NIC (Nicolet Bankshares, Inc.) Stock Financials & Earnings | Market Cap Arena

NIC (Nicolet Bankshares, Inc.) Stock Financials & Earnings | Market Cap Arena

NICNicolet Bankshares, Inc.

Mkt Cap$2B

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

Revenue (TTM)$553M

Net Income (TTM)$151M

EPS (TTM)$9.79

Free Cash Flow (TTM)$151M

Gross Margin69.5%

Op. Margin33.8%

Net Margin27.3%

FCF Margin27.3%

P/S Ratio (TTM)4.1x

P/E Ratio (TTM)15.1x

YoY Rev Growth+6.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	7.1x	37.3x
Q2 23	6.4x	38.1x
Q3 23	5.9x	39.0x
Q4 23	5.4x	37.1x
Q1 24	4.8x	23.2x
Q2 24	4.6x	21.7x
Q3 24	4.4x	19.0x
Q4 24	4.4x	18.4x
Q1 25	4.3x	17.7x
Q2 25	4.2x	16.8x
Q3 25	4.2x	15.7x
Q4 25	4.1x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
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	$26M

Capital Expenditures

CapEx

Quarter	CapEx
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	$463K
Q2 25	$544K
Q3 25	$4K
Q4 25	$1M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
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	—

War Chest

Quarter	Cash	Short-term Investments	Total
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	$860M	$1.5B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	15M	-2.8%
Q2 23	15M	+1.8%
Q3 23	15M	+0.9%
Q4 23	15M	+0.3%
Q1 24	15M	+0.7%
Q2 24	15M	+0.2%
Q3 24	15M	+1.3%
Q4 24	16M	+1.5%
Q1 25	16M	-0.4%
Q2 25	15M	-1.4%
Q3 25	15M	-0.6%
Q4 25	15M	-0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$225K	280
FY 15	$237K	280
FY 16	$213K	480
FY 17	$268K	535
FY 18	$300K	550
FY 19	$335K	575
FY 20	$383K	556
FY 21	$279K	856
FY 22	$353K	942
FY 23	$427K	976
FY 24	$531K	978
FY 25	$560K	986