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Nicolet Bankshares
(NYSE:NIC)
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Rating:70Outperform
Price Target:
$179.00
â–²(4.60% Upside)
Action:Reiterated
Date:10/21/26
The score is driven primarily by strong underlying financial performance (profitability, cash conversion, and conservative leverage) and supported by positive corporate developments (integration progress, earnings strength, and buybacks). Offsetting these strengths are weak technical momentum signals and a key fundamental risk flag from the financials: a sharp TTM revenue decline and lower TTM ROE versus prior years.
Positive Factors
Strong profitability and cash conversion
Strong margins and near-complete earnings-to-free-cash-flow conversion indicate that reported profits are translating into cash, while the sizeable cash base can support ongoing lending, investment, and shareholder distributions. This combination strengthens earnings quality and provides resilience through normal banking-cycle changes.
Negative Factors
Sharp TTM revenue decline
A 31.8% TTM revenue contraction interrupts the stronger annual expansion seen through 2025 and makes the near-term earnings trajectory less predictable. Even with healthy margins, weaker revenue can limit operating leverage and reduce the consistency of funds available for growth and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash conversion
Strong margins and near-complete earnings-to-free-cash-flow conversion indicate that reported profits are translating into cash, while the sizeable cash base can support ongoing lending, investment, and shareholder distributions. This combination strengthens earnings quality and provides resilience through normal banking-cycle changes.
Read all positive factors
Nicolet Bankshares (NIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.47B
Dividend Yield0.82%
Average Volume (3M)165.35K
Price to Earnings (P/E)15.4
Beta (1Y)0.64
Revenue Growth45.66%
EPS Growth-3.30%
CountryUS
Employees1,429
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)9.23
Shares Outstanding20,957,514
10 Day Avg. Volume176,635
30 Day Avg. Volume165,352
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)1.44
Price to Sales (P/S)3.29
P/FCF Ratio12.16
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue6.71
Enterprise Value/Gross Profit10.79
Enterprise Value/Ebitda17.13
Forecast
1Y Price Target
$194.00Price Target Upside13.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)12.18
Revenue Forecast (FY)$666.80M
Nicolet Bankshares Business Overview & Revenue Model
Company Description
Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota. The company accepts demand deposits, checking...
How the Company Makes Money
Nicolet Bankshares primarily makes money through its banking subsidiary by earning interest income on loans and investment securities and paying interest on deposits and other funding sources, with the difference recorded as net interest income (i...
Nicolet Bankshares Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
83
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 522.11M | 552.61M | 519.42M | 416.85M | 332.07M | 239.05M |
| Gross Profit | 324.36M | 383.88M | 345.27M | 272.86M | 286.62M | 210.55M |
| EBITDA | 204.34M | 201.94M | 172.08M | 105.03M | 147.67M | 94.98M |
| Net Income | 154.16M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
Balance Sheet | ||||||
| Total Assets | 15.41B | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Cash, Cash Equivalents and Short-Term Investments | 153.49M | 1.18B | 1.34B | 1.29B | 1.08B | 1.54B |
| Total Debt | 92.75M | 134.86M | 161.39M | 166.93M | 542.34M | 216.91M |
| Total Liabilities | 13.14B | 7.93B | 7.62B | 7.43B | 7.79B | 6.80B |
| Stockholders Equity | 2.27B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
Cash Flow | ||||||
| Free Cash Flow | 175.30M | 149.44M | 117.23M | 89.77M | 105.16M | 84.86M |
| Operating Cash Flow | 182.53M | 153.53M | 133.75M | 107.97M | 117.40M | 97.65M |
| Investing Cash Flow | 66.59M | -230.75M | -288.44M | 591.46M | -516.36M | -370.60M |
| Financing Cash Flow | -210.65M | 201.40M | 199.30M | -362.73M | -41.60M | 65.38M |
Nicolet Bankshares Technical Analysis
Positive
171.12
Price Trends
168.28
Positive
164.53
Positive
155.20
Positive
Market Momentum
-0.52
Negative
59.98
Neutral
65.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Positive. The current price of 171.12 is above the 20-day moving average (MA) of 164.47, above the 50-day MA of 168.28, and above the 200-day MA of 155.20, indicating a bullish trend. The MACD of -0.52 indicates Negative momentum. The RSI at 59.98 is Neutral, neither overbought nor oversold. The STOCH value of 65.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NIC.
Nicolet Bankshares Risk Analysis
Nicolet Bankshares disclosed 45 risk factors in its most recent earnings report. Nicolet Bankshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nicolet Bankshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.34B | 11.03 | 10.07% | 3.19% | 11.65% | 13.28% | |
77 Outperform | $1.57B | 17.73 | 11.18% | 1.48% | 32.72% | 12.75% | |
74 Outperform | $3.61B | 10.58 | 8.88% | 4.04% | 31.11% | 107.51% | |
70 Outperform | $3.47B | 15.45 | 8.79% | 0.82% | 45.66% | -3.30% | |
69 Neutral | $5.51B | 10.10 | 7.21% | 3.29% | 20.11% | 273.05% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $3.40B | 10.98 | 9.49% | 5.27% | -5.41% | 45.98% |
* Financial Sector Average
NIC
Nicolet Bankshares
169.64
44.74
35.82%
ASB
Associated Banc-Corp
29.81
5.36
21.91%
FFBC
First Financial Bancorp
32.47
8.99
38.30%
FIBK
First Interstate Bancsystem
36.88
7.22
24.35%
WSBC
WesBanco
39.13
9.73
33.07%
BFC
Bank First National
145.36
18.68
14.74%
Nicolet Bankshares Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Nicolet Bankshares posts strong third-quarter earnings, boosts returns
Positive
Oct 20, 2026
Nicolet Bankshares reported strong third quarter 2026 results, with net income rising to $64 million and diluted earnings per share reaching $2.96, up from $57 million and $2.62, respectively, in the second quarter. Core earnings benefited from me...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Nicolet Bankshares posts strong Q2 2026 earnings rebound
Positive
Jul 21, 2026
Nicolet Bankshares reported a sharp earnings rebound for the second quarter of 2026, posting net income of $57 million and diluted EPS of $2.62, up from $15 million and $0.81 in the first quarter. Core earnings, higher net interest margin of 4.14%...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.