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Independent Bank Corp. (INDB) vs Nicolet Bankshares Inc. (NIC)

Independent Bank Corp. and Nicolet Bankshares Inc. are both Banks Regional companies. Independent Bank Corp. and Nicolet Bankshares Inc. are of similar size ($3.7B and $3.5B). Independent Bank Corp. trades at the lower P/E: 14.4× against 18.2×. Independent Bank Corp. grew revenue faster over the last twelve months: 34.2% against 31.6%. Nicolet Bankshares Inc. has the higher net margin (21.8% vs 20.3%) and the higher return on invested capital (8.02% vs 7.59%). Across the 18 metrics below, Independent Bank Corp. leads on 9 and Nicolet Bankshares Inc. on 9.

Valuation

Metric INDB NIC Banks Regional median
P/E 14.42 18.18 11.98
P/S 2.87 4.92 2.34
P/B 1.09 1.53 1.19
Price to free cash flow 12.62 19.40 10.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 6.94% 5.50% 8.23%
Free cash flow yield 7.92% 5.15% 9.08%

Profitability

Metric INDB NIC Banks Regional median
Gross margin 75.11% 73.37% 69.55%
Operating margin 0.00% 0.00% 0.00%
Net margin 20.31% 21.77% 18.66%
Free cash flow margin 22.76% 25.38% 21.11%
Return on equity 8.24% 8.91% 10.65%
Return on assets 1.21% 1.27% 1.13%
Return on invested capital 7.59% 8.02% 8.35%

Growth

Metric INDB NIC Banks Regional median
Revenue growth (TTM) 34.23% 31.61% 6.98%
EPS growth (last fiscal year) (1.77%) 21.49% 18.88%
Revenue growth, 5-year CAGR 17.93% 21.31% 12.38%
Net income growth, 5-year CAGR 11.10% 20.17% 9.71%

Health

Metric INDB NIC Banks Regional median
Debt to equity 0.20 0.04 0.22
Current ratio 0.94 0.90 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric INDB NIC Banks Regional median
Dividend yield 3.14% — 2.57%
Payout ratio 0.45 — 0.30

Size

Metric INDB NIC Banks Regional median
Market cap 3.65b 3.45b 913.33m

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