National Bankshares Inc. (NKSH) intrinsic value & 10-year financials
National Bankshares Inc. (NKSH) has a Graham intrinsic value of $25.31 per share. At $43.58 on Oct 17, 2026, the stock trades 72% above that value. Over the last 10 fiscal years revenue grew 4.7% a year to $8.2M, with an average return on invested capital of 9.6%.
- Graham intrinsic value
- $25.31
- Share price (Oct 17, 2026)
- $43.58
- Price vs Graham value
- 72% above
- Market cap
- $277.3M
- Revenue (FY2025)
- $8.2M
- Revenue growth (10-yr CAGR)
- 4.7%
- ROIC (10-yr avg)
- 9.6%
- Free cash flow (FY2025)
- $15.2M
NKSH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.2M | $15.8M | $2.49 | $15.2M | — | 9.3% |
| FY2024 | $7.5M | $7.6M | $1.24 | $6.2M | — | 5.1% |
| FY2023 | $7.1M | $15.7M | $2.66 | $14.0M | — | 11.9% |
| FY2022 | $7.0M | $25.9M | $4.33 | $28.2M | — | 16.5% |
| FY2021 | $6.7M | $20.4M | — | $22.6M | — | 10.4% |
| FY2020 | $5.7M | $16.1M | $2.48 | $12.0M | — | 8.4% |
| FY2019 | $6.2M | $17.5M | $2.65 | $17.8M | — | 9.3% |
| FY2018 | $6.3M | $16.2M | $2.32 | $18.6M | — | 8.6% |
| FY2017 | $6.1M | $14.1M | $2.03 | $10.7M | — | 7.8% |
| FY2016 | $5.4M | $14.9M | $2.15 | $16.9M | — | 8.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NATIONAL BANKSHARES INC has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.
NATIONAL BANKSHARES INC returns on capital have been average, hovering around 9.6% ROIC over the decade.
NATIONAL BANKSHARES INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NATIONAL BANKSHARES INC is modeled at 1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $25.31 per share.