Nicolet Bankshares (NIC) AI Stock Analysis

• Market Cap: $1.90B
• Dividend Yield: 0.97%
• Average Volume (3M): 114.13K
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.72
• 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: 14,798,920
• 10 Day Avg. Volume: 113,884
• 30 Day Avg. Volume: 114,127
• 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: 1.10
• Enterprise Value/Revenue: 3.85
• Enterprise Value/Gross Profit: 5.60
• Enterprise Value/Ebitda: 10.92
• 1Y Price Target: $155.33
• Price Target Upside: 20.90% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 9.55
• Revenue Forecast (FY): $389.80M

• Rating: 78 Outperform
• Price Target: $147.00 ▲(14.41% Upside)

Nicolet Bankshares' strong financial performance and strategic corporate events are the primary drivers of its stock score. The positive technical indicators support a bullish outlook, though valuation metrics suggest the stock is fairly priced. The absence of earnings call data limits insights into management's current outlook.

Positive Factors

Revenue Growth

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

Merger with MidWestOne

The merger will create a leading community bank, offering economies of scale and expanding market reach, which is beneficial for future growth.

CEO Leadership Extension

Continuity in leadership ensures strategic consistency, leveraging Daniels’ skills for sustained growth and stability.

Negative Factors

Low Operating Cash Flow Coverage

Low operating cash flow coverage can strain liquidity, impacting the company's ability to fund operations and growth initiatives.

Dividend Impact on Financial Position

While dividends return value to shareholders, they may limit retained earnings, affecting the company's ability to reinvest in growth.

Debt Management

While low leverage is prudent, excessive caution in debt management might limit growth opportunities and competitive positioning.

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 loans and investment securities, as well as non-interest income derived from fees for various banking services. Key revenue streams include interest from residential and commercial mortgages, consumer loans, and business loans, which are typically higher-yielding assets. Additionally, the bank earns fees from services such as ATM transactions, account maintenance, and wealth management services. Partnerships with local businesses and community organizations also enhance its customer base and service offerings, contributing to its overall earnings. The company may also see revenue growth through strategic acquisitions, expanding its footprint and customer relationships.

Nicolet Bankshares Financial Statement Overview

Summary

Nicolet Bankshares exhibits strong financial health with consistent revenue growth, robust profitability, and effective cash flow management. The company's conservative leverage and solid return on equity enhance its financial stability, although the relatively low equity ratio is a consideration.

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	545.66M	519.42M	416.85M	332.07M	239.05M	213.10M
Gross Profit	374.80M	345.27M	272.86M	286.62M	210.55M	182.93M
EBITDA	192.25M	172.08M	105.03M	147.67M	94.98M	91.63M
Net Income	144.84M	124.06M	61.52M	94.26M	60.65M	60.12M
Balance Sheet
Total Assets	9.03B	8.80B	8.47B	8.76B	7.70B	4.55B
Cash, Cash Equivalents and Short-Term Investments	1.34B	975.76M	1.29B	1.08B	1.54B	1.37B
Total Debt	134.60M	161.39M	166.93M	542.34M	216.91M	53.87M
Total Liabilities	7.81B	7.62B	7.43B	7.79B	6.80B	4.01B
Stockholders Equity	1.21B	1.17B	1.04B	972.53M	891.89M	539.19M
Cash Flow
Free Cash Flow	153.62M	117.23M	89.77M	105.16M	84.86M	68.11M
Operating Cash Flow	159.94M	133.75M	107.97M	117.40M	97.65M	78.90M
Investing Cash Flow	-346.89M	-288.44M	591.46M	-516.36M	-370.60M	-208.70M
Financing Cash Flow	232.92M	199.30M	-362.73M	-41.60M	65.38M	750.60M

Nicolet Bankshares Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 128.48
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 128.48 is above the 20-day moving average (MA) of 128.34, above the 50-day MA of 125.61, and above the 200-day MA of 123.76, indicating a bullish trend. The MACD of 1.66 indicates Negative momentum. The RSI at 51.16 is Neutral, neither overbought nor oversold. The STOCH value of 45.21 is Neutral, 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	$1.86B	9.61	14.82%	2.72%	3.98%	6.75%
NIC	78 Outperform	$1.90B	13.76	12.25%	0.97%	6.21%	19.23%
FCF	76 Outperform	$1.79B	12.43	9.71%	3.10%	3.80%	-6.23%
HTH	71 Outperform	$2.13B	13.87	7.31%	2.07%	5.21%	53.15%
NWBI	69 Neutral	$1.84B	14.33	6.55%	6.34%	15.86%	16.50%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VBTX	59 Neutral	―	―	7.25%	3.50%	-1.28%	32.40%

Nicolet Bankshares Corporate Events

Nicolet Bankshares Declares Quarterly Dividend Announcement

On November 25, 2025, Nicolet Bankshares, Inc. declared a quarterly cash dividend of $0.32 per share on its common stock, payable on December 15, 2025, to shareholders of record as of December 8, 2025. This announcement reflects the company’s ongoing commitment to providing value to its shareholders and may impact its financial position and attractiveness to investors.

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.

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.