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Nicolet Bankshares Inc (NIC) stock

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NYSE: NIC NYSE Regional Banks Next results ~January 19, 2027

C Fundamentals grade

Nicolet Bankshares Inc is a US-listed company in the regional banks industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Valuation models combined (6)

Base case. Range ~$86–$150. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, forward price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 23% below it.

Price used: $174.74, November 2, 2026

Nicolet Bankshares Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling2 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds129 adding, 111 cuttingOf 30 active managers that changed their stake, 10 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nicolet Bankshares files

10-Q filed October 30: Nicolet Bankshares

Model value +10.3%

Revenue for the twelve months to September 2026 was $591m, up 55.3% on a year earlier, faster than the 41.0% growth a quarter earlier. That growth ranks 10 of 240 among the regional banks companies we cover. The diluted share count is up 24.5% on a year earlier, which dilutes existing holders. Our model value rises from $117 to $129 a share, against a share price of $172. The rating stays Sell.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Nicolet Bankshares stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $519m, up 41.0% on a year earlier, faster than the 22.4% growth a quarter earlier. That growth ranks 15 of 190 among the regional banks companies we cover. The diluted share count is up 14.1% on a year earlier, which dilutes existing holders. Our cash-flow model value is $117 a share, against a share price of $174.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Nicolet Bankshares Inc's trailing-twelve-month revenue grew 55.3% year on year, with a free-cash-flow margin of 33.0%. Where it stands out: revenue growth of 55.3% ranks 9 of 245 regional banks companies we cover. Where it lags: change in share count of 24.5% ranks 219 of 230 regional banks companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 55.3% (+14.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 55.3% over the last 12 months, against a median of 12.5% for regional banks companies we cover.
  • Growth speeding up. The growth rate is 14.3 points higher than a quarter earlier.
  • Strong cash generation. 33.0% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $174.74 is 23% above our value per share of $130.
  • Share dilution. Diluted shares rose 24.5% in a year.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.5% ranks 180 of 206 regional banks companies we cover (median 1.3%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$3.15 against an average estimate of $3.05: beat by 3.4%
Revenue
$174m, up 69.5% on a year earlier
Share reaction
+1.9% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Next report
January 19, 2027; average EPS estimate $3.28

Nicolet Bankshares' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.9%
  • 1 week+1.2%
  • 1 month+5.0%
  • This year+45.0%
  • 1 year+49.3%
  • 5 years+141.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$591M
Net margin
29.8%
EPS (TTM, diluted)
$9.12

Growth

Revenue growth
+55.3%
Change in growth rate
+14.3 pts
Share count change
+24.5%

Earnings

Last results
October 20, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nicolet Bankshares Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$173.64close November 3, 2026
Implied change
▼ 23%
Uncertainty
Low

How we got here: the combined value of 6 valuation models built for a business like Nicolet Bankshares Inc (see the models table below and how they are combined) , with a 8.1% cost of equity. The models span ~$86–~$150; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Nicolet Bankshares Inc as a bank or lender, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.7 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$92–$220 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$120–$180 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$140 ~$83–$200 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$86 ~$110–$170 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$130–$160 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$150 ~$120–$200 Included
Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$86–$150 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nicolet Bankshares Inc with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

68 /100

Moderate moat

How hard Nicolet Bankshares's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 1.2% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 29.6%; its worst year was 21.5%.

  • Discipline 9 / 20

    The diluted share count rose 84.6% over five years; stock-based pay has been a median 2.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (73 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 19, 2027, after the close. Analysts expect revenue of $143m and EPS of $3.28 (range $3.21 to $3.37) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.18 +24% $540m +75%
Next $13.65 +12% $587m +9%

Next year's EPS estimate has moved +1.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 1 analyst raised Nicolet Bankshares Inc's forecast and 0 cut it.

