National Bank Holdings's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of National Bank Holdings (NBHC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: National Bank Holdings vs Its Competitors
- TTM: Trailing 12-month revenue of 239M vs 622,798M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-79.3% annualized vs trailing 12 months), vs accelerating (+2.4%) for its tracked peer group.
- Growth: National Bank Holdings generated -88.8% revenue growth year over year in Q3 2026, vs 10.2% for its competitors combined.
- Profitability: Its -71.0% net margin compares with 27.8% for the peer group.
- Scale: National Bank Holdings ranks #46 of 84 companies by market capitalization in the Commercial Banks industry, holding 0.1% of industry market cap.
- Peer revenue share: National Bank Holdings accounted for 0.0% of combined revenue among its tracked peer group, down from 0.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.18M compares with $0.53M for the peer group (0.3x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NBHC Sales vs. its Competitors, Q3 2026
National Bank Holdings reported revenue contraction of 88.82 % year on year in Q3 2026, below its competitors' combined revenue growth of 10.21 %.
With a net margin of -71.01 %, National Bank Holdings reported lower profitability than its competitors (27.80 %).
National Bank Holdings generated 0.01 % of the combined sales of its peer group, down from 0.08 % a year earlier.
API endpoints for this dataset
National Bank Holdings vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in National Bank Holdings reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across National Bank Holdings and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| National Bank Holdings Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across National Bank Holdings's competitor groups requires a Commercial License.
For context: the Commercial Banks industry grew revenue -5.9% year over year, combined, vs -88.8% for National Bank Holdings. National Bank Holdings's share of combined industry revenue moved from 0.04% to 0.00%, a loss of 0.03 percentage points.
National Bank Holdings's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| National Bank Holdings Corp | Yes | No | No | No |
| Competitors combined (81) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NBHC Stock Performance relative to its Competitors
NBHC Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Brookline Bancorp inc | 282.9% | Outperformed |
| 2 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 3 | F and m Bank Corp | 282.9% | Outperformed |
| 4 | New Peoples Bankshares Inc | 282.9% | Outperformed |
| 5 | Academy Sports And Outdoors Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for National Bank Holdings's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
National Bank Holdings's Comment on Competition and Industry Peers
Competition among providers of financial products and services continues to increase, with consumers having the opportunity to select from a variety of traditional brick and mortar banks and nontraditional alternatives, such as online banks. Competition among providers is based on many factors. We believe the most important of these competitive factors that determine success are our consumer bankers’ focus on knowing their individual clients in order to best meet their financial needs and our commercial bankers’ focus on small- and medium-sized businesses with an advisory approach that emphasizes understanding the client’s business and offering a complete array of loan, deposit and treasury management products and services. The primary factors driving commercial and consumer competition for loans and deposits are interest rates, the fees charged, client service levels and the range of products and services offered. In addition, other competitive factors include the location and hours of our banking centers and client service orientation of our associates.
Publicly Traded Peers of National Bank Holdings Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 National Bank Holdings Corp |
1,661.88 | 238.60 |
 Jpmorgan Chase and Co |
917,800.64 | 190,733.00 |
 Bank Of America Corporation |
365,082.21 | 122,968.00 |
 Wells Fargo and Company |
260,872.74 | 85,055.00 |
 Citigroup inc |
211,743.20 | 91,360.00 |
 Capital one financial corp |
121,034.51 | 54,798.00 |
