COMP <GO>

LOB vs NBHC // ALTMAN Z-SCORE & DEBT/EQUITY

Live Oak Bancshares Inc. (NYSE) VS. National Bank Holdings Corporation (NYSE) • 15-METRIC TALLY: LOB 3 — NBHC 3

■ METRIC PARITY

LAST: $35.07 (+1.18%) • MKT CAP: $1.62B

balance-sheet

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LAST: $37.56 (+0.21%) • MKT CAP: $1.67B

balance-sheet

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (LOB VS. NBHC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	LOB	NBHC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	8.50%	7.90%	+0.60	LOB	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	8.84%	9.71%	-0.87	NBHC	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	68.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	2.10%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.34%	2.75%	-2.41	NBHC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	4/9	+1.00	LOB	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.7	37.6	+0.04	LOB	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	14.2x	14.2x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.62B	$1.67B	-$49.7M	NBHC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	LOB REV	NBHC REV	LOB GROSS %	NBHC GROSS %	LOB FCF	NBHC FCF
FY 2025	$0	$47.1M	—	—	$143.5M	$162.4M
FY 2024	$0	$46.2M	—	—	$107.5M	$155.3M
FY 2023	$0	$46.9M	—	—	$184.9M	$166.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LOB // BETA —

NBHC // BETA —