National Bank Holdings Corporation (NBHC) Balance Sheet
NBHC balance sheet, 2025
December 31, 2025 · U.S. dollars$9.88B assets = $8.50B liabilities + $1.39B equity
Both columns are drawn to the same scale: what NBHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NBHC financial health
Descriptive bands, not a rating. Fiscal 2025.
NBHC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.57B2016 | $9.88B2025 | +8.9%/yr | |
| Total liabilities | $4.04B2016 | $8.50B2025 | +8.6%/yr | |
| Shareholders’ equity | $536.2M2016 | $1.39B2025 | +11.1%/yr | |
| Cash & short-term investments | $1.04B2016 | $945.7M2025 | −1.0%/yr | |
| Total debt | $130.7M2016 | $71.9M2025 | −6.4%/yr | |
| Net cash (debt) | $906.3M2016 | $873.8M2025 | −$32.5M | |
| Working capital | −$2.92B2016 | −$2.51B2025 | +$411.0M | |
| Book value per share | $19.522016 | $36.282025 | +7.1%/yr | |
| Debt / equity | 0.242016 | 0.052025 | −0.19 | |
| Shares outstanding | 27.5M2016 | 38.2M2025 | +3.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NBHC assets
NBHC liabilities and equity
NBHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NBHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $945.7M | $655.4M | $819.7M | $901.8M | $1.54B | $1.27B | $748.4M | $900.7M | $1.11B | $1.04B |
| Cash & equivalents | $417.1M | $127.8M | $190.8M | $195.5M | $845.7M | $605.6M | $110.2M | $109.6M | $257.4M | $152.7M |
| Short-term investments | $528.6M | $527.5M | $628.8M | $706.3M | $691.8M | $662.0M | $638.2M | $791.1M | $855.3M | $884.2M |
| Receivables | $0 | $0 | $0 | $0 | $4.46B | $4.29B | $4.38B | $21.6M | $18.2M | $17.8M |
| Inventory | $0 | $0 | $0 | $3.7M | $7.0M | $4.7M | $7.3M | −$151.8M | −$368.4M | −$200.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $151.8M | $368.4M | $200.4M |
| Total current assets | $945.7M | $655.4M | $819.7M | $901.8M | $1.54B | $1.27B | $748.4M | $922.3M | $1.13B | $1.05B |
| Property, plant & equipment (net) | $214.6M | $196.8M | $162.7M | $136.1M | $96.7M | $107.0M | $112.2M | $110.0M | $93.7M | $95.7M |
| Goodwill & intangible assets | $354.4M | $364.5M | $372.1M | $339.0M | $127.3M | $133.0M | $126.4M | $128.5M | $61.2M | $66.6M |
| Long-term investments | $1.24B | $1.11B | $1.26B | $1.45B | $1.35B | $1.32B | $938.6M | $1.07B | $263.4M | $356.7M |
| Other non-current assets | $7.13B | $7.48B | $7.33B | $6.75B | $4.10B | $3.83B | $3.97B | $3.44B | $3.29B | $3.00B |
| Total assets | $9.88B | $9.81B | $9.95B | $9.57B | $7.21B | $6.66B | $5.90B | $5.68B | $4.84B | $4.57B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $7.87B | $6.23B | $5.68B | $4.74B | $7.0M | $5.8M | $5.0M |
| Short-term debt | $17.4M | $18.9M | $19.6M | $20.2M | $27.3M | $22.9M | $56.9M | $66.0M | $130.5M | $92.0M |
| Deferred revenue | — | — | — | — | — | — | — | −$345.7M | −$186.5M | −$87.0M |
| Total current liabilities | $3.46B | $8.26B | $8.21B | $7.89B | $5.20B | $5.70B | $4.79B | $4.63B | $4.13B | $3.98B |
| Long-term debt | $54.5M | $104.5M | $394.2M | $438.9M | $39.5M | $0 | $207.7M | $301.7M | $129.1M | $38.7M |
| Other long-term liabilities | $4.99B | $141.3M | $134.0M | $149.3M | $0 | $140.1M | $126.8M | $50.7M | $50.0M | $19.5M |
| Total liabilities | $8.50B | $8.50B | $8.74B | $8.48B | $39.5M | $5.84B | $5.13B | $4.98B | $4.31B | $4.04B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $514,000 |
| Retained earnings (deficit) | $572.5M | $508.9M | $433.1M | $330.7M | $289.9M | $223.2M | $164.1M | $107.0M | $60.8M | $55.5M |