| SUBTOTAL | 2,720,822.80 | 873,358.71 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on National Bank Holdings Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
National Bank Holdings's Competitors Named by the Company
Competitive relationships identified from National Bank Holdings reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Wintrust Financial Corp | Company report | 85% |
| Union Bankshares Inc | Company report | 85% |
| Simmons First National Corp | Company report | 85% |
| First Citizens Bancshares Inc | Company report | 85% |
| Bok Financial Corp | Company report | 85% |
| Hancock Whitney Corporation | Company report | 85% |
| First Horizon Corp | Company report | 85% |
| Webster Financial Corporation | Company report | 85% |
| United Community Banks Inc | Company report | 85% |
| S and t Bancorp Inc | Company report | 85% |
| First Interstate Bancsystem Inc | Company report | 85% |
| Bank Of America Corporation | Company report | 85% |
| Jpmorgan Chase and Co | Company report | 85% |
| Equity Bancshares Inc | Company report | 85% |
| Valley National Bancorp | Company report | 85% |
| Texas Capital Bancshares Inc | Company report | 85% |
| Renasant Corp | Company report | 85% |
| East West Bancorp inc | Company report | 85% |
| Regions Financial Corporation | Company report | 85% |
| Comerica Incorporated | Company report | 85% |
| Western Alliance Bancorporation | Company report | 85% |
| United Bankshares Inc | Company report | 85% |
| Southstate Bank Corp | Company report | 85% |
| First Financial Bankshares Inc | Company report | 85% |
| Popular Inc | Company report | 85% |
| Capital one financial corp | Company report | 85% |
| Wesbanco Inc | Company report | 85% |
| Umb Financial Corp | Company report | 85% |
| Triumph Financial Inc | Company report | 85% |
| First Midwest Bancorp Inc | Company report | 85% |
| Citizens Financial Group Inc | Company report | 85% |
| Huntington Bancshares Incorporated | Company report | 85% |
| Allegiance Bancshares Inc. | Company report | 85% |
| M and t Bank Corporation | Company report | 85% |
| Westamerica Bancorporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for National Bank Holdings's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
National Bank Holdings's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| Capital one financial corp | Credit Card 74.32 % |
| Citizens Financial Group Inc | Consumer Banking 73.64 % |
| First Citizens Bancshares Inc | Commercial Bank 46.42 % |
| Webster Financial Corporation | Commercial Banking 48.55 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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National Bank Holdings's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| National Bank Holdings Corp | 1,662 | 183,253 | 41,572 |
| Jpmorgan Chase and Co | 917,801 | 598,825 | 204,714 |
| Bank Of America Corporation | 365,082 | 577,315 | 150,793 |
| Wells Fargo and Company | 260,873 | 355,879 | 96,699 |
| Citigroup inc | 211,743 | 404,248 | 80,004 |
| Capital one financial corp | 121,035 | 718,191 | 142,595 |
| PEERS TOTAL | 2,719,161 | 528,350 | 137,027 |
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National Bank Holdings's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Brc Group Holdings Inc | North America 38.29 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
National Bank Holdings's Position in Industry Market Structure
Market-capitalization share and concentration across all 81 companies in National Bank Holdings's industry classification, broader than the peer set above. Market cap in millions of $.National Bank Holdings ranks #46 of 81 companies by market capitalization in its industry, holding 0.07 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,888, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Jpmorgan Chase and Co | 921,632 | 37.49 % |
| 2 | Bank Of America Corporation | 368,722 | 15.00 % |
| 3 | Wells Fargo and Company | 262,848 | 10.69 % |
| 4 | Citigroup inc | 211,743 | 8.61 % |
| 5 | Capital one financial corp | 1,234 | 5.2% |
| 6 | Us Bancorp De | 1,234 | 5.2% |
| 7 | Pnc Financial Services Group Inc | 1,234 | 5.2% |
| 8 | Truist Financial Corporation | 1,234 | 5.2% |
| 9 | Shinhan Financial Group Co Ltd | 1,234 | 5.2% |
| 10 | Huntington Bancshares Incorporated | 1,234 | 5.2% |
| 46 | National Bank Holdings Corp | 1,668 | 0.07 % |
Market cap and industry share for the rest of National Bank Holdings's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-09.
