NASB Financial (NASB) has put up a clean set of Q2 2026 numbers, with revenue of US$24.2 million and EPS of US$1.30 anchoring the latest report. The company has seen revenue move from US$19.9 million and EPS of US$0.80 in Q2 2025 to US$24.2 million and EPS of US$1.30 in Q2 2026, while trailing twelve month EPS sits at US$4.52 on revenue of US$92.3 million. For investors, the key takeaway is that profitability and margins sit firmly at the center of this update, setting the tone for how the results will be interpreted.

See our full analysis for NASB Financial.

Next is how these earnings line up with the prevailing stories around NASB, highlighting where the numbers support the narrative and where they start to push back.

35.4% net margin puts profitability in focus

• Over the last 12 months, NASB converted US$92.3 million of revenue into US$32.7 million of net income, which equates to a 35.4% net profit margin compared with 31.6% a year earlier.
• What stands out for a more bullish stance is that net income over the trailing twelve months reached US$32.7 million and TTM EPS was US$4.52. This sits against a five year pattern where earnings fell 29.3% per year, so short term strength and longer term pressure are pulling in different directions.
  • Supporters of a bullish angle can point to Q2 2026 net income of US$9.4 million on revenue of US$24.2 million, which is higher than the US$5.8 million on US$19.9 million reported in Q2 2025, as evidence that recent profitability lines up with the stronger margin.
  • At the same time, critics of that bullish view will highlight that the 29.3% yearly fall in earnings over five years sits alongside the current margin, so the recent run rate has not erased the longer history of weaker earnings.

22.4% TTM earnings growth versus five year decline

• Trailing twelve month earnings were 22.4% higher than the prior year, even though over the past five years earnings declined by 29.3% per year on an annualised basis.
• Bears argue that the five year earnings decline is the more important signal, and the data gives them and their opponents plenty to talk about.
  • On one hand, TTM EPS of US$4.52 and net income of US$32.7 million show that recent profitability is solid when viewed on its own, which supports investors who focus on the latest results.
  • On the other hand, the 29.3% annualised drop in earnings over five years means long term holders have seen weaker profit power over time, so a cautious view leans on that history rather than the 22.4% TTM uplift.

P/E of 8.6x and DCF value below price

• NASB trades on a P/E of 8.6x, which sits below peers at 17.9x, below the industry on 11.4x and below the broader US market on 19.1x, while the DCF fair value in the dataset is US$29.86 compared with a share price of US$39.30.
• What is interesting for valuation focused investors is how the low P/E interacts with the DCF figure and the income profile.
  • Supporters who see the P/E discount as attractive can point to the 35.4% net margin and 22.4% TTM earnings growth as reasons why a lower multiple versus peers may look appealing on recent numbers.
  • Those who are more cautious will note that the US$29.86 DCF fair value sits below the US$39.30 share price and that the dividend record is described as unstable, which sits alongside the five year 29.3% annualised earnings decline as a reminder to look closely at earnings durability and cash returns.

To see how other investors are interpreting these same numbers and how they tie them into longer term stories, you can jump into the latest community discussion on NASB Financial via 📊 Read the what the Community is saying about NASB Financial.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on NASB Financial's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

These results leave room for both cautious and optimistic takes, so it makes sense to move fast, review the underlying data, and stress test your own thesis with the 1 key reward and 2 important warning signs.

See What Else Is Out There

The tension between a 29.3% annualised five year earnings decline, an unstable dividend record, and a DCF value below the share price raises durability questions.

If you are wary of that earnings track record and dividend uncertainty, it makes sense to quickly compare alternatives using the 51 high quality undervalued stocks that focus on stronger value signals and fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.