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NICOLET BANKSHARES INC (NIC) Stock Fundamental Analysis

NYSE:NIC - US65406E1029 - Common Stock

136.19 USD
+6.46 (+4.98%)
Last: 8/22/2025, 8:27:11 PM
136.19 USD
0 (0%)
After Hours: 8/22/2025, 8:27:11 PM
Fundamental Rating

4

NIC gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 393 industry peers in the Banks industry. NIC has a medium profitability rating, but doesn't score so well on its financial health evaluation. While showing a medium growth rate, NIC is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

NIC had positive earnings in the past year.
In the past year NIC had a positive cash flow from operations.
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

With an excellent Return On Assets value of 1.52%, NIC belongs to the best of the industry, outperforming 89.57% of the companies in the same industry.
NIC's Return On Equity of 11.44% is fine compared to the rest of the industry. NIC outperforms 79.90% of its industry peers.
Industry RankSector Rank
ROA 1.52%
ROE 11.44%
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 (36.95%) than 93.64% of its industry peers.
In the last couple of years the Profit Margin of NIC has grown nicely.
NIC does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 36.95%
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.
Compared to 1 year ago, NIC has more shares outstanding
The number of shares outstanding for NIC has been increased compared to 5 years ago.
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 0.94, which is an excellent value as it means it would take NIC, only 0.94 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 0.94, NIC is in the better half of the industry, outperforming 74.05% of the companies in the same industry.
A Debt/Equity ratio of 0.11 indicates that NIC is not too dependend on debt financing.
NIC's Debt to Equity ratio of 0.11 is fine compared to the rest of the industry. NIC outperforms 66.41% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF 0.94
Altman-Z N/A
ROIC/WACCN/A
WACC8.52%
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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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 16.96% over the past year.
NIC shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.93% yearly.
Looking at the last year, NIC shows a quite strong growth in Revenue. The Revenue has grown by 10.31% in the last year.
Measured over the past years, NIC shows a quite strong growth in Revenue. The Revenue has been growing by 15.63% on average per year.
EPS 1Y (TTM)16.96%
EPS 3Y13.35%
EPS 5Y9.93%
EPS Q2Q%21.87%
Revenue 1Y (TTM)10.31%
Revenue growth 3Y15.84%
Revenue growth 5Y15.63%
Sales Q2Q%14.95%

3.2 Future

Based on estimates for the next years, NIC will show a quite strong growth in Earnings Per Share. The EPS will grow by 10.09% on average per year.
NIC is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.78% yearly.
EPS Next Y15.22%
EPS Next 2Y10.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year12.88%
Revenue Next 2Y8.78%
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 stable.
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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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 15.67, the valuation of NIC can be described as correct.
Based on the Price/Earnings ratio, NIC is valued a bit more expensive than the industry average as 68.19% of the companies are valued more cheaply.
When comparing the Price/Earnings ratio of NIC to the average of the S&P500 Index (27.24), we can say NIC is valued slightly cheaper.
A Price/Forward Earnings ratio of 14.03 indicates a correct valuation of NIC.
71.50% of the companies in the same industry are cheaper than NIC, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 35.82. NIC is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 15.67
Fwd PE 14.03
NIC Price Earnings VS Forward Price EarningsNIC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as NIC.
Industry RankSector Rank
P/FCF 14.23
EV/EBITDA N/A
NIC Per share dataNIC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

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)1.03
PEG (5Y)1.58
EPS Next 2Y10.09%
EPS Next 3YN/A

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3

5. Dividend

5.1 Amount

NIC has a yearly dividend return of 0.92%, which is pretty low.
With a Dividend Yield of 0.92, NIC pays less dividend than the industry average, which is at 3.34. 83.21% of the companies listed in the same industry pay a better dividend than NIC!
With a Dividend Yield of 0.92, NIC pays less dividend than the S&P500 average, which is at 2.32.
Industry RankSector Rank
Dividend Yield 0.92%

5.2 History

On average, the dividend of NIC grows each year by 86.72%, which is quite nice.
NIC has been paying a dividend for less than 5 years, so it still needs to build a track record.
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

13.04% of the earnings are spent on dividend by NIC. This is a low number and sustainable payout ratio.
NIC's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP13.04%
EPS Next 2Y10.09%
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 (8/22/2025, 8:27:11 PM)

After market: 136.19 0 (0%)

136.19

+6.46 (+4.98%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-15 2025-07-15/amc
Earnings (Next)10-13 2025-10-13/amc
Inst Owners51.94%
Inst Owner ChangeN/A
Ins Owners11.59%
Ins Owner Change-0.05%
Market Cap2.02B
Analysts73.33
Price Target148.72 (9.2%)
Short Float %1.95%
Short Ratio2.8
Dividend
Industry RankSector Rank
Dividend Yield 0.92%
Yearly Dividend1.09
Dividend Growth(5Y)86.72%
DP13.04%
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)6.2%
Min EPS beat(2)4.88%
Max EPS beat(2)7.52%
EPS beat(4)4
Avg EPS beat(4)8.18%
Min EPS beat(4)4.88%
Max EPS beat(4)11.67%
EPS beat(8)7
Avg EPS beat(8)7.19%
EPS beat(12)9
Avg EPS beat(12)5.22%
EPS beat(16)12
Avg EPS beat(16)1.3%
Revenue beat(2)1
Avg Revenue beat(2)-1.56%
Min Revenue beat(2)-5.37%
Max Revenue beat(2)2.25%
Revenue beat(4)3
Avg Revenue beat(4)5.25%
Min Revenue beat(4)-5.37%
Max Revenue beat(4)21.84%
Revenue beat(8)6
Avg Revenue beat(8)2.05%
Revenue beat(12)8
Avg Revenue beat(12)0.63%
Revenue beat(16)12
Avg Revenue beat(16)9.04%
PT rev (1m)8.32%
PT rev (3m)17.58%
EPS NQ rev (1m)0%
EPS NQ rev (3m)8.52%
EPS NY rev (1m)5.54%
EPS NY rev (3m)5.54%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.41%
Revenue NY rev (1m)2.71%
Revenue NY rev (3m)2.71%
Valuation
Industry RankSector Rank
PE 15.67
Fwd PE 14.03
P/S 5.49
P/FCF 14.23
P/OCF 13.19
P/B 1.7
P/tB 2.55
EV/EBITDA N/A
EPS(TTM)8.69
EY6.38%
EPS(NY)9.71
Fwd EY7.13%
FCF(TTM)9.57
FCFY7.03%
OCF(TTM)10.33
OCFY7.58%
SpS24.79
BVpS80.09
TBVpS53.36
PEG (NY)1.03
PEG (5Y)1.58
Profitability
Industry RankSector Rank
ROA 1.52%
ROE 11.44%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 36.95%
GM N/A
FCFM 38.6%
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 0.11
Debt/FCF 0.94
Debt/EBITDA N/A
Cap/Depr 74.56%
Cap/Sales 3.06%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 104.47%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC8.52%
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)16.96%
EPS 3Y13.35%
EPS 5Y9.93%
EPS Q2Q%21.87%
EPS Next Y15.22%
EPS Next 2Y10.09%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)10.31%
Revenue growth 3Y15.84%
Revenue growth 5Y15.63%
Sales Q2Q%14.95%
Revenue Next Year12.88%
Revenue Next 2Y8.78%
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 1Y45.24%
FCF growth 3Y11.35%
FCF growth 5Y16.9%
OCF growth 1Y31.71%
OCF growth 3Y11.04%
OCF growth 5Y18.15%