Nicolet Bankshares (NIC) AI Stock Analysis

• Market Cap: $1.94B
• Dividend Yield: 0.97%
• Average Volume (3M): 74.29K
• Price to Earnings (P/E): 14.5
• Beta (1Y): 0.80
• Revenue Growth: 6.21%
• EPS Growth: 19.23%
• Country: US
• Employees: 952
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.66
• Shares Outstanding: 14,856,888
• 10 Day Avg. Volume: 76,198
• 30 Day Avg. Volume: 74,293
• PEG Ratio: 0.13
• Price to Book (P/B): 1.35
• Price to Sales (P/S): 3.04
• P/FCF Ratio: 13.47
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 3.56
• Enterprise Value/Gross Profit: 5.26
• Enterprise Value/Ebitda: 10.49
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 74 Outperform
• Price Target: $141.00 ▲(9.74% Upside)

Nicolet Bankshares' strong financial performance is the primary driver of its overall score, supported by effective cash flow management and profitability. The technical analysis indicates a bearish trend, which slightly offsets the financial strengths. The valuation is reasonable, contributing positively to the score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business model, supporting long-term financial stability.

Merger with MidWestOne

The merger expands Nicolet's geographic footprint and customer base, enhancing competitive position and growth potential.

Management Stability

Extending the CEO's tenure ensures leadership stability, which can positively influence strategic direction and company performance.

Negative Factors

Equity Ratio Concerns

A relatively low equity ratio compared to total assets may limit financial flexibility, affecting future growth and risk management.

Dilution Risk

The merger could lead to shareholder dilution, impacting per-share value and potentially affecting investor sentiment.

Industry Competition

Operating with a unique philosophy may pose challenges in aligning with industry trends, potentially impacting competitive positioning.

Nicolet Bankshares Business Overview & Revenue Model

Company Description

Nicolet Bankshares (NIC) is a financial holding company based in Wisconsin that operates through its primary subsidiary, Nicolet National Bank. The company provides a wide range of banking and financial services, including personal and commercial banking, mortgage lending, and wealth management services. Nicolet Bankshares focuses on serving individual consumers, small to medium-sized businesses, and institutional clients in its core markets.

How the Company Makes Money

Nicolet Bankshares generates revenue primarily through interest income from various lending activities, including commercial loans, personal loans, and mortgages. The company earns interest on the loans it extends to customers, which constitutes a significant portion of its overall revenue. Additionally, Nicolet Bankshares benefits from non-interest income sources, such as fees and commissions from account services, wealth management, and investment advisory services. The bank also engages in deposit gathering, providing checking and savings accounts that attract customer deposits, which are then used to fund loans. Significant partnerships with local businesses and community organizations enhance its market presence and customer base, contributing positively to its earnings.

Nicolet Bankshares Financial Statement Overview

Summary

Nicolet Bankshares demonstrates strong financial health with consistent revenue growth, robust profitability, and effective cash flow management. The company maintains conservative leverage and a solid return on equity, enhancing its financial stability. Despite a relatively low equity ratio, operational efficiency and cash generation capabilities mitigate potential risks.

Income Statement

Nicolet Bankshares has demonstrated consistent revenue growth with a TTM revenue growth rate of 1.86%, building on previous annual growth rates. The company maintains strong profitability metrics, with a TTM gross profit margin of 67.61% and a net profit margin of 25.27%. EBIT and EBITDA margins are also robust at 31.48% and 33.91%, respectively. These figures indicate efficient operations and effective cost management.

Balance Sheet

The balance sheet reflects a solid financial position with a low TTM debt-to-equity ratio of 0.11, indicating conservative leverage. The return on equity (ROE) is healthy at 11.55%, showcasing effective use of equity to generate profits. The equity ratio stands at 13.33%, suggesting a stable capital structure. However, the relatively low equity ratio compared to total assets could be a point of consideration for future financial flexibility.

