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Side-by-side financial comparison of National Bank Holdings Corp (NBHC) and Stellar Bancorp, Inc. (STEL). Click either name above to swap in a different company.
National Bank Holdings Corp is the larger business by last-quarter revenue ($126.8M vs $108.9M, roughly 1.2× Stellar Bancorp, Inc.). Stellar Bancorp, Inc. runs the higher net margin — 24.0% vs 16.4%, a 7.6% gap on every dollar of revenue. Over the past eight quarters, National Bank Holdings Corp's revenue compounded faster (14.0% CAGR vs 0.2%).
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. Old National Bank has locations in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.
Stellar Bancorp, Inc. is a United States-based financial holding company that operates via its wholly-owned banking subsidiary. It provides a full suite of retail and commercial banking services, including deposit products, personal and commercial loans, mortgage services, and wealth management solutions, serving individual consumers, small businesses, and regional corporate clients.
NBHC vs STEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.8M | $108.9M |
| Net Profit | $20.8M | $26.1M |
| Gross Margin | — | — |
| Operating Margin | — | 29.0% |
| Net Margin | 16.4% | 24.0% |
| Revenue YoY | — | 0.8% |
| Net Profit YoY | -14.2% | 3.7% |
| EPS (diluted) | $0.46 | $0.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $126.8M | — | ||
| Q4 25 | $100.6M | $108.9M | ||
| Q3 25 | $108.9M | $105.6M | ||
| Q2 25 | $104.5M | $104.1M | ||
| Q1 25 | $102.1M | $104.8M | ||
| Q4 24 | $101.3M | $108.0M | ||
| Q3 24 | $106.0M | $107.8M | ||
| Q2 24 | $97.6M | $106.8M |
| Q1 26 | $20.8M | — | ||
| Q4 25 | $16.0M | $26.1M | ||
| Q3 25 | $35.3M | $25.7M | ||
| Q2 25 | $34.0M | $26.4M | ||
| Q1 25 | $24.2M | $24.7M | ||
| Q4 24 | $28.2M | $25.2M | ||
| Q3 24 | $33.1M | $33.9M | ||
| Q2 24 | $26.1M | $29.8M |
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 29.0% | ||
| Q3 25 | 39.6% | 30.5% | ||
| Q2 25 | 39.8% | 31.7% | ||
| Q1 25 | 29.2% | 29.6% | ||
| Q4 24 | 34.3% | 29.4% | ||
| Q3 24 | 37.6% | 39.6% | ||
| Q2 24 | 32.5% | 35.1% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.9% | 24.0% | ||
| Q3 25 | 32.4% | 24.3% | ||
| Q2 25 | 32.6% | 25.3% | ||
| Q1 25 | 23.7% | 23.6% | ||
| Q4 24 | 27.8% | 23.3% | ||
| Q3 24 | 31.2% | 31.4% | ||
| Q2 24 | 26.8% | 27.9% |
| Q1 26 | $0.46 | — | ||
| Q4 25 | $0.42 | $0.52 | ||
| Q3 25 | $0.92 | $0.50 | ||
| Q2 25 | $0.88 | $0.51 | ||
| Q1 25 | $0.63 | $0.46 | ||
| Q4 24 | $0.72 | $0.47 | ||
| Q3 24 | $0.86 | $0.63 | ||
| Q2 24 | $0.68 | $0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $472.8M | $419.5M |
| Total DebtLower is stronger | $202.1M | — |
| Stockholders' EquityBook value | $1.7B | $1.7B |
| Total Assets | $12.6B | $10.8B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $472.8M | — | ||
| Q4 25 | $417.1M | $419.5M | ||
| Q3 25 | $555.6M | $728.4M | ||
| Q2 25 | $296.5M | $578.1M | ||
| Q1 25 | $246.3M | $560.6M | ||
| Q4 24 | $127.8M | $911.2M | ||
| Q3 24 | $180.8M | $516.2M | ||
| Q2 24 | $145.0M | $490.3M |
| Q1 26 | $202.1M | — | ||
| Q4 25 | $54.5M | — | ||
| Q3 25 | $54.7M | — | ||
| Q2 25 | $54.4M | — | ||
| Q1 25 | $54.6M | — | ||
| Q4 24 | $54.5M | — | ||
| Q3 24 | $54.4M | — | ||
| Q2 24 | $54.4M | — |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B |
| Q1 26 | $12.6B | — | ||
| Q4 25 | $9.9B | $10.8B | ||
| Q3 25 | $10.2B | $10.6B | ||
| Q2 25 | $10.0B | $10.5B | ||
| Q1 25 | $10.1B | $10.4B | ||
| Q4 24 | $9.8B | $10.9B | ||
| Q3 24 | $10.0B | $10.6B | ||
| Q2 24 | $10.0B | $10.7B |
| Q1 26 | 0.12× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $97.0M |
| Free Cash FlowOCF − Capex | — | $92.6M |
| FCF MarginFCF / Revenue | — | 85.0% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | $173.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $162.4M | $97.0M | ||
| Q3 25 | $52.4M | $63.6M | ||
| Q2 25 | $32.3M | $25.8M | ||
| Q1 25 | $39.6M | $-5.7M | ||
| Q4 24 | $155.3M | $132.6M | ||
| Q3 24 | $47.0M | $59.5M | ||
| Q2 24 | $31.9M | $38.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $92.6M | ||
| Q3 25 | — | $62.5M | ||
| Q2 25 | — | $24.5M | ||
| Q1 25 | — | $-6.4M | ||
| Q4 24 | — | $128.0M | ||
| Q3 24 | — | $57.7M | ||
| Q2 24 | — | $37.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 85.0% | ||
| Q3 25 | — | 59.2% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 118.5% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 34.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 10.13× | 3.71× | ||
| Q3 25 | 1.48× | 2.48× | ||
| Q2 25 | 0.95× | 0.98× | ||
| Q1 25 | 1.64× | -0.23× | ||
| Q4 24 | 5.51× | 5.26× | ||
| Q3 24 | 1.42× | 1.76× | ||
| Q2 24 | 1.22× | 1.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
STEL
Segment breakdown not available.
