NIC

Nicolet Bankshares, Inc.

Fundamental data last updated:September 20, 2026

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company profile

SECTOR

Financial Services

industry

Banks - Regional

Exchange

NYSE

County of HQ

US

Next Earnings Date

Pending Announcement

Business Summary

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.

 


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VALUATION

P/E

15.60

Market Cap ($M USD)

$2.21B

Forward P/E

10.54

PEG

0.22

PRICE TO SALES

4.22

PRICE TO BOOK

0.92

EV / EBITDA

13.26

5-Year Average P/E

Free Cash Flow Yield

5.58%

DCF Value

$58.12

Graham Number

$175.74

Price to FCF

17.93

EV to FCF

18.39

Earnings Yield

6.41%

FCF Yield

5.58%

DIVIDEND

Yield

0.91%

Annual Payout

$1.28

Payout Ratio

15.95%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

$9.00

Next Year EPS Growth Estimate

$13.33

Next Year Revenue Growth Estimate

$705.01M

Return on Equity (ROE)

9.01%

FREE CASH FLOW

Operating Margin

31.66%

Debt-to-Equity

0.11

Piotroski F-Score

4

Altman Z-Score

-0.73

Return on Invested Capital (ROIC)

5.62%

Current Ratio

0.01

Quick Ratio

0.01

Net Debt to EBITDA

0.33

Interest Coverage

0.78

Gross Profit margin

65.57%

FCF PER SHARE

$8.32

REVENUE PER SHARE

$35.38

Analyze NIC on TradingView

Gainseekers Quantitative Analysis

Summary

Nicolet Bankshares, Inc. appears to be significantly mispriced relative to its intrinsic value. The stock traded well above its DCF Value and Graham Number, suggesting an overvaluation. Despite a compelling Forward P/E of 11.03, indicating potential growth, the Altman Z-score of 0.25 raises red flags about financial distress. The Earnings Yield of 6.12% suggests moderate returns, but the market may be overlooking deeper structural issues. Overall, the financial health is questionable, with a need for cautious optimism.

AI Exposure / Tech Reliance

As a regional bank, Nicolet Bankshares is positioned in an industry that must adapt to AI and technological advancements. While banks are traditionally slow to innovate, the sector's increasing reliance on digital banking and fintech partnerships could offer resilience. However, the company's ability to leverage these shifts remains uncertain without explicit tech-forward strategies.

The Bull Case

For a value or GARP investor, Nicolet Bankshares offers intriguing prospects. The ROIC of 1.06% and FCF Yield of 5.38% highlight efficient capital use and cash generation. A Piotroski F-Score of 4 indicates moderate financial strength, while an Operating Margin of 31.66% underscores robust pricing power. These metrics suggest a company capable of navigating economic cycles with a degree of resilience.

The Bear Case

Despite some strengths, the stock faces significant structural risks. The Altman Z-score signals potential financial instability, and the Price/Sales ratio of 4.41 suggests overvaluation. With a low Piotroski F-Score and a concerning Interest Coverage ratio of 0.78, the company may struggle to manage debt effectively. Additionally, trading near its 52-week high raises concerns about technical overextension.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Buy

Average Analyst Price Target

$182.67

Institutional Ownership %

1-Year Beta

0.70

Insider Buying % (6 Mo)

Distance to 52-Week High

16.09%

Distance to 52-Week Low

18.78%

EARNINGS SURPRISE %

-7.72%

50-DAY SMA

$146.92

200-DAY SMA

$137.72

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.