National Bankshares, Inc. (NKSH) Balance Sheet
NKSH balance sheet, 2025
December 31, 2025 · U.S. dollars$1.82B assets = $1.64B liabilities + $184.9M equity
Both columns are drawn to the same scale: what NKSH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NKSH financial health
Descriptive bands, not a rating. Fiscal 2025.
NKSH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.23B2016 | $1.82B2025 | +4.4%/yr | |
| Total liabilities | $1.06B2016 | $1.64B2025 | +5.0%/yr | |
| Shareholders’ equity | $178.3M2016 | $184.9M2025 | +0.4%/yr | |
| Cash & short-term investments | $398.5M2016 | $82.7M2025 | −16.0%/yr | |
| Total debt | $1.1M2016 | $2.0M2025 | +7.4%/yr | |
| Net cash (debt) | $397.5M2016 | $80.7M2025 | −$316.8M | |
| Working capital | −$639.7M2016 | −$1.54B2025 | −$899.5M | |
| Book value per share | $25.622016 | $29.062025 | +1.4%/yr | |
| Debt / equity | 0.012016 | 0.012025 | +0.01 | |
| Shares outstanding | 7.0M2016 | 6.4M2025 | −1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NKSH assets
NKSH liabilities and equity
NKSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NKSH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $82.7M | $141.5M | $705.2M | $728.3M | $824.9M | $680.6M | $522.4M | $481.4M | $395.5M | $398.5M |
| Cash & equivalents | $59.2M | $107.8M | $86.6M | $71.4M | $138.8M | $133.9M | $87.2M | $56.4M | $64.2M | $94.2M |
| Short-term investments | $23.5M | $33.7M | $618.6M | $656.9M | $686.1M | $546.7M | $435.3M | $425.0M | $331.4M | $304.3M |
| Receivables | $6.5M | $6.5M | $6.3M | $6.0M | $5.1M | $5.0M | $4.3M | $5.2M | $5.3M | $5.3M |
| Inventory | $0 | $0 | −$637.9M | −$85.7M | −$152.5M | −$148.7M | −$98.0M | $2.1M | −$78.2M | −$105.1M |
| Other current assets | $0 | $0 | $637.9M | $85.7M | $152.5M | $148.7M | $98.0M | $0 | $78.2M | $105.1M |
| Total current assets | $89.3M | $148.0M | $711.5M | $734.3M | $830.0M | $685.6M | $526.7M | $486.5M | $400.8M | $403.8M |
| Property, plant & equipment (net) | $20.3M | $16.9M | $11.1M | $10.4M | $9.7M | $10.0M | $8.9M | $8.6M | $8.2M | $8.9M |
| Goodwill & intangible assets | $12.2M | $12.6M | $11.7M | $11.7M | $11.7M | $11.7M | $11.7M | $11.7M | $5.9M | $6.0M |
| Long-term investments | $654.4M | $601.9M | $618.6M | $656.9M | $686.1M | $546.7M | $727.5M | $1.06B | $787.6M | $774.9M |
| Other non-current assets | $1.05B | $1.03B | $302.4M | $264.4M | $164.7M | $265.6M | $47.0M | $0 | $54.2M | $40.5M |
| Total assets | $1.82B | $1.81B | $1.66B | $1.68B | $1.70B | $1.52B | $1.32B | $1.26B | $1.26B | $1.23B |
| Liabilities | ||||||||||
| Accounts payable | $1.6M | $1.5M | $1.4M | $106,000 | $48,000 | $56,000 | $144,000 | $89,000 | $62,000 | $55,000 |
| Short-term debt | $556,000 | $368,000 | $346,000 | $360,000 | $293,000 | $363,000 | $354,000 | $346,000 | — | $292,000 |
| Deferred revenue | — | — | −$1.4M | −$254,000 | −$245,000 | −$307,000 | −$210,000 | −$257,000 | — | −$237,000 |
| Total current liabilities | $1.63B | $1.65B | $1.51B | $1.54B | $1.49B | $1.30B | $1.12B | $1.05B | $1.06B | $1.04B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | $2.3M | — | — | — |
| Other long-term liabilities | $11.1M | $9.0M | $9.5M | $12.0M | $15.8M | $21.9M | $18.2M | $13.8M | $12.1M | $12.2M |
| Total liabilities | $1.64B | $1.66B | $1.51B | $1.55B | $1.51B | $1.32B | $1.14B | $1.07B | $1.07B | $1.06B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22.0M | $21.8M | $7.4M | $7.4M | $7.6M | $8.0M | $8.1M | $8.7M | $8.7M | $8.7M |
