Nicolet Bankshares, Inc. NIC R2K

Financial Services · Banks - Regional · United States

https://www.nicoletbank.com

Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota. The company accepts demand deposits, checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercial real estate investment loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, and residential construction loans; and consumer loans. In addition, the company provides cash management, international banking, personal brokerage, safe deposit boxes, and trust and fiduciary services, as well as wealth management and retirement plan services. Further, it offers mortgage refinancing; online services, such as commercial, retail, and trust online banking; automated bill payment, mobile banking deposits and account access, and remote deposit capture services; and other services consisting of wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposits, and official bank checks, as well as facilitates crop insurance products. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. The company was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.

Market & Price

Market Cap

$2.98B

Current Price

$140.27

High / Low (52W)

$161.03 / $114.52

Beta

0.70

Valuation

Stock P/E

16.48

Industry PE

12.01

Forward P/E

10.55

PEG Ratio

1.92

Book Value

$106.33

Price to Book

1.32

P/S

6.95

EV/EBITDA

Dividend Yield

0.94%

Profitability & Returns

ROCE

ROE

7.75%

ROA

1.09%

Profit Margin

31.09%

Op Margin

50.52%

EPS (Latest Qtr)

$0.81

EPS (TTM)

$8.51

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$179.97M

Total Assets

$9.19B

Current Assets

Working Capital

Ownership

Promoter Holding

8.57%

Chg in Prom Hold

FII / Inst Holding

54.29%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$2.55B

Total Revenue (TTM)

$428.66M

EBITDA

Free Cash Flow

Operating Cash Flow

$128.02M

Shares Outstanding

21.25M

Gross Margin

0.00%

Payout Ratio

15.04%

Growth (CAGR)

Revenue 5Y

9.56%

Profit 5Y

16.93%

Revenue (YoY)

46.50%

Earnings (YoY)

-61.10%

PROS

Excellent profit margin of 31.1%.
Profit CAGR of 16.9% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	NIC Nicolet Bankshares, Inc. R2K	140.27	16.48	$2.98B	0.94%	-	7.75%	9.56%	16.93%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2013	Mar 2014	Jun 2014	Sep 2014	Mar 2015	Jun 2015	Sep 2015	Mar 2016	Jun 2016	Sep 2016	Mar 2017	Jun 2017	Sep 2017	Mar 2018	Jun 2018	Sep 2018	Mar 2019	Jun 2019	Sep 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	89.43M	95.74M	102.88M	103.94M	134.85M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41.53M	42.53M	41.07M	39.34M	48.65M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40.14M	44.77M	51.84M	50.20M	19.01M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.55M	8.74M	10.11M	9.87M	3.81M
Net Income	2.95M	2.21M	2.55M	2.77M	3.08M	2.94M	2.59M	2.65M	3.26M	6.46M	6.21M	8.33M	9.51M	9.58M	9.74M	10.86M	10.27M	18.55M	13.53M	10.55M	13.48M	18.10M	18.24M	18.28M	7.82M	24.16M	23.98M	18.51M	-8.90M	22.59M	17.16M	27.79M	29.27M	-	-	32.59M	36.03M	41.73M	40.32M	15.20M
Diluted EPS	0.62	0.50	0.58	0.63	0.70	0.66	0.58	0.57	0.39	0.69	0.69	0.83	0.91	0.94	0.98	1.09	1.05	1.91	1.40	0.98	1.28	1.72	1.75	1.77	0.73	1.70	1.73	1.29	-0.61	1.51	1.14	1.82	1.92	-	-	2.08	2.34	2.73	2.65	0.81

