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NICOLET BANKSHARES INC (NIC) Stock Fundamental Analysis

NYSE:NIC - New York Stock Exchange, Inc. - US65406E1029 - Common Stock - Currency: USD

131.53  +1.45 (+1.11%)

Fundamental Rating

4

Taking everything into account, NIC scores 4 out of 10 in our fundamental rating. NIC was compared to 395 industry peers in the Banks industry. There are concerns on the financial health of NIC while its profitability can be described as average. NIC is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year NIC was profitable.
NIC had a positive operating cash flow in the past year.
NIC had positive earnings in each of the past 5 years.
NIC had a positive operating cash flow in each of the past 5 years.
NIC Yearly Net Income VS EBIT VS OCF VS FCFNIC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

1.2 Ratios

Looking at the Return On Assets, with a value of 1.44%, NIC belongs to the top of the industry, outperforming 88.10% of the companies in the same industry.
With a decent Return On Equity value of 10.89%, NIC is doing good in the industry, outperforming 76.46% of the companies in the same industry.
Industry RankSector Rank
ROA 1.44%
ROE 10.89%
ROIC N/A
ROA(3y)1.07%
ROA(5y)1.06%
ROE(3y)8.73%
ROE(5y)8.83%
ROIC(3y)N/A
ROIC(5y)N/A
NIC Yearly ROA, ROE, ROICNIC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

NIC has a better Profit Margin (36.04%) than 93.16% of its industry peers.
NIC's Profit Margin has improved in the last couple of years.
The Operating Margin and Gross Margin are not available for NIC so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 36.04%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y9.56%
PM growth 5Y1.91%
GM growth 3YN/A
GM growth 5YN/A
NIC Yearly Profit, Operating, Gross MarginsNIC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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3

2. Health

2.1 Basic Checks

NIC does not have a ROIC to compare to the WACC, probably because it is not profitable.
NIC has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, NIC has more shares outstanding
NIC has a better debt/assets ratio than last year.
NIC Yearly Shares OutstandingNIC Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M
NIC Yearly Total Debt VS Total AssetsNIC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

2.2 Solvency

The Debt to FCF ratio of NIC is 1.13, which is an excellent value as it means it would take NIC, only 1.13 years of fcf income to pay off all of its debts.
NIC has a better Debt to FCF ratio (1.13) than 69.87% of its industry peers.
NIC has a Debt/Equity ratio of 0.13. This is a healthy value indicating a solid balance between debt and equity.
With a decent Debt to Equity ratio value of 0.13, NIC is doing good in the industry, outperforming 61.52% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 1.13
Altman-Z N/A
ROIC/WACCN/A
WACC8.59%
NIC Yearly LT Debt VS Equity VS FCFNIC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
NIC Yearly Current Assets VS Current LiabilitesNIC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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5

3. Growth

3.1 Past

NIC shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 17.81%, which is quite good.
NIC shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.93% yearly.
The Revenue has grown by 10.07% in the past year. This is quite good.
The Revenue has been growing by 15.63% on average over the past years. This is quite good.
EPS 1Y (TTM)17.81%
EPS 3Y13.35%
EPS 5Y9.93%
EPS Q2Q%14.29%
Revenue 1Y (TTM)10.07%
Revenue growth 3Y15.84%
Revenue growth 5Y15.63%
Sales Q2Q%13.37%

3.2 Future

Based on estimates for the next years, NIC will show a small growth in Earnings Per Share. The EPS will grow by 6.53% on average per year.
Based on estimates for the next years, NIC will show a small growth in Revenue. The Revenue will grow by 6.95% on average per year.
EPS Next Y9.17%
EPS Next 2Y6.53%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year9.9%
Revenue Next 2Y6.95%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NIC Yearly Revenue VS EstimatesNIC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 100M 200M 300M
NIC Yearly EPS VS EstimatesNIC Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6 8

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2

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 15.90, NIC is valued correctly.
Based on the Price/Earnings ratio, NIC is valued a bit more expensive than 68.10% of the companies in the same industry.
NIC is valuated rather cheaply when we compare the Price/Earnings ratio to 27.45, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 14.47 indicates a correct valuation of NIC.
Based on the Price/Forward Earnings ratio, NIC is valued a bit more expensive than 71.90% of the companies in the same industry.
NIC is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 21.90, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.9
Fwd PE 14.47
NIC Price Earnings VS Forward Price EarningsNIC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of NIC is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 14.32
EV/EBITDA N/A
NIC Per share dataNIC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.73
PEG (5Y)1.6
EPS Next 2Y6.53%
EPS Next 3YN/A

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3

5. Dividend

5.1 Amount

With a yearly dividend of 0.88%, NIC is not a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 3.47, NIC's dividend is way lower than its industry peers. On top of this 83.54% of the companies listed in the same industry pay a better dividend than NIC!
Compared to an average S&P500 Dividend Yield of 2.42, NIC's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.88%

