Saturday 17 October 2026 Export NIC’s income statement to Excel — free account

Nicolet Bankshares Inc.

Nicolet Bankshares Inc.’s revenue for fiscal 2025 (year ended December 2025) was $556.5 million, up 6.89% from fiscal 2024. In the quarter to June 2026, revenue grew 71.5%, EPS grew 11.7%, free cash flow grew 139.4% and total debt fell 31.0%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.

164.38 0.03 −0.02%

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Market cap: $3.5B
P/E: 18.2×
Fwd P/E: 14.1×
Dividend yield: —
F-score: 9/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.02

Total sells 2.71

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	2	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	2	—	—	—	2	—	—	—

Insider Ownership 9.99%

Capital & Financial Ratios $m

Market Cap 3,450.00

Revenue 707.97

Net Income 154.16

Free Cash Flow 179.69

Net Debt (372.50)

Current Ratio 0.90

Debt/Equity 0.04

P/E ratio 18.18

Fwd P/E 14.10

P/S ratio 4.92

P/B ratio 1.53

Past 5Y EPS Growth 11.40%

This Y EPS Growth 19.42%

Next Y EPS Growth 15.51%

Next Y revenue growth (3.52%)

Next 5Y EPS Growth 14.13%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 86.95%

10-year low 10-year high

P/S against its own 10 years 97.60%

10-year low 10-year high

P/B against its own 10 years 84.22%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	0.50	0.25 0.25
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	498	536	660	465
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	6,926	7,227	7,567	11,433

	2023	2024	2025	Q'26
Payables	7,198	7,404	7,731	12,523
ST’ Debt	—	—	—	—
Other	—	—	—	—
	7,263	7,463	7,793	12,662

Compound Annual Growth %

	10y	5y	3y
Sales	23.71%	21.31%	18.81%
Cash Flow	26.14%	14.24%	9.36%
Earnings	29.67%	20.17%	16.93%
Book Value	27.63%	18.46%	8.95%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	184	237	—	—	—
’25	131	138	144	143	557
’24	123	128	135	134	521
’23	66	109	116	128	419
’22	74	74	84	101	332
’21	54	58	53	74	239
’20	47	54	56	55	212

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	16	93	—	—	—
’25	42	39	46	27	154
’24	23	37	40	33	134
’23	16	33	22	38	108
’22	22	27	38	30	117
’21	38	5	9	45	98
’20	12	8	44	15	79

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	15	92	—	—	—
’25	41	39	46	27	152
’24	20	34	35	28	117
’23	10	27	20	46	102
’22	20	33	36	16	105
’21	38	3	6	41	88
’20	7	7	41	14	68

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.81	2.62	—	—	—
’25	2.08	2.34	2.73	2.65	9.78
’24	1.82	1.92	2.10	2.19	8.05
’23	(0.61)	1.51	1.14	2.02	4.08
’22	1.70	1.73	1.29	1.83	6.56
’21	1.75	1.77	0.73	1.25	5.44
’20	0.98	1.28	1.72	1.74	5.70

