NBT BANCORP INC

NBTB

NBT Bancorp Inc., a financial holding company, provides personal and commercial banking, retail banking, and wealth management services in the United States. It operates through Banking, Retirement Plan Administration, and All Other segments.

About the company

Country: United StatesPrice: $52.82Market Cap: $2.7B

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

8 / 7

NEUTRAL / FAIL

Median fair value

$47.19

-10.7% vs price

Models with upside

2 / 16

Positive margin of safety

Strongest signal

3 of 4 pass — Schloss objects

Key risk

All 3 investors flag NBTB's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL	BUY	NEUTRAL	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)				N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-1.2%	-6.4%	-125.4%	N/A	-18.0%	+4.8%	-49.5%	-5.5%	-28.8%	+50.5%	-31.8%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 4✗ 1▾
3 of 4 pass — Schloss objects
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0
✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)
Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Dreman, Pabrai +1 more object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$245.7M
✓LynchPositive and growing
Operating Cash Flow$235.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=1.47%, ROA=1.06%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)11.7x
✗Dreman< 8x
P/E or FCF YieldP/E=15.9x, FCF Yield=8.0%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive18/18 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap8.9%
✓Ackman>= 4%
Price / FCF per Share12.6x
✓Ackman<= 25
Positive Operating Cash Flow frequency24/24 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$245.7M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+8.97%; #873/4519 (top 19.3%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✗ 3▾
All 3 investors flag NBTB's efficiency
Revenue / Total Assets Change YoY0.01x -> 0.01x
✗PiotroskiImproved YoY
Reinvestment Rate x ROIC7.2% (RR=64% x ROIC=11.2%)
✗AkreReinvestment Rate * ROIC > 10%
ROE (5-year)2/5 years above 12% (latest 8.9%)
✗SleepROE > 12% in a majority of years
Verdicts13% pass✓ 1✗ 7▾
Split decision: 8 NEUTRAL · 7 FAIL · 1 BUY
Overall verdict
✗GrahamFAIL (2/7)✗BuffettFAIL (1/6)✗LynchFAIL (2/4)•PiotroskiNEUTRAL (F-Score 5)✗DremanFAIL (2/9)•MungerNEUTRAL (2/3)✗PabraiFAIL (0/3)✗AkreFAIL (1/5)•MarksNEUTRAL (3/4)✓AckmanBUY (6/8)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation17% pass✓ 6✗ 20▾
10 of 12 flag NBTB's valuation — Graham, Lynch, Dreman +7 more
Price / Book Value per Share1.5x
✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+7.95%; #1001/6340 (top 15.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS17.7x
✗Graham<= 15x
Price-to-Tangible-Book Ratio2.0x
✗Graham<= 1.5x
P/E x P/TBV35.20
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)2.25
✗Lynch< 1.0 (ideally < 0.5)
Price / EPS15.9x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)11.7x
✗Dreman< 8x
Price / Tangible Book Value per Share2.0x
✗Dreman< 1.2x✗SchlossP/TBV <= 1.00x (app cutoff)
Valuation ReasonablenessP/E=15.9x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=15.9x, FCF Yield=8.0%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=15.9x, P/B=1.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-18.0% (IV=$44.75 vs Price=$52.82)
✗Marks>= 20% below intrinsic value
Price / FCF per Share12.6x
✓Ackman<= 25
