NBHCNational Bank Holdings Corp
National Commercial Banks
- Revenue
- $47M
- 2.1% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.7B
- Employees
- —
- Net debt / EBITDA
- —
- −$179M net debt
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo148% of net incomeCash flow under 80% of net income
- Dilutive SBCYes15% of revenueOver 10% of revenue
- Payouts exceed cash flowNo38% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 18th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$731K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $36M | $38M | $47M | $46M | $47M | 2.1% |
| Net income | $94M | $71M | $142M | $119M | $110M | 7.8% |
| Operating cash flow | $180M | $215M | $167M | $155M | $162M | 4.6% |
| Stock-based comp | $6M | $6M | $7M | $8M | $7M | 9.9% |
| Buybacks | $36M | — | — | — | $15M | |
| Dividends | $27M | $30M | $40M | $43M | $46M | 7.2% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $271K · 2
- Net
- $731K
Pay vs performance
No pay-versus-performance disclosure yet.