| Treasury stock | — | — | — | — | — | — | −$409.0M | −$415.6M | −$493.3M | −$502.1M |
| Accumulated other comprehensive income | −$44.0M | −$70.0M | −$76.4M | −$88.2M | −$7.0M | $9.8M | $2.1M | −$11.3M | −$6.2M | −$1.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.39B | $1.31B | $1.21B | $1.09B | $7.17B | $820.7M | $766.9M | $695.0M | $532.4M | $536.2M |
| Key figures | ||||||||||
| Total debt | $71.9M | $123.4M | $413.8M | $459.1M | $66.8M | $22.9M | $264.6M | $367.7M | $259.6M | $130.7M |
| Net cash (debt) | $873.8M | $532.0M | $405.8M | $442.7M | $1.47B | $1.24B | $483.8M | $533.0M | $853.1M | $906.3M |
| Working capital | −$2.51B | −$7.60B | −$7.39B | −$6.99B | −$3.66B | −$4.43B | −$4.05B | −$3.71B | −$3.00B | −$2.92B |
| Tangible book value | $1.03B | $940.6M | $840.7M | $753.2M | $7.05B | $687.7M | $640.5M | $566.5M | $471.2M | $469.6M |
| Book value per share | $36.28 | $33.97 | $31.82 | $33.42 | $230.93 | $26.41 | $24.32 | $22.11 | $19.71 | $19.52 |
| Shares outstanding | 38.2M | 38.4M | 38.1M | 32.7M | 31.1M | 31.1M | 31.5M | 31.4M | 27.0M | 27.5M |
| Current ratio | 0.27 | 0.08 | 0.10 | 0.11 | 0.30 | 0.22 | 0.16 | 0.20 | 0.27 | 0.27 |
| Quick ratio | 0.27 | 0.08 | 0.10 | 0.11 | 1.15 | 0.98 | 1.07 | 0.20 | 0.27 | 0.27 |
| Debt / equity | 0.05 | 0.09 | 0.34 | 0.42 | 0.01 | 0.03 | 0.35 | 0.53 | 0.49 | 0.24 |
| Equity / assets | 14.0% | 13.3% | 12.2% | 11.4% | 99.5% | 12.3% | 13.0% | 12.2% | 11.0% | 11.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.82B | $1.08B | $945.7M | $1.17B | $928.4M | $880.7M | $655.4M | $889.8M | $836.1M | $978.6M | $819.7M | $911.7M |
| Cash & equivalents | $380.7M | $472.8M | $417.1M | $555.6M | $296.5M | $246.3M | $127.8M | $180.8M | $145.0M | $292.9M | $190.8M | $291.3M |
| Short-term investments | $1.44B | $605.2M | $528.6M | $612.7M | $631.9M | $634.4M | $527.5M | $709.0M | $691.1M | $685.7M | $628.8M | $620.4M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.82B | $1.08B | $945.7M | $1.17B | $928.4M | $880.7M | $655.4M | $889.8M | $836.1M | $978.6M | $819.7M | $911.7M |
| Property, plant & equipment (net) | $234.1M | $235.7M | $214.6M | $211.4M | $209.4M | $204.6M | $196.8M | $191.9M | $177.5M | $169.0M | $162.7M | $153.6M |
| Goodwill & intangible assets | $520.0M | $522.1M | $354.4M | $356.4M | $358.5M | $360.5M | $364.5M | $366.4M | $368.4M | $370.3M | $372.1M | $374.3M |
| Long-term investments | $1.40B | $1.42B | $1.24B | $1.36B | $1.40B | $1.39B | $1.11B | $1.29B | $1.29B | $1.31B | $1.26B | $1.31B |
| Other non-current assets | $8.61B | $9.36B | $7.13B | $7.06B | $7.10B | $7.26B | $7.48B | $7.25B | $7.30B | $7.14B | $7.33B | $7.12B |
| Total assets | $12.59B | $12.61B | $9.88B | $10.15B | $10.00B | $10.10B | $9.81B | $9.99B | $9.97B | $9.97B | $9.95B | $9.87B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $8.15B |
| Short-term debt | $20.2M | $17.0M | $17.4M | $21.3M | $18.5M | $20.7M | $18.9M | $19.5M | $19.5M | $19.6M | $19.6M | $20.3M |
| Total current liabilities | $20.2M | $17.0M | $3.46B | $8.49B | $8.29B | $8.44B | $8.26B | $8.52B | $8.40B | $8.54B | $8.21B | $8.17B |
| Long-term debt | $327.0M | $202.1M | $54.5M | $54.7M | $239.4M | $134.6M | $104.5M | $54.4M | $89.4M | $54.3M | $394.2M | $370.9M |
| Other long-term liabilities | $10.57B | $10.73B | $4.99B | $230.0M | $118.9M | $190.0M | $141.3M | $130.2M | $237.5M | $144.0M | $134.0M | $162.5M |
| Total liabilities | $10.92B | $10.95B | $8.50B | $8.78B | $8.65B | $8.77B | $8.50B | $8.70B | $8.72B | $8.74B | $8.74B | $8.70B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $588,000 | $588,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 | $515,000 |
