The Bank of N.T. Butterfield & Son Limited (NTB) Key Metrics
NTB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.31B
- Enterprise value
- −$814.2M
- P/E (TTM)
- 10.3 10-yr median 9.9
- Forward P/E
- —
- PEG ratio
- 1.96
- Price / sales
- 3.7 10-yr median 3.3
- Price / book
- 2.0 10-yr median 1.9
- EV / EBITDA
- —
- Dividend yield
- 3.41% $2.00 a year
- Beta
- 0.54
NTB key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNTB valuation Price multiples at each fiscal year-end price.
NTB returns How much profit the business earns on the capital it uses.
NTB per-share figures Results divided by the shares outstanding at year-end.
NTB financial health Debt, liquidity and how easily interest is covered.
NTB efficiency & capital use Working capital cycle and where the cash goes.
NTB valuation history
NTB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NTB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NTB cash returned to shareholders
NTB price vs earnings per share
NTB key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.11B | $1.65B | $1.58B | $1.49B | $1.90B | $1.58B | $1.99B | $1.75B | $2.01B | $1.56B |
| Enterprise value | −$549.8M | −$2.83B | −$2.81B | −$1.24B | −$1.22B | −$2.27B | $10.76B | $7.02B | −$2.93B | −$4.15B |
| P/E ratio | 9.1 | 7.6 | 7.0 | 6.9 | 11.7 | 10.8 | 11.2 | 9.0 | 13.1 | 13.5 |
| Price / sales | 2.6 | 2.0 | 2.1 | 2.5 | 3.6 | 3.2 | 3.7 | 3.4 | 4.5 | 3.8 |
| Price / book | 1.9 | 1.6 | 1.6 | 1.7 | 1.9 | 1.6 | 2.1 | 2.0 | 2.4 | 2.2 |
| Price / free cash flow | 8.3 | 6.8 | 6.4 | 7.7 | 8.1 | 9.5 | 8.8 | 6.3 | 11.3 | 9.3 |
| Price / operating cash flow | 7.6 | 6.2 | 5.3 | 6.8 | 7.6 | 8.4 | 8.0 | 5.9 | 10.4 | 8.8 |
| EV / sales | -0.7 | -3.5 | -3.7 | -2.1 | -2.3 | -4.5 | 20.2 | 13.7 | -6.5 | -10.2 |
| EV / EBITDA | — | — | — | — | — | — | 48.0 | 28.9 | — | — |
| EV / free cash flow | — | — | — | — | — | — | 47.4 | 25.4 | — | — |
| Earnings yield | 11.0% | 13.1% | 14.3% | 14.4% | 8.6% | 9.3% | 8.9% | 11.2% | 7.6% | 7.4% |
| Free cash flow yield | 12.1% | 14.8% | 15.6% | 12.9% | 12.4% | 10.6% | 11.4% | 15.8% | 8.9% | 10.8% |
| Dividend yield | 3.7% | 4.8% | 5.5% | 5.9% | 4.6% | 5.6% | 4.7% | 4.8% | 3.5% | 2.2% |
| Shareholder yield (dividends + buybacks) | 10.6% | 14.3% | 11.1% | 6.1% | 5.6% | 11.1% | 8.8% | 7.6% | 3.5% | 15.9% |
| Share price at fiscal year-end | $49.82 | $36.55 | $32.01 | $29.81 | $38.11 | $31.16 | $37.02 | $31.35 | $36.29 | $31.44 |
| Per share | ||||||||||
| Revenue per share | $18.86 | $18.12 | $15.46 | $12.16 | $10.46 | $9.87 | $9.92 | $9.16 | $8.09 | $8.20 |
| Earnings per share | $5.47 | $4.80 | $4.58 | $4.29 | $3.26 | $2.90 | $3.30 | $3.50 | $2.76 | $2.34 |
| Operating cash flow per share | $6.59 | $5.89 | $6.09 | $4.40 | $5.04 | $3.70 | $4.65 | $5.32 | $3.49 | $3.59 |
| Free cash flow per share | $6.01 | $5.41 | $4.99 | $3.86 | $4.72 | $3.30 | $4.23 | $4.96 | $3.22 | $3.39 |
| Cash per share | $63.70 | $103.56 | $91.12 | $59.87 | $67.75 | $80.88 | $70.22 | $76.94 | $92.02 | $120.02 |
| Book value per share | $26.92 | $22.65 | $20.37 | $17.35 | $19.59 | $19.31 | $17.97 | $15.82 | $14.84 | $14.33 |
| Tangible book value per share | $24.88 | $20.66 | $18.36 | $15.86 | $17.86 | $17.49 | $16.17 | $14.48 | $13.75 | $13.08 |
| Dividends per share | $1.83 | $1.77 | $1.75 | $1.75 | $1.75 | $1.75 | $1.75 | $1.50 | $1.26 | $0.68 |
| Capex per share | $0.58 | $0.48 | $1.10 | $0.54 | $0.32 | $0.40 | $0.42 | $0.36 | $0.27 | $0.20 |
| Debt per share | $0.91 | $4.24 | $2.00 | $5.10 | $5.11 | $5.01 | $233.75 | $171.44 | $2.96 | $4.94 |