National Bank Holdings's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 41 | City Holding Company | 2,012 | 19.49 % |
| 42 | Dime Community Bancshares Inc | 1,841 | 62.41 % |
| 43 | Firstsun Capital Bancorp | 1,839 | 18.08 % |
| 44 | Hope Bancorp Inc | 1,714 | 26.95 % |
| 45 | Bank First Corp | 1,234 | 12.3% |
| 46 | National Bank Holdings Corp | 1,668 | 4.24 % |
| 47 | Pathward Financial Inc | 1,234 | 12.3% |
| 48 | Westamerica Bancorporation | 1,234 | 12.3% |
| 49 | Burke and Herbert Financial Services Corp | 1,234 | 12.3% |
| 50 | Oceanfirst Financial Corp | 1,234 | 12.3% |
| 51 | Amerant Bancorp Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of National Bank Holdings's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-09. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
National Bank Holdings's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Commercial Banks industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (2 companies). See the full Commercial Banks industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 0.96 % (avg) | - |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 85.55 % | 0.23 % (avg) | +85.3 pp |
| Capital Intensity (Capex / Revenue) | 9.07 % | 0.98 % (avg) | +8.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
National Bank Holdings's Valuation vs Competitive Position
Valuation multiples vs the Commercial Banks industry average (2 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Commercial Banks industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 33.7x | 10.9x | +22.8x |
| EV / EBITDA | 8.2x | 5.2x | +3.0x |
| P/B | 1.2x | 1.6x | -0.4x |
| Return on Equity | 3.41 % | industry aggregate | -9.55 % |
| Return on Invested Capital | - | 0.00 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
National Bank Holdings's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 52.44 % | 5.29 % | 13.95 % | -2.78 % | -3.06 % | 40.40 % | -4.24 % | -0.40 % |
| Operating Margin | 28.01 % | 34.73 % | 34.67 % | 37.47 % | 28.98 % | - | - | - |
| Return on Invested Capital | 4.60 % | 5.20 % | 6.00 % | 6.42 % | 1.50 % | 1.59 % | 1.30 % | 1.17 % |
| P/E | 17.2x | 14.0x | 11.8x | 14.9x | 20.1x | 8.9x | 14.7x | 13.2x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
National Bank Holdings's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
National Bank Holdings falls in the Question Mark quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 10.8% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Jpmorgan Chase and Co alone holds 37% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
National Bank Holdings's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,888 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 9.07 % vs industry average 0.98 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on National Bank Holdings's dedicated Suppliers and Customers pages, not here.
National Bank Holdings's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
National Bank Holdings falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
National Bank Holdings's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 9.6 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-79.3% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
- Industry revenue growing at a healthy 10.8% median pace.
Threats
- Industry dominated by Jpmorgan Chase and Co, holding 37.49 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
National Bank Holdings's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| National Bank Holdings Corp | 0.06 | 0.10 | 0.12 |
| Jpmorgan Chase and Co | 0.15 | 0.42 | 1.41 |
| Bank Of America Corporation | 0.10 | 0.52 | 1.27 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.16 |
| Citigroup inc | 0.07 | 0.40 | 1.78 |
| Capital one financial corp | 0.05 | 1.03 | 0.58 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
National Bank Holdings's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| National Bank Holdings Corp | Q3 2026 | -88.8 % | - |
| Jpmorgan Chase and Co | Q3 2026 | +10.2 % | +9.0 % |
| Bank Of America Corporation | Q3 2026 | +3.2 % | -16.8 % |
| Wells Fargo and Company | Q3 2026 | +5.4 % | +6.9 % |
| Citigroup inc | Q2 2026 | +14.3 % | +44.6 % |
| Capital one financial corp | Q3 2026 | +29.3 % | +12.0 % |
| PEERS TOTAL | +9.8 % | +14.1 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
National Bank Holdings's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| National Bank Holdings Corp | Q3 2026 | - | -32.1 % |
| Jpmorgan Chase and Co | Q3 2026 | -12.8 % | - |
| Bank Of America Corporation | Q3 2026 | - | - |
| Wells Fargo and Company | Q3 2026 | +31.5 % | - |
| Citigroup inc | Q2 2026 | - | -11.6 % |
| Capital one financial corp | Q3 2026 | +7.4 % | +1.3 % |
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National Bank Holdings's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| National Bank Holdings Corp | 0.45% | 0.45% | 3.41% |
| Jpmorgan Chase and Co | 1.34% | 1.65% | 17.70% |
| Bank Of America Corporation | 0.93% | 1.18% | 10.69% |
| Wells Fargo and Company | 1.04% | 1.23% | 12.78% |
| Citigroup inc | 0.66% | 0.69% | 8.46% |
| Capital one financial corp | 1.61% | 1.59% | 9.69% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
National Bank Holdings's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| National Bank Holdings Corp | 29.37 | 6.97 |
| Jpmorgan Chase and Co | 14.39 | 4.81 |
| Bank Of America Corporation | 12.06 | 2.97 |
| Wells Fargo and Company | 12.13 | 3.07 |
| Citigroup inc | 13.22 | 2.32 |
| Capital one financial corp | 11.30 | 2.21 |
| PEERS AVERAGE | 12.01 | 3.12 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.