Consensus EPS forecast Nicolet Bankshares Inc, last 90 days
$12.00 $12.50 $13.00 $13.50 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.05 Current fiscal year, 60 days ago: $12.05 Current fiscal year, 30 days ago: $12.05 Current fiscal year, 7 days ago: $12.05 Current fiscal year, Now: $12.18 $12.18 Next fiscal year, 90 days ago: $13.42 Next fiscal year, 60 days ago: $13.42 Next fiscal year, 30 days ago: $13.45 Next fiscal year, 7 days ago: $13.45 Next fiscal year, Now: $13.65 $13.65

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.05$13.42
60 days ago $12.05$13.42
30 days ago $12.05$13.45
7 days ago $12.05$13.45
Now $12.18$13.65

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.05 $3.15 +3.4%
Jun 2026 $2.91 $2.99 +2.8%
Mar 2026 $2.69 $2.75 +2.3%
Dec 2025 $2.54 $2.73 +7.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Oct 2026
Buy467%
Hold233%
Sell00%

Monthly trend

  1. Oct 20263126
  2. Sep 20263126
  3. Aug 20263126

Counts of recommendations published by analysts covering Nicolet Bankshares Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
6.62
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
65%
of shares
Held by insiders
8.7%
of shares
Employees
986
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +49.3%

$117.05 on October 31, 2025 to $174.74

ThenNowEffect
Revenue (last 12 months) $368m $519m +41.0%
Net margin 36.8% 29.7% −19.4%
P/E multiple 13.4x 20.1x +49.9%
Share count 16m 18m −12.4%

Biggest factor: p/e multiple.

Last 3 years +134.4%

$74.55 on November 3, 2023 to $174.74

ThenNowEffect
Revenue (last 12 months) $270m $519m +92.6%
Net margin 22.2% 29.7% +33.8%
P/E multiple 18.4x 20.1x +9.3%
Share count 15m 18m −16.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NIC+29%−7%+2%+32%+17%+45%
Industry peers (median)+34%−4%−2%+16%+10%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NIC50%42%58%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NIC−20%−27%−33%−17%−18%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from March 14, 2022 to May 4, 2023. Getting back needed a 80% gain, reached on July 17, 2024, 440 days after the low.

