Nicolet Bankshar Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nicolet Bankshar's revenue grew 14.5% year-over-year to $438.4M, a solid pace of expansion. This earns a growth score of 70/100.
Nicolet Bankshar carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Nicolet Bankshar converts 26.7% of revenue into free cash flow ($117.2M). This strong cash generation earns a score of 100/100.
Nicolet Bankshar's ROE of 10.6% shows moderate profitability relative to equity, earning a score of 42/100. This is up from 5.9% the prior year.
Nicolet Bankshar passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Nicolet Bankshar generates $1.08 in operating cash flow ($133.7M OCF vs $124.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Nicolet Bankshar (NIC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Nicolet Bankshar generated $438.4M in revenue in fiscal year 2024. This represents an increase of 14.5% from the prior year.
Nicolet Bankshar generated $117.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 30.6% from the prior year.
Nicolet Bankshar reported $124.1M in net income in fiscal year 2024. This represents an increase of 101.7% from the prior year.
Nicolet Bankshar earned $8.05 per diluted share (EPS) in fiscal year 2024. This represents an increase of 97.3% from the prior year.
Nicolet Bankshar held $536.0M in cash against $161.4M in long-term debt as of fiscal year 2024.
Nicolet Bankshar paid $1.09 per share in dividends in fiscal year 2024. This represents an increase of 45.3% from the prior year.
Nicolet Bankshar had 15M shares outstanding in fiscal year 2024. This represents an increase of 3.1% from the prior year.
Nicolet Bankshar's net profit margin was 28.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.
Nicolet Bankshar's ROE was 10.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the prior year.
Nicolet Bankshar spent $10.1M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 566.5% from the prior year.
Nicolet Bankshar invested $16.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 9.2% from the prior year.
NIC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $120.3M+2.3% | $117.6M+4.3% | $112.7M-0.1% | $112.8M+3.6% | $108.9M+4.7% | $104.0M+0.5% | $103.5M+3.7% | $99.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $41.1M-3.4% | $42.5M+2.4% | $41.5M+0.6% | $41.3M-5.2% | $43.5M+5.6% | $41.2M+5.0% | $39.3M+2.2% | $38.4M |
| Income Tax | $10.1M+15.7% | $8.7M+15.7% | $7.5M-13.4% | $8.7M+16.7% | $7.5M+14.3% | $6.5M-3.2% | $6.8M-53.9% | $14.7M |
| Net Income | $41.7M+15.8% | $36.0M+10.6% | $32.6M-5.5% | $34.5M+17.8% | $29.3M+5.3% | $27.8M-9.4% | $30.7M+78.7% | $17.2M |
| EPS (Diluted) | $2.73+16.7% | $2.34+12.5% | $2.08-5.9% | $2.21+15.1% | $1.92+5.5% | $1.82-10.8% | $2.04+78.9% | $1.14 |
NIC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.0B+1.1% | $8.9B-0.5% | $9.0B+2.0% | $8.8B+2.8% | $8.6B+1.3% | $8.4B-0.3% | $8.5B+0.6% | $8.4B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $474.0M+12.1% | $422.6M-26.1% | $572.2M+6.7% | $536.0M+31.2% | $408.5M-4.4% | $427.4M-13.0% | $491.4M-10.0% | $545.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $367.4M0.0% | $367.4M0.0% | $367.4M0.0% | $367.4M0.0% | $367.4M0.0% | $367.4M0.0% | $367.4M0.0% | $367.4M |
| Total Liabilities | $7.8B+1.0% | $7.7B-0.7% | $7.8B+2.2% | $7.6B+2.1% | $7.5B+1.1% | $7.4B-0.6% | $7.4B-0.2% | $7.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $134.6M+0.2% | $134.3M-14.2% | $156.6M-3.0% | $161.4M-0.6% | $162.4M+0.1% | $162.3M-2.8% | $166.9M-15.6% | $197.8M |
| Total Equity | $1.2B+2.1% | $1.2B+0.6% | $1.2B+0.9% | $1.2B+7.5% | $1.1B+2.6% | $1.1B+2.4% | $1.0B+6.6% | $974.5M |
| Retained Earnings | $662.3M+5.9% | $625.2M+5.2% | $594.1M+5.0% | $565.8M+11.5% | $507.4M+5.2% | $482.3M+5.2% | $458.3M+6.2% | $431.3M |
NIC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.9M+17.9% | $38.9M-6.9% | $41.8M+25.2% | $33.4M-10.6% | $37.3M+59.7% | $23.4M-38.1% | $37.8M+73.0% | $21.8M |
| Capital Expenditures | -$4K-100.7% | $544K+17.5% | $463K-91.3% | $5.3M+80.4% | $2.9M-11.3% | $3.3M+7.3% | $3.1M+22.0% | $2.5M |
