Loading…
Wisconsin-based community bank holding company growing through acquisitions across Wisconsin and Michigan.
Wisconsin-based community bank holding company growing through acquisitions across Wisconsin and Michigan.
Earns mainly from the gap between interest on loans and the cost of deposits, with wealth-management and other fee income alongside. Lending leans toward local businesses, so results track the Wisconsin and Michigan economy. Its base is Green Bay, and acquired banks have extended the branch network across both states.
Moat: none (scale, distribution). Regional branch network built through acquisitions, but competes on commodity banking terms with larger Midwest banks.
Headquarters: Green Bay, Wisconsin, United States · Founded: 2000
Size Nicolet Bankshares (NIC) is a United States Financials company (Major Banks) with a market value of $3.60B, the 1415th largest of 3,117 United States companies the cockpit tracks. Shares closed at $173.12 on 6 Nov 2026.
Performance Over six months the shares gained 17.7%, against +5.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 45.7% over the last twelve months (peer median +8.7%); the operating margin is 47.0% (peer median 32.3%).
Valuation It trades at 1.62× book value against a peer median of 0.97× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 11.5%; Nicolet Bankshares delivers 10.2%, so the price asks more than the business earns today.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $797M | $557M | $521M | $420M | $332M |
| Revenue growth | — | +7% | +24% | +27% | — |
| Net income | $176M | $151M | $124M | $61.5M | $94.3M |
| Free cash flow | $196M | $149M | $115M | $89.4M | $97.6M |
| Capital expenditure | $14.1M | $4.09M | $28.4M | $18.2M | $12.2M |
| Total debt | $92.8M | $140M | $161M | $167M | $542M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Nicolet Bankshares NIC | $3.60B | +18% | +46% | 10% | 1.62× | 11.5% |
| Associated Banc-Corp ASB | $5.64B | +6% | +23% | 10% | 1.07× | 9.3% |
| Old National Bancorp ONB | $9.43B | +3% | +18% | 12% | 1.17× | 10.3% |
| Wintrust Financial WTFC | $10.2B | 0% | +6% | 13% | 1.49× | 12.2% |
| Bank First BFC | $1.64B | +1% | +33% | 12% | 1.98× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NIC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -0.1% | 5th highest of 21 |
| 6-month return | +17.7% | +5.5% | 2nd highest of 21 |
| Return on equity | 10.2% | 8.9% | 8th highest of 21 |
| Price / book | 1.62× | 0.97× | 5th most expensive of 21 |
| Trailing P/E | 19.2× | 14.4× | 4th most expensive of 20 |
| ROE the price implies | 11.5% | 9.8% | 7th most demanding of 19 |
| ROE delivered | 10.2% | 8.9% | 7th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Nicolet Bankshares NIC | United States | $3.60B | +18% | +46% | 10% | 1.62× | 11.5% | 10.2% |
| TBC Bank TBCG.L | United Kingdom | $3.64B | +11% | +16% | 24% | 1.40× | 15.7% | 23.8% |
| Dave DAVE | United States | $3.55B | +9% | +49% | 105% | 17.09× | 291.2% | 104.8% |
| JB Financial 175330.KS | South Korea | $3.67B | 0% | +9% | 13% | 0.94× | 5.3% | n/a |
| Daishi Hokuetsu Financial 7327.T | Japan | $3.73B | +9% | +18% | 9% | 0.94× | 6.3% | 8.6% |
| Sparebanken Norge SBNOR.OL | Norway | $3.78B | +8% | +62% | 7% | 0.71× | 6.1% | n/a |
| Kyushu Financial 7180.T | Japan | $3.79B | +7% | +15% | 5% | 0.73× | 6.6% | 4.9% |
| Community Financial System CBU | United States | $3.39B | +1% | +7% | 12% | 1.67× | 12.5% | 11.8% |
| Simmons First National SFNC | United States | $3.37B | +10% | +122% | 8% | 1.01× | 9.7% | 7.8% |
| Park National PRK | United States | $3.20B | +2% | +21% | 13% | 1.87× | 13.1% | 13.1% |
| Bank of Queensland BOQ.AX | Australia | $3.19B | +14% | -6% | 4% | 0.80× | 8.9% | 4.3% |
| Banque Cantonale de Geneve BCGE.SW | Switzerland | $3.17B | +12% | -3% | 10% | 1.01× | n/a | 9.9% |
| BankUnited BKU | United States | $3.14B | -7% | -5% | 9% | 1.09× | 11.9% | 9.2% |
| Shiga Bank 8366.T | Japan | $3.12B | +11% | +23% | 4% | 0.76× | 3.9% | 4.4% |
| Flagstar Bank, National Association FLG | United States | $4.21B | -26% | -18% | 1% | 0.59× | 7.4% | 1.2% |
| Hyakugo Bank 8368.T | Japan | $2.98B | +4% | +29% | 6% | 0.85× | 8.0% | 6.4% |
| First Financial Bankshares FFIN | United States | $4.36B | -6% | +8% | 16% | 2.38× | 17.0% | 15.9% |
| Texas Capital Bancshares TCBI | United States | $4.39B | +1% | +3% | 10% | 1.34× | 9.8% | 10.2% |
| Liechtensteinische Landesbank LLBN.SW | Switzerland | $4.40B | +24% | -2% | 8% | 1.48× | n/a | 7.7% |
| Central Bank of India CENTRALBK.NS | India | $2.93B | -18% | +8% | 12% | 0.67× | 10.9% | 12.0% |
| Banco Macro SA Sponsored ADR BMA | United States | $4.53B | -21% | +4% | 7% | 0.87× | 11.3% | 7.5% |