5.2 History

The dividend of NIC is nicely growing with an annual growth rate of 86.72%!
NIC has paid a dividend for less than 5 years, so there is no long track record yet.
Dividend Growth(5Y)86.72%
Div Incr Years1
Div Non Decr Years1
NIC Yearly Dividends per shareNIC Yearly Dividends per shareYearly Dividends per share 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

13.26% of the earnings are spent on dividend by NIC. This is a low number and sustainable payout ratio.
The dividend of NIC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP13.26%
EPS Next 2Y6.53%
EPS Next 3YN/A
NIC Yearly Income VS Free CF VS DividendNIC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
NIC Dividend Payout.NIC Dividend Payout, showing the Payout Ratio.NIC Dividend Payout.PayoutRetained Earnings

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NICOLET BANKSHARES INC

NYSE:NIC (7/3/2025, 7:53:57 PM)

131.53

+1.45 (+1.11%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-15 2025-04-15/amc
Earnings (Next)07-22 2025-07-22/amc
Inst Owners51.78%
Inst Owner ChangeN/A
Ins Owners11.58%
Ins Owner Change0.09%
Market Cap1.98B
Analysts73.33
Price Target126.48 (-3.84%)
Short Float %2.43%
Short Ratio4.97
Dividend
Industry RankSector Rank
Dividend Yield 0.88%
Yearly Dividend1.09
Dividend Growth(5Y)86.72%
DP13.26%
Div Incr Years1
Div Non Decr Years1
Ex-Date06-02 2025-06-02 (0.32)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.77%
Min EPS beat(2)4.88%
Max EPS beat(2)8.66%
EPS beat(4)4
Avg EPS beat(4)9.9%
Min EPS beat(4)4.88%
Max EPS beat(4)14.38%
EPS beat(8)7
Avg EPS beat(8)6.55%
EPS beat(12)9
Avg EPS beat(12)4.72%
EPS beat(16)12
Avg EPS beat(16)1.3%
Revenue beat(2)1
Avg Revenue beat(2)8.24%
Min Revenue beat(2)-5.37%
Max Revenue beat(2)21.84%
Revenue beat(4)3
Avg Revenue beat(4)5.64%
Min Revenue beat(4)-5.37%
Max Revenue beat(4)21.84%
Revenue beat(8)5
Avg Revenue beat(8)1.7%
Revenue beat(12)8
Avg Revenue beat(12)2.59%
Revenue beat(16)12
Avg Revenue beat(16)13.25%
PT rev (1m)0%
PT rev (3m)-0.32%
EPS NQ rev (1m)0%
EPS NQ rev (3m)3.75%
EPS NY rev (1m)0%
EPS NY rev (3m)2.86%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-4.91%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-5.05%
Valuation
Industry RankSector Rank
PE 15.9
Fwd PE 14.47
P/S 5.55
P/FCF 14.32
P/OCF 13.04
P/B 1.68
P/tB 2.53
EV/EBITDA N/A
EPS(TTM)8.27
EY6.29%
EPS(NY)9.09
Fwd EY6.91%
FCF(TTM)9.18
FCFY6.98%
OCF(TTM)10.09
OCFY7.67%
SpS23.71
BVpS78.47
TBVpS52.04
PEG (NY)1.73
PEG (5Y)1.6
Profitability
Industry RankSector Rank
ROA 1.44%
ROE 10.89%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 36.04%
GM N/A
FCFM 38.74%
ROA(3y)1.07%
ROA(5y)1.06%
ROE(3y)8.73%
ROE(5y)8.83%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y9.56%
PM growth 5Y1.91%
GM growth 3YN/A
GM growth 5YN/A
F-Score9
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.13
Debt/FCF 1.13
Debt/EBITDA N/A
Cap/Depr 85.26%
Cap/Sales 3.82%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 107.48%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC8.59%
ROIC/WACCN/A
Cap/Depr(3y)84.02%
Cap/Depr(5y)89.02%
Cap/Sales(3y)5.12%
Cap/Sales(5y)5.34%
Profit Quality(3y)117.33%
Profit Quality(5y)121.03%
High Growth Momentum
Growth
EPS 1Y (TTM)17.81%
EPS 3Y13.35%
EPS 5Y9.93%
EPS Q2Q%14.29%
EPS Next Y9.17%
EPS Next 2Y6.53%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)10.07%
Revenue growth 3Y15.84%
Revenue growth 5Y15.63%
Sales Q2Q%13.37%
Revenue Next Year9.9%
Revenue Next 2Y6.95%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y45.48%
FCF growth 3Y11.35%
FCF growth 5Y16.9%
OCF growth 1Y37.08%
OCF growth 3Y11.04%
OCF growth 5Y18.15%