| Shares outstanding | 42.4M | 45.1M | 49.3M | 49.9M | 49.9M | 50.9M | 53.7M | 55.7M | 55.5M | 49.6M |
| Change in shares outstanding | −5.9% | −8.6% | −1.2% | −0.0% | −1.9% | −5.2% | −3.7% | +0.5% | +11.8% | +4.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.4% | 21.4% | 24.1% | 23.2% | 16.6% | 15.1% | 19.2% | 22.9% | 20.0% | 15.9% |
| Return on invested capital (ROIC) | — | — | — | — | — | — | 2.2% | 21.6% | — | — |
| Return on assets (ROA) | 1.6% | 1.6% | 1.6% | 1.4% | 1.1% | 1.0% | 1.4% | 1.8% | 1.4% | 1.1% |
| Return on tangible assets | 1.7% | 1.5% | 1.7% | 1.5% | 1.1% | 1.0% | 1.3% | 1.8% | 1.4% | 1.0% |
| Free cash flow margin | 31.9% | 29.9% | 32.3% | 31.7% | 45.2% | 33.4% | 42.6% | 54.1% | 39.8% | 41.4% |
| Income quality (OCF / net income) | 1.21 | 1.23 | 1.33 | 1.02 | 1.55 | 1.28 | 1.41 | 1.52 | 1.26 | 1.54 |
| Financial health | ||||||||||
| Total debt | $38.7M | $191.3M | $98.5M | $254.4M | $254.9M | $254.8M | $12.54B | $9.56B | $164.0M | $245.3M |
| Cash & short-term investments | $2.70B | $4.67B | $4.49B | $2.98B | $3.38B | $4.11B | $3.77B | $4.29B | $5.10B | $5.95B |
| Net debt | −$2.66B | −$4.48B | −$4.39B | −$2.73B | −$3.12B | −$3.86B | $8.78B | $5.27B | −$4.94B | −$5.71B |
| Debt / equity | 0.03 | 0.19 | 0.10 | 0.29 | 0.26 | 0.26 | 13.01 | 10.84 | 0.20 | 0.35 |
| Debt / assets | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.90 | 0.89 | 0.02 | 0.02 |
| Net debt / EBITDA | −9.69 | −17.02 | −16.73 | −10.59 | −13.28 | −18.20 | 39.16 | 21.68 | −25.43 | −30.80 |
| Current ratio | 516.92 | 0.36 | 0.37 | 11.52 | 11.19 | 12.76 | 453.37 | — | 0.59 | 0.59 |
| Quick ratio | 516.92 | 0.36 | 0.37 | 22.54 | 22.22 | 25.69 | 925.16 | — | 0.59 | 0.59 |
| Interest coverage | 1.2 | 0.9 | 1.3 | 4.0 | 6.6 | 4.3 | 3.0 | 9.0 | 0.0 | 0.0 |
| Working capital | $2.71B | −$8.17B | −$7.50B | $2.92B | $3.22B | $3.94B | $3.78B | $6.21B | −$3.94B | −$4.07B |
| Invested capital | −$1.52B | −$3.45B | −$3.39B | −$1.87B | −$2.15B | −$2.88B | $9.74B | $6.15B | −$4.12B | −$5.00B |
| Tangible asset value | $1.06B | $931.2M | $904.7M | $790.6M | $890.9M | $889.2M | $867.5M | $807.3M | $762.4M | $649.1M |
| Net current asset value | −$10.24B | −$8.54B | −$7.88B | −$10.24B | −$10.82B | −$9.48B | −$9.17B | −$3.67B | −$4.37B | −$4.45B |
| Graham number | $57.55 | $49.46 | $45.79 | $40.93 | $37.91 | $35.47 | $36.52 | $35.31 | $30.38 | $27.45 |
| Graham net-net per share | −$241.49 | −$189.60 | −$159.92 | −$237.16 | −$252.68 | −$229.84 | −$207.70 | −$100.17 | −$87.11 | −$88.99 |
| Capital allocation | ||||||||||
| Dividends paid | $77.7M | $79.6M | $86.2M | $87.3M | $87.3M | $88.9M | $93.6M | $83.7M | $69.7M | $34.0M |
| Share buybacks (net) | $146.7M | $155.3M | $88.6M | $3.9M | $19.8M | $86.6M | $81.5M | $48.4M | $0 | $213.8M |
| Dividend payout ratio | 33.5% | 36.8% | 38.2% | 40.8% | 53.7% | 60.4% | 52.9% | 42.9% | 45.5% | 29.3% |
| Dividends + buybacks / free cash flow | 88.1% | 96.3% | 71.0% | 47.4% | 45.4% | 104.8% | 77.2% | 47.8% | 39.0% | 147.1% |
| Capex / revenue | 3.1% | 2.6% | 7.1% | 4.4% | 3.0% | 4.1% | 4.3% | 3.9% | 3.3% | 2.4% |
| Capex / operating cash flow | 8.9% | 8.1% | 18.1% | 12.3% | 6.3% | 10.9% | 9.1% | 6.7% | 7.6% | 5.5% |
| Capex / depreciation | 0.67 | 0.51 | 1.50 | 0.67 | 0.23 | 0.33 | 0.47 | 0.43 | 0.62 | 0.19 |
| Stock-based compensation / revenue | 2.8% | 2.6% | 2.7% | 2.8% | 2.9% | 3.0% | 3.3% | 2.5% | 1.9% | 3.5% |
| SG&A / revenue | 24.0% | 22.5% | 24.7% | 29.1% | 32.6% | 36.2% | 36.7% | 44.3% | 47.5% | 49.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 5.1 | — | — | 112.9 | 112.0 | 67.5 | 15.2 | 16.4 | 19.4 | 18.0 |
