Nicolet Bankshares, Inc.(NIC)

$148.90▼-0.69 (-0.46%)

Nicolet Bankshares, Inc.(NIC)

NYSE

$148.90▼-0.69 (-0.46%)

Overview Intelligence Chart Fundamentals Key Metrics Earnings Growth Analysts Financials Insiders Institutional

Revenue (LTM)

$553M

+6.4% YoY

Net Income (LTM)

$151M

+21.5% YoY

Free Cash Flow

$149M

Revenue CAGR (5Y)

+23.3%

Marginsdeclining

FCF$0.1B

Profitable

Watch on earnings:Net interest margin (NIM) and trajectory relative to Fed funds rate changesLoan growth by category (CRE, C&I, residential) and loan yieldsDeposit beta and cost of deposits relative to Fed funds rate movementsEfficiency ratio and operating expense disciplineNon-performing assets ratio and net charge-offs as percentage of average loans

Key metrics:Federal funds effective rate and forward guidance from FOMC meetings (primary driver of net interest margin) · 10-year minus 2-year Treasury yield curve spread (inverted curve compresses bank profitability) · Wisconsin and Michigan unemployment rates and regional GDP growth (credit quality and loan demand indicators) · Commercial real estate vacancy rates and cap rates in Milwaukee, Green Bay, and Upper Peninsula markets

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	239	332↑38.9%	417↑25.5%	519↑24.6%	553↑6.4%
Gross Profit	211	287↑36.1%	273↓4.8%	345↑26.5%	384↑11.2%
Operating Income	81	126↑55.0%	87↓31.1%	155↑79.1%	187↑20.5%
Net Income	61	94↑55.4%	62↓34.7%	124↑101.7%	151↑21.5%
EBITDA	95	148↑55.5%	105↓28.9%	172↑63.8%	187↑8.6%
EPS Diluted	5.44	6.56↑20.6%	4.08↓37.8%	8.05↑97.3%	9.78↑21.5%

Balance Sheet

⚠ Commercial real estate concentration risk if property values decline or vacancy rates rise in Wisconsin/Michigan markets, potentially requiring elevated loan loss provisions

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	617	167↓72.9%	498↑197.7%	537↑7.9%	660↑22.9%
Total Current Assets	1,652	1,223↓26.0%	1,300↑6.3%	976↓25.0%	7,441↑662.6%
Total Assets	7,695	8,764↑13.9%	8,469↓3.4%	8,797↑3.9%	9,185↑4.4%
Total Current Liabilities	6,535	7,566↑15.8%	7,198↓4.9%	7,404↑2.9%	1↓100.0%
Total Liabilities	6,803	7,791↑14.5%	7,430↓4.6%	7,624↑2.6%	7,927↑4.0%
Total Equity	892	973↑9.0%	1,039↑6.8%	1,173↑12.9%	1,258↑7.2%
Total Debt	217	542↑150.0%	167↓69.2%	161↓3.3%	135↓16.4%
Net Debt	-400	375↑193.7%	-331↓188.2%	-376↓13.5%	-525↓39.9%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	98	117↑20.2%	108↓8.0%	134↑23.9%	154↑14.8%
Capital Expenditure	-13	-12↑4.4%	-18↓48.8%	-17↑9.2%	-4↑75.2%
Free Cash Flow	85	105↑23.9%	90↓14.6%	117↑30.6%	149↑27.5%
Stock-Based Comp	7	7↓4.0%	6↓8.2%	7↑3.1%	7↑10.6%
Net Change in Cash	-208	-441↓112.3%	337↑176.4%	45↓86.7%	124↑178.3%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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