National Bankshares, Inc. (NKSH) Key Metrics
NKSH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $277.6M
- Enterprise value
- $224.7M
- P/E (TTM)
- 13.7 10-yr median 14.6
- Forward P/E
- 11.6
- PEG ratio
- —
- Price / sales
- 4.6 10-yr median 4.0
- Price / book
- 1.4 10-yr median 1.3
- EV / EBITDA
- —
- Dividend yield
- 3.44% $1.50 a year
- Beta
- 0.53
NKSH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNKSH valuation Price multiples at each fiscal year-end price.
NKSH returns How much profit the business earns on the capital it uses.
NKSH per-share figures Results divided by the shares outstanding at year-end.
NKSH financial health Debt, liquidity and how easily interest is covered.
NKSH efficiency & capital use Working capital cycle and where the cash goes.
NKSH valuation history
NKSH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NKSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NKSH cash returned to shareholders
NKSH price vs earnings per share
NKSH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $213.3M | $177.0M | $190.5M | $241.4M | $222.6M | $203.0M | $295.7M | $253.5M | $316.2M | $302.3M |
| Enterprise value | $132.6M | $37.0M | −$513.5M | −$485.5M | −$600.7M | −$475.6M | −$224.5M | −$226.0M | −$79.3M | −$95.1M |
| P/E ratio | 13.5 | 23.2 | 12.1 | 9.3 | 10.9 | 12.6 | 16.9 | 15.7 | 22.4 | 20.2 |
| Price / sales | 2.5 | 2.2 | 2.8 | 3.9 | 4.2 | 3.9 | 5.5 | 5.0 | 6.5 | 6.3 |
| Price / book | 1.2 | 1.1 | 1.4 | 2.0 | 1.2 | 1.0 | 1.6 | 1.3 | 1.7 | 1.7 |
| Price / free cash flow | 14.1 | 28.6 | 13.6 | 8.5 | 9.9 | 17.0 | 16.6 | 13.6 | 29.5 | 17.9 |
| Price / operating cash flow | 11.9 | 18.7 | 12.3 | 8.2 | 9.7 | 14.7 | 15.7 | 12.8 | 28.8 | 17.2 |
| EV / sales | 1.6 | 0.5 | -7.5 | -7.8 | -11.2 | -9.2 | -4.2 | -4.4 | -1.6 | -2.0 |
| EV / EBITDA | 6.4 | 3.6 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 8.8 | 6.0 | — | — | — | — | — | — | — | — |
| Earnings yield | 7.4% | 4.3% | 8.2% | 10.7% | 9.2% | 7.9% | 5.9% | 6.4% | 4.5% | 4.9% |
| Free cash flow yield | 7.1% | 3.5% | 7.4% | 11.7% | 10.1% | 5.9% | 6.0% | 7.3% | 3.4% | 5.6% |
| Dividend yield | 4.5% | 5.2% | 7.8% | 3.7% | 4.0% | 4.4% | 3.1% | 3.3% | 2.6% | 2.7% |
| Shareholder yield (dividends + buybacks) | 4.5% | 5.2% | 9.1% | 6.3% | 10.0% | 5.3% | 9.3% | 3.3% | 2.6% | 2.7% |
| Share price at fiscal year-end | $33.53 | $28.71 | $32.35 | $40.30 | $35.84 | $31.31 | $44.93 | $36.43 | $45.45 | $43.45 |
| Per share | ||||||||||
| Revenue per share | $13.41 | $12.83 | $11.58 | $10.44 | $8.60 | $8.01 | $8.20 | $7.32 | $7.03 | $6.91 |
| Earnings per share | $2.49 | $1.24 | $2.66 | $4.33 | $3.28 | $2.48 | $2.65 | $2.32 | $2.03 | $2.15 |
| Operating cash flow per share | $2.81 | $1.53 | $2.64 | $4.93 | $3.68 | $2.13 | $2.86 | $2.84 | $1.58 | $2.52 |
| Free cash flow per share | $2.38 | $1.00 | $2.38 | $4.72 | $3.63 | $1.85 | $2.70 | $2.67 | $1.54 | $2.43 |
| Cash per share | $13.00 | $22.96 | $119.73 | $121.59 | $132.83 | $104.98 | $79.39 | $69.18 | $56.85 | $57.28 |
| Book value per share | $29.06 | $25.38 | $23.86 | $20.48 | $30.88 | $30.94 | $27.92 | $27.34 | $26.57 | $25.62 |
| Tangible book value per share | $27.14 | $23.34 | $21.87 | $18.53 | $28.99 | $29.14 | $26.14 | $25.66 | $25.73 | $24.76 |
| Dividends per share | $1.51 | $1.50 | $2.51 | $1.49 | $1.42 | $1.39 | $1.37 | $1.21 | $1.17 | $1.16 |
| Capex per share | $0.43 | $0.53 | $0.25 | $0.21 | $0.05 | $0.28 | $0.16 | $0.17 | $0.04 | $0.09 |
