NORTHPOINTE BANCSHARES INC (NPB)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· bank

$15.79▼ 2.41%

EOD close · as of 2026-10-30

Market Cap

$546.0M

Enterprise Value

$49.6M

P/E

7.5×

Revenue (FY)

—

Rev. growth

—

Gross margin

—

Net margin

—

ROIC

15%

Net debt / EBITDA

n/a for a bank

Revenue—

—

Net Income· FY2025$83.4M

Free Cash Flow· FY2025$41.5M

Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Cash-backed earnings

Operating cash flow 0.5× net income

0.53×

✓

Capital intensity

Reinvests 6% of operating cash flow

light

✓

Returns on capital

ROIC 15%

15%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is 14.7%

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

12.34×

assets / year-end equity

ROE

14.7%

on year-end equity

ROE 15% against ROIC 15% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Equity is the year-end figure. On average equity over the two year-ends, ROE is 16.2% — the two diverge when buybacks or issuance move equity during the year.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

$496.5M

Net Debt

—

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2023	FY2024	FY2025

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2023 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

15%

FY2025 · latest

Net margin

—

— · latest

—

ROIC

15%

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

—

— · latest

—

Free cash flow

$41.5M

FY2025 · latest

Institutional ownership: 12 holders · 0% of shares · 60th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on NPB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

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Financials

$15.79▼ 2.41%

EOD close · as of 2026-10-30

Market Cap

$546.0M

Enterprise Value

$49.6M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023
Interest & Investment Income	—	$31.4M	$29.1M
Pretax Income	$110.4M	$72.9M	$44.7M
Income Tax Expense	$27.0M	$17.7M	$10.9M
Net Income	$83.4M	$55.2M	$33.8M
Per Share
EPS (Basic)	$2.14	$1.83	$0.94
EPS (Diluted)	$2.11	$1.83	$0.93
Weighted Avg Shares (Basic)	33.4M	25.8M	25.7M
Weighted Avg Shares (Diluted)	33.9M	25.8M	25.8M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Margins need at least two fiscal years with a reported revenue and cost base.

Return on equity (15%) and return on invested capital (15%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Adequate

Converts 5.23x of reported profit into cash — adequate, without much margin.

Cash conversion bridge from net income to free cash flow
Step	Amount	Running total
Net income	$83M	$83M
Share-based comp	not reported	not reported
Other non-cash & working capital	−$39M	$44M
Operating cash flow	$44M	$44M
Capex	−$3M	$42M
Free cash flow	$42M	$42M

Share-based compensation is drawn as its own bar because it is added back in operating cash flow — it inflates every figure to its right. No capex value is on file for this period, so the bridge stops at operating cash flow rather than continuing to free cash flow.

FCF / net income

5.23×↘ narrowing

3-year average; latest 0.50x

Sloan accruals

0.6%

(net income − OCF) / assets · negative is better

Share count since FY2023

34.3%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

receivables, inventory or cost of revenue not reported

Comparing receivables growth against revenue growth needs receivables for at least three fiscal years — this filer has not reported enough of them.

The cash conversion cycle needs receivables and cost of revenue for at least two fiscal years — this filer has not reported enough of it.

Accruals as a percent of assets, by fiscal year
Fiscal year	Accruals / assets
FY2023	-9.9 percent
FY2024	0.7 percent
FY2025	0.6 percent

●— the company● a top-decile year▬ cohort p25–p75 · -- its median▎its own range

Below zero is better — accruals are profit that has not arrived as cash. Cohort is 365 filers sharing SIC 60xx (latest fiscal year of every filer sharing the 2-digit SIC prefix, excluding |accruals| over 100% of assets, then winsorized at p5/p95). Sloan's result is about rank within a cohort, not about a level. The scale shows the cohort's middle half so this company's own history stays readable — its p10–p90 is wider.

Capex against depreciation

Below the line, the asset base is being consumed faster than it is replaced.

Why below 1.0 is not always under-investment

Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.

The other side

Shares outstanding are up 34% since FY2023 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Leverage is not measurable this way for a bank.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

What is on hand

Cash & equivalents

$496M

excludes restricted cash

Net debt

—

not reported

Current ratio

—

not reported

Quick ratio

—

not reported

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.

Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Can't say

No growth rate within the range this model can express reaches the current price, so the requirement cannot be stated as a number.

Comparing the market's assumption against the record needs a solvable growth requirement and at least two years of free cash flow growth.

P / E

7.5× · med 14.2× · 12.7×–18.1×

P / S

not reported for this company

EV / EBITDA

not reported for this company

P / B

1.0× · med 1.2× · 1.1×–1.6×

NPB cohort median p25–p7519 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).

Missing from our data, so excluded from this answer: implied_growth.

