Pricing Log in Create free account
Friday 6 November 2026 Export NIC’s income statement to Excel — free account

Nicolet Bankshares Inc.

NIC Financial Banks Regional

Nicolet Bankshares Inc.’s revenue for fiscal 2025 (year ended December 2025) was $556.5 million, up 6.89% from fiscal 2024.

Revenue
+61.6%
EPS
+8.19%
Free cash flow
+40.2%
Total debt
−31.1%

Quarter to September 2026, against a year earlier

172.90 2.34 −1.34%
Market cap
$3.6B
P/E
18.7×
Fwd P/E
17.7×
Dividend yield
—
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 2 — — — 2 — — 1 —
Insider Ownership 9.53%

Capital & Financial Ratios $m

Size
Market Cap 3,590.00
Revenue ttm 796.57
Net income ttm 176.15
Free cash flow ttm 198.04
Net debt Q (417.78)
Valuation
P/E 18.65
Forward P/E 17.70
Price / sales 4.54
Forward P/S Powerpack
Price / FCF 18.28
Price / book 1.62
Financial health
Current ratio Q 0.90
Debt / equity Q 0.04
Interest coverage Q —
Growth
Revenue growth Q +61.55% (above 0%: growing)
Operating income growth Q +65.44% (above 0%: growing)
EPS, this year +24.03% (at or above 15%: strong)
EPS, next year A +12.53%
Revenue, next year A −2.95% (below 0%: weak)
EPS, past 5 yrs +11.40%
EPS, next 5 yrs A +13.84%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 89.77%
10-year low 10-year high
P/S against its own 10 years 96.15%
10-year low 10-year high
P/B against its own 10 years 93.91%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2023–25
−100.0%/yr
  1. 0.50 ’23
  2. 0.00 ’24 −100
  3. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 498 536 660 511
Receivables — — — —
Inventory — — — —
Other — — — —
6,926 7,227 7,567 11,515
2023 2024 2025 Q'26
Payables 7,198 7,404 7,731 12,597
ST’ Debt — — — —
Other — — — —
7,263 7,463 7,793 12,738

