National Bank Holdings (FRA:NB9) Scaled Net Operating Assets: 0.08 (As of Mar. 2026)


FRA:NB9 National Bank Holdings Corp FRA:NB9
15 GF Score
Price €38.20
GF Value €34.42
Valuation Modestly Overvalued
! 2 Warning Signs
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What is National Bank Holdings Scaled Net Operating Assets?

National Bank Holdings FRA:NB9 -1.04% 15 Scaled Net Operating Assets is 0.08 as of Mar. 2026. GuruFocus rates FRA:NB9 with a GF Score™ of 15/100 and a GF Value™ of €34.42 (Modestly Overvalued). The stock has 2 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

National Bank Holdings's operating assets for the quarter that ended in Mar. 2026 was €9,979.0 Mil. National Bank Holdings's operating liabilities for the quarter that ended in Mar. 2026 was €9,296.5 Mil. National Bank Holdings's Total Assets for the quarter that ended in Dec. 2025 was €8,440.5 Mil. Therefore, National Bank Holdings's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.08.

FRA:NB9
15GF Score
National Bank Holdings Corp FRA:NB9
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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National Bank Holdings Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

National Bank Holdings's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(8084.356-7211.06)/9366.347
=0.09

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=8440.524 - 356.168
=8084.356

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=7257.637 - 46.577 - 0
=7211.06

National Bank Holdings's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(9979.03-9296.497)/8440.524
=0.08

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=10911.463 - 932.433
=9979.03

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=9471.346 - 174.849 - 0
=9296.497

* 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.

What does a Scaled Net Operating Assets of 0.08 mean?
National Bank Holdings (FRA:NB9) has a Scaled Net Operating Assets of 0.08 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on National Bank Holdings and its competitors.
Is National Bank Holdings' Scaled Net Operating Assets too high?
National Bank Holdings' current Scaled Net Operating Assets is 0.08. Overall, National Bank Holdings has a GF Score™ of 15/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Bank Holdings' Scaled Net Operating Assets compare to STEL and OFG?
National Bank Holdings' Scaled Net Operating Assets of 0.08 can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Banks company?
A good Scaled Net Operating Assets depends on the Banks industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on National Bank Holdings and its competitors. National Bank Holdings's current Scaled Net Operating Assets is 0.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank Holdings stock overvalued right now?
Based on GuruFocus' analysis, National Bank Holdings (FRA:NB9) is currently considered Modestly Overvalued. The stock's GF Value™ is €34.42, compared to a current price of €38.20 — trading 11% above its estimated fair value. The current Scaled Net Operating Assets is 0.08. National Bank Holdings' overall GF Score™ is 15/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For National Bank Holdings (FRA:NB9), the current Scaled Net Operating Assets is 0.08 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is National Bank Holdings (FRA:NB9) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank Holdings stock appears to be overvalued. The current stock price of €38.20 is trading 11% above its estimated GF Value™ of €34.42. GuruFocus considers National Bank Holdings to be Modestly Overvalued.

Key valuation signals for FRA:NB9:

  • Scaled Net Operating Assets: 0.08
  • GF Value™: €34.42 vs. price of €38.20 (11% above fair value)
  • GF Score™: 15/100 with 2 warning signs

No single metric tells the full story. See the FRA:NB9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

National Bank Holdings Business Description

Other Exchanges NBHC:USA
Address 7800 East Orchard Road, Suite 300, Greenwood Village, CO, USA, 80111
National Bank Holdings Corp offers a full range of banking products and financial services to commercial, business, and consumer clients predominantly in Colorado, with a focus on personalized service through relationship managers and banking center associates. The company provides commercial and industrial loans, non-owner occupied commercial real estate loans, Small Business Administration loans as a Preferred Lender Provider, U.S. Department of Agriculture and Farm Service Agency loans, commercial deposit and treasury management products, business online and mobile banking, consumer and residential real estate loans, deposit services, and trust and wealth management services. Its services emphasize full-relationship banking, integrating lending, deposits, and cash management solutions.
15GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€38.20
Price
€34.42
GF Value