| Retained earnings (deficit) | $202.6M | $196.3M | $198.0M | $199.1M | $188.2M | $189.5M | $184.1M | $193.6M | $185.9M | $178.2M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$39.7M | −$61.8M | −$64.9M | −$83.8M | −$4.1M | $3.0M | −$8.5M | −$12.1M | −$9.7M | −$8.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $184.9M | $156.4M | $140.5M | $122.7M | $191.8M | $200.6M | $183.7M | $190.2M | $184.9M | $178.3M |
| Key figures | ||||||||||
| Total debt | $2.0M | $1.5M | $1.1M | $1.4M | $1.6M | $2.0M | $2.3M | $1.9M | — | $1.1M |
| Net cash (debt) | $80.7M | $140.0M | $704.1M | $726.8M | $823.3M | $678.6M | $520.1M | $479.4M | — | $397.5M |
| Working capital | −$1.54B | −$1.50B | −$793.9M | −$808.5M | −$664.7M | −$611.6M | −$593.2M | −$565.5M | −$659.0M | −$639.7M |
| Tangible book value | $172.7M | $143.8M | $128.8M | $111.0M | $180.1M | $188.9M | $172.0M | $178.5M | $179.0M | $172.3M |
| Book value per share | $29.06 | $25.38 | $23.86 | $20.48 | $30.88 | $30.94 | $27.92 | $27.34 | $26.57 | $25.62 |
| Shares outstanding | 6.4M | 6.2M | 5.9M | 6.0M | 6.2M | 6.5M | 6.6M | 7.0M | 7.0M | 7.0M |
| Current ratio | 0.05 | 0.09 | 0.47 | 0.48 | 0.56 | 0.53 | 0.47 | 0.46 | 0.38 | 0.39 |
| Quick ratio | 0.05 | 0.09 | 0.47 | 0.48 | 0.56 | 0.53 | 0.47 | 0.46 | 0.38 | 0.39 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | 0.01 |
| Equity / assets | 10.1% | 8.6% | 8.5% | 7.3% | 11.3% | 13.2% | 13.9% | 15.1% | 14.7% | 14.4% |
| 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 | $661.5M | $103.8M | $82.7M | $64.1M | $682.9M | $151.0M | $141.5M | $672.0M | $700.6M | $731.2M | $705.2M | $645.0M |
| Cash & equivalents | $8.9M | $62.2M | $59.2M | $42.3M | $92.8M | $122.3M | $107.8M | $49.7M | $95.4M | $121.2M | $86.6M | $53.4M |
| Short-term investments | $652.7M | $41.6M | $23.5M | $21.8M | $590.0M | $28.7M | $33.7M | $622.3M | $605.2M | $610.0M | $618.6M | $591.6M |
| Receivables | $7.0M | $7.0M | $6.5M | $6.7M | $6.4M | $6.7M | $6.5M | $6.6M | $6.6M | $6.5M | $6.3M | $6.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$21.2M | −$17.1M | −$711.5M | −$60.3M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $21.2M | $17.1M | $711.5M | $60.3M |
| Total current assets | $668.5M | $110.8M | $89.3M | $70.8M | $689.3M | $157.7M | $148.0M | $678.6M | $707.2M | $737.6M | $711.5M | $651.2M |
| Property, plant & equipment (net) | $18.3M | $18.4M | $20.3M | $19.8M | $17.8M | $17.6M | $16.9M | $16.2M | $15.5M | $11.2M | $11.1M | $11.1M |
| Goodwill & intangible assets | $12.0M | $12.1M | $12.2M | $12.3M | $12.4M | $12.5M | $12.6M | $12.7M | $12.8M | $5.8M | $11.7M | $11.7M |
| Long-term investments | $652.7M | $658.1M | $654.4M | $630.5M | $590.0M | $596.3M | $601.9M | $622.3M | $605.2M | $610.0M | $618.6M | $591.6M |
| Other non-current assets | $481.2M | $1.03B | $1.05B | $1.07B | $497.1M | $1.05B | $1.03B | $455.3M | $468.6M | $324.5M | $302.4M | $326.4M |
| Total assets | $1.83B | $1.83B | $1.82B | $1.80B | $1.81B | $1.84B | $1.81B | $1.79B | $1.81B | $1.69B | $1.66B | $1.59B |
| Liabilities | ||||||||||||
| Accounts payable | $1.4M | $1.6M | $1.6M | $1.6M | $1.5M | $1.4M | $1.5M | $2.1M | $2.5M | $2.5M | $1.4M | $551,000 |
| Short-term debt | — | $544,000 | $556,000 | $50.5M | $431,000 | $366,000 | $368,000 | $397,000 | $420,000 | $340,000 | $346,000 | $351,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$2.5M | −$2.5M | −$1.4M | $200,000 |
| Total current liabilities | $1.63B | $1.63B | $1.63B | $1.56B | $1.63B | $1.66B | $1.65B | $1.61B | $1.65B | $1.54B | $1.51B | $1.47B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $9.6M | $10.2M | $11.1M | $59.7M | $8.7M | $9.2M | $9.0M | $12.2M | $12.7M | $9.5M | $9.5M | $10.2M |
