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Bank of N.T. Butterfield & Son Ltd (NTB) stock analysis

NTBNYSECommercial Banks, NECFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 18, 2026Score 8/30
$56.25−0.30 (-0.53%)

Close on Nov 12, 2026Market cap $2.25BP/E 10.3Yield 3.34%

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth0Performance6Health2Dividend0

Weak8 of 30 checks passed

Bank of N.T. Butterfield & Son passes 8 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
0/6
Past performance
6/6
Financial health
2/6
Dividend
0/6

What stands out

  • Return on equity over 15%

    Return on equity was 21.4% over the last twelve months and averaged 21.4% over five years.

  • Earnings grew over 5 years

    Net income grew 9.5% a year on average over the last five fiscal years.

  • Well capitalized

    Equity is 8.1% of total assets; 8% or more is a comfortable cushion.

  • Loans funded by deposits

    Loans equal 34.5% of deposits, so lending is funded by customer deposits.

What to watch

  • Revenue growing under 10% a year

    Revenue grew 3.4% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 8.4% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew 7.2% over the last twelve months, against a 5-year average of 9.5% a year.

  • Growing slower than the industry

    Revenue grew 4.6% over the last twelve months; the Commercial Banks median is 11.3%.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • P/S against the industry

    Not enough revenue data to compare.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth0/6

  • Revenue growing under 10% a year

    Revenue grew 3.4% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 8.4% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew 7.2% over the last twelve months, against a 5-year average of 9.5% a year.

  • Growing slower than the industry

    Revenue grew 4.6% over the last twelve months; the Commercial Banks median is 11.3%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance6/6

  • Return on equity over 15%

    Return on equity was 21.4% over the last twelve months and averaged 21.4% over five years.

  • Return on assets over 1%

    Return on assets was 1.6%; for a bank or insurer, 1% or more is considered good.

  • Return on equity above the industry

    Bank of N.T. Butterfield & Son's return on equity of 21.4% is above the Commercial Banks median of 11.5%.

  • Earnings grew over 5 years

    Net income grew 9.5% a year on average over the last five fiscal years.

  • Net margin above its 5-year average

    Net margin was 38.2% over the last twelve months, against a 5-year average of 37.2%.

  • Net margin above the industry

    Bank of N.T. Butterfield & Son's net margin of 38.2% is above the Commercial Banks median of 30.3%.

Financial health2/6

  • Well capitalized

    Equity is 8.1% of total assets; 8% or more is a comfortable cushion.

  • Loans funded by deposits

    Loans equal 34.5% of deposits, so lending is funded by customer deposits.

  • Thin loan-loss reserve

    The allowance for credit losses is 0.6% of loans; we look for at least 1%.

  • High cost base

    Non-interest expense takes 101% of revenue; under 60% is efficient for a bank.

  • Deposits shrinking

    Deposits fell 0.4% over the past year.

  • Borrowings

    Needs debt and equity figures.

Dividend0/6

  • No dividend

    Bank of N.T. Butterfield & Son has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Bank of N.T. Butterfield & Son. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$9.65M
Value traded per 1% price move
$10.60M

Downside

Low risk

Typical loss in a bad month
5.8%
Volatility (annualized)
19%
Sharpe ratio, 1 year
0.99
Beta to the S&P 500 (5Y)
0.73

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2013 to 2025

Net margin

38.2%+8.4 pts over 5 years

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