| Days of inventory on hand | — | — | — | -20,887.7 | -64,922.5 | — | — | -13,075.9 | 532,124.4 | 11,562.1 |
| Days payables outstanding | — | — | — | 1,895.4 | 5,409.4 | — | — | -6,729.0 | 103,089.7 | 2,224.1 |
| Cash conversion cycle (days) | — | — | — | -22,670.2 | -70,220.0 | — | — | -6,330.5 | 429,054.1 | 9,356.0 |
| Receivables turnover | 72.06 | — | — | 3.23 | 3.26 | 5.41 | 23.95 | 22.31 | 18.82 | 20.23 |
| Payables turnover | — | — | — | 0.19 | 0.07 | 0.00 | 0.00 | −0.05 | 0.00 | 0.16 |
| Inventory turnover | — | — | — | — | — | — | — | −0.03 | 0.00 | 0.03 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.04 | 0.03 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 |
| Average receivables | $11.1M | — | — | $187.5M | $160.0M | $92.8M | $22.2M | $22.9M | $23.8M | $20.1M |
| Average payables | — | — | — | $297.0M | $325.5M | $171.7M | $6.7M | $3.7M | $2.3M | $2.4M |
| Average inventory | — | — | — | −$3.27B | −$3.91B | −$4.14B | −$1.97B | $7.2M | $11.7M | $12.7M |
| Intangibles / total assets | 0.6% | 0.6% | 0.7% | 0.5% | 0.6% | 0.6% | 0.7% | 0.7% | 0.6% | 0.6% |
Computed from NTB's annual financial statements (latest annual report filed February 18, 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.
NTB valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Bank of N.T. Butterfield & Son traded at 9.1 times earnings, against a 10-year median of 9.9. Based on the latest twelve months, the trailing P/E is 10.3. Bank of N.T. Butterfield & Son earned a return on equity of 21.4% in fiscal 2025. It ended the year with $38.7 million of debt and $2.7 billion in cash and short-term investments, a net cash position of $2.7 billion. It returned $224.4 million to shareholders: $77.7 million in dividends and $146.7 million in share buybacks, 88% of free cash flow. The share count fell 14.5% from 49.6M to 42.4M over 9 years.
See the NTB income statement, the NTB chart for price history, or the NTB stock overview for the latest quote and news.
NTB key metrics FAQ
What is Bank of N.T. Butterfield & Son's P/E ratio?
Bank of N.T. Butterfield & Son's trailing P/E ratio is 10.3 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was 9.1, compared with a 10-year median of 9.9.
What is Bank of N.T. Butterfield & Son's return on equity?
Bank of N.T. Butterfield & Son's return on equity (ROE) was 21.4% in fiscal 2025: net income of $231.9 million on average shareholders' equity of $1.1 billion.
How much debt does Bank of N.T. Butterfield & Son have?
Bank of N.T. Butterfield & Son had total debt of $38.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
What is Bank of N.T. Butterfield & Son's dividend yield?
Bank of N.T. Butterfield & Son's forward dividend yield is 3.41%. Bank of N.T. Butterfield & Son paid $77.7 million in dividends in fiscal 2025 ($1.83 per share), a payout ratio of 33.5%.
Does Bank of N.T. Butterfield & Son buy back its shares?
Yes. Bank of N.T. Butterfield & Son spent $146.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −5.9% over the year, to 42.4M..
What is Bank of N.T. Butterfield & Son's free cash flow yield?
Bank of N.T. Butterfield & Son generated $254.8 million of free cash flow in fiscal 2025, a free cash flow yield of 12.1% on its market value at year-end ($2.1 billion).
What is Bank of N.T. Butterfield & Son's current ratio?
Bank of N.T. Butterfield & Son's current ratio was 516.92 at the end of fiscal 2025: current assets were 516.92 times current liabilities.