Basis: FY2025Source: SEC EDGAR XBRL

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NPB vs. State Commercial Banks peers

Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

NPB 7.5× · med 14.2× · p25–p75 12.7×–18.1×

100th pct

P / S

NPB — · med 3.3× · p25–p75 2.7×–3.5×

not enough peer data

—

EV / EBITDA

NPB — · med 12.8×

not enough peer data

—

P / B

NPB 1.0× · med 1.2× · p25–p75 1.1×–1.6×

90th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

NPB — · med 7.6% · p25–p75 2.3%–37.8%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

NPB — · med 54.3%

not enough peer data

—

Operating margin

NPB —

not enough peer data

—

Net margin

NPB — · med 21.3% · p25–p75 17.5%–24.2%

not enough peer data

—

FCF margin

NPB — · med 28.5% · p25–p75 17.9%–34.5%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

NPB 14.7% · med 9.6% · p25–p75 7.0%–10.3%

100th pct

Return on invested capital

NPB 14.7% · med 7.1% · p25–p75 5.0%–9.6%

100th pct

LeverageLess debt scores higher

Net debt / EBITDA

NPB — · med 3.1×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

NPB 12 · med 49 · p25–p75 23–140

5th pct

Institutional ownership

NPB 0.4% · med 1.3% · p25–p75 0.6%–2.6%

7th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
STTSTATE STREET CORP	$46.2B	18.1×	—	3.3×	7.3%	—	21.1%	10.6%	10.6%	—	388
NTRSNORTHERN TRUST CORP	$30.9B	19.4×	—	3.8×	-2.5%	—	21.5%	13.4%	13.4%	—	272
CFGCITIZENS FINANCIAL GRO…	$26.7B	16.5×	—	3.2×	5.6%	—	22.2%	7.0%	4.9%	—	319
FCNCAFIRST CITIZENS BANCSHA…	$26.1B	14.2×	—	2.7×	-2.2%	—	23.1%	9.9%	3.8%	—	162
ALLYAlly Financial Inc.	$11.6B	16.1×	—	1.5×	-3.3%	—	10.8%	5.5%	2.5%	—	140
UCBUNITED COMMUNITY BANKS…	$4.4B	14.0×	—	4.1×	11.7%	—	30.9%	9.0%	8.5%	—	84
FBPFIRST BANCORP /PR/	$4.0B	12.2×	—	3.1×	2.4%	—	27.5%	17.5%	15.3%	—	67
FHBFIRST HAWAIIAN, INC.	$3.1B	11.4×	—	3.5×	8.9%	—	31.4%	10.0%	10.0%	—	74
BUSEFIRST BUSEY CORP /NV/	$2.4B	19.6×	—	3.3×	55.7%	—	18.8%	5.5%	5.5%	—	61
GABCGERMAN AMERICAN BANCOR…	$1.8B	16.0×	—	3.8×	37.8%	—	23.1%	9.7%	8.9%	—	39
PEBOPEOPLES BANCORP INC	$1.4B	12.9×	12.8×	16.0×	2.3%	—	—	8.8%	5.8%	3.1×	41
UVSPUNIVEST FINANCIAL Corp	$1.1B	12.7×	—	3.3×	9.6%	—	27.7%	9.6%	9.4%	—	49
FMNBFARMERS NATIONAL BANC …	$927M	10.8×	—	3.3×	3.9%	—	19.5%	11.2%	6.4%	—	33
WASHWASHINGTON TRUST BANCO…	$736M	14.2×	—	3.2×	128%	—	22.8%	9.6%	9.6%	—	39
ACNBACNB CORP	$665M	18.2×	—	3.5×	45.1%	—	19.3%	8.8%	5.0%	—	22
NPBNORTHPOINTE BANCSHARES…	$546M	7.5×	—	—	—	—	—	14.7%	14.7%	—	12
COFSCHOICEONE FINANCIAL SE…	$530M	17.6×	—	2.3×	63.6%	—	12.4%	6.1%	6.1%	—	23
CFFIC & F FINANCIAL CORP	$357M	13.2×	—	2.5×	10.6%	—	19.1%	10.3%	9.5%	—	11
MYFWFirst Western Financia…	$303M	23.1×	—	3.1×	7.6%	—	13.6%	5.0%	5.0%	—	17
MNSBMainStreet Bancshares,…	$152M	12.1×	—	1.1×	-1.6%	54.3%	11.5%	7.1%	7.1%	—	16

Peers = companies sharing NPB's sector (State Commercial Banks) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$6.1m · 5 holders

Discretionary sales

$1.3m · 2 holders

10b5-1 plan sales

$542k · scheduled in advance

Filed late

29%

14 of 49 filings

9 open-market purchases and 3 discretionary sales against the share price · hover a marker

2025-10-31$15.11 – $19.132026-10-23

Shares held by reporting insiders1 → 12 insiders reporting — no comparable change

2025-11-17 · 220,8302026-10-28 · 3,657,275 (12 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-28	Chaudhary Rajeev Kumar Director	Open-market buyindirect	3,000	$15.80	$47k
2026-10-26	4 co-filers Group filing	Open-market buyindirect	50,000	$15.32	$766k
2026-10-23	Boer Carrie L Director	Open-market buy	12,000	$15.40	$185k
2026-10-23

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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NORTHPOINTE BANCSHARES INC (NPB)

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.7%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

NPB vs. State Commercial Banks peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (7 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (7 Quarters)

Ownership Map

Reverse DCF — what growth does the price assume?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.7%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

NPB vs. State Commercial Banks peers

Where it ranks

Peer table

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?