks may be harder, costlier or slower than expected, and savings may fall short.
- Its 2UniFi digital platform may not pay off. NBHC is building 2UniFi, a national digital banking platform for small and medium-sized businesses. Its first phase launched in July 2025. The company warns this and other tech investments carry financial, reputational and strategic risks.
- Tougher rules above $10 billion in assets. The Vista deal helped lift assets to $12.6 billion by June 30, 2026, past the $10 billion line. Banks that size face heavier regulation and scrutiny, which could hinder or delay its plans.
- Dependence on federal government lending programs. An important and growing share of its business relies on federal programs such as Small Business Administration (SBA) loans. Changes to program rules, federal funding or long government shutdowns could disrupt that lending.
- Real estate loans could turn sour. A significant portion of its loans is backed by real estate. If home or commercial property values drop, or borrowers in Colorado, Texas and its other core states struggle, loan losses could rise.
- Interest rate swings can squeeze its income. Most revenue is net interest income, the gap between loan earnings and deposit costs. Rate changes can squeeze that gap, and falling rates can shrink the value of its rights to collect loan-servicing fees.
Recent events
- Quarterly results released; Investor presentation or announcement
- Asset impairment; Other company announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
National Bank Holdings has raised its regular dividend at least nine years in a row through fiscal 2025. Dividends per share rose from $0.80 in 2020 to $1.20 in 2025, about 8.4% a year. The 2025 dividend equaled 42% of earnings, so most profit stayed in the business. The yield was 3.39% as of October 28, 2026. Share repurchases were modest: $51.6 million from fiscal 2021 to 2025, against $186 million in dividends. Shares outstanding rose 44.6% from August 2021 to July 2026, partly from issuing 7.3 million shares to acquire Vista.
In the 2020 COVID crash, the shares fell 39.9% and took about 7.6 months to recover. In the 2022 market slump they fell 23.6% and recovered in about 6.4 months. The deepest drop in its 14-year price history was 48.4% (as of October 28, 2026), a history that starts after the 2008 crisis. A single stock carries more risk than a diversified fund.
Questions investors ask
How does National Bank Holdings make money?
Mostly by lending. In fiscal 2025, net interest income, the gap between what it earns on loans and securities and what it pays on deposits and borrowings, was about $349 million of its $416 million in revenue. The other $68 million came from noninterest income, such as fees from mortgage banking and trust and wealth management. It focuses on small and medium-sized businesses and consumers in Colorado, the Kansas City area, Texas, Utah, Wyoming, New Mexico and Idaho.
Does National Bank Holdings raise its dividend every year?
Yes, so far. It has raised its regular dividend at least nine years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew from $0.80 in 2020 to $1.20 in 2025, about 8.4% a year, and equaled 42% of 2025 earnings. The dividend yield (yearly dividends divided by the share price) was 3.39% as of October 28, 2026. Past increases do not guarantee future ones, and bank dividends face regulatory limits.
What is National Bank Holdings' 2UniFi platform?
2UniFi is a national digital platform owned by National Bank Holdings that offers banking services, digital payment tools and financial information management to small and medium-sized businesses. Its first phase launched in July 2025 with two features: easier access to Small Business Administration (SBA) working capital loans, which fund day-to-day operating costs, and an automatic nightly sweep account that earns interest on excess business deposits. The company is still investing in it and warns the project carries financial, reputational and strategic risks.
What did National Bank Holdings get from the Vista Bank deal?
A bigger Texas footprint. On January 7, 2026, it completed the purchase of Vista, parent of Texas-based Vista Bank, in a deal valued at about $377.7 million, paid with $89.0 million in cash and 7.3 million new shares. Vista added 11 banking centers in Dallas-Fort Worth, Austin and Lubbock plus one in Palm Beach, Florida. At December 31, 2025, Vista had $1.9 billion in loans and $2.2 billion in deposits. The deal also took total assets past $10 billion, which brings closer regulatory scrutiny.
How has NBHC stock performed over the long term?
Unevenly. As of October 28, 2026, the share price had gained about 6.9% a year over 10 years, or 95% in total, but was roughly flat over five years (-0.1% a year). Calendar years varied widely: up 37.1% in 2021 and 19.1% in 2024, but down 8.8% in 2023 and 8.9% in 2025. On that date the shares traded at a price-to-earnings ratio of 13.2, based on fiscal 2025 earnings.