Price / Sales6.1xon $591.0M revenue, trailing 12 months to September 30, 2026
Price / Earnings20.4xon $176.1M net income, trailing 12 months to September 30, 2026
Price / Book1.6xon $2.2B equity, Q3 FY2026
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Source SEC Filings (10-K/10-Q)Latest period Q3 FY2026, ended Sep 30, 2026ReportedCurrency USDFYE December
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 30, 2026.
Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NIC SEC filings page.
Nicolet Bankshares,Inc. (NIC) reported $591.0M in revenue
over the twelve months to Sep 30, 2026, up 55.3% from the prior twelve months.
This page shows its income statement, balance sheet, cash flow statement, and key financial ratios.
View 14 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).
Rhea AINICFY2025
Profit growth is converting into cash while a liability-funded balance sheet carries less long-term debt and steadily more equity.
In FY2025, operating cash flow of $153.5M nearly matched net income of $150.7M, indicating that reported earnings were largely realized in cash. Free cash flow margin reached 38.1% as capital expenditures consumed only 2.7% of operating cash flow, pointing to limited reinvestment drag on cash generation.
Liabilities represented 86.3% of assets in FY2025, but debt-to-equity was only 0.1x, so the balance sheet is funded mainly through liabilities other than long-term borrowings. From FY2023 to FY2025, equity grew 21.0% while assets grew 8.5%, indicating that the capital cushion expanded faster than the asset base.
The earnings rebound included a margin improvement: net profit margin rose from 22.2% in FY2023 to 38.4% in FY2025, meaning more reported revenue reached the bottom line. Return on assets also moved from 0.7% to 1.6%, showing improved earnings productivity from the balance sheet.
Financial Health Signals
Financial Health Score74/100
Scored as: Banks peer group
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nicolet Bankshares,Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Earnings
83
Nicolet Bankshares,Inc. earned a return on assets of 1.6% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 1.4% the prior year. Earnings ranks banks on that return over three years, and Nicolet Bankshares,Inc. scores 83/100 among other banks.
Growth
81
Nicolet Bankshares,Inc. reported revenue of $392.0M in fiscal year 2025, against $350.3M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Nicolet Bankshares,Inc. scores 81/100 among other banks.
Capital
80
Nicolet Bankshares,Inc. funded 13.7% of its assets with shareholders' equity at the end of fiscal year 2025, holding $1.3B of equity against $9.2B of assets. Capital ranks banks on that cushion, and Nicolet Bankshares,Inc. scores 80/100 among other banks.
Efficiency
79
Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Nicolet Bankshares,Inc. scores 79/100 on it among other banks.
Credit Quality
86
Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. Nicolet Bankshares,Inc. scores 86/100 on it among other banks.
Stability
32
Nicolet Bankshares,Inc. reported net income of $150.7M in fiscal year 2025, against $124.1M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Nicolet Bankshares,Inc. scores 32/100 among other banks.
Piotroski F-ScorePartial
6/7
Nicolet Bankshares,Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
Nicolet Bankshares,Inc. generated $174.4M in revenue in Q3 2026. This represents an increase of 69.5% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.
Net Income
$63.7M
YoY+52.7%
QoQ+12.0%
5Y CAGR+52.1%
10Y CAGR+25.7%
Nicolet Bankshares,Inc. reported $63.7M in net income in Q3 2026. This represents an increase of 52.7% from the same quarter a year earlier. Against the prior quarter it is up 12.0%.
EPS (Diluted)
$2.96
YoY+8.4%
QoQ+13.0%
5Y CAGR+32.3%
10Y CAGR+15.7%
Nicolet Bankshares,Inc. earned $2.96 per diluted share (EPS) in Q3 2026. This represents an increase of 8.4% from the same quarter a year earlier. Against the prior quarter it is up 13.0%.
EBITDA
Not reported for Q3 2026.
Cash & Balance Sheet
Free Cash Flow
$67.1M
QoQ-24.9%
Nicolet Bankshares,Inc. generated $67.1M in free cash flow in Q3 2026, representing cash available after capex. Against the prior quarter it is down 24.9%.
Cash & Debt
$510.5M
YoY+7.7%
QoQ+9.7%
5Y CAGR-17.7%
10Y CAGR+17.2%
Nicolet Bankshares,Inc. held $510.5M in cash against $92.8M in long-term debt as of Q3 2026.
