Saturday 17 October 2026
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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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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
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.