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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
National Bank Holdings's Sloan Ratio for the quarter that ended in Dec. 2023 was 3.81%.
As of Dec. 2023, National Bank Holdings has a Sloan Ratio of 3.81%, indicating the company is in the safe zone and there is no funny business with accruals.
The historical data trend for National Bank Holdings's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Bank Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Sloan Ratio % | Get a 7-Day Free Trial | 2.56 | 3.71 | 5.38 | 6.36 | 3.81 |
National Bank Holdings Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Sloan Ratio % | Get a 7-Day Free Trial | 6.36 | 5.87 | 3.98 | 3.43 | 3.81 |
For the Banks - Regional subindustry, National Bank Holdings's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Banks industry and Financial Services sector, National Bank Holdings's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where National Bank Holdings's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
National Bank Holdings's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
Sloan Ratio | = | (Net Income (A: Dec. 2023 ) | - | Cash Flow from Operations (A: Dec. 2023 ) |
- | Cash Flow from Investing (A: Dec. 2023 )) | / | Total Assets (A: Dec. 2023 ) | |
= | (142.048 | - | 166.935 | |
- | -404.031) | / | 9951.064 | |
= | 3.81% |
National Bank Holdings's Sloan Ratio for the quarter that ended in Dec. 2023 is calculated as
Sloan Ratio | = | (Net Income (TTM) | - | Cash Flow from Operations (TTM)) |
- | Cash Flow from Investing (TTM)) | / | Total Assets (Q: Dec. 2023 ) | |
= | (142.048 | - | 166.935 | |
- | -404.031) | / | 9951.064 | |
= | 3.81% |
National Bank Holdings's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was 40.283 (Mar. 2023 ) + 32.557 (Jun. 2023 ) + 36.087 (Sep. 2023 ) + 33.121 (Dec. 2023 ) = $142.0 Mil. National Bank Holdings's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was -18.795 (Mar. 2023 ) + 92.991 (Jun. 2023 ) + 48.116 (Sep. 2023 ) + 44.623 (Dec. 2023 ) = $166.9 Mil. National Bank Holdings's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -123.89 (Mar. 2023 ) + -51.545 (Jun. 2023 ) + -29.938 (Sep. 2023 ) + -198.658 (Dec. 2023 ) = $-404.0 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Bank Holdings (NYSE:NBHC) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
According to How to Beat the Market with the Sloan Ratio:
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, National Bank Holdings has a Sloan Ratio of 3.81%, indicating the company is in the safe zone and there is no funny business with accruals.
Thank you for viewing the detailed overview of National Bank Holdings's Sloan Ratio % provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher S. Randall | officer: EVP, Comm. & Specialty Banking | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
G. Timothy Laney | director, officer: Chief Executive Officer | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Robert E Dean | director | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Brendan W Zahl | officer: EVP NBH Residential Banking | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
Newfield Richard U Jr. | officer: Chief Risk Mngmt Officer | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Alka Gupta | director | 2828 N. HARWOOD STREET, 15TH FLOOR, DALLAS TX 75201 |
Warren Burney S. Iii | director | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Maria F Spring | director | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Angela Nicole Petrucci | officer: Chief Admin Officer | NATIONAL BANK HOLDINGS CORPORATION, 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
Whitney A. Bartelli | officer: Chief Marketing Officer | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
Patrick G. Sobers | officer: EVP, Consumer & Smll Bus. Bnkg | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
Ruth Stevenson | officer: Chief Client Executive | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
Zsolt K Bessko | officer: Chief Admin Officer | 1331 SEVENTEENTH STREET, STE. 300, DENVER CO 80202 |
Aldis Birkans | officer: Chief Financial Officer | 5570 DTC PARKWAY, GREENWOOD VILLAGE CO 80111 |
Denabeele Nicole Van | officer: Chief Accounting Officer | 7800 EAST ORCHARD ROAD, SUITE 300, GREENWOOD VILLAGE CO 80111 |
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