| Debt per share | $0.32 | $0.25 | $0.19 | $0.24 | $0.25 | $0.31 | $0.35 | $0.28 | $0.00 | $0.15 |
| Shares outstanding | 6.4M | 6.2M | 5.9M | 6.0M | 6.2M | 6.5M | 6.6M | 7.0M | 7.0M | 7.0M |
| Change in shares outstanding | +3.2% | +4.6% | −1.7% | −3.5% | −4.2% | −1.5% | −5.4% | 0.0% | 0.0% | +0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.3% | 5.1% | 11.9% | 16.5% | 10.4% | 8.4% | 9.3% | 8.6% | 7.8% | 8.5% |
| Return on invested capital (ROIC) | 26.2% | — | — | — | — | — | — | — | — | — |
| Return on assets (ROA) | 0.9% | 0.4% | 0.9% | 1.5% | 1.3% | 1.1% | 1.4% | 1.3% | 1.1% | 1.2% |
| Return on tangible assets | 0.9% | 0.4% | 1.0% | 1.6% | 1.2% | 1.1% | 1.3% | 1.3% | 1.1% | 1.2% |
| Free cash flow margin | 17.8% | 7.8% | 20.6% | 45.2% | 42.2% | 23.0% | 33.0% | 36.5% | 22.0% | 35.2% |
| Income quality (OCF / net income) | 1.13 | 1.24 | 0.99 | 1.14 | 1.12 | 0.86 | 1.08 | 1.22 | 0.78 | 1.17 |
| Financial health | ||||||||||
| Total debt | $2.0M | $1.5M | $1.1M | $1.4M | $1.6M | $2.0M | $2.3M | $1.9M | $0 | $1.1M |
| Cash & short-term investments | $82.7M | $141.5M | $705.2M | $728.3M | $824.9M | $680.6M | $522.4M | $481.4M | $395.5M | $398.5M |
| Net debt | −$80.7M | −$140.0M | −$704.1M | −$726.8M | −$823.3M | −$678.6M | −$520.1M | −$479.4M | −$395.5M | −$397.5M |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | −3.91 | −13.64 | −36.24 | −22.45 | −32.58 | −34.17 | −24.29 | −24.55 | −18.61 | −19.92 |
| 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 | 0.90 | 0.53 | 0.66 | 0.64 | 0.56 | 0.46 | 0.45 | 0.49 |
| Interest coverage | 0.6 | 0.3 | 0.9 | 10.3 | 8.0 | 3.3 | 2.8 | 3.7 | 4.9 | 4.5 |
| Working capital | −$1.54B | −$1.50B | −$793.9M | −$808.5M | −$664.7M | −$611.6M | −$593.2M | −$565.5M | −$659.0M | −$639.7M |
| Invested capital | $104.2M | $16.4M | −$563.6M | −$604.1M | −$631.6M | −$478.0M | −$336.4M | −$289.2M | −$210.7M | −$219.2M |
| Tangible asset value | $172.7M | $143.8M | $128.8M | $111.0M | $180.1M | $188.9M | $172.0M | $178.5M | $179.0M | $172.3M |
| Net current asset value | −$1.55B | −$1.51B | −$803.3M | −$820.6M | −$680.5M | −$633.4M | −$611.4M | −$579.3M | −$671.0M | −$651.9M |
| Graham number | $40.33 | $26.57 | $37.82 | $44.67 | $47.75 | $41.55 | $40.83 | $37.79 | $34.80 | $35.18 |
| Graham net-net per share | −$243.92 | −$244.80 | −$190.81 | −$144.40 | −$122.06 | −$109.37 | −$100.51 | −$83.29 | −$102.25 | −$101.43 |
| Capital allocation | ||||||||||
| Dividends paid | $9.6M | $9.3M | $14.8M | $8.9M | $8.8M | $9.0M | $9.0M | $8.4M | $8.1M | $8.1M |
| Share buybacks (net) | — | — | $2.6M | $6.3M | $13.4M | $1.7M | $18.5M | — | $0 | $0 |
| Dividend payout ratio | 60.7% | 121.5% | 94.2% | 34.5% | 43.2% | 56.0% | 51.7% | 52.1% | 57.8% | 54.0% |
| Dividends + buybacks / free cash flow | 63.4% | 149.9% | 124.0% | 54.1% | 98.2% | 89.6% | 154.8% | 45.3% | 75.9% | 47.8% |
| Capex / revenue | 3.2% | 4.1% | 2.2% | 2.0% | 0.6% | 3.5% | 1.9% | 2.3% | 0.5% | 1.3% |
| Capex / operating cash flow | 15.3% | 34.5% | 9.6% | 4.3% | 1.4% | 13.2% | 5.5% | 6.0% | 2.4% | 3.6% |
| Capex / depreciation | 1.86 | 2.86 | 1.98 | 2.07 | 0.51 | 2.58 | 1.40 | 1.46 | 0.30 | 0.60 |
| Stock-based compensation / revenue | 0.2% | 0.2% | 0.1% | 0.6% | 1.7% | 5.1% | −1.0% | 0.6% | 0.4% | 0.3% |
| SG&A / revenue | 28.1% | 25.3% | 26.5% | 27.2% | 30.3% | 28.5% | 28.0% | 29.2% | 28.9% | 27.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.8 | 29.5 | 33.0 | 32.4 | 34.6 | 32.7 | 32.0 | 37.5 | 39.4 | 41.9 |
