NIC

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Nicolet Bankshares Inc.

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Key Metrics

Previous Close: $172.66
52-Week Range: $114.12 – $180.00
Market Cap: $3.60B
P/E (TTM): 19.23
EPS (TTM): 8.93
Dividend Yield: 0.79%

Advanced Metrics

Price/Book: 1.59
PEG Ratio: 1.92
Return on Equity: 8.91%
Return on Assets: 1.27%
Gross Margin: 0.00%
Operating Margin: 52.89%
Profit Margin: 30.21%
Current Ratio: —
Debt/Equity: —
Total Debt: $92.75M
Free Cash Flow: —
Revenue Growth: 86.10%
Earnings Growth: 12.00%
Enterprise Value: $3.26B

NIC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$298.12M	$275.51M	$349.12M	$392.00M
Selling, General & Admin	$99.11M	$110.90M	$120.75M	$127.32M
Pretax Income	$125.74M	$86.63M	$155.13M	$186.96M
Income Tax	$31.48M	$25.12M	$31.07M	$36.27M
Net Income	$94.26M	$61.52M	$124.06M	$150.69M
Diluted EPS	6.56	4.08	8.05	9.78
Diluted Shares	14.38M	15.07M	15.42M	15.40M

NIC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$167.24M	$497.81M	$536.05M	$660.23M
Receivables	$138.01M	—	—	—
Total Assets	$8.76B	$8.47B	$8.80B	$9.19B
Long-Term Debt	$225.34M	$166.93M	$161.39M	$134.86M
Total Debt	$542.34M	$166.93M	$161.39M	$134.86M
Total Liabilities	$7.79B	$7.43B	$7.62B	$7.93B
Retained Earnings	$407.86M	$458.26M	$565.77M	$697.80M
Shareholders' Equity	$972.53M	$1.04B	$1.17B	$1.26B
Net Debt	$375.10M	—	—	—

NIC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$117.40M	$107.97M	$133.75M	$153.53M
Capital Expenditure	-$12.23M	-$18.57M	-$16.92M	-$4.09M
Free Cash Flow	$105.16M	$89.41M	$116.83M	$149.44M
Depreciation & Amortisation	$21.93M	$18.40M	$16.95M	$14.99M
Stock-Based Compensation	$7.02M	$6.44M	$6.63M	$7.34M
Investing Cash Flow	-$516.36M	$591.46M	-$288.44M	-$230.75M
Financing Cash Flow	-$41.60M	-$362.73M	$199.30M	$201.40M
Dividends Paid	$0.00	-$11.12M	-$16.55M	-$18.66M
Share Repurchases	-$61.50M	-$6.03M	-$12.11M	-$89.29M
Net Change in Cash	-$440.57M	$336.71M	$44.62M	$124.19M

NIC Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$95.74M	$102.88M	$103.94M	$134.85M	—
Selling, General & Admin	$31.74M	$32.66M	$33.36M	$41.77M	—
Pretax Income	$44.77M	$51.84M	$50.20M	$19.01M	—
Income Tax	$8.74M	$10.11M	$9.87M	$3.81M	—
Net Income	$36.03M	$41.73M	$40.32M	$15.20M	—
Diluted EPS	2.34	2.73	2.65	0.81	2.62
Diluted Shares	15.43M	15.30M	15.23M	18.75M	21.73M

NIC Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$572.18M	$422.64M	$473.96M	$660.23M	$615.45M
Total Assets	$8.98B	$8.93B	$9.03B	$9.19B	$15.57B
Long-Term Debt	$156.56M	$134.34M	$134.60M	$134.86M	$179.97M
Total Debt	$156.56M	$134.34M	$134.60M	$134.86M	$179.97M
Total Liabilities	$7.79B	$7.74B	$7.81B	$7.93B	$13.32B
Retained Earnings	$594.07M	$625.24M	$662.25M	$697.80M	$706.10M
Shareholders' Equity	$1.18B	$1.19B	$1.21B	$1.26B	$2.26B

NIC Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$41.79M	$38.91M	$45.86M	$26.98M	$16.27M
Capital Expenditure	-$463.00K	-$544.00K	—	-$3.09M	-$1.19M
Free Cash Flow	$41.33M	$38.36M	$45.87M	$23.89M	$15.08M
Depreciation & Amortisation	$3.86M	$3.52M	$3.60M	$4.01M	$2.22M
Stock-Based Compensation	$1.46M	$2.12M	$1.69M	$2.06M	$6.80M
Investing Cash Flow	-$138.20M	-$99.83M	-$38.11M	$45.39M	$65.83M
Financing Cash Flow	$132.54M	-$88.62M	$43.56M	$113.91M	-$126.88M
Dividends Paid	-$4.30M	-$4.86M	-$4.73M	-$4.78M	-$6.90M
Share Repurchases	-$30.00M	-$33.41M	-$24.52M	-$1.36M	-$37.53M
Net Change in Cash	$36.13M	-$149.54M	$51.32M	$186.28M	-$44.78M

Market Snapshot

About

Nicolet Bankshares Inc. operates as a community bank holding company serving Wisconsin, Michigan, and Minnesota. The bank provides commercial and consumer banking services including loans, deposits, and wealth management. Nicolet focuses on relationship-based banking with a regional presence in the Upper Midwest.