A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
NICOLET BANKSHARES INC
NIC
$2.6B
Mkt Cap
$169.64
+0.43%
NICOLET BANKSHARES INC (NIC) has a current P/E ratio of 17.3, compared to its historical median P/E of 12.8. The stock is currently considered Expensive based on its historical valuation range.
NICOLET BANKSHARES INC (NIC) has a market capitalization of $2.6B. It is classified as a mid-cap stock.
Yes, NICOLET BANKSHARES INC (NIC) pays a dividend with a trailing twelve-month yield of 0.71%. The company also returns capital through share buybacks, with a buyback yield of 2.93%.
Based on historical P/E analysis, NICOLET BANKSHARES INC (NIC) appears expensive. The current P/E of 17.3 is 35% above its historical median of 12.8. The estimated fair value CAGR (P/E method) is 5.6%.
NICOLET BANKSHARES INC (NIC) operates in the National Commercial Banks industry, within the Financials sector.
NICOLET BANKSHARES INC (NIC) reported annual revenue of $392 million in its most recent fiscal year, based on SEC EDGAR filings.
NICOLET BANKSHARES INC (NIC) has a net profit margin of 38.4%. This is a strong margin indicating high profitability.
Nicolet Bankshares, Inc. (individually referred to herein as the “Parent Company” and together with all its subsidiaries collectively referred to herein as “Nicolet,” the “Company,” “we,” “us” or “our”) is a registered bank and financial holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”), and under the bank holding company laws of the State of Wisconsin. At December 31, 2025, Nicolet had total assets of $9.2 billion, loans of $6.8 billion, deposits of $7.7 billion and total stockholders’ equity of $1.3 billion. For the year ended December 31, 2025, Nicolet earned record net income of $151 million, or $9.78 per diluted common share. Nicolet was founded upon five core values (Be Real, Be Responsive, Be Personal, Be Memorable, and Be Entrepreneurial) which are embodied within each of our employees and create a distinct competitive positioning in the markets within which we operate.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 392M | 392M | 350M | 277M | 298M | 225M |
| Net Income | 151M | 151M | 124M | 62M | 94M | 61M |
| EPS | $9.78 | $9.78 | $8.05 | $4.08 | $6.56 | $5.44 |
| Free Cash Flow | 149M | 149M | 117M | 90M | 105M | 85M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.11 | 0.11 | 0.14 | 0.16 | 0.56 | 0.24 |
| Dividends/Share | $1.21 | $1.21 | $1.07 | $0.74 | $0.00 | - |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 12.0% | 12.4% | 10.6% | 5.9% | 9.7% | 6.8% |
| Shares Outstanding | 15M | 15M | 15M | 15M | 14M | 11M |
| Metric | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 133M | 146M | 169M | 192M | 225M | 298M | 277M | 350M | 392M | 392M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 81M | 90M | 97M | 101M | 129M | 161M | 186M | 191M | 201M | 201M |
| EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | 33M | 41M | 55M | 60M | 61M | 94M | 62M | 124M | 151M | 151M |
| Net Margin | 24.9% | 28.1% | 32.2% | 31.3% | 26.9% | 31.6% | 22.2% | 35.4% | 38.4% | 38.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||
| ROIC | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROE | 9.1% | 10.6% | 10.6% | 11.2% | 6.8% | 9.7% | 5.9% | 10.6% | 12.4% | 12.0% |
| ROA | 1.1% | 1.3% | 1.5% | 1.3% | 0.8% | 1.1% | 0.7% | 1.4% | 1.7% | 1.6% |
| Cash Flow | ||||||||||
| Op. Cash Flow | 41M | 51M | 58M | 79M | 98M | 117M | 108M | 134M | 154M | 154M |
| Free Cash Flow | 39M | 47M | 54M | 68M | 85M | 105M | 90M | 117M | 149M | 149M |
| Owner Earnings | 31M | 40M | 46M | 63M | 76M | 88M | 83M | 110M | 131M | 131M |
| CapEx | 2.0M | 4.3M | 4.4M | 11M | 13M | 12M | 18M | 17M | 4.1M | 4.1M |
| Maint. CapEx | 7.1M | 6.3M | 7.3M | 11M | 14M | 22M | 18M | 17M | 15M | 15M |
| Growth CapEx | 0 | 0 | 0 | 106K | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 7.1M | 6.3M | 7.3M | 11M | 14M | 22M | 18M | 17M | 15M | 15M |