Price behaviour

52-week range
$118.67 – $178.64
From 52-week high
−2.2%
vs 50-day average
+4.1%
vs 200-day average
+11.4%
Volatility (1 year)
28%
Beta vs S&P 500
0.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±5.2%
After a week
10 up, 2 down
typical move ±7.2%
After a month
7 up, 4 down
typical move ±8.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +1.9% +0.9% +6.5% —
July 21, 2026 +0.5% +0.7% +3.7% +3.4%
April 21, 2026 −8.3% +0.4% −4.6% −8.6%
January 20, 2026 +10.3% −0.9% +9.1% +20.7%
October 23, 2025 −4.6% +1.4% −10.9% −6.6%
July 15, 2025 +4.3% −0.1% +5.3% +2.6%
April 15, 2025 +3.6% −2.5% +12.0% +18.6%
January 21, 2025 +3.2% +1.5% +3.4% +11.6%
October 15, 2024 +7.3% −0.3% +5.1% +14.9%
July 16, 2024 +13.0% −0.8% +15.7% −2.1%
April 16, 2024 −2.2% −0.8% +4.4% +5.8%
January 16, 2024 +3.0% −0.9% +5.7% −1.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Nicolet Bankshares Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Nicolet Bankshares Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Nicolet Bankshares Inc
$200M $300M $400M $500M $600M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $277.5M Revenue (TTM), FY24 Q1: $324.8M Revenue (TTM), FY24 Q2: $333.9M Revenue (TTM), FY24 Q3: $346.6M Revenue (TTM), FY24 Q4: $350.3M Revenue (TTM), FY25 Q1: $357.5M Revenue (TTM), FY25 Q2: $368.3M Revenue (TTM), FY25 Q3: $380.5M Revenue (TTM), FY25 Q4: $392M Revenue (TTM), FY26 Q1: $437.5M Revenue (TTM), FY26 Q2: $519.5M Revenue (TTM), FY26 Q3: $591M $591M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $277.5M
FY24 Q1 $324.8M
FY24 Q2 $333.9M
FY24 Q3 $346.6M
FY24 Q4 $350.3M
FY25 Q1 $357.5M
FY25 Q2 $368.3M
FY25 Q3 $380.5M
FY25 Q4 $392M
FY26 Q1 $437.5M
FY26 Q2 $519.5M
FY26 Q3 $591M
Revenue growth, TTM YoY Nicolet Bankshares Inc
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -6.8% Revenue growth, TTM YoY, FY24 Q1: 23.5% Revenue growth, TTM YoY, FY24 Q2: 23.8% Revenue growth, TTM YoY, FY24 Q3: 27.6% Revenue growth, TTM YoY, FY24 Q4: 26.3% Revenue growth, TTM YoY, FY25 Q1: 10.1% Revenue growth, TTM YoY, FY25 Q2: 10.3% Revenue growth, TTM YoY, FY25 Q3: 9.8% Revenue growth, TTM YoY, FY25 Q4: 11.9% Revenue growth, TTM YoY, FY26 Q1: 22.4% Revenue growth, TTM YoY, FY26 Q2: 41.0% Revenue growth, TTM YoY, FY26 Q3: 55.3% 55.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -6.8%
FY24 Q1 23.5%
FY24 Q2 23.8%
FY24 Q3 27.6%
FY24 Q4 26.3%
FY25 Q1 10.1%
FY25 Q2 10.3%
FY25 Q3 9.8%
FY25 Q4 11.9%
FY26 Q1 22.4%
FY26 Q2 41.0%
FY26 Q3 55.3%
FCF margin (TTM) Nicolet Bankshares Inc
25% 30% 35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 32.2% FCF margin (TTM), FY24 Q1: 30.7% FCF margin (TTM), FY24 Q2: 32.4% FCF margin (TTM), FY24 Q3: 35.6% FCF margin (TTM), FY24 Q4: 33.3% FCF margin (TTM), FY25 Q1: 38.6% FCF margin (TTM), FY25 Q2: 38.6% FCF margin (TTM), FY25 Q3: 40.3% FCF margin (TTM), FY25 Q4: 38.1% FCF margin (TTM), FY26 Q1: 28.2% FCF margin (TTM), FY26 Q2: 33.5% FCF margin (TTM), FY26 Q3: 33.0% 33.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 32.2%
FY24 Q1 30.7%
FY24 Q2 32.4%
FY24 Q3 35.6%
FY24 Q4 33.3%
FY25 Q1 38.6%
FY25 Q2 38.6%
FY25 Q3 40.3%
FY25 Q4 38.1%
FY26 Q1 28.2%
FY26 Q2 33.5%
FY26 Q3 33.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

What Nicolet Bankshares earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.

  1. Interest income $471M
  2. Fee and other income $85.6M · 21.8%
  3. Interest paid $164M
  4. Net interest income $306M · 78.2%
  5. Revenue $392M
  6. Non-interest expense $201M · 51.2%
  7. Credit-loss provisions $4.3M · 1.1%
  8. Pre-tax profit $187M · 47.7%
  9. Income tax $36.3M · 9.3%
  10. Net income $151M · 38.4%

Shares of revenue. Source: Nicolet Bankshares's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 33 63 56 59 95 133 146 169 192 225 298 277 350 392 591
Net income 3 16 10 11 18 33 41 55 60 61 94 62 124 151 176
Diluted EPS $0.53 $3.80 $2.25 $2.57 $2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05 $9.78 $9.12
Growth (year on year)
Revenue — +89.8% −10.5% +5.4% +60.4% +40.7% +9.6% +15.9% +13.3% +17.4% +32.2% −6.8% +26.3% +11.9% +55.3%
Net income — +431.7% −38.4% +14.9% +61.6% +79.6% +23.8% +33.2% +10.0% +0.9% +55.4% −34.7% +101.7% +21.5% +21.6%
Diluted EPS — +617.0% −40.8% +14.2% −7.8% +40.5% +23.7% +34.0% +3.3% −4.6% +20.6% −37.8% +97.3% +21.5% −2.3%
Margins
Net margin 9.2% 25.8% 17.7% 19.3% 19.5% 24.9% 28.1% 32.2% 31.3% 26.9% 31.6% 22.2% 35.4% 38.4% 29.8%
Free-cash-flow margin 39.4% 27.4% 9.4% 23.5% 21.9% 27.7% 32.0% 31.7% 35.5% 37.7% 35.3% 32.2% 33.3% 38.1% 33.0%
Cash flow
Cash from operations 15 20 11 15 25 41 51 58 79 98 117 108 134 154 209
Capital spending 2 3 6 1 4 4 4 4 11 13 12 19 17 4 14
Free cash flow 13 17 5 14 21 37 47 54 68 85 105 89 117 149 195
Stock-based pay 1 1 1 1 2 3 5 5 6 7 7 6 7 7 15
Free cash flow after stock pay 12 16 4 13 19 34 42 49 62 78 98 83 110 142 180
Balance sheet
Cash 82 147 69 84 129 155 250 182 803 595 155 491 536 660 511
Total debt 4 7 0 0 1 78 77 68 54 217 542 167 161 135 93
Net debt (negative = net cash) −78 −140 −69 −84 −128 −77 −172 −114 −749 −378 388 −325 −375 −525 −418
Diluted shares 3m 4m 4m 4m 8m 10m 10m 10m 11m 11m 14m 15m 15m 15m 19m
Returned to shareholders
Dividends — — — — — — — — — 0 0 11 17 19 27
Buybacks — — — — 5 15 23 28 42 63 61 2 10 77 103
Total returned — — — — 5 15 23 28 42 63 61 13 27 95 130