Price vs. Trailing Low131% of trailing low ($40.47)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.7096; #2161/6449 (top 33.5%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS15.9x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E0.61
✗Neff> 0.7 (Neff's published traditional edge)
Book Value per Share Change+33.4%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0668; #4482/5247 (top 85.4%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+8.97%; #873/4519 (top 19.3%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+16.96%; #1500/6202 (top 24.2%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability19% pass✓ 12✗ 23▾
13 of 16 flag NBTB's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+7.95%; #1001/6340 (top 15.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)23/26 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)26/26 years positive
✓BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)10.4%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)2.25
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR7.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE11.2%
✗Lynch> 15%
Net Income / Total Assets1.06%
✓PiotroskiROA > 0
ROA Change YoY1.02% -> 1.06% (delta: +0.04%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=1.47%, ROA=1.06%
✓PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue119.9%
✓Dreman>= 8%
Net Income / Shareholders' Equity11.2%
✗Dreman> 12%
Return on Equity11.2%
✗Munger> 15%✗AkreROE > 20% (3-year avg)
Margin of SafetyP/E=15.9x, P/TBV=2.0x
✗PabraiP/TBV < 1.5 or P/E < 15
ROE (high and growing)FY2023: ROE=8.3%; FY2024: ROE=9.2%; FY2025: ROE=8.9%
✗AkreLatest 3 consecutive FYs: ROE > 15% in each
Discount to Intrinsic Value-18.0% (IV=$44.75 vs Price=$52.82)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency26/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity11.2%
✗Ackman>= 15%
5-Year EPS CAGR7.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
ROE (5-year)2/5 years above 12% (latest 8.9%)
✗SleepROE > 12% in a majority of years
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+11.21%; #1629/5226 (top 31.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0016; #149/5884 (top 2.5%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR7.0% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation models20% pass✓ 2✗ 8▾
Models split on NBTB at $52.82 — fair values range $23.44–$106.81
Graham fair value$52.17
✗Graham-1.2% margin vs $52.82
Buffett fair value$49.63
✗Buffett-6.4% margin vs $52.82
Lynch fair value$23.44
✗Lynch-125.4% margin vs $52.82
Dreman fair value$44.75
✗Dreman-18.0% margin vs $52.82
Munger fair value$55.49
✓Munger+4.8% margin vs $52.82
Pabrai fair value$35.33
✗Pabrai-49.5% margin vs $52.82
Akre fair value$50.05
✗Akre-5.5% margin vs $52.82
Marks fair value$41.03
✗Marks-28.8% margin vs $52.82
Ackman fair value$106.81
✓Ackman+50.5% margin vs $52.82
Templeton fair value$40.09
✗Templeton-31.8% margin vs $52.82
Growth50% pass✓ 6✗ 6▾
4 of 8 pass — Graham, Lynch, Dreman +1 more object
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)2.25
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR7.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency26/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth10.4%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR7.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR5.4%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR7.0% over 5 years
✓Neff7%-20% annualized

