Nicolet Bankshares (NIC) AI Stock Analysis

• Market Cap: $1.94B
• Dividend Yield: 0.9%
• Average Volume (3M): 61.74K
• Price to Earnings (P/E): 15.0
• Beta (1Y): 0.79
• Revenue Growth: 8.38%
• EPS Growth: 26.81%
• Country: US
• Employees: 952
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.35
• Shares Outstanding: 14,856,888
• 10 Day Avg. Volume: 76,655
• 30 Day Avg. Volume: 61,736
• 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: $143.75
• Price Target Upside: 8.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 76 Outperform
• Price Target: $156.00 ▲(17.65% Upside)

Nicolet Bankshares scores well due to its strong financial performance and positive technical indicators. The company's robust profitability and effective cash management are significant strengths. The reasonable valuation and recent dividend announcement further support the stock's attractiveness. The absence of earnings call data limits the analysis but does not detract from the overall positive outlook.

Positive Factors

Revenue Growth

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

Profitability

High profitability margins reflect efficient operations and cost management, which are crucial for sustaining competitive advantages and shareholder value.

Cash Flow Management

Strong cash flow management ensures liquidity and financial flexibility, enabling the company to invest in growth opportunities and weather economic fluctuations.

Negative Factors

Equity Ratio

A low equity ratio may limit financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term growth and stability.

Leverage

While conservative leverage is generally positive, it may limit the company's ability to take advantage of growth opportunities that require capital investment.

Dividend Yield

A modest dividend yield might not be attractive to income-focused investors, potentially limiting the stock's appeal in the market.

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. The company accepts checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercial real estate investment real estate loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, lines of credit, and residential construction loans; and consumer loans. In addition, the company provides cash management, international banking, personal brokerage, safe deposit boxes, and trust and fiduciary services, as well as wealth management and retirement plan services. Further, it offers mortgage refinancing; online services, such as commercial, retail, and trust online banking; automated bill payment, mobile banking deposits and account access, and remote deposit capture services; and other services consisting of wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposits, and official bank checks, as well as facilitates crop insurance products. As of December 31, 2021, it operated 52 branches throughout Wisconsin and Michigan. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. Nicolet Bankshares, Inc. was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.

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's conservative leverage and solid return on equity further enhance its financial stability. While the equity ratio is relatively low, 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: Neutral
• Last Price: 132.60
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NIC, the sentiment is Neutral. The current price of 132.6 is below the 20-day moving average (MA) of 135.04, below the 50-day MA of 133.06, and above the 200-day MA of 119.02, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 42.47 is Neutral, neither overbought nor oversold. The STOCH value of 5.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NIC.

Nicolet Bankshares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OFG	78 Outperform	1.97B	10.45	14.59%	2.47%	4.15%	4.39%
NIC	76 Outperform	$1.94B	14.97	11.89%	0.90%	8.38%	26.81%
FBNC	75 Outperform	2.21B	22.70	6.25%	1.68%	-2.04%	-14.82%
CHCO	74 Outperform	1.79B	14.85	16.03%	2.53%	8.28%	6.96%
CASH	71 Outperform	1.71B	9.96	20.05%	0.27%	6.51%	13.68%
MBIN	64 Neutral	1.47B	7.04	11.59%	1.22%	3.49%	-30.76%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Nicolet Bankshares Corporate Events

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.