NBTB · Financials(national commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
NBT Bancorp Inc reported revenue of $183.0 million in fiscal 2025, after growing 5.7% a year over the previous 9 years. Its operating margin widened from 127.1% in 2016 to 394.1%, and it earned 27.2% on its invested capital in the latest year. Of the $1.6 billion its operations generated over 10 years, 31.1% went to dividends and 6.7% to acquisitions; the share count rose 116526.9%. On the accounting screens, it passes 5 of 7 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025183.0M+5.7% a year over 9 years
Operating margin394.1%gross margin —
Return on invested capital27.2%17.8% on average over 5 years
Free cash flow after stock pay213.6M116.8% of revenue
Net debt ÷ EBITDANet cash339.0M more cash than debt
Piotroski F-score5/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200M400M600M800M
2016Revenue 111.2MOperating income 141.3M
2017Revenue 113.4MOperating income 154.1M
2018Revenue 126.0MOperating income 175.6M
2019Revenue 134.5MOperating income 211.4M
2020Revenue 140.9MOperating income 165.7M
2021Revenue 151.0MOperating income 218.6M
2022Revenue 150.7MOperating income 218.0M
2023Revenue 144.7MOperating income 298.0M
2024Revenue 165.7MOperating income 579.6M
2025Revenue 183.0MOperating income 721.0M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+6.7%
+5.4%
+5.7%
Operating income
+49.0%
+34.2%
+19.9%
Net income
+3.6%
+10.1%
+8.9%
Earnings per share
-1.9%
+7.0%
-50.3%
Free cash flow per share
+1.8%
+6.7%
-50.6%
Dividend per share
+7.4%
+5.9%
-51.1%
Shares
+5.6%
+3.0%
+119.2%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
8.9%
Return on assets
1.1%
Asset turnover
0.01×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0100M200M300M
2016Net income 78.4MFree cash flow 107.3MAfter stock-based pay 102.9M
2017Net income 82.2MFree cash flow 130.2MAfter stock-based pay 126.6M
2018Net income 112.6MFree cash flow 140.4MAfter stock-based pay 136.4M
2019Net income 121.0MFree cash flow 146.8MAfter stock-based pay 142.6M
2020Net income 104.4MFree cash flow 137.1MAfter stock-based pay 132.5M
2021Net income 154.9MFree cash flow 151.4MAfter stock-based pay 147.0M
2022Net income 152.0MFree cash flow 176.2MAfter stock-based pay 171.7M
2023Net income 118.8MFree cash flow 148.2MAfter stock-based pay 143.1M
2024Net income 140.6MFree cash flow 176.8MAfter stock-based pay 170.8M
2025Net income 169.2MFree cash flow 218.9MAfter stock-based pay 213.6M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.6B generated by the business. Each band is its share of that total.
Reinvested in the business 5%84.3M
Acquisitions 7%108.7M
Dividends 31%503.7M
Share buybacks 5%77.0M
Kept, or used to pay down debt 52%844.0M
Over the same years it paid 46.1M in stock. The share count rose 116526.9%. 30.9M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$1,000$2,000$3,000
2016Earnings per share $1,797.46Free cash flow per share $2,458.78Dividend per share $891.29
2017Earnings per share $1,871.11Free cash flow per share $2,965.79Dividend per share $913.43
2018Earnings per share $2.56Free cash flow per share $3.19Dividend per share $0.98
2019Earnings per share $2.74Free cash flow per share $3.33Dividend per share $1.04
2020Earnings per share $2.37Free cash flow per share $3.12Dividend per share $1.07
2021Earnings per share $3.54Free cash flow per share $3.46Dividend per share $1.09
2022Earnings per share $3.52Free cash flow per share $4.08Dividend per share $1.15
2023Earnings per share $2.65Free cash flow per share $3.31Dividend per share $1.25
2024Earnings per share $2.97Free cash flow per share $3.73Dividend per share $1.31
2025Earnings per share $3.33Free cash flow per share $4.30Dividend per share $1.43
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
020M40M60M
2016Diluted shares 43,622
2017Diluted shares 43,905
2018Diluted shares 44.0M
2019Diluted shares 44.1M
2020Diluted shares 44.0M
2021Diluted shares 43.7M
2022Diluted shares 43.2M
2023Diluted shares 44.8M
2024Diluted shares 47.4M
2025Diluted shares 50.9M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1.5B-1.0B-0.5B00.5B1.0B
2016Net debt 636.6M
2017Net debt 648.3M
2018Net debt 764.5M
2019Net debt 438.4M
2020Net debt -504.3M
2021Net debt -1.2B
2022Net debt 387.7M
2023Net debt 181.5M
2024Net debt -121.1M
2025Net debt -339.0M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.1M6 sale(s) by 5 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (national commercial banks) first, then the rest of financials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