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$103M
Dividends (TTM)
$26.9M
Returned to shareholders
66%
of free cash flow
Buybacks, last 3 fiscal years
$88.2M
Diluted share count
+24.5%
year over year
Total shareholder yield
3.6%
dividends 0.7% + buybacks 2.8% of market value
Dividend payout ratio
15%
of net income paid out

Competitors: side by side with peers

Closest by revenue in regional banks
Last 12 months unless stated NIC HOPE NTB CVBF LOB CCB Median
Revenue, last 12 months $591m $577m $607m $574m $610m $610m $255m
Revenue growth, last 12 months 55.3% 29.4% 4.6% 14.1% 19.7% 9.7% 12.5%
Revenue growth, 3-year average 29.6% −2.5% — 0.5% 10.1% 15.2% 6.0%
Revenue growth, latest quarter 69.5% 56.4% — 42.0% 11.8% 49.1% 10.7%
Net margin 29.8% 22.2% 38.2% 36.0% 22.9% −0.6% 28.7%
Cash from operations / revenue 35.4% 35.2% 46.1% 100.5% 41.5% 44.2% 34.3%
Free-cash-flow margin 33.0% 32.7% 40.0% 99.7% 38.9% 42.9% 31.4%
Free-cash-flow margin, 3-year average 36.3% 38.3% 41.8% 63.6% 11.7% 45.3% 29.9%
Stock pay / revenue 2.5% 1.4% 3.7% 0.6% — 1.3% 1.2%
Change in share count 24.5% 4.6% — 3.7% 1.1% 3.6% 0.4%

Median of all 245 companies we cover in regional banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

245 regional banks companies
Measure Company Peer median Rank
Revenue growth Growth 55.3% 12.5% 9 of 245
Change in growth rate Growth +14.3pp +0.0pp 9 of 244
Net margin Profitability 29.8% 28.7% 104 of 245
Stock pay as % of revenue Cash generation 2.5% 1.3% 180 of 206
Change in share count Balance sheet 24.5% 0.4% 219 of 230

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Investment Advisory Management and Administrative Service $29.6M ▲ 7.9%
Credit and Debit Card $14.6M ▲ 6.6%
Deposit Account $8M ▲ 11.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Nicolet Bankshares Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
251
Shares held vs prior quarter
▲ 17.5%
Positions opened / closed
48 / 31