Cash Flow

Cash flow analysis reveals strong free cash flow growth at 2.87% TTM, indicating effective cash management. The operating cash flow to net income ratio is 1.13, suggesting that operating cash flows are well-aligned with reported earnings. The free cash flow to net income ratio of 0.93 further supports the company's ability to generate cash relative to its net income, highlighting operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	536.71M	519.42M	416.85M	332.07M	239.05M	213.10M
Gross Profit	362.86M	345.27M	272.86M	286.62M	210.55M	182.93M
EBITDA	182.02M	172.08M	105.03M	147.67M	94.98M	91.63M
Net Income	135.62M	124.06M	61.52M	94.26M	60.65M	60.12M
Balance Sheet
Total Assets	8.93B	8.80B	8.47B	8.76B	7.70B	4.55B
Cash, Cash Equivalents and Short-Term Investments	1.27B	975.76M	1.29B	1.08B	1.54B	1.37B
Total Debt	134.34M	161.39M	166.93M	542.34M	216.91M	53.87M
Total Liabilities	7.74B	7.62B	7.43B	7.79B	6.80B	4.01B
Stockholders Equity	1.19B	1.17B	1.04B	972.53M	891.89M	539.19M
Cash Flow
Free Cash Flow	142.47M	117.23M	89.77M	105.16M	84.86M	68.11M
Operating Cash Flow	153.72M	133.75M	107.97M	117.40M	97.65M	78.90M
Investing Cash Flow	-349.74M	-288.44M	591.46M	-516.36M	-370.60M	-208.70M
Financing Cash Flow	210.13M	199.30M	-362.73M	-41.60M	65.38M	750.60M

Nicolet Bankshares Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 128.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Negative. The current price of 128.49 is below the 20-day moving average (MA) of 130.50, below the 50-day MA of 132.69, and above the 200-day MA of 121.62, indicating a neutral trend. The MACD of -1.78 indicates Positive momentum. The RSI at 40.36 is Neutral, neither overbought nor oversold. The STOCH value of 43.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NIC.

Nicolet Bankshares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OFG	75 Outperform	$1.76B	8.90	14.82%	2.94%	3.98%	6.75%
NIC	74 Outperform	$1.94B	14.47	12.25%	0.97%	6.21%	19.23%
FCF	72 Outperform	$1.70B	12.40	9.31%	3.27%	4.57%	-15.68%
NWBI	72 Outperform	$1.81B	10.96	8.96%	6.36%	14.86%	40.09%
HTH	68 Neutral	$2.04B	12.96	7.31%	2.19%	5.77%	53.15%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VBTX	59 Neutral	$1.66B	14.37	7.25%	3.50%	-1.28%	32.40%

Nicolet Bankshares Corporate Events

Nicolet Bankshares Reports Record Third Quarter Earnings

Nicolet Bankshares, Inc. is a bank holding company for Nicolet National Bank, a full-service community bank providing commercial, agricultural, consumer banking, wealth management, and retirement plan services, primarily operating in Wisconsin, Michigan, and Minnesota.

Nicolet Bankshares Announces Merger with MidWestOne

On October 23, 2025, Nicolet Bankshares, Inc. and MidWestOne Financial Group, Inc. announced a merger agreement where MidWestOne will merge into Nicolet in an all-stock transaction valued at approximately $864 million. The merger, expected to close in the first half of 2026, will create a leading community bank in the Upper Midwest with over $15 billion in assets. This strategic move is anticipated to enhance Nicolet’s market position by expanding its geographic footprint and offering significant economies of scale, while also being accretive to 2026 earnings.

The most recent analyst rating on (NIC) stock is a Buy with a $146.00 price target. To see the full list of analyst forecasts on Nicolet Bankshares stock, see the NIC Stock Forecast page.

Nicolet Bankshares Extends CEO Mike Daniels’ Tenure

On September 8, 2025, Nicolet Bankshares announced the extension of Mike Daniels’ leadership as Chairman, President, and CEO through 2030. To support this extension, the Board approved an equity award valued at $12 million, consisting of 30,000 restricted shares and up to 60,000 performance-based restricted stock units. This decision reflects the Board’s confidence in Daniels’ unique leadership and entrepreneurial skills, which are expected to drive Nicolet’s growth and success, benefiting customers, employees, and shareholders.

The most recent analyst rating on (NIC) stock is a Buy with a $156.00 price target. To see the full list of analyst forecasts on Nicolet Bankshares stock, see the NIC Stock Forecast page.

Nicolet Bankshares Declares Quarterly Cash Dividend

On August 19, 2025, Nicolet Bankshares, Inc. declared a quarterly cash dividend of $0.32 per share on its common stock, payable on September 15, 2025, to shareholders of record as of September 2, 2025. This announcement reflects Nicolet’s ongoing commitment to providing value to its shareholders and may enhance its attractiveness in the financial market.

The most recent analyst rating on (NIC) stock is a Buy with a $142.00 price target. To see the full list of analyst forecasts on Nicolet Bankshares stock, see the NIC Stock Forecast page.