First Interstate BancSystem, Inc. (FIBK) vs Nicolet Bankshares Inc. (NIC)

First Interstate BancSystem, Inc. and Nicolet Bankshares Inc. are both Banks Regional companies. First Interstate BancSystem, Inc. and Nicolet Bankshares Inc. are of similar size ($3.5B and $3.5B). First Interstate BancSystem, Inc. trades at the lower P/E: 11.4× against 18.6×. Nicolet Bankshares Inc. grew revenue faster over the last twelve months: 31.6% against −4.12%. First Interstate BancSystem, Inc. has the higher net margin (23.6% vs 21.8%) and the higher return on invested capital (10.6% vs 8.02%). Both pay a dividend; First Interstate BancSystem, Inc. yields more (7.40% vs 1.35%). Across the 20 metrics below, First Interstate BancSystem, Inc. leads on 13 and Nicolet Bankshares Inc. on 7.

Valuation

Metric FIBK NIC Banks Regional median
P/E 11.36 18.63 12.15
P/S 2.60 5.04 2.37
P/B 1.07 1.57 1.21
Price to free cash flow 16.34 19.88 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.96 4.52 2.27
Earnings yield 8.81% 5.37% 8.11%
Free cash flow yield 6.12% 5.03% 8.98%

Profitability

Metric FIBK NIC Banks Regional median
Gross margin 77.92% 73.37% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 23.63% 21.77% 18.66%
Free cash flow margin 17.94% 25.38% 21.18%
Return on equity 9.62% 8.91% 10.64%
Return on assets 1.21% 1.27% 1.13%
Return on invested capital 10.64% 8.02% 8.33%

Growth

Metric FIBK NIC Banks Regional median
Revenue growth (TTM) (4.12%) 31.61% 6.61%
EPS growth (last fiscal year) 34.25% 21.49% —
Revenue growth, 5-year CAGR 15.72% 21.31% 12.30%
Net income growth, 5-year CAGR 13.39% 20.17% 9.71%

Health

Metric FIBK NIC Banks Regional median
Debt to equity 0.09 0.04 0.22
Current ratio 0.69 0.90 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FIBK NIC Banks Regional median
Dividend yield 7.40% 1.35% 3.75%
Payout ratio 0.64 0.00 0.27

Size

Metric FIBK NIC Banks Regional median
Market cap 3.48b 3.51b 921.07m

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