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.06 Actual 3.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.55 2.73 Beat by 0.18
Q1 FY26 2.98 2.75 Miss by 0.23
Q2 FY26 2.96 2.99 Beat by 0.03
Q3 FY26 3.06 3.15 Beat by 0.09
Q4 FY26 3.25 — Reports 19 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.81 2.62 2.96 — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 184 237 233 — —
’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 73 — —
’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 64 — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 102 144 165 192 212 239 332 419 521 557 797 +20.7% 540 588 607 +2.9%
Gross margin, % 92.82 92.70 88.56 88.27 90.62 94.31 89.77 66.25 67.29 70.45 74.20 (22.4) pt
EBT 28 50 55 71 81 81 126 87 155 187 223 +23.5%
EBT margin, % 27.48 34.54 33.20 37.22 38.21 33.95 37.89 20.68 29.80 33.59 27.98 +6.1 pt
Net income 19 33 41 55 60 61 94 62 124 151 176 +26.1%
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 38.05 +11.2%
Earnings 2.49 3.51 4.26 5.71 5.82 5.65 6.78 4.17 8.24 10.06 9.27 +16.8%
Cash flow 3.47 4.31 5.29 6.08 7.63 9.10 8.44 7.32 8.89 10.25 10.00 +12.8%
Capex (0.29) (0.03) (0.15) (0.41) (1.01) (0.94) (0.88) (0.41) (1.10) (0.09) (0.54) (12.0%)
Free cash flow 3.18 4.28 5.14 5.67 6.62 8.16 7.56 6.91 7.79 10.16 9.46 +13.8%
Book value 38.61 38.65 40.18 54.07 52.16 83.08 69.92 70.47 77.94 83.96 106.73 +9.0%
Shares, m 7 9 10 10 10 11 14 15 15 15 19 +8.6%
Valuation, ×
Valuation, × P/E 19.62 15.29 11.46 12.87 11.38 15.02 11.65 19.43 12.75 12.05 18.65 14.2
P/S 3.37 3.51 2.85 3.68 3.24 3.85 3.31 2.84 3.03 3.27 4.54 3.3
P/B 1.25 1.38 1.21 1.37 1.27 1.03 1.13 1.15 1.35 1.44 1.62 1.3
EV/Sales 2.31 2.96 1.80 2.98 (0.44) 2.18 3.48 2.05 2.31 2.32 — 2.2
EV/FCF 10.36 10.55 6.00 10.56 (1.35) 5.94 10.98 8.44 10.27 8.49 — 8.0
Cash, $m
Cash, $m Operating cash flow 25 41 51 58 79 98 117 108 134 154 209 +22.5%
Capex (2) 0 (1) (4) (10) (10) (12) (6) (16) (1) (11) (4.4%)
Free cash flow 23 40 50 54 68 88 105 102 117 152 198 +23.5%
Balance, $m
Balance, $m Working capital (270) (217) (192) (189) (292) (1,225) (1,141) (337) (236) (226) (1,223) (1.9%)
Net debt (108) (79) (173) (134) (779) (400) 58 (331) (375) (525) (418) +19.2%
Shareholders’ equity 276 365 387 517 539 892 973 1,039 1,173 1,258 2,234 +18.3%
Returns, %
Returns, % ROA 1.01 1.27 1.36 1.64 1.48 0.99 1.15 0.71 1.44 1.68 1.46 +0.7 pt
ROIC 10.44 10.85 15.99 11.67 0.00 11.03 7.73 7.66 12.15 16.12 9.55 +5.7 pt
ROE 9.54 10.34 10.91 12.08 11.38 8.48 10.11 6.12 11.22 12.40 10.21 +2.9 pt
People
People Employees 480 535 550 575 556 876 972 976 978 986 — +8.3%
Revenue/emp, $m 0.21 0.27 0.30 0.33 0.38 0.27 0.34 0.43 0.53 0.56 — +11.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Nicolet Bankshares Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BANF BancFirst Corporation $3.9B 15.0× 14.3× −78.96% (below 0%: shrinking) +6.38% (above 0%: growing) +13.82% (above 0%: growing) 100.00% 0.00% Compare
WSBC WesBanco, Inc. $3.7B 11.0× 10.8× +0.69% (above 0%: growing) +5.95% (above 0%: growing) −14.15% (below 0%: shrinking) 69.86% 0.00% Compare
BMA Macro Bank Inc. $3.6B 12.2× 8.3× +4.42% (above 0%: growing) +17.44% (above 0%: growing) +198.80% (above 0%: growing) 77.07% 0.00% Compare
NIC Nicolet Bankshares Inc. $3.6B 18.7× 17.7× +61.55% (above 0%: growing) +8.19% (above 0%: growing) +40.19% (above 0%: growing) 75.01% 0.00%
RNST Renasant Corporation $3.6B 11.0× 10.9× −0.13% (below 0%: shrinking) +37.83% (above 0%: growing) +505.64% (above 0%: growing) 68.82% 0.00% Compare
FIBK First Interstate BancSystem, Inc. $3.5B 11.8× 13.4× −5.93% (below 0%: shrinking) −4.35% (below 0%: shrinking) +22.30% (above 0%: growing) 79.01% 0.00% Compare
FFBC First Financial Bancorp. $3.4B 11.3× 10.5× +13.34% (above 0%: growing) +2.75% (above 0%: growing) −101.00% (below 0%: shrinking) 74.64% 0.00% Compare
TOWN Towne Bank $3.4B 10.2× 8.6× +85.30% (above 0%: growing) +303.85% (above 0%: growing) +9.18% (above 0%: growing) 85.47% 0.00% Compare
CBU Community Financial System, Inc. $3.4B 14.7× 13.6× +6.18% (above 0%: growing) +11.54% (above 0%: growing) +15.96% (above 0%: growing) 83.56% 0.00% Compare
Median of peers $3.6B 11.5× 10.9× +2.56% +8.96% +14.89% 78.04% 0.00%

All 327 Banks Regional stocks →

Nicolet Bankshares Inc. (NIC) Latest News

21 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

20 Oct

Impact 4 · · Business Wire
Impact 3 · · Investing.com
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Zacks

18 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 3 · · Simply Wall St.

23 Sep

Impact 3 · · StockStory

23 Jul

Impact 3 ·

22 Jul

Impact 3 ·

17 Jul

Impact 3 ·

14 Jul

Impact 3 ·

9 Jun

Impact 4 · · StockStory

24 Apr

Impact 4 · · TMX Newsfile

21 Apr

Impact 4 · · Business Wire
Impact 3 · · Zacks

30 Mar

Impact 4 · · The Motley Fool
Impact 3 · · Business Wire

22 Mar

Impact 3 · · Simply Wall St.

23 Feb

Impact 3 ·

21 Feb

Impact 4 · · Insider Monkey

17 Feb

Impact 4 · · Business Wire

12 Feb

Impact 3 · · Simply Wall St.

10 Feb

Impact 4 · · Zacks

6 Feb

Impact 3 · · Simply Wall St.

NIC metrics, ten years each

stockrow.com/NIC · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com