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Banking

Size: Mid Cap($2.7B)

Revenue: $183.0M+10.4% YoY

Net Income: $169.2M+20.3% YoY

Financial Snapshot

Operating Margin--

Return on Equity8.9%

Debt / Equity0.01

Current Ratio--

EPS (Diluted)$3.33+12.1% 1y

Buybacks (1y)$10.2M

Buybacks (2y)$10.4M

Shares Retired−10.5% / −10.8% 2y

Similar Companies

MUFGMITSUBISHI UFJ FINANCIAL GROUP INC

$245.7B

AXPAMERICAN EXPRESS CO

$215.0B

SANBanco Santander, S.A.

$175.9B

ATMPBARCLAYS BANK PLC

$82.1B

Sector-adjusted criteria: Bank

Leverage is a bank’s business model and current accounts don’t exist on its balance sheet, so debt and liquidity tests are omitted and tangible book value and ROE replace their industrial analogs.

Shareholder Return

Fiscal 2025

Issued 10.5% of shares last year, 10.8% issued over two.

Buybacks: $10.2M
Dividends: $72.6M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−0.6% = −1.9% + 1.3%

FY23

−24.7% = −21.9% + −3.7%

FY24

12.1% = 18.4% + −5.3%

FY25

12.1% = 20.3% + −6.8%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-27 10-Q · 2026-05-08 10-Q · 2026-08-07 10-Q · 2026-11-06 Derived from cumulative filings: net income, pre tax income, operating cash flow, capex, dividends paid, buybacks.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-06 Derived from cumulative filings: operating cash flow, capex, dividends paid, buybacks.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-07 Derived from cumulative filings: operating cash flow, capex, dividends paid, buybacks.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-08	FY 2025 Sources 10-K · 2026-02-27	FY 2024 Sources 10-K · 2025-02-28	FY 2023 Sources 10-K · 2024-02-29	FY 2022 Sources 10-K · 2023-03-01	FY 2021 Sources 10-K · 2022-03-01
Market Cap	$2.7Bcurrent	--	--	--	$2.3Best.	$2.2Best.	$1.6Best.	$1.5Best.	$1.5Best.
Revenue	--	--	--	--	$183.0M↑10%	$165.7M↑14%	$144.7M↓4%	$150.7M	$151.0M
Operating Income	--	--	--	--	--	--	--	--	--
Net Income	$217.7M↑45%	$58.0M↑7%	$53.0M↑136%	$51.1M↑39%	$169.2M↑20%	$140.6M↑18%	$118.8M↓22%	$152.0M↓2%	$154.9M
EPS (Diluted)	--	$1.11↑8%	$1.02↑132%	$0.98↑27%	$3.33↑12%	$2.97↑12%	$2.65↓25%	$3.52↓1%	$3.54
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—	—
ROE	11.2%↑39%	—	—	—	8.9%↓3%	9.2%↑11%	8.3%↓36%	13.0%↑5%	12.4%
Total Debt	$0↓100%	$0↓100%	$0↓100%	$24.8M↓80%	$24.5M↓80%	$121.2M↑1%	$119.7M↑24%	$96.9M↓2%	$98.5M
Shareholders' Equity	$1.9B↑5%	$1.9B↑5%	$1.9B↑8%	$1.9B↑22%	$1.9B↑24%	$1.5B↑7%	$1.4B↑21%	$1.2B↓6%	$1.3B
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	0.00↓100%	0.00↓100%	0.00↓100%	0.01↓83%	0.01↓84%	0.08↓5%	0.08↑2%	0.08↑5%	0.08
Operating Cash Flow	$257.4M↑18%	$76.3M↓5%	$61.9M↑33%	$53.0M↑26%	$235.2M↑25%	$188.6M↑20%	$157.5M↓14%	$183.2M↑15%	$159.2M
Free Cash Flow	$245.7M↑21%	$74.4M	$60.5M↑37%	$48.6M↑27%	$218.9M↑24%	$176.8M↑19%	$148.2M↓16%	$176.2M↑16%	$151.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Banking

NBTB vs Peers — Financial Grading

Revenue$183.0MBottom 25%

Net Income$169.2MBottom 25%

ROE8.9%Bottom 25%

D/E0.01Top 25%

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
MITSUBISHI UFJ FINANCIAL GROUP INCMUFG	$245.7B	$21.83	$74.2B	$10.8B	8.8%	1.12	19.9%	—	2/7	1/6	1/4	F-Score 5	3/9
AMERICAN EXPRESS COAXP	$215.0B	$320.60	$41.3B	$10.8B	32.4%	1.68	—	—	2/7	3/6	3/4	F-Score 4	3/9
Banco Santander, S.A.SAN	$175.9B	$12.21	—	$16.6B	12.5%	0.02	—	—	2/7	1/6	2/4	F-Score 4	5/9
BARCLAYS BANK PLCATMP	$82.1B	$35.04	$13.1B	$6.3B	7.5%	0.01	—	—	2/7	1/6	0/4	F-Score 7	4/9
BARCLAYS PLCBCS	$76.0B	$22.87	$15.0B	$9.7B	9.2%	0.02	—	—	1/7	0/6	0/4	F-Score 7	2/9
FIRST CITIZENS BANCSHARES INC /DE/FCNCA	$25.7B	$2324.25	$9.5B	$2.2B	9.9%	1.62	—	—	5/7	3/6	1/4	F-Score 5	2/9
KEYCORP /NEW/KEY	$22.7B	$21.46	$7.5B	$1.8B	9.0%	0.49	—	—	2/7	1/6	1/4	F-Score 6	4/9
WEBSTER FINANCIAL CORPWBS	$12.6B	$77.57	$2.9B	$1.0B	10.6%	0.08	50.7%	—	2/7	1/6	1/4	F-Score 7	2/9