| Total liabilities | $1.64B | $1.64B | $1.64B | $1.62B | $1.64B | $1.67B | $1.66B | $1.62B | $1.66B | $1.55B | $1.51B | $1.48B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $22.1M | $22.1M | $22.0M | $22.0M | $21.9M | $21.9M | $21.8M | $21.8M | $21.8M | $7.4M | $7.4M | $7.4M |
| Retained earnings (deficit) | $207.8M | $207.5M | $202.6M | $201.6M | $197.2M | $199.6M | $196.3M | $198.2M | $195.5M | $200.2M | $198.0M | $198.4M |
| Accumulated other comprehensive income | −$37.7M | −$42.2M | −$39.7M | −$44.4M | −$50.4M | −$54.2M | −$61.8M | −$52.2M | −$68.4M | −$68.2M | −$64.9M | −$89.7M |
| Total shareholders' equity | $192.2M | $187.4M | $184.9M | $179.2M | $168.7M | $167.3M | $156.4M | $167.8M | $149.0M | $139.4M | $140.5M | $116.1M |
| Key figures | ||||||||||||
| Total debt | — | $1.9M | $2.0M | $50.5M | $1.7M | $1.4M | $1.5M | $1.6M | $1.5M | $1.0M | $1.1M | $1.2M |
| Net cash (debt) | — | $101.9M | $80.7M | $13.6M | $681.2M | $149.6M | $140.0M | $670.3M | $699.1M | $730.1M | $704.1M | $643.8M |
| Working capital | −$960.9M | −$1.52B | −$1.54B | −$1.49B | −$939.9M | −$1.50B | −$1.50B | −$926.4M | −$940.4M | −$802.7M | −$793.9M | −$814.4M |
| Tangible book value | $180.2M | $175.3M | $172.7M | $166.9M | $156.3M | $154.8M | $143.8M | $155.1M | $136.2M | $133.5M | $128.8M | $104.4M |
| Book value per share | $30.19 | $29.44 | $29.05 | $28.17 | $26.53 | $26.30 | $24.59 | $26.39 | $24.71 | $23.66 | $23.86 | $19.71 |
| Shares outstanding | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 6.0M | 5.9M | 5.9M | 5.9M |
| Current ratio | 0.41 | 0.07 | 0.05 | 0.05 | 0.42 | 0.10 | 0.09 | 0.42 | 0.43 | 0.48 | 0.47 | 0.44 |
| Quick ratio | 0.41 | 0.07 | 0.05 | 0.05 | 0.42 | 0.10 | 0.09 | 0.42 | 0.43 | 0.48 | 0.47 | 0.44 |
| Debt / equity | — | 0.01 | 0.01 | 0.28 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 10.5% | 10.2% | 10.1% | 9.9% | 9.3% | 9.1% | 8.6% | 9.4% | 8.2% | 8.3% | 8.5% | 7.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
NKSH financial position
At the end of fiscal 2025 (December 31, 2025), National Bankshares had total assets of $1.8 billion (up 0.7% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of $184.9 million. It held $82.7 million in cash and short-term investments against $2.0 million of debt, a net cash position of $80.7 million. Its current ratio was 0.05. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $192.2 million.
Related: NKSH income statement, NKSH cash flow statement, NKSH key metrics. See the NKSH stock overview for the latest quote and news.
NKSH balance sheet FAQ
What are National Bankshares's total assets?
National Bankshares reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does National Bankshares have?
National Bankshares had $2.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.01.
How much cash does National Bankshares have?
National Bankshares held $82.7 million in cash and short-term investments at the end of fiscal 2025; with $2.0 million of debt that is net cash of $80.7 million.
What is National Bankshares's book value?
National Bankshares's shareholders' equity (book value) was $184.9 million at the end of fiscal 2025, or $29.06 per share.
What is National Bankshares's current ratio?
National Bankshares had current assets of $89.3 million and current liabilities of $1.6 billion, a current ratio of 0.05 (current liabilities exceed current assets).
How much goodwill does National Bankshares have?
National Bankshares carried $12.2 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.