| Days of inventory on hand | — | — | -6,508.3 | -11,469.1 | -20,354.0 | -5,750.7 | -2,332.6 | -2,798.9 | -7,813.5 | -3,167.7 |
| Days payables outstanding | 18.7 | 15.0 | 13.7 | 7.4 | 7.0 | 4.7 | 5.7 | 5.5 | 5.0 | 3.5 |
| Cash conversion cycle (days) | 9.1 | 14.5 | -6,489.0 | -11,444.1 | -20,326.4 | -5,722.6 | -2,306.3 | -2,767.0 | -7,779.1 | -3,129.3 |
| Receivables turnover | 13.12 | 12.37 | 11.08 | 11.26 | 10.54 | 11.16 | 11.42 | 9.75 | 9.26 | 8.71 |
| Payables turnover | 19.54 | 24.29 | 26.66 | 49.21 | 51.92 | 78.28 | 64.43 | 65.77 | 73.20 | 104.79 |
| Asset turnover | 0.05 | 0.05 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Average receivables | $6.5M | $6.4M | $6.2M | $5.6M | $5.1M | $4.7M | $4.7M | $5.2M | $5.3M | $5.5M |
| Average payables | $1.5M | $1.4M | $761,000 | $77,000 | $52,000 | $100,000 | $116,500 | $75,500 | $58,500 | $55,500 |
| Average inventory | — | — | −$361.8M | −$119.1M | −$150.6M | −$123.3M | −$48.0M | −$38.1M | −$91.7M | −$50.5M |
| Intangibles / total assets | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.8% | 0.9% | 0.9% | 0.5% | 0.5% |
Computed from NKSH's annual financial statements (latest annual report filed March 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NKSH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), National Bankshares traded at 13.5 times earnings, against a 10-year median of 14.6. Based on the latest twelve months, the trailing P/E is 13.7 and the forward P/E is 11.6. National Bankshares earned a return on equity of 9.3% and a return on invested capital of 26.2% in fiscal 2025. It ended the year with $2.0 million of debt and $82.7 million in cash and short-term investments, a net cash position of $80.7 million. It returned $9.6 million to shareholders: $9.6 million in dividends and $0 in share buybacks, 63% of free cash flow. The share count fell 8.6% from 7.0M to 6.4M over 9 years.
See the NKSH income statement, the NKSH chart for price history, or the NKSH stock overview for the latest quote and news.
NKSH key metrics FAQ
What is National Bankshares's P/E ratio?
National Bankshares's trailing P/E ratio is 13.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.6. At the end of fiscal 2025 it was 13.5, compared with a 10-year median of 14.6.
What is National Bankshares's EV/EBITDA?
National Bankshares's enterprise value was 6.4 times EBITDA at the end of fiscal 2025 (enterprise value $132.6 million, EBITDA $20.6 million).
What is National Bankshares's return on equity?
National Bankshares's return on equity (ROE) was 9.3% in fiscal 2025: net income of $15.8 million on average shareholders' equity of $170.7 million.
What is National Bankshares's ROIC?
National Bankshares's return on invested capital was 26.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does National Bankshares have?
National Bankshares had total debt of $2.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is National Bankshares's dividend yield?
National Bankshares's forward dividend yield is 3.44%. National Bankshares paid $9.6 million in dividends in fiscal 2025 ($1.51 per share), a payout ratio of 60.7%.
What is National Bankshares's free cash flow yield?
National Bankshares generated $15.2 million of free cash flow in fiscal 2025, a free cash flow yield of 7.1% on its market value at year-end ($213.3 million).
What is National Bankshares's current ratio?
National Bankshares's current ratio was 0.05 at the end of fiscal 2025: current assets were 0.05 times current liabilities.