Top buyers and sellers, Q2 2026: 129 institutions bought and 111 sold ; the biggest buyer was Blackrock, Inc (+1.4M shares) and the biggest seller First Trust Advisors LP (−118K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $501M 3.0M 23.1% ▲ 86.3%
State Street Corp $194M 1.2M 9.0% ▲ 65.1%
Dimensional Fund Advisors LP $136M 824K 6.3% ▲ 0.6%
Vanguard Capital Management LLC $135M 818K 6.2% ▼ 0.2%
Geode Capital Management, LLC $83.5M 505K 3.9% ▲ 10.5%
Westwood Holdings Group Inc $74.5M 451K 3.4% ▼ 7.4%
Goldman Sachs Group Inc $65M 393K 3.0% ▲ 40.4%
American Century Companies Inc $59.7M 361K 2.8% ▲ 11.3%
Vanguard Portfolio Management LLC $59.2M 358K 2.7% ▲ 144.1%
Boston Partners $51.5M 311K 2.4% ▲ 1.9%
Fj Capital Management LLC $45.9M 277K 2.1% ▼ 9.5%
Alliancebernstein L.P. $45.7M 307K 2.1% ▲ 20.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nicolet Bankshares Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $15,768 2 trades by 2 insiders, last 12 months Insider sales History → $3.3M 11 trades by 2 insiders · 0% under pre-set plans
Net ▼ $3.3M net selling
Insider Date Trade Shares Price Value
Atwell Robert Bruce Director October 23, 2026 Sell 3,556 $171.22 $608,858
Witczak Eric James EVP - Retail & Ag Banking July 28, 2026 Sell 342 $171.96 $58,810
Witczak Eric James EVP - Retail & Ag Banking July 27, 2026 Sell 1,215 $167.89 $203,986
Atwell Robert Bruce Director July 24, 2026 Sell 2,662 $170.24 $453,179
Atwell Robert Bruce Director March 12, 2026 Sell 100 $150.26 $15,026
Atwell Robert Bruce Director March 12, 2026 Sell 1,324 $150.26 $198,944
Atwell Robert Bruce Director March 12, 2026 Sell 1,885 $149.49 $281,789
Atwell Robert Bruce Director March 5, 2026 Sell 116 $152.05 $17,638
Atwell Robert Bruce Director March 5, 2026 Sell 400 $151.34 $60,536
Atwell Robert Bruce Director March 5, 2026 Sell 2,815 $150.52 $423,714
Atwell Robert Bruce Director February 18, 2026 Sell 6,396 $155.47 $994,386
Moore Hubert Phillip Jr CFO November 18, 2025 Buy 25 $120.35 $3,009

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 20, 2026
  • October 23, 2025
  • July 15, 2025

Recent SEC filings

Data status

When each part of this page on Nicolet Bankshares Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nicolet Bankshares Inc in brief

What does Nicolet Bankshares Inc do?
Nicolet Bankshares Inc is a US-listed company in the regional banks industry. Its financial year ends in December.
What is Nicolet Bankshares Inc's stock ticker?
Nicolet Bankshares Inc trades under the ticker NIC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nicolet Bankshares Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nicolet Bankshares Inc reported revenue of $591M, 55.3% higher than a year earlier, according to its SEC filings.
What is Nicolet Bankshares Inc's free cash flow?
Nicolet Bankshares Inc's free-cash-flow margin is 33.0% of revenue over the trailing twelve months.
Who are Nicolet Bankshares Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Nicolet Bankshares Inc buying back stock, and does it pay a dividend?
Nicolet Bankshares Inc spent $103M on share repurchases over the trailing twelve months, and its diluted share count still rose 24.5% over the year.
What is Nicolet Bankshares Inc's market cap?
On November 2, 2026, Nicolet Bankshares Inc's market capitalisation was about $3.4B, with a price-to-earnings ratio of 19.2 and net debt of -$418M. Market figures come from third-party market data and may be delayed.
Does Nicolet Bankshares Inc pay a dividend?
Yes: Nicolet Bankshares Inc paid $26.9M in dividends over the trailing twelve months, a dividend yield of 0.74% and a payout ratio of 15.3%.
Who are Nicolet Bankshares Inc's competitors?
In our Regional Banks peer group, the companies closest to Nicolet Bankshares Inc are Hope Bancorp Inc, Bank Of N.t. Butterfield & Son Ltd, CVB Financial Corp, Live Oak Bancshares, Inc. and Coastal Financial Corp. The side-by-side comparison below sets their revenue, margins and growth against Nicolet Bankshares Inc's.
Are insiders buying or selling Nicolet Bankshares Inc stock?
Over the last 12 months, Nicolet Bankshares Inc's directors and officers reported 2 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Nicolet Bankshares Inc's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nicolet Bankshares Inc announces its own schedule.