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	30.51	45.00	46.02	48.30	45.33	66.26	69.46	51.76	73.00	97.90	Analyst estimates 2026–2028 Powerpack
	High	48.00	61.98	58.60	75.99	74.10	88.67	98.20	85.20	116.17	141.92
People
People	Employees	480	535	550	575	556	876	972	976	978	986
	Revenue/emp, $m	0.21	0.27	0.30	0.33	0.38	0.27	0.34	0.43	0.53	0.56
Income, $m
Income, $m	Revenue	102	144	165	192	212	239	332	419	521	557
	Gross margin, %	92.82	92.70	88.56	88.27	90.62	94.31	89.77	66.25	67.29	70.45
	EBT	28	50	55	71	81	81	126	87	155	187
	EBT margin, %	27.48	34.54	33.20	37.22	38.21	33.95	37.89	20.68	29.80	33.59
	Net income	19	33	41	55	60	61	94	62	124	151
	Depreciation	5	7	6	7	11	14	22	18	17	15
Per share, $
Per share, $	Revenue	14.27	15.24	17.12	20.07	20.49	22.26	23.86	28.41	34.60	37.15
	Earnings	2.49	3.51	4.26	5.71	5.82	5.65	6.78	4.17	8.24	10.06
	Cash flow	3.47	4.31	5.29	6.08	7.63	9.10	8.44	7.32	8.89	10.25
	Capex	(0.29)	(0.03)	(0.15)	(0.41)	(1.01)	(0.94)	(0.88)	(0.41)	(1.10)	(0.09)
	Free cash flow	3.18	4.28	5.14	5.67	6.62	8.16	7.56	6.91	7.79	10.16
	Book value	38.61	38.65	40.18	54.07	52.16	83.08	69.92	70.47	77.94	83.96
	Shares, m	7	9	10	10	10	11	14	15	15	15
Valuation, ×
Valuation, ×	P/E	19.62	15.29	11.46	12.87	11.38	15.02	11.65	19.43	12.75	12.05
	P/S	3.37	3.51	2.85	3.68	3.24	3.85	3.31	2.84	3.03	3.27
	P/B	1.25	1.38	1.21	1.37	1.27	1.03	1.13	1.15	1.35	1.44
	EV/Sales	2.31	2.96	1.80	2.98	(0.44)	2.18	3.48	2.05	2.31	2.32
	EV/FCF	10.36	10.55	6.00	10.56	(1.35)	5.94	10.98	8.44	10.27	8.49
Cash, $m
Cash, $m	Operating cash flow	25	41	51	58	79	98	117	108	134	154
	Capex	(2)	0	(1)	(4)	(10)	(10)	(12)	(6)	(16)	(1)
	Free cash flow	23	40	50	54	68	88	105	102	117	152
Balance, $m
Balance, $m	Working capital	(270)	(217)	(192)	(189)	(292)	(1,225)	(1,141)	(337)	(236)	(226)
	Total debt	25	78	77	68	54	217	225	167	161	135
	Net debt	(108)	(79)	(173)	(134)	(779)	(400)	58	(331)	(375)	(525)
	Shareholders’ equity	276	365	387	517	539	892	973	1,039	1,173	1,258
Returns, %
Returns, %	ROA	1.01	1.27	1.36	1.64	1.48	0.99	1.15	0.71	1.44	1.68
	ROIC	10.44	10.85	15.99	11.67	0.00	11.03	7.73	7.66	12.15	16.12
	ROE	9.54	10.34	10.91	12.08	11.38	8.48	10.11	6.12	11.22	12.40

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
INDB Independent Bank Corp.	$3.7B	14.4×	10.9×	+31.36% (above 0%: growing)	+41.67% (above 0%: growing)	−34.59% (below 0%: shrinking)	76.37%	0.00%	Compare
RNST Renasant Corporation	$3.6B	11.9×	10.9×	−0.15% (below 0%: shrinking)	+9,400.00% (above 0%: growing)	+505.64% (above 0%: growing)	69.95%	0.00%	Compare
BANF BancFirst Corporation	$3.6B	14.5×	15.1×	+5.44% (above 0%: growing)	+5.88% (above 0%: growing)	+13.82% (above 0%: growing)	75.20%	0.00%	Compare
WSBC WesBanco, Inc.	$3.6B	10.8×	9.7×	+1.67% (above 0%: growing)	+61.40% (above 0%: growing)	−26.05% (below 0%: shrinking)	71.32%	0.00%	Compare
NIC Nicolet Bankshares Inc.	$3.5B	18.2×	14.1×	+71.53% (above 0%: growing)	+11.67% (above 0%: growing)	+139.43% (above 0%: growing)	74.94%	0.00%
FIBK First Interstate BancSystem, Inc.	$3.3B	10.7×	13.4×	−1.86% (below 0%: shrinking)	+26.09% (above 0%: growing)	−12.42% (below 0%: shrinking)	79.42%	0.00%	Compare
MCHB Mechanics Bancorp	$3.3B	11.6×	14.9×	+32.34% (above 0%: growing)	+18.88% (above 0%: growing)	−31.39% (below 0%: shrinking)	76.78%	0.00%	Compare
FFBC First Financial Bancorp.	$3.3B	11.0×	9.7×	+12.98% (above 0%: growing)	0.00%	−101.00% (below 0%: shrinking)	74.47%	0.00%	Compare
TOWN Towne Bank	$3.3B	9.9×	8.3×	+85.30% (above 0%: growing)	+303.85% (above 0%: growing)	+9.18% (above 0%: growing)	85.47%	0.00%	Compare
Median of peers	$3.4B	11.3×	10.9×	+9.21%	+33.88%	−19.24%	75.79%	0.00%

All 323 Banks Regional stocks →

Nicolet Bankshares Inc. (NIC) key facts

Strength: Nicolet Bankshares Inc.’s revenue for fiscal 2025 (year ended December 2025) was $556.5 million, up 6.89% from fiscal 2024.
Strength: Net income was $150.7 million, or $10.06 per share (basic), a net margin of 27.1%.
Nicolet Bankshares Inc. (NIC) is a Banks Regional company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, NIC traded at $164.38, a market capitalization of $3.5 billion.
At that price the stock trades at 18.2× trailing-twelve-month earnings and 4.9× sales; its P/E is higher than 87% of its own readings over the past ten years.
Return on equity was 12.4% and debt-to-equity 0.04.
Its Piotroski F-score is 9 out of 9 for fiscal 2025.