NIC

MKT CAP:$2B

Nicolet Bankshares, Inc.

Market Cap

$2B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$143.49+$23.00 (+19.09%)

Apr 24, 2026

Company Details

Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals. The company accepts checking, savings, and money market accounts; various ce...

CEO

Michael E. Daniels

IPO Date

May 17, 2013

Website

www.nicoletbank.com

Key Metrics TTM

Revenue

$524M

-0.6% YoY

Net Income

$133M

EPS (Diluted)

$8.71

Free Cash Flow

$149M

Revenue / Share

$34.40

Gross Margin

65.6%

Operating Margin

31.7%

Net Margin

25.4%

FCF Margin

28.5%

P/S

4.4x

P/E

17.2x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$102M-22.0%EPS $1.00

FY 2025

Feb 27, 2026

$553M+6.4%EPS $9.78

Q4 2025

Feb 27, 2026

$139M+5.2%EPS $2.65

Q3 2025

Oct 31, 2025

$144M+6.6%EPS $2.72

Q2 2025

Aug 1, 2025

$138M+7.6%EPS $2.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$74M	$68M	$32M
Q3 22	$84M	$67M	$25M
Q4 22	$101M	$81M	$37M
Q1 23	$63M	$32M	-$13M
Q2 23	$109M	$75M	$30M
Q3 23	$116M	$78M	$32M
Q4 23	$131M	$88M	$37M
Q1 24	$123M	$81M	$34M
Q2 24	$128M	$84M	$37M
Q3 24	$135M	$90M	$41M
Q4 24	$132M	$90M	$43M
Q1 25	$131M	$88M	$40M
Q2 25	$138M	$95M	$45M
Q3 25	$144M	$102M	$52M
Q4 25	$139M	$99M	$50M
Q1 26	$102M	$47M	$19M

Valuation

Quarter	P/S	P/E
Q2 22	3.6x	13.7x
Q3 22	3.4x	12.7x
Q4 22	3.5x	12.2x
Q1 23	2.9x	15.2x
Q2 23	2.8x	16.8x
Q3 23	2.6x	17.4x
Q4 23	2.8x	18.9x
Q1 24	2.6x	12.7x
Q2 24	2.4x	11.6x
Q3 24	2.8x	11.9x
Q4 24	3.0x	12.7x
Q1 25	3.1x	12.7x
Q2 25	3.5x	13.9x
Q3 25	3.7x	13.9x
Q4 25	3.3x	12.2x
Q1 26	4.1x	16.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$22M	$20M
Q2 22	$27M	$23M
Q3 22	$38M	$36M
Q4 22	$30M	$26M
Q1 23	$16M	$10M
Q2 23	$33M	$26M
Q3 23	$22M	$19M
Q4 23	$38M	$35M
Q1 24	$23M	$20M
Q2 24	$37M	$34M
Q3 24	$40M	$35M
Q4 24	$33M	$28M
Q1 25	$42M	$41M
Q2 25	$39M	$38M
Q3 25	$46M	$46M
Q4 25	$27M	$24M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$4M
Q3 22	$2M
Q4 22	$4M
Q1 23	$6M
Q2 23	$7M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$3M
Q3 24	$5M
Q4 24	$5M
Q1 25	$463.0K
Q2 25	$544.0K
Q3 25	$4.0K
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+25.9%	+24.6%
Q3 22	+58.7%	+38.2%
Q4 22	+36.6%	+22.5%
Q1 23	-14.4%	+81.7%
Q2 23	+47.8%	+87.9%
Q3 23	+39.1%	+43.6%
Q4 23	+29.6%	+46.3%
Q1 24	+95.4%	+16.8%
Q2 24	+18.0%	+17.0%
Q3 24	+16.0%	+11.3%
Q4 24	+1.4%	-4.3%
Q1 25	+6.1%	+1.9%
Q2 25	+7.6%	+1.9%
Q3 25	+6.6%	-2.2%
Q4 25	+5.2%	-0.1%
Q1 26	-22.0%	-8.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	2.4%
Q2 22	$2M	2.9%
Q3 22	$1M	1.6%
Q4 22	$2M	1.7%
Q1 23	$1M	2.3%
Q2 23	$2M	1.8%
Q3 23	$1M	1.2%
Q4 23	$2M	1.2%
Q1 24	$1M	1.1%
Q2 24	$2M	1.7%
Q3 24	$2M	1.1%
Q4 24	$2M	1.1%
Q1 25	$1M	1.1%
Q2 25	$2M	1.5%
Q3 25	$2M	1.2%
Q4 25	$2M	1.5%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$20M	$2M
Q3 22	$25M	$2M
Q4 22	$7M	$8M
Q1 23	$25M	$2M
Q2 23	$25M	$2M
Q3 23	$25M	$2M
Q4 23	$28M	$2M
Q1 24	$28M	$2M
Q2 24	$27M	$2M
Q3 24	$30M	$2M
Q4 24	$28M	$2M
Q1 25	$27M	$2M
Q2 25	$30M	$2M
Q3 25	$30M	$2M
Q4 25	$39M	—
Q1 26	$51M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$197M	$813M	$1.0B
Q3 22	$452M	$950M	$1.4B
Q4 22	$167M	$918M	$1.1B
Q1 23	$125M	$1.0B	$1.1B
Q2 23	$515M	$921M	$1.4B
Q3 23	$553M	$794M	$1.3B
Q4 23	$498M	$803M	$1.3B
Q1 24	$433M	$804M	$1.2B
Q2 24	$412M	$800M	$1.2B
Q3 24	$431M	$826M	$1.3B
Q4 24	$537M	$439M	$976M
Q1 25	$572M	$473M	$1.0B
Q2 25	$423M	$849M	$1.3B
Q3 25	$474M	$862M	$1.3B
Q4 25	$660M	$524M	$1.2B
Q1 26	$123M	$2.0B	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	14M	-2.6%	+34.1%
Q3 22	14M	+3.3%	+32.8%
Q4 22	15M	+5.6%	+15.8%
Q1 23	15M	-2.8%	+3.4%
Q2 23	15M	+1.8%	+8.0%
Q3 23	15M	+0.9%	+5.5%
Q4 23	15M	+0.3%	+0.2%
Q1 24	15M	+0.7%	+3.8%
Q2 24	15M	+0.2%	+2.1%
Q3 24	15M	+1.3%	+2.5%
Q4 24	16M	+1.5%	+3.8%
Q1 25	16M	-0.4%	+2.6%
Q2 25	15M	-1.4%	+1.0%
Q3 25	15M	-0.6%	-0.9%
Q4 25	15M	-0.8%	-3.1%
Q1 26	15M	0.0%	-2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$86.0K	856
Q3 22	$97.8K	856
Q4 22	$107.0K	942
Q1 23	$67.1K	942
Q2 23	$115.6K	942
Q3 23	$123.6K	942
Q4 23	$133.9K	976
Q1 24	$126.5K	976
Q2 24	$131.6K	976
Q3 24	$138.3K	976
Q4 24	$135.5K	978
Q1 25	$133.9K	978
Q2 25	$141.4K	978
Q3 25	$147.2K	978
Q4 25	$141.4K	986
Q1 26	$103.6K	986

Revenue / Employee