| Retained earnings (deficit) | $590.4M | $578.5M | $572.5M | $568.3M | $544.4M | $521.9M | $508.9M | $491.8M | $469.6M | $454.2M | $433.1M | $410.2M |
| Accumulated other comprehensive income | −$49.4M | −$48.1M | −$44.0M | −$51.0M | −$55.9M | −$60.0M | −$70.0M | −$62.5M | −$80.4M | −$80.2M | −$76.4M | −$100.9M |
| Total shareholders' equity | $1.67B | $1.66B | $1.39B | $1.37B | $1.35B | $1.33B | $1.31B | $1.29B | $1.25B | $1.23B | $1.21B | $1.16B |
| Key figures | ||||||||||||
| Total debt | $347.2M | $219.1M | $71.9M | $76.0M | $257.9M | $155.3M | $123.4M | $74.0M | $108.8M | $73.9M | $413.8M | $391.2M |
| Net cash (debt) | $1.48B | $858.8M | $873.8M | $1.09B | $670.5M | $725.3M | $532.0M | $815.8M | $727.2M | $904.7M | $405.8M | $520.6M |
| Working capital | $1.80B | $1.06B | −$2.51B | −$7.32B | −$7.36B | −$7.56B | −$7.60B | −$7.63B | −$7.56B | −$7.56B | −$7.39B | −$7.26B |
| Tangible book value | $1.15B | $1.14B | $1.03B | $1.02B | $994.0M | $968.8M | $940.6M | $925.6M | $879.2M | $861.6M | $840.7M | $789.3M |
| Book value per share | $43.72 | $43.60 | $36.28 | $36.04 | $35.45 | $34.77 | $33.84 | $33.56 | $32.51 | $32.26 | $31.78 | $30.51 |
| Shares outstanding | 38.2M | 38.2M | 38.2M | 38.2M | 38.2M | 38.2M | 38.6M | 38.5M | 38.4M | 38.2M | 38.2M | 38.1M |
| Current ratio | 90.10 | 63.44 | 0.27 | 0.14 | 0.11 | 0.10 | 0.08 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 |
| Quick ratio | 90.10 | 63.44 | 0.27 | 0.14 | 0.11 | 0.10 | 0.08 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 |
| Debt / equity | 0.21 | 0.13 | 0.05 | 0.06 | 0.19 | 0.12 | 0.09 | 0.06 | 0.09 | 0.06 | 0.34 | 0.34 |
| Equity / assets | 13.3% | 13.2% | 14.0% | 13.5% | 13.5% | 13.2% | 13.3% | 12.9% | 12.5% | 12.4% | 12.2% | 11.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
NBHC financial position
At the end of fiscal 2025 (December 31, 2025), National Bank had total assets of $9.9 billion (up 0.8% from a year earlier), total liabilities of $8.5 billion and shareholders' equity of $1.4 billion. It held $945.7 million in cash and short-term investments against $71.9 million of debt, a net cash position of $873.8 million. Its current ratio was 0.27. In the latest quarter (ended June 30, 2026) total assets were $12.6 billion and equity $1.7 billion.
Related: NBHC income statement, NBHC cash flow statement, NBHC key metrics. See the NBHC stock overview for the latest quote and news.
NBHC balance sheet FAQ
What are National Bank's total assets?
National Bank reported total assets of $9.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $9.8 billion a year earlier.
How much debt does National Bank have?
National Bank had $71.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.05.
How much cash does National Bank have?
National Bank held $945.7 million in cash and short-term investments at the end of fiscal 2025; with $71.9 million of debt that is net cash of $873.8 million.
What is National Bank's book value?
National Bank's shareholders' equity (book value) was $1.4 billion at the end of fiscal 2025, or $36.28 per share.
What is National Bank's current ratio?
National Bank had current assets of $945.7 million and current liabilities of $3.5 billion, a current ratio of 0.27 (current liabilities exceed current assets).
How much goodwill does National Bank have?
National Bank carried $354.4 million of goodwill and intangible assets, 3.6% of total assets, at the end of fiscal 2025.