Dividends Per Share
$0.36
YoY+12.5%
QoQ0.0%
Nicolet Bankshares,Inc. paid $0.36 per share in dividends in Q3 2026. This represents an increase of 12.5% from the same quarter a year earlier. It is unchanged from the prior quarter.
Shares Outstanding
21M
YoY+40.5%
QoQ-0.8%
5Y CAGR+11.7%
10Y CAGR+9.3%
Nicolet Bankshares,Inc. had 21M shares outstanding in Q3 2026. This represents an increase of 40.5% from the same quarter a year earlier. Against the prior quarter it is down 0.8%.
Margins & Returns
Net Margin
36.5%
YoY-4.0pp
QoQ+4.5pp
5Y change+20.6pp
10Y change+14.6pp
Nicolet Bankshares,Inc.'s net profit margin was 36.5% in Q3 2026, showing the share of revenue converted to profit. This is down 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.
Return on Equity
2.9%
YoY-0.6pp
QoQ+0.3pp
5Y change+1.8pp
10Y change+0.5pp
Nicolet Bankshares,Inc.'s quarterly ROE was 2.9% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Gross Margin
Not reported for Q3 2026.
Operating Margin
Not reported for Q3 2026.
Capital Allocation
Share Buybacks
$40.0M
YoY+95.0%
QoQ-0.6%
5Y CAGR+18.3%
Nicolet Bankshares,Inc. spent $40.0M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 95.0% from the same quarter a year earlier. Against the prior quarter it is down 0.6%.
Capital Expenditures
$5.7M
QoQ+36.6%
Nicolet Bankshares,Inc. invested $5.7M in capex in Q3 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 36.6%.
R&D Spending
Not reported for Q3 2026.
NIC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NIC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
NIC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NIC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
Nicolet Bankshares,Inc. (NIC) reported $392.0M in total revenue for fiscal year 2025. This represents a 11.9% 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.
Nicolet Bankshares,Inc. (NIC) revenue grew by 11.9% year-over-year, from $350.3M to $392.0M in fiscal year 2025.
Yes, Nicolet Bankshares,Inc. (NIC) reported a net income of $176.1M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $150.7M, with a net profit margin of 38.4%.
Nicolet Bankshares,Inc. (NIC) reported diluted earnings per share of $9.78 for fiscal year 2025. This represents a 21.5% 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.
As of fiscal year 2025, Nicolet Bankshares,Inc. (NIC) had $660.2M in cash and equivalents against $134.9M in long-term debt.
Nicolet Bankshares,Inc. (NIC) had a net profit margin of 38.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Nicolet Bankshares,Inc. (NIC) paid $1.24 per share in dividends during fiscal year 2025.
Nicolet Bankshares,Inc. (NIC) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Nicolet Bankshares,Inc. (NIC) generated $149.4M in free cash flow during fiscal year 2025. This represents a 27.9% 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.
Nicolet Bankshares,Inc. (NIC) generated $153.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Nicolet Bankshares,Inc. (NIC) had $9.2B in total assets as of fiscal year 2025, including both current and long-term assets.
Nicolet Bankshares,Inc. (NIC) invested $4.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Yes, Nicolet Bankshares,Inc. (NIC) spent $76.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Nicolet Bankshares,Inc. (NIC) had 21M shares outstanding as of fiscal year 2025.
Nicolet Bankshares,Inc. (NIC) had a debt-to-equity ratio of 0.11 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Nicolet Bankshares,Inc. (NIC) had a liabilities-to-equity ratio of 6.30 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Nicolet Bankshares,Inc. (NIC) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Nicolet Bankshares,Inc. (NIC) trades at 20.4x earnings, its market capitalization divided by $176.1M net income, trailing 12 months to September 30, 2026. The market capitalization is $3.6B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Nicolet Bankshares,Inc. (NIC) trades at 6.1x sales, its market capitalization divided by $591.0M revenue, trailing 12 months to September 30, 2026. The market capitalization is $3.6B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Nicolet Bankshares,Inc. (NIC) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Nicolet Bankshares,Inc. (NIC) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its banks peer group. The score is the average of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.