| CapEx/OCF | 5.0% | 8.4% | 7.6% | 13.7% | 13.1% | 10.4% | 16.9% | 12.6% | 2.7% | 2.7% |
| Capital Allocation | ||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 17M | 19M | 19M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.1% | 1.2% | 1.0% | 0.7% |
| Share Buybacks | 15M | 23M | 28M | 42M | 63M | 61M | 1.5M | 10M | 77M | 77M |
| Buyback Yield | 2.8% | 5.0% | 4.0% | 6.0% | 6.6% | 5.5% | 0.1% | 0.6% | 4.0% | 2.9% |
| Stock-Based Comp | 3.1M | 4.9M | 5.0M | 5.7M | 7.3M | 7.0M | 6.4M | 6.6M | 7.3M | 7.3M |
| Debt Repayment | 9.5M | 1.3M | 87M | 384M | 188M | 20M | 59M | 5.2M | 27M | 27M |
| Balance Sheet | ||||||||||
| Net Debt | -482M | -572M | -564M | -837M | -588M | 266M | -454M | -491M | -633M | -525M |
| Cash & Equiv. | 155M | 250M | 182M | 803M | 595M | 155M | 491M | 536M | 660M | 660M |
| Long-Term Debt | 78M | 77M | 68M | 54M | 217M | 225M | 167M | 161M | 135M | 135M |
| Debt/Equity | 0.21 | 0.20 | 0.13 | 0.10 | 0.24 | 0.56 | 0.16 | 0.14 | 0.11 | 0.11 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 364M | 387M | 516M | 539M | 892M | 973M | 1.0B | 1.2B | 1.3B | 1.3B |
| Total Assets | 2.9B | 3.1B | 3.6B | 4.6B | 7.7B | 8.8B | 8.5B | 8.8B | 9.2B | 9.2B |
| Total Liabilities | 2.6B | 2.7B | 3.1B | 4.0B | 6.8B | 7.8B | 7.4B | 7.6B | 7.9B | 7.9B |
| Intangibles | 128M | 124M | 166M | 175M | 339M | 402M | 394M | 388M | 382M | 382M |
| Retained Earnings | 102M | 144M | 199M | 253M | 314M | 408M | 458M | 566M | 698M | 698M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||
| EPS | 3.33 | 4.12 | 5.52 | 5.70 | 5.44 | 6.56 | 4.08 | 8.05 | 9.78 | 9.78 |
| Owner EPS | 3.07 | 4.00 | 4.63 | 5.93 | 6.86 | 6.16 | 5.51 | 7.15 | 8.52 | 8.52 |
| Book Value | 36.58 | 38.82 | 52.15 | 51.12 | 80.00 | 67.68 | 68.91 | 76.11 | 81.63 | 81.63 |
| Cash Flow/Share | 4.09 | 5.12 | 5.87 | 7.48 | 8.76 | 8.17 | 7.16 | 8.68 | 9.96 | 10.75 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | 0.00 | 0.74 | 1.07 | 1.21 | 1.21 |
| Shares Out. | 10.0M | 10.0M | 9.9M | 10.5M | 11.1M | 14.4M | 15.1M | 15.4M | 15.4M | 15.4M |
| Valuation | ||||||||||
| P/E Ratio | 16.1 | 11.2 | 13.1 | 11.6 | 15.5 | 11.8 | 19.7 | 12.8 | 12.6 | 17.3 |
| P/FCF | 13.8 | 9.8 | 13.3 | 10.2 | 11.1 | 10.6 | 13.5 | 13.6 | 12.7 | 17.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.5 | 1.2 | 1.4 | 1.3 | 1.1 | 1.1 | 1.2 | 1.4 | 1.5 | 2.1 |
| Price/Sales | 3.8 | 3.6 | 3.5 | 3.2 | 3.6 | 3.8 | 3.8 | 3.9 | 4.8 | 6.7 |
| FCF Yield | 7.3% | 10.2% | 7.5% | 9.8% | 9.0% | 9.5% | 7.4% | 7.3% | 7.9% | 5.7% |
| Market Cap | 533M | 459M | 714M | 697M | 943M | 1.1B | 1.2B | 1.6B | 1.9B | 2.6B |
| Avg. Price | 50.89 | 52.76 | 60.55 | 58.77 | 73.03 | 79.51 | 69.37 | 88.15 | 121.24 | 169.64 |
| Year-End Price | 53.53 | 46.04 | 72.12 | 66.05 | 84.57 | 77.26 | 80.49 | 103.37 | 123.40 | 169.64 |
NICOLET BANKSHARES INC passes 3 of 9 quality checks, indicating weak fundamentals.
NICOLET BANKSHARES INC trades at 17.3x trailing earnings, compared to its 15-year median P/E of 12.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 24.3x vs a median of 12.7x. Total shareholder yield (dividends + buybacks) is 3.6%. At current prices, the estimated annualized return to fair value is +6.2%.
NICOLET BANKSHARES INC (NIC) generated $149 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NICOLET BANKSHARES INC (NIC) has a debt-to-equity ratio of 0.11. This indicates a conservatively financed balance sheet.
NICOLET BANKSHARES INC (NIC) reported earnings per share (EPS) of $9.78 in its most recent fiscal year.
NICOLET BANKSHARES INC (NIC) has a return on equity (ROE) of 12.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 9 years of financial data for NICOLET BANKSHARES INC (NIC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NICOLET BANKSHARES INC (NIC) has a book value per share of $81.63, based on its most recent annual SEC filing.