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	298.12M	275.51M	349.12M	392.00M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	33.96M	141.35M	170.30M	164.48M
Pretax Income	-	-	-	-	-	-	-	-	-	-	125.74M	86.63M	155.13M	186.96M
Tax Provision	-	-	-	-	-	-	-	-	-	-	31.48M	25.12M	31.07M	36.27M
Net Income	3.04M	16.14M	9.95M	11.43M	18.46M	33.15M	41.04M	54.64M	60.12M	-	94.26M	61.52M	124.06M	150.69M
Diluted EPS	0.53	3.80	2.25	2.57	2.37	3.33	4.12	5.52	5.70	-	6.56	4.08	8.05	9.78

Compounded Sales Growth

5 Years:	9.56%
1 Year:	46.50%

Compounded Profit Growth

5 Years:	16.93%
1 Year:	-61.10%

Stock Price Performance

1 Year:	+15.47%
6 Months:	+11.16%
3 Months:	-7.98%
1 Month:	-2.81%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	745.25M	1.20B	1.22B	1.21B	2.30B	2.93B	3.10B	3.58B	4.55B	-	8.76B	8.47B	8.80B	9.19B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	92.13M	82.00M	146.98M	68.71M	83.62M	129.10M	154.93M	-	-	-	-	167.24M	497.81M	536.05M	660.23M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	113.38M	138.01M	-	-	-
Total Liabilities	-	667.88M	1.09B	1.10B	1.10B	2.02B	2.57B	2.71B	3.06B	4.01B	-	7.79B	7.43B	7.62B	7.93B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	1.00M	78.05M	77.31M	67.63M	53.87M	-	225.34M	166.93M	161.39M	134.86M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	542.34M	166.93M	161.39M	134.86M
Total Equity	-	77.33M	104.86M	111.01M	109.50M	275.95M	364.18M	386.61M	516.26M	539.19M	-	972.53M	1.04B	1.17B	1.26B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	14.69M	14.89M	15.36M	14.81M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	14.94M	20.18M	11.04M	15.05M	24.81M	40.71M	50.99M	58.14M	78.90M	-	117.40M	107.97M	133.75M	153.53M
Investing Cash Flow	-86.88M	76.40M	-90.96M	-21.63M	51.44M	-150.95M	-77.07M	-63.15M	-208.70M	-	-516.36M	591.46M	-288.44M	-230.75M
Financing Cash Flow	61.81M	-31.60M	1.65M	21.49M	-30.76M	136.07M	120.68M	-62.45M	750.60M	-	-41.60M	-362.73M	199.30M	201.40M
Capital Expenditure	-1.94M	-3.03M	-5.76M	-1.18M	-4.05M	-3.74M	-	-	-	-	-12.23M	-18.57M	-16.92M	-4.09M
Free Cash Flow	13.00M	17.15M	5.28M	13.87M	20.75M	36.98M	-	-	-	-	105.16M	89.41M	116.83M	149.44M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-440.57M	336.71M	44.62M	124.19M
Share Buybacks	-	-	-	-	5.20M	15.01M	22.75M	28.46M	42.09M	62.58M	61.50M	1.52M	10.14M	76.56M

Ratios (Annual)

Figures in %.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	31.6%	22.3%	35.5%	38.4%
ROE %	3.9%	15.4%	9.0%	10.4%	6.7%	9.1%	10.6%	10.6%	11.2%	-	9.7%	5.9%	10.6%	12.0%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

8.57%

Institutions

54.29%

Public Float

59.38%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	7.65%	1.62M	$227.91M
2	Dimensional Fund Advisors LP	3.86%	819.27K	$114.92M
3	Vanguard Capital Management LLC	3.86%	819.81K	$114.99M
4	State Street Corporation	3.35%	711.36K	$99.78M
5	Westwood Holdings Group Inc.	2.29%	486.75K	$68.28M
6	Geode Capital Management, LLC	2.15%	456.98K	$64.10M
7	American Century Companies Inc	1.53%	324.62K	$45.53M
8	Boston Partners	1.44%	305.44K	$42.84M
9	FJ Capital Management LLC	1.44%	306.38K	$42.98M
10	Goldman Sachs Group Inc	1.32%	279.68K	$39.23M

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