| Free Cash Flow | $45.9M+19.5% | $38.4M-7.2% | $41.3M+47.2% | $28.1M-18.4% | $34.4M+71.5% | $20.1M-42.2% | $34.7M+79.7% | $19.3M |
| Investing Cash Flow | -$38.1M+61.8% | -$99.8M+27.8% | -$138.2M-95.3% | -$70.8M+44.6% | -$127.7M-160.5% | -$49.0M+37.7% | -$78.7M-188.8% | $88.7M |
| Financing Cash Flow | $43.6M+149.2% | -$88.6M-166.9% | $132.5M-8.9% | $145.4M+103.5% | $71.5M+286.3% | -$38.4M-184.4% | -$13.5M+80.7% | -$69.9M |
| Dividends Paid | $4.7M-2.8% | $4.9M+13.1% | $4.3M-1.2% | $4.3M+3.4% | $4.2M+11.9% | $3.8M+1.0% | $3.7M+0.4% | $3.7M |
| Share Buybacks | $20.5M-31.6% | $30.0M+15.1% | $26.0M+156.9% | $10.1M | $0 | $0 | $0 | $0 |
NIC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 34.7%+4.0pp | 30.6%+1.7pp | 28.9%-1.6pp | 30.6%+3.7pp | 26.9%+0.2pp | 26.7%-2.9pp | 29.6%+12.4pp | 17.2% |
| Return on Equity | 3.4%+0.4pp | 3.0%+0.3pp | 2.8%-0.2pp | 2.9%+0.3pp | 2.7%+0.1pp | 2.6%-0.3pp | 2.9%+1.2pp | 1.8% |
| Return on Assets | 0.5%+0.1pp | 0.4%+0.0pp | 0.4%-0.0pp | 0.4%+0.1pp | 0.3%0.0pp | 0.3%-0.0pp | 0.4%+0.2pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.110.0 | 0.11-0.0 | 0.130.0 | 0.14-0.0 | 0.150.0 | 0.150.0 | 0.16-0.0 | 0.20 |
| FCF Margin | 38.1%+5.5pp | 32.6%-4.0pp | 36.6%+11.8pp | 24.9%-6.7pp | 31.6%+12.3pp | 19.3%-14.2pp | 33.5%+14.2pp | 19.3% |
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Frequently Asked Questions
What is Nicolet Bankshar's annual revenue?
Nicolet Bankshar (NIC) reported $438.4M in total revenue for fiscal year 2024. This represents a 14.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nicolet Bankshar's revenue growing?
Nicolet Bankshar (NIC) revenue grew by 14.5% year-over-year, from $382.9M to $438.4M in fiscal year 2024.
Is Nicolet Bankshar profitable?
Yes, Nicolet Bankshar (NIC) reported a net income of $124.1M in fiscal year 2024, with a net profit margin of 28.3%.
What is Nicolet Bankshar's earnings per share (EPS)?
Nicolet Bankshar (NIC) reported diluted earnings per share of $8.05 for fiscal year 2024. This represents a 97.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Nicolet Bankshar have?
As of fiscal year 2024, Nicolet Bankshar (NIC) had $536.0M in cash and equivalents against $161.4M in long-term debt.
What is Nicolet Bankshar's net profit margin?
Nicolet Bankshar (NIC) had a net profit margin of 28.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Nicolet Bankshar pay dividends?
Yes, Nicolet Bankshar (NIC) paid $1.09 per share in dividends during fiscal year 2024.
What is Nicolet Bankshar's return on equity (ROE)?
Nicolet Bankshar (NIC) has a return on equity of 10.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Nicolet Bankshar's free cash flow?
Nicolet Bankshar (NIC) generated $117.2M in free cash flow during fiscal year 2024. This represents a 30.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nicolet Bankshar's operating cash flow?
Nicolet Bankshar (NIC) generated $133.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Nicolet Bankshar's total assets?
Nicolet Bankshar (NIC) had $8.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Nicolet Bankshar's capital expenditures?
Nicolet Bankshar (NIC) invested $16.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Nicolet Bankshar buy back shares?
Yes, Nicolet Bankshar (NIC) spent $10.1M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Nicolet Bankshar have outstanding?
Nicolet Bankshar (NIC) had 15M shares outstanding as of fiscal year 2024.
What is Nicolet Bankshar's debt-to-equity ratio?
Nicolet Bankshar (NIC) had a debt-to-equity ratio of 0.14 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nicolet Bankshar's return on assets (ROA)?
Nicolet Bankshar (NIC) had a return on assets of 1.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Nicolet Bankshar's Piotroski F-Score?
Nicolet Bankshar (NIC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nicolet Bankshar's earnings high quality?
Nicolet Bankshar (NIC) has an earnings quality ratio of 1.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nicolet Bankshar?
Nicolet Bankshar (NIC) scores 78 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.