NICNYSENational Commercial BanksFiscal year ends December 31
NICOLET BANKSHARES INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$162.58−1.22 (-0.74%)
Close on Oct 19, 2026
- Market cap
- $3.53B
- P/E (TTM)
- 18.5
- Dividend yield
- 0.76%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
38.4%+7.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.9% | +9.6% | +15.4% | +20.8% | |
| Net income | +21.5% | +16.9% | +20.2% | +29.4% | |
| EPS, diluted | +21.5% | +14.2% | +11.4% | +14.3% | |
| Free cash flow | +27.9% | +12.4% | +17.0% | +26.8% | |
| Dividend per share | +13.8% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.6% | 11.4% | 12.4% | |
| Return on assets | 1.1% | 1.5% | 1.7% | |
| Capex to revenue | 4.3% | 5.6% | 1.0% | |
| Diluted shares | 8M | 11M | 15M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nicolet Bankshares generated $610.31M from operations and spent $323.23M on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$610.31M
Used
$323.23M
Capital expenditure$64.60M20%Dividends$46.33M14%Share buybacks$212.30M66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin38.4%
×Asset turnover0.04×
×Equity multiplier7.40×
=Return on equity, FY202512.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 38.4% | 0.04× | 7.40× | 12.4% |
| FY2024 | 35.4% | 0.04× | 7.81× | 11.2% |
| FY2023 | 22.2% | 0.03× | 8.57× | 6.1% |
| FY2022 | 31.6% | 0.04× | 8.83× | 10.1% |
| FY2021 | 26.9% | 0.04× | 8.56× | 8.5% |
| FY2020 | 31.3% | 0.05× | 7.70× | 11.4% |
| FY2019 | 32.2% | 0.05× | 7.39× | 12.1% |
| FY2018 | 28.1% | 0.05× | 8.03× | 10.9% |
| FY2017 | 24.9% | 0.05× | 8.18× | 10.4% |
| FY2016 | 19.5% | 0.05× | 9.12× | 9.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$150.69M
- Cash generatingOperating cash flow above zero$153.54M
- Return on assets improvedROA up on the prior year1.5% → 1.7%
- Earnings backed by cashOperating cash flow above net income$153.54M vs $150.69